Economic Survey: Provinces Post Record Surplus Amidst Fiscal Challenges
ISLAMABAD: Provincial fiscal operations provided significant support to the federal government in improving the overall fiscal situation in the outgoing year. “The dedicated efforts at the provincial level for effective resource mobilisation and prudent expenditure management triggered higher growth in provincial revenues relative to expenditures,” the Economic Survey of Pakistan 2025-26 acknowledged. All four provinces collectively achieved the highest-ever surplus of Rs1,6
Pakistan's provinces collectively achieved an unprecedented surplus of Rs1,636.1 billion in the first three quarters of the fiscal year, a significant increase from the previous year's Rs1 trillion. This fiscal improvement was driven by enhanced revenue collection and disciplined spending at the provincial level.
Despite this surplus, experts caution that underlying economic issues persist. Recommendations include reforming the National Finance Commission (NFC) award to better incentivize revenue generation and a thorough review of government expenditures, including those related to salaries and perks, to alleviate public tax burdens.
The record provincial surplus highlights improved fiscal management at the sub-national level, but underscores the need to address fundamental economic weaknesses and ensure a balanced fiscal relationship between the federal government and the provinces.
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