Budget deficit widens to P7.8bn on diamond slump

Friday, October 11, 2019

Jwaneng Mine traditionally anchors the country's production

The Finance and Economic Development ministry expects the 2019-2020 budget to incur a P7.8 billion deficit, up from the P7.3 billion forecast in February, due to a slump in rough diamond sales.

At that figure, the deficit will be the largest the budget has suffered in 11 years and the latest in a series of continuous shortfalls since the start of NDP 11 in the 2017-2018 fiscal year.

Figures contained in the Budget Strategy Paper 2020-2021 released by the Finance Ministry on Tuesday indicates that the deficit this financial year will be anchored on a 21% drop in mineral revenues from P21.1 billion to P16.7 billion.

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Budget deficit widens to P7.8bn on diamond slump

The Finance and Economic Development ministry expects the 2019-2020 budget to incur a P7.8 billion deficit, up from the P7.3 billion forecast in February, due to a slump in rough diamond sales.

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