STAFF REPORT KHI: The State Bank of Pakistan has said that without the sale of 3G licences (around Rs 150 billion) the government wont be able in a position to contain fiscal deficit.
“The budget deficit for the first quarter of 2011-12 was 1.2 per cent of GDP, compared with 1.5 per cent during the same quarter last year,” the central bank revealed in its quarterly report.
It said that this reduction in the budget deficit was caused primarily by 29.7 per cent growth in FBR revenues, on the back of increased tax collection efforts and higher revenues from imports. “Non-tax revenues also recorded impressive growth of 50.4 percent,” it added.