Projecting mixed prospects for crops and inflation at around 9 per cent, the government on Monday said the overall macroeconomic indicators were moving in a positive direction to put the economy on a long-term sustainable growth path.
The Ministry of Finance in its Monthly Economic Update and Outlook for September revealed that revenue collection by the Federal Board of Revenue (FBR) stood at only Rs586.6 billion in the first two months (July-August) of the current fiscal — about Rs6.5bn lower than Rs593bn reported by the FBR. The collection posted 1.8pc growth when compared to Rs576bn during the same period last year.
Although the finance ministry reported 56pc growth in non-tax revenue and a tight control on expenditures showing 5pc reduction, it said the expenditure side would remain under pressure because of high public spending due to Covid-19.
“Looking forward, based on current economic, fiscal, monetary and exchange rate policies and on prospects for the international environment, economic activity is expected to rebound in the first quarter of FY21, compared to the last quarter of previous fiscal year.” said the Economic Adviser’s Wing of the finance ministry.
