GOVT DIPPED INTO WMA TO FUND FISCAL DEFICIT FOR FY23, CGA DATA REVEALS

This is first time in over two decades that the government is using ways and means advances to fund the fiscal gap

In a break from the past, the government used ways and means advances to fund its fiscal deficit for 2022-23 (Apr-Mar) as it had no cash balance at the end of the financial year on Mar 31, according to data by the Controller General of Accounts.

This is first time in over two decades that the government is using ways and means advances, a facility to meet temporary mismatches in cash flows, to fund the fiscal deficit.

According to Controller General of Accounts data, the government used 486.77 bln rupees from WMA to fund the fiscal deficit of 17.331 trln rupees in 2022-23.