$77B DEFICIT RECORDED

The Government today announced that it recorded a $77 billion deficit for the first 10 months of the current financial year.

Expenditure for the period was $643.5 billion and revenue was $501.3 billion. A deficit was recorded after taking into account the proceeds of $65.2 billion received from the issuance of green bonds.

Fiscal reserves stood at $880.1 billion at the end of January.

Taking into account the forecast revenue and expenditure for the remaining two months, the deficit for the 2022-23 financial year is expected to be $139.8 billion and the fiscal reserves are estimated to be $817.3 billion as of end-March.

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