The Government today announced that it recorded a $65.2 billion deficit for the first two months of the current financial year.

Expenditure for the period was $134.7 billion and revenue was $49.5 billion. The deficit was recorded after taking into account the proceeds of $20 billion received from the issuance of green bonds under the Government Green Bond Programme.

The Government said there was a deficit in May mainly because some major types of revenue including salaries and profits taxes are mostly received towards the end of a financial year.

Fiscal reserves stood at $892 billion at the end of May.