The Fiscal Performance Report, a monthly report published by the Ministry on fiscal and treasury transactions, cited a 90 percent drop in the government’s guarantees to $25 million, and less spending on subsidizing Electricite Du Liban (EDL) in February. Spending on EDL dropped, though slightly, to $175 million; a similar drop in the government’s spending on EDL by 77 percent to $62 million was recorded in January.

For the first two months of 2010, the budget deficit was down 69 percent to $194 million.

The primary surplus reached $122 million for the same month (February), up from $82 million in the same month last year.

The government’s total expenditures reached $598 million for the period, compared to $595.6 million last year in the corresponding month.

Total revenues stood at $665 million, up 24 percent from February 2009 as non-tax revenues grew 51 percent, and tax income was up 11 percent.

Non-tax revenues totaled $263 million while tax revenues, one of the primary sources of income to the state, reached $378 million in the second month of 2010.