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Revenue collections above and beyond projections
The Finance Ministry Data released information on Friday indicating that the government has seen a surge in revenue collection in June, which has resulted in targets being outperformed.
The government collected $30 billion in June, bringing total revenue collections to date to $75.5 billion.
More importantly it has moved the government from running behind in revenues by $2 billion in May, to a position where it is outperforming revenue targets for the first three months of the fiscal year by $2.7 billion.
Funding from grants and tax revenues have offset declines in all other revenue areas for the government.
But more money collected did not mean spending cuts were off the cards.
Government programmes, wages and salaries and capital expenditure bore the brunt of spending cuts.
Aided by lower expenditure on interest on the national debt in the aftermath of the Jamaica Debt Exchange programme, the fiscal deficit has been more than 30 percent below projection.
In fact, the figures show that government spending in June was financed totally from the $30 billion of revenues collected, which kept the fiscal deficit at the end of June unchanged from its $10 billion level in May.
The Finance Ministry Data released information on Friday indicating that the government has seen a surge in revenue collection in June, which has resulted in targets being outperformed.
The government collected $30 billion in June, bringing total revenue collections to date to $75.5 billion.
More importantly it has moved the government from running behind in revenues by $2 billion in May, to a position where it is outperforming revenue targets for the first three months of the fiscal year by $2.7 billion.
Funding from grants and tax revenues have offset declines in all other revenue areas for the government.
But more money collected did not mean spending cuts were off the cards.
Government programmes, wages and salaries and capital expenditure bore the brunt of spending cuts.
Aided by lower expenditure on interest on the national debt in the aftermath of the Jamaica Debt Exchange programme, the fiscal deficit has been more than 30 percent below projection.
In fact, the figures show that government spending in June was financed totally from the $30 billion of revenues collected, which kept the fiscal deficit at the end of June unchanged from its $10 billion level in May.
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