The Ministry of Finance has revised its fiscal operations data for the first quarter (Q1) of the 2024-25 fiscal year, reporting a cumulative provincial surplus of Rs360 billion, surpassing the Rs342 billion target agreed with the International Monetary Fund (IMF).
Punjab contributed Rs40 billion to this surplus.
The revised figures indicate an improvement in fiscal performance, with the government closing Q1 with a budget surplus of Rs1,896.01 billion, up from the previously reported Rs1,696.01 billion. This adjustment increased the budget surplus ratio to GDP from 1.4% to 1.5%.
The Ministry of Finance confirmed these revisions with the IMF and updated the data on its website on November 14, 2024. The ministry credited Punjab for achieving a surplus of Rs40 billion, adding that the province remains a crucial contributor to the overall fiscal balance.
Punjab has budgeted a provincial surplus of Rs630 billion for the fiscal year, as per its agreement with the IMF.
Revised data also showed that the government exceeded the IMF target of a Rs342 billion provincial surplus, achieving Rs360 billion during Q1.
The original data, now revised, had indicated a budget deficit of Rs160.16 billion for Punjab, while Sindh, Khyber Pakhtunkhwa, and Balochistan showed surpluses of Rs131.09 billion, Rs103.75 billion, and Rs85 billion, respectively.
The updated Q1 figures were shared with the IMF, aligning with the government’s commitment to fiscal discipline under the ongoing economic reform program.
