The Government today announced that it recorded a $172.9 billion deficit for the first seven months of the current financial year.

Expenditure for April to October was $413.9 billion and revenue was $174.4 billion. A deficit was recorded after taking into account the proceeds of $66.6 billion received from the issuance of green bonds.

The Government said the deficit was mainly due to the fact that some major types of revenue, including salaries and profits taxes, are mostly received towards the end of a financial year.

Fiscal reserves stood at $661.9 billion at the end of October.