Be the first to comment!Government shortfall rises €56.5 million to €199.5 million
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The shortfall between recurrent revenue and total expenditure of Central Government for the first two months of this year amounts to €199.5 million.
According to data obtained from the Consolidated Fund of Government, the shortfall between recurrent revenue and total expenditure increased by €56.5 million when compared to February 2008 and amounted to €199.5 million. Recurrent revenue decreased by €35.7 million, while total expenditure increased by €20.9 million.
During January and February, the Consolidated Fund recorded decreases in Dividends on Investment (-€9.0 million), Customs and Excise Duties (-€7.1 million), Fees of Office (-€5.8 million), Income Tax (-€4.3 million), Grants (-€3.2 million) and Miscellaneous Receipts (-€2.3 million). At the same time, revenue from Social Security Contributions increased by €1.3 million.
Recurrent expenditure during the first two months of the year amounted to €382.7 million, an increase of €30.7 million compared to the same period last year. The increase was mainly brought about by increases on social security benefits (+€12.9 million), the shipyard’s early retirement schemes (€17.9 million) and expenditure on medicines and surgical materials (+€11.3 million).
The interest component of the public debt servicing costs for January and February 2008 increased by €5.4 million and amounted to €37.2 million.
Government’s outlay on its Capital Programme for the first two months of this year amounts to €38.2 million, a decrease of €15.2 million when compared to the expenditure of €53.4 million for the same period last year. Capital expenditure of €9.3 million on the Mater Dei Hospital in 2008 was not repeated this year.
The Central Government debt outstanding at the end of February amounted to €3,635.4 million, an increase of €350.0 million compared to February last year. Long-term and short-term borrowing increased by €201.1 million and €146.5 million respectively, while foreign borrowing declined by €7.0 million. The euro coins issued in the name of the Maltese Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €32.4 million, an increase of €10.0 million over the same period last year.
