Auditor General Deodat Sharma has found that Government’s overall deficit has increased and indeed, swallowed the current surplus – resources saved from taxes, royalties and other revenue earing activities embarked on by the state.
This is contained in the Auditor General’s 2017 report, which notes that for that fiscal year there was a net overall deficit of $24.268 billion as of December 31, 2017. The net deficit is made up of a current surplus of $5.939 billion and a capital deficit of $30.207 billion.
The AG found that Government attracted total capital revenue of $28.4 billion but capital expenditure, which is usually long term, project oriented and non-recurrent spending, was recorded by the AG at $58.6 billion.
Total revenue for the year 2017, which includes current and capital, was $323 billion. Government, however, spent more than it earned as total expenditure was pegged at $347.3 billion, a deficit of $24.2 billion. The deficit has in fact increased from last year, when it was $20.3 billion.
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