The recently released monthly fiscal performance report by the Ministry of Finance noted that preliminary data on the fiscal outturn for January 2024 showed an estimated deficit of $45.9 million, compared with a modest surplus of $3.1 million a year earlier.
“This outcome reflected a 26.5 percent ($70.8 million) increase in spending to $334.6 million, which offset the 8.2 percent ($21.8 million) rise in revenue receipts to $288.7 million,” the report noted.
Tax receipts for January posted an improvement over the same period in the prior year of 11.1 percent ($29.5 million) to $253.2 million. The $291.0 million in recurrent monthly outlays represented an increase of 19.5 percent ($52.0 million) from the corresponding period in the prior year. During the review month, the central government’s outstanding debt increased by an estimated $187.8 million.
The fiscal performance improved in February, with the government generating a modest $6.9 million surplus, which was, however, still nearly 63 percent below the nearly $19 million surplus the year earlier.
Underlying this outcome was a year-on-year decline in total receipts of 3.6 percent ($9.1 million), alongside a 1.1 percent ($2.5 million) rise in total expenditure. Tax collections posted a year-on-year reduction of 5.5 percent ($12.2 million) to $211.4 million. Collections on both VAT receipts and international trade and transactions taxes were lower by $6.8 million and $11.3 million, respectively, to $91.7 million and $53.8 million.
The $291.0 million in recurrent outlays for the month represented an increase of 19.5 percent ($52.0 million) from the corresponding period in the prior year.
