Government records $10.6b fiscal deficit in first month

Fiscal reserves stood at $917.2b, as of end-April.

The government’s expenditure amounted to $48.6b, whilst revenue stood at $38b in April, the first month of the financial year.

This resulted in a deficit worth $10.6b. Fiscal reserves, meanwhile, amounted to $917.2b as of end-April.

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,” a government spokesperson said.

Moreover, government debt, as of 30 April, is worth over $27.17b, which includes the US$1b and US$2.5b green bonds issued under the Government Green Bond Programme in May 2019 and February 2021.

This is on top of the $123.b outstanding bonds and alternative bonds approximately worth $7.7b that were issued under the Government Bond Porgramme.

Debts guaranteed by the government as of 30 April, stood at $85.56b, covering guarantees under the SME Loan Guarantee Scheme, Special Loan Guarantee Scheme and the SME Financing Guarantee Scheme amongst others.