The government has spent USD 123 million more on debt repayment so far this year compared to last year while continuing to maintain a budget surplus, Ministry of Finance and Planning figures have shown.
The Ministry’s Weekly Fiscal Development Report showed that as of 12 June the State has spent USD 194.6 million in debt repayments.
Debt repayment during the same period last year stood at USD 71.3 million, according to the figures.
Despite the increase in debt repayments, the government’s ongoing austerity measures have kept costs down in the first six months of the year. The total State expenditure by 12 June of USD 1.3 billion is 8.7 percent less than the USD 1.46 billion during the same period last year.
On top of the spending cuts, State revenue and grants increased in the second half of the year. So far this year, USD 1.1 billion has been received in revenue and grants, according to the Ministry, which is an increase of six percent from the USD 1 billion earned during the same period last year.
The measures taken to reduce government expenditure and increase revenue have contributed to the USD 84 million budget surplus so far this year.