Budget 2026 ratified
with $1 billion surplus

Salaries constitute half the expenditures

Almost $3 billion in tax revenues are projected

Parliament approved the 2026 public budget at about $6 billion with an anticipated primary surplus of approximately $1.0 billion. The Ministry of Finance did not disclose the macroeconomic assumptions used in preparing the budget, including growth and inflation forecasts.

Spending is estimated at around $5.34 billion, in addition to capital expenditures of $635 million. Wages, salaries, and social benefits represent the largest component at roughly $3.13 billion. Transfers are estimated at around $730 million, followed by spending on goods and services at about $645 million. Emergency expenditures are projected at approximately $218 million, while debt servicing is estimated at around $290 million, the majority of which relates to external obligations rather than local currency debt.

Revenues are expected to be driven primarily by tax income of about $4.91 billion, with non-tax revenues contributing approximately one billion dollar. Taxes on goods and services form the core of fiscal revenues at roughly $2.85 billion, largely supported by value added tax (VAT). Customs duties are projected at around $825 million, while taxes on income, profits, and capital gains are estimated at about $645 million. Property related taxes are expected to generate close to $400 million.

Non tax revenues rely heavily on income from government properties and public institutions, which are projected to generate around $720 million. Administrative fees and public service charges are estimated at $300 million. The telecommunications sector remains the largest single contributor within non-tax revenues, alongside income from major public facilities. Additional inflows include exceptional revenues from seaside property settlements and labor permits, together contributing just under $80 million.