Published:
Photo by bady abbas on Unsplash
Gov’t deficit rises to $275.75b
In August, the deficit was at $183b.
The government recorded a deficit of $275.75b in the first seven months of the current financial year, after taking into account the proceeds of $20 billion received from the issuance of green bonds.
The government said it recorded a deficit mainly because some major types of revenue, including salaries and profits taxes, are mostly received towards the end of a financial year.
In the first seven months, the government also posted an expenditure of $476.6b and revenue of $171.9b.
Meanwhile, fiscal reserves stood at $681.4b by the end of October.
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