ISLAMABAD, Sept 6: Pakistan’s defence expenditure surpassed the budgetary allocation by over Rs17 billion while its revenue collection fell short of target by about Rs2 billion in 2004-05, according to audited federal government budgetary operations.

The figures released by the finance ministry on ‘consolidated federal and provincial budgetary operations’ suggest that defence expenditure during the fiscal year 2004-05 stood at Rs211.7 billion against the budgetary target of Rs193.9 billion, showing an increase of Rs17.8 billion or 9.2 per cent.

The Central Board of Revenue could collect Rs588.37 billion against a target of Rs590 billion. The CBR has been claiming that it had surpassed the target by collecting Rs591 billion.

The budget deficit during the year in question amounted to Rs217 billion or 3.31 per cent of GDP. The gap was bridged through external and domestic borrowings of Rs120.4 billion and Rs96.573 billion, respectively.

The government paid Rs210 billion as interest or 3.21 per cent of GDP. The foreign and domestic debt servicing claimed Rs39.7 billion and Rs170.466 billion, respectively.

Total revenues stood at Rs900 billion or 13.75 per cent of GDP while tax revenue stood at Rs659.36 billion or 10.07 per cent of GDP.

The government collected Rs26.76 billion in surcharges from the petroleum sector. It paid Rs373.75 billion on account of general public service, including Rs32.3 billion on superannuation allowances and pensions.

The total expenditure in 2004-05 amounted to Rs1.19 trillion or 18.3 per cent of GDP while the current expenditure stood at Rs943 billion or 14.4 per cent of GDP.