Fiscal surplus down from
$364 million to $36 million

$3.9 billion in 2024 revenues exceed forecast

A fiscal surplus of $36 million was realized in 2024 with total budget revenues and Treasury receipts reaching $3.9 billion and as budget expenditures and Treasury withdrawals totaled $3.85 billion, according to the Ministry of Finance (MoF). The surplus was $364 million in 2023

MoF had previously declared during a presentation to the international rating agency Standard and Poor’s (S&P) that it had achieved a surplus $300 million during the year 2024. The change had not been explained by the time of this publishing.

The Budget Law 2024 had projected a zero deficit with total budget revenues and Treasury receipts of $3.4 billion. This means that realized revenues exceeded budgeted revenues by $445 million.

The primary surplus, which is equivalent to the fiscal surplus before deducting debt service, amounted to $428 million. Debt service reached $392 million and consisted of interest payments of $190 million and repayments of foreign debt principal amounting to $203 million.

The budget (excluding Treasury operations) recorded a surplus of $722 million resulting from revenues of $3.4 billion and expenditures of $2.7 billion. Tax revenues reached $2.8 billion with value added tax (VAT) as the major contributor ($1.3 billion). Non-tax revenues totaled $585 million and included telecom revenues of $222 million.

Treasury transactions recorded a $686 million deficit as Treasury receipts totaled just $471 million and Treasury withdrawals reached $1.2 billion. Treasury transactions include Treasury advances and VAT refund. They also include transfers made by the Treasury to public administrations, institutions, municipalities, and funds from revenues it has collected on their behalf such as telecom revenues collected on behalf of municipalities. When these revenues are collected, they are considered Treasury receipts and they become withdrawals when they are transferred.