Budget forecast to remain in surplus

Tuesday, September 23, 2014

The national budget is forecast to post another surplus next year, upholding a three-year trend where government has managed to collect enough revenues to cover its expenditure. After falling into deficit in the financial crisis period 2009/10 to 2011/12, the economy has bounced back to recorded minor surpluses since then.

Speaking at a Budget Pitso held last week, secretary for Finance and Economic Policy, Taufila Nyamadzabo, said the proposed budget for the 2015/16 financial envisages a small surplus of P1.4 billion or 0.8 percent of GDP.

“Total revenue and grants are projected to reach P52.8 billion, an increase of 5.3 percent from the proposed 2014/15 estimate of P50.2 billion.

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Budget forecast to remain in surplus