IMF requisites require Rs 117b provincial surplus to reduce fiscal deficit, summary sent to ECC


A summary of the implementation of the International Monetary Fund’s (IMF) conditions to acquire surplus budget from the provinces to minimize budget deficit has been forwarded to the Economic Coordination Committee (ECC). A private TV channel said that the finance ministry had sent the summary to the ECC for consideration and that the council of common interests would consider the summary on Tuesday. As per its documents, the provinces would be required to provide their surplus budgets to the federal government in the next fiscal year. A sum of Rs 117 billion would be acquired as surplus from the provinces during the current financial year and would be kept in the federal government’s account No 1. Rs 60, 30, 17 and 10 billion would be obtained from the Punjab Sindh, Khyber Pakhtunkhwa and Balochistan governments, respectively. This surplus budget would help reduce the fiscal deficit to 6.3 percent.