The fiscal deficit for April-July fell to $5.3 billion from $17 billion in April-June, with expenditure amounting to $78.7 billion and revenue to $73.4 billion.

Fiscal reserves also surged to $270.1 billion from $258.3 billion. The revenue included proceeds from the issue of notes and bonds which totalled $20 billion in July.

Expenditure of $19.89 billion and revenue of $31.64 billion was recorded in July, resulting in an $11.75 billion surplus.

A deficit in the initial months of a financial year is not unusual as many types of revenue, like taxes, are mostly received towards the end of the year.

Government debts for the April-July period stood at $26 billion, including the $6-billion toll revenue bond issued in May and the $20-billion in notes and bonds issued in July.

Government-guaranteed debts amounted to $4.3 billion. They consisted of guarantees provided under the Special Finance Scheme for Small & Medium Enterprises, the Self-employment Business Start-up Assistance Scheme, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for SARS Impacted Industries.