The government has recorded a notable increase in revenue during the current fiscal period, with total revenue and grants reaching USD 1.09 billion, reflecting a 12.2 percent increase compared to USD 966.4 million recorded during the same period last year.
The Ministry of Finance and Public Enterprises announced the figures in its Weekly Fiscal Development Report, which provides an overview of the country's budgetary performance as of 14 May.
Tax revenue continues to constitute the largest portion of government income, standing at USD 862.8 million, representing a substantial increase of 17.1 percent compared to the previous year. This surge in tax collections has been driven primarily by a remarkable 31.3 percent increase in corporate income tax receipts, which reached USD 175.1 million representing an increase of USD 41.35 million from USD 129.7 million in the same period last year. The government has attributed this growth to improved compliance and enhanced enforcement measures implemented throughout the year.
The increased revenue has enabled the government to record a budget surplus of USD 7.66 million, as total income marginally exceeded total expenditure during the period. Total expenditure, comprising both recurrent and capital spending, reached USD 1.08 billion, reflecting an increase of 22.4 percent compared to USD 882 million in the previous year. Recurrent expenditure rose by 21.6 percent to USD 953.3 million, while capital expenditure experienced a 28.8 percent increase to USD 129.7 million.
Subsidy expenditure has emerged as a significant component of government spending, reaching USD 149.2 million, a dramatic increase of 77.8 percent from USD 84.3 million in the previous year. The Ministry attributed this substantial increase to rising oil prices resulting from ongoing geopolitical tensions in the Middle East.
Despite the mounting costs, the government emphasised that these subsidies have been essential in maintaining stability in the prices of basic goods and services for consumers, thereby shielding households from the full impact of international market fluctuations.
Debt repayment and interest expenses remained stable at USD 136.2 million during the period.