The fiscal deficit for the seven months ending October 31 amounted to $25.3 billion, with expenditure at $139.2 billion and revenue at $113.9 billion. Given the performance, the outturn deficit may be less than the original forecast deficit of $42.6 billion.

Some major revenue items including salaries and profits taxes are mostly received towards the end of a financial year and may affect the deficit outturn for the full year.

Fiscal reserves stood at $250.1 billion, down 1% when compared with the $252.6 billion recorded in September.

Revenue and the deficit for the period takes into account the $6 billion toll revenue bond and $20 billion government bonds and notes issued in May and July.

Debts guaranteed by the Government, covering 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, amounted to $4.72 billion.