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Solomon Islands’ Government finances back in black with $53 million surplus

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The IMF says the Solomons is making gains, but there are challenges ahead.
The IMF says the Solomons is making gains, but there are challenges ahead.

The Government has recorded a fiscal surplus of $SBD53 million in the month of June, following a $120 million deficit the previous month.

The month economic bulletin for June stated the surplus was because of an 11 percent increase in government revenue to $269 million whilst government expenditure decreased by 41 per cent to $216 million during last month.

The increase in total revenue was driven by a 21 per cent upturn in taxes to $259 million, which resulted from a strong collection in income and profit tax while taxes on international trade decreased during the month.

Meanwhile, non-tax revenue declined to $11 million from $28 million in the previous month following a decline in proceeds from fishing licenses.

However, the decline in total expenditure was propelled by a 72 percent drop in the capital expenditure to #37-million dollars together with a 23 percent fall in the recurrent spending to 178-million.

The decline in spending on equipment, dwellings and non-residential building was the major driver behind the fall in total development outlays while the fall in consumption spending and compensation of employees underpinned the drop in the recurrent spending.

By Rickson Bau 

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