Budget deficit grows

Expenditures amount to $8.4 billion in first nine months of the year

The total budget deficit during the first nine months of the year dropped by LL984 billion ($656 million) compared to the same period of last year, the Ministry of Finance said. The budget deficit at end-September 2011 stood at LL2,103 billion ($1.4 billion).

According to the MoF’s figures, the primary surplus, excluding the cost of debt servicing, rose by around LL713 billion ($475 million) over the covered period. The primary surplus at the end of September was LL2,336 billion ($1.5 billion).

These figures were calculated with the projected transfers of the Ministry of Telecom (LL1,631 billion). These amounts have not been transferred yet to the treasury account at the Central Bank.

When excluding the MoT transfers, the revenues would be LL8,307 billion ($5.5 billion), and the budget deficit would actually be LL3,494 billion ($2.3 billion).

Total expenditures during the first three quarters of the year were LL12,584 billion ($8.4 billion). At end-September 2010, expenditures were LL12,411 billion ($8.2 billion). Transfers to EDL totaled LL453 billion ($302 million) in the first nine months of 2011.