A $6.5-billion deficit was recorded in the first month of the 2003-04 financial year, with expenditure amounting to $19.3 billion and revenue to $12.8 billion.

As taxes are mostly received towards the end of a financial year, it is usual to have a deficit in the initial months.

The fiscal reserves stood at $309 billion, including the balance of $4 billion in the Lotteries Fund which has been consolidated into the Government's accounts starting from the current financial year.