Leading Issues in the Economy of Pakistan: Agenda for Reforms However, in the presence of a global recession a double-digit growth in exports in unlikely, especially with rise in cost of export financing and higher electricity and gas tariffs. Public Finances: The detailed projections are in Table 5.3. A huge improvement is anticipated in the state of public finances, with the budget deficit being brought down from 7.9 percent of the GDP to 4.9 percent of the GDP, primarily by economy in current expenditures. This will be very difficult to achieve. Table 5.3: IMF’s Public Finance Projections for 2022-23 2021-22 A. REVENUES A.1. FEDERAL Tax Revenues FBR Revenues Petroleum Levy NGDS+ GIDC Non-Tax Revenues A.2. PROVINCIAL Tax Revenues Non-Tax Revenues B. EXPENDITURE B.1. FEDERAL Current Expenditure Debt Servicing Defence Others[Subsidies+ Grants, etc.] Development Expenditure B.2. PROVINCIAL Current Expenditure Development Expenditure C. BUDGET DEFICIT % of GDP *very large 8,075 7,335 6,283 6,143 127 13 1,082 740 612 128 13,335 9,269 8,5698 3,182 1,412 3,974 701 4,066 2,849 1,217 -5,260 -7.9 IMF Projections 2022-23 10,371 9,365 8,430 7,470 855 105 935 1,006 790 216 14,284 9,478 8,778 4,067 1,563 3,148 700 4,806 3,557 1,249 -3,903 -4.9 (Rs in Billion) Growth Rate (%) 28.4 27.7 34.2 21.6 a* a* -11.1 35.9 29.1 68.8 7.1 2.2 2.5 27.8 10.7 -20.8 0.0 18.2 24.9 2.6 -25.8 68