Pak budget deficit soars to Rs.159b

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ISLAMABAD, Dec 1 (PTI): Pakistan's budget deficit has soared to nearly Rs.159 billion during the first quarter of this fiscal, as total expenditures stood at Rs.471.5 billion against the total revenue of Rs.312.6 billion.
The fiscal deficit reached Rs.158.9 billion against the projection of Rs.99.7 billion for the first quarter (July-September) of the current fiscal 2007-08. The deficit is almost 60 per cent more than the target.
In terms of GDP, the budget deficit ballooned by 1.6 per cent of GDP during the period under review, while total expenditures stood at 4.7 per cent of GDP against the total revenue of 3.1 per cent, the Nation newspaper reported.
The government estimated fiscal deficit at four per cent of GDP (Rs.398.8 billion) for 2007-08. For the first quarter, the government projected it at one per cent of GDP (Rs.99.7 billion).