$279.8b deficit recorded

2020-11-04 17:58:34

The Government announced today it recorded a $279.8 billion deficit for the six months ending September 30.

Expenditure for the period was $427.8 billion and revenue was $148 billion.

The Government said there was a deficit mainly because some major types of revenue, including salaries and profits taxes are mostly received at the end of a financial year.

It was also due to payments for the Cash Payout Scheme and various measures under the Anti-epidemic Fund.

Fiscal reserves stood at $880.5 billion at the end of September.

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