Cabinet approves outlines of state budget for FY 2019
The Cabinet has approved the outlines of the state budget for the fiscal year 2019 as drafted by the Higher Committee for Budgets, in light of the state’s economic, financial and monetary policies.
The draft estimated the public revenues from all provinces as YR 2,159,271,000,000 and the expenditures as YR 3,111,153,000,000 at a financial deficit of about 30%.
The government is meant to cover that deficit from non-inflationary sources through the use of domestic debt instruments, mobilizing external funds and developing spending mechanisms that fit with the revenue stream.
The draft budget forecast that the revenues from oil and gas exports will account for 32 percent of the total public revenues during the FY.