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Pakistan Books Q1 Fiscal Surplus as Record Central Bank Profit Swells Revenues

Officials warn the headline gain reflects one-off SBP transfers rather than lasting fiscal improvement.

Overview

  • The consolidated budget showed a Rs2.12 trillion surplus in July–September, equal to 1.6% of GDP, with a Rs1.338 trillion federal surplus and Rs781 billion from provinces.
  • A primary surplus of Rs3.497 trillion was recorded, while interest payments totaled about Rs1.377 trillion for the quarter.
  • Non-tax revenue was lifted by a roughly Rs2.428 trillion profit transfer from the State Bank of Pakistan and a 30% jump in petroleum levy receipts to Rs371 billion.
  • Total revenue rose about 6% to roughly Rs6.2 trillion as FBR tax collections reached Rs2.884 trillion, up 11% year-on-year.
  • Provincial cash surpluses more than doubled to Rs781 billion—led by Punjab at Rs442 billion and Sindh at Rs209 billion—with officials citing timing of federal releases and uneven outcomes across regions.