Development spending in Pakistan falls 38pc in 5MFY23
Business
Development spending in Pakistan falls 38pc in 5MFY23
ISLAMABAD (Web Desk) - The overall development spending in the country plummeted 38 per cent to Rs130.64 billion in the first five months of the current fiscal year.
The spending in the corresponding period of last year clocked at Rs209.53 billion, the data released by the Ministry of Planning and Development reveals.
The visible drop will not only slow down the economy but would take a toll on revenue collection as well.
According to the Planning Division s disbursement mechanism, the development funds allocated in the federal budget are released at the rate of 20pc in the first quarter (July-September), followed by 30pc each in the second (October–December) and third quarter (January-March) and remaining 20pc in last quarter (April-June) of a fiscal year.
