External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Macroeconomics

<ul><li>Pakistan for the first time has recorded fiscal surplus on half yearly basis in 1HFY26 amounting to Rs542bn or 0.4% of GDP compared to deficit of Rs1.5tn or 1.3% of GDP in 1HFY25.</li><li>The fiscal surplus was achieved as total expenditures fell 10% during 1HFY26 compared to total revenue growth of 9%. Within expenses, markup expenses fell 31% led by 33% decline in local debt expense, while expense on international debt increased 1.6%.</li><li>Primary surplus during 1HFY26 clocked in at Rs4.1tn, 3.2% of GDP compared to Rs3.6tn or 3.1% of GDP during the same period. This primary surplus in 1HFY26 is well above the IMF target of 2.6% of GDP for FY26.</li></ul>

Pakistan for the first time has recorded fiscal surplus on half yearly basis in 1HFY26 amounting to Rs542bn or 0.4% of GDP compared to deficit of Rs1.5tn or 1.3% of GDP in 1HFY25.The fiscal surplus was achieved as total expenditures fell 10% during 1HFY26 compared to total revenue growth of 9%. Within expenses, markup expenses fell 31% led by 33% decline in local debt expense, while expense on international debt increased 1.6%.Primary surplus during 1HFY26 clocked in at Rs4.1tn, 3.2% of GDP compared to Rs3.6tn or 3.1% of GDP during the same period. This primary surplus in 1HFY26 is well above the IMF target of 2.6% of GDP for FY26.

パキスタン経済 - パキスタン、2026年度前半に史上初の半期財政黒字を計上。洪水による救援支出にもかかわらず、利息支出は31%減少