$275.7b deficit recorded

November 30, 2022

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.

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