EL7.AI
Macro EconomyMedium•14 November 2026•
3 min read

Pakistan posts fiscal surplus of 1,273,753 million rupees in first quarter

Key Facts

1The overall fiscal surplus was 1,273,753 million rupees, or 0.9% of GDP, in July-September 2026.
2The primary surplus reached 2.974 trillion rupees, or 2.1% of GDP, exceeding the quarterly target by 239 billion rupees.
3Total revenue was 6,003,845 million rupees during the quarter.
4Total spending was 4,730,092 million rupees during the quarter.

Pakistan recorded an overall fiscal surplus of 1,273,753 million rupees from July to September 2026, equivalent to 0.9% of GDP, according to Finance Ministry data for the first quarter of fiscal year 2026-2027. The finance minister’s adviser said, according to Radio Pakistan, that the primary surplus reached 2.974 trillion rupees, or 2.1% of GDP. He added that the surplus exceeded the quarterly target by 239 billion rupees. This puts the overall and primary budget results among the leading figures in Pakistan’s public finances for the period. The adviser also announced that a surplus was recorded in the first quarter for the third consecutive fiscal year.

The comparison cited by the adviser shows that the fiscal surplus was 2.119 trillion rupees in the first quarter of fiscal year 2026, after reaching 1.896 trillion rupees in the same period of fiscal year 2025. He said first-quarter surpluses had been recorded for three consecutive fiscal years. He said this followed deficits in the first quarter for 23 consecutive fiscal years, from 2002 to 2024. These figures provide historical context for the trajectory the adviser cited when discussing the current quarter’s result. The latest result remains a surplus for the period from July to September 2026, according to Finance Ministry data.

Total revenue during the quarter was 6,003,845 million rupees, including 3,387,114 million in tax revenue and 2,616,731 million in non-tax revenue, according to the Finance Ministry. The finance minister’s adviser said tax collection exceeded the quarterly target despite the tax relief measures introduced in the fiscal year 2027 budget. He added that government spending remained disciplined. These figures show the composition of the government’s revenue during the period, alongside the adviser’s assessment of collection and spending. His remarks also link the target-beating collection to the tax measures included in the budget.

Total spending was 4,730,092 million rupees in July-September 2026, according to the official fiscal report. Current spending was 4,292,775 million, while development spending and net lending reached 474,851 million. These categories distinguish current spending from development spending and net lending. The finance minister’s adviser said government spending remained disciplined during the quarter, alongside tax collection exceeding the period’s target. The spending breakdown places the revenue and surplus figures within the Finance Ministry’s account of the fiscal position in the first three months of the fiscal year.

The country’s fiscal framework is part of a $7 billion International Monetary Fund program approved in September 2024, according to Arab News. The program requires stronger public finances and spending controls, the report said. The IMF said the fiscal year 2027 budget is based on a target for a primary surplus of 2.0% of GDP. The primary surplus announced by the finance minister’s adviser for the quarter was 2.1% of GDP, and he said it exceeded the period’s target by 239 billion rupees. The IMF called for continued strong fiscal policies based on the firm implementation of the fiscal year 2027 budget, with a focus on revenue administration reforms, spending efficiency and public financial management.