$75b Surplus Recorded

The Government recorded a surplus of $75.1 billion in January, with expenditure at $49.4 billion and revenue at $124.5 billion.

Government expenditure for the 10-month period ending January 31 amounted to $461.9 billion, with revenue at $480.6 billion, bringing the cumulative year-to-date surplus to $25 billion.

The Government said the cumulative year-to-date surplus was mainly due to the receipt of land premium, profits tax and stamp duties.

Fiscal reserves stood at $1.1959 trillion as at January 31.

Taking into account the forecast revenue and expenditure for the remaining two months, the deficit for the 2019-20 financial year is expected to be $37.8 billion and the fiscal reserves are estimated to be $1.1331 trillion at the end of March, the Government added.