The Government today announced that it recorded a $275.7 billion deficit for the first seven months of the current financial year.

Expenditure for the period was $467.6 billion and revenue was $171.9 billion. A deficit was recorded after taking into account the proceeds of $20 billion received from the issuance of green bonds.

The Government said there was a deficit 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 $681.4 billion at the end of October.