November government debt up 18.5
Provisional statistics supplied by the Central Bank of
Malta Friday show end of November government debt standing at Lm1,242.2
million a year on year increase of 18.5 per cent.
Treasury Bills and Malta Government stock accounted for Lm255.2 million
or 20.5 per cent of governments debt, and Lm913 million or 73.5
per cent respectively. The remaining share of Lm73.9 million or six
per cent was made up of foreign borrowing.
Compared to October, government debt had increased by Lm31.2 million.
Recurrent revenue during the first eleven months totalled Lm620.8 million,
and made up 80.6 per cent of this years budget forecast. Compared
to the same period last year, recurrent revenue increased by Lm7.6 million,
or 1.2 per cent. At the same time, total expenditure amounted Lm768.6
million, an increase of Lm39.3 million, or 5.4 per cent, over the Lm729.3
million expended in the same period in 2002. Government marginally increased
the relative level of expenditure when comparing the 2002 figure with
that years final outturn (89 per cent), and the 2003 amount with
this years budget estimate (89.6 per cent).
the shortfall, or structural deficit, between recurrent revenue and
total expenditure during the year amounted to Lm141.7 million, an increase
of Lm32 million from a shortfall of Lm109.6 million for the same period
Fees collected through the 2003 Investment Registration Scheme amounted
to Lm2 million as against the corresponding figure of Lm6.1 million
collected in respect of the last years Investment Registration
Scheme. The following increases for the first eleven months of the year
were registered: Income Tax (+Lm8.4 million), Social Security Contributions
(+Lm4.8 million), Consumption Tax (+Lm3.4 million), Miscellaneous Receipts
(+Lm3.0 million), Customs and Excise Duties (+Lm2.6 million), Rents
(+Lm1.1 million) and Grants (+Lm0.9 million). Meanwhile, revenue reductions
were recorded from Central Bank of Malta (-Lm0.9 million) and Reimbursements
(-Lm1.4 million).Last year, one-off revenue was received from the part-privatisation
of the Malta International Airport (Lm21.0 million).
During the first eleven months of 2003, recurrent expenditure excluding
Public Debt Servicing, amounted to Lm605.7 million, from Lm580.9 million
expended last year: an increase of Lm24.9 million, or 4.3 per cent.
Recurrent expenditure for the period under review made up 89.4 per cent
of this years budgetary estimates, down from 89.9 per cent of
the actual final outturn for last year.