ISLAMABAD: Pakistani authorities managed to keep budget deficit at 0.9 percent of GDP, or around Rs400 billion, during the first quarter of the current fiscal – an achievement that was hailed by the IMF, but the country was advised to ensure full use of the budget to achieve the development goals, sources said on Friday.
Sources said the International Monetary Fund (IMF) Mission Chief Ramirez Rigo Ernesto praised the Pakistani authorities to restrict the budget deficit within the desirable limits. The primary balance was kept in surplus for the first quarter of the current fiscal year as opposed to the anticipation of Rs102 billion deficit.
A finance ministry’s statement said IMF Ernesto lauded the financial and fiscal management and maintenance of expenditures within the budget. However, he stressed on a full use of the development budget to achieve the development goals.
Ernesto said this during a meeting with Adviser to the Prime Minister on Finance and Revenue Hafeez Shaikh to review the implementation of fiscal policies in the provinces under the IMF program.