The government has witnessed a 2.9 percentage increment in expenditures than incomes in the third quarter of the current fiscal year, 2022/23. During the period, the budget deficit has crossed Rs 218 billion, according to data with the Financial Comptroller General Office.
As a result, the government has reached the point wherein it is struggling to manage current expenditures from revenues 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 more than Rs 943 billion has been spent in the third quarter. The capital expenditures stood only 52.57 percent.
Over Rs 183 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 the 28.19 percent.
Similarly, Rs 230.21 billion was allocated towards the financial management for the current fiscal year and till April 13, and the expenditure was 56.05 percent or 119.04 billion. In this period, the spending towards the financial management is higher than towards 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 the revenue of Rs 1458.60 billion and the collection till the completion of third quarters is Rs 724.47 billion.
The collection towards the Inland Revenue is 48.73 percent of the annual target of Rs 1403.14 billion as the collection is counted at Rs 683.80 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 of 8.66 percent of the target.
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