The total expenditure for fiscal 2022 was less than previously predicted in the Finance Minister’s budget presentation, leading to this country recording its first budget surplus since 2007/8, to the tune of $1.08billion dollars.

The announcement was made in a statement from the Ministry of Finance on Friday. 

“The Budget Division of the Ministry of Finance reported yesterday that as various ministries and departments continue to complete their accounting of their actual expenditure in Fiscal 2022, as opposed to the estimated expenditure published in the 2023 Budget Documents, it has turned out that the  expenditure for fiscal 2022 was less than expected,  thus improving the fiscal balance,” the Ministry said.

It added: “The figures that have now been established are Total Revenue in Fiscal 2022 of $54.21 billion or $10.88 billion more than originally estimated at the beginning of fiscal 2022.”

Total expenditure, it added, was $53.12 billion.

The Budget Division advised there is an additional $100million expenditure in 2022 that is still to be brought to account.