The primary surplus for the period, reached $386 million, compared to a deficit of $199 million over the first quarter of 2009, showed the Q1-Fiscal Performance Report, a report summarizing budget and treasury transactions released by the Ministry of Finance.

Total revenues for the period stood at $2 billion, an increase by nine percent compared to the 2009 level. Total expenditures dropped to $2.6 million from $3 billion in the same period of 2009. 

VAT revenues rose 14 percent year-on-year to $517 million, stemming from a $36.5 million increase in VAT collected on imports and $26.5 million increase in VAT collected internally.

Non‐tax revenues decreased to $336 million on a drop in the government’s income from non-financial enterprises, and vehicle control fees, in addition to less transfers from Casino Du Liban, and the absence of transfers from the Central Bank. Treasury receipts increased, on the other hand, 19 percent to $113 million.

The gross public debt increased by $377 million from the end of 2009 to $51.5 billion at the end of March, the report said.