Govt expenditure surpasses revenue by 83%

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During the first four months of this year the Government expenditure surpassed revenue by 83 per cent resulting in a budget deficit of Rs 524.1 billion, up 0.7 per cent from Rs 520.5 billion recorded during the same period of 2021.

Total Government revenue including grants increased 30.9 per cent to Rs 631.1 billion in the first four months of 2022 from Rs 482.3 billion recorded during the same period of 2021.

According to the Ministry of Finance, the collection during the four months amounted to 28.4 per cent of the annual estimation of Rs 2,223.0 billion.

Tax revenue increased 27.2 per cent to Rs 543.6 billion in the first four months of 2022 from
Rs 427.3 billion in the same period of 2021 reflecting the receipts of the first instalment of Rs. 59.6 billion from one-off Surcharge Tax in April 2022.

The realisation of tax revenue as against the annual estimated revenue of Rs. 1,987.0 billion was 27.4 per cent in the first four months of 2022.

Non-tax revenue increased 60.2 per cent to Rs 87.3 billion in the first four months of 2022 from Rs 54.5 billion in the same period of 2021, which is 38.6 per cent of the annual estimate of Rs 226.0 billion.

Total Government expenditure amounted to Rs 1,155.2 billion reflecting a 15.2 per cent increase in the first four months of 2022 compared to Rs 1,002.8 billion in the same period of 2021.

Recurrent expenditure increased 14.2 percent to Rs 1,016.8 billion in the first four months of 2022, compared to Rs 890.1 billion in the same period of 2021.

By Mario Andree