The government has witnessed a 2.9 percent increment in expenditures than incomes in the third quarter of the current fiscal year, 2022/23. During the period, the budget deficit crossed the Rs 218 billion mark, according to the data with the Financial Comptroller General Office.
As a result, the government has reached a point wherein it is struggling to manage current expenditures from the revenue collected during the period, it has been said.
Capital expenditure has been low. Out of the over Rs 1,793 billion budgetary allocation for the current FY, only slightly more than Rs 943 billion has been spent by the third quarter. The capital expenditure stands at only 52.57 percent.
Over Rs 1183 billion was allocated under current expenditure headings and of it only Rs 776 billion (59 percent) has been spent.
Under the capital headings, this year Rs 380.38 billion was allocated and the spending was just Rs 107.24 million or 28.19 percent.
Similarly, Rs 230.21 billion was allocated for the financial management in the current fiscal year and till April 13, the expenditure was 56.05 percent or Rs 119.04 billion. In this period, the spending toward the financial management is higher than that toward the capital expenditure.
Till the date (April 13), the revenue collection is just 49.67 percent of the annual target.
The government has set a target of collecting Rs 1458.60 billion in revenue and the collection till the completion of the third quarter is Rs 724.47 billion.
Likewise, the government expects to receive foreign grants worth Rs 55.45 billion in the current fiscal and so far it has received Rs 4.80 billion that makes up just 8.66 percent of the target.
