Summary The fiscal deficit has dropped by 73% due to the drop in oil prices in the international market
KARACHI: (Dunya News) – The fiscal deficit remained 73% below in the first 2 months of the fiscal year compared to the same period of time last year. The drop in the deficit is due to the reduction in oil prices in the international market, reported Dunya News.
The fiscal deficit in the first 2 months of the fiscal year 2014-15 was 1.45 billion US dollars that dropped to just 390 US dollars this year. The biggest reason is the reduction in the price of crude oil in the international market.
According to Bureau of Statistics, the import of crude oil has cost us 680 million US dollars this year while it was 910 million USD during the same period last year. Pakistan’s trade deficit dropped from USD 4.22 billion last year to USD 3.15 billion this year during the months of September and October.
The central bank says that fiscal deficit is expected to remain almost the same throughout the year.
