In a report on the execution of the state budget for the first half of 2024, the Ministry highlighted an increase in budget revenues, though they still lag behind the projected tax collection figures for the current year.
According to the Ministry, the country's budget ran a surplus of approximately 11 billion drams (about $28.2 million) from January to June, which is notable considering the initially projected deficit of 56.4 billion drams.
The state budget's revenues for the reporting period reached 1.2 trillion drams, equivalent to over $3 billion. This figure represents 92% of the forecasted amount and exceeds last year's corresponding figure by 7.2%, an increase of 83 billion drams (over $210 million).
Expenditures also showed some lag, totaling 1.2 trillion drams (over $3 billion), which accounts for 87.5% of the planned amount. Compared to the first half of 2023, expenditures grew by 20.1%, or 206.3 billion drams (over $530 million).
Despite the positive balance, there was a significant decrease in the surplus compared to the same period last year, when it stood at 134.3 billion drams. This reduction is attributed to expenditures growing faster than revenues.
Earlier BMG reported that tax revenues for the first half of this year fell significantly short of the budget plan. Instead of the projected 1.3 trillion drams (over $3.34 billion), actual collections amounted to 1.2 trillion drams (over $3 billion), which is 116 billion drams (about $300 million) less than planned.
