Budget deficit down by Rs. 367 b for first five months; primary surplus at Rs. 554 b

The budget deficit in the first five months of this year has declined by 64% or Rs. 367 billion thanks to higher revenue and lower expenditure.

In the corresponding period of last year the deficit was Rs. 1 trillion. 

Government revenue between January and May 2024 grew by 44% to Rs. 1.6 trillion while expenditure declined by 7% to Rs. 2 trillion, according to latest data released by the Central Bank.

A substantial increase in Government revenue, primarily through tax income, and Government expenditure before interest costs of Rs. 1.1 trillion led to a primary surplus of Rs. 554 billion.

During the first five months net domestic financing decreased to Rs. 394.4 billion compared to Rs. 1.07 trillion. Foreign financing recorded a net repayment of Rs. 27.6 billion as against a net repayment of Rs. 63.3 billion a year ago.

Outstanding central Government debt decreased to Rs. 28 trillion by end of May 2024 from Rs. 28.69 trillion.

By the end of May 2024, total outstanding domestic debt amounted to Rs. 17.35 trillion and the rupee value of total outstanding foreign debt amounted to Rs. 10.71 trillion.