The St. Vincent and the Grenadines government said that it ended the first seven months of this year in a slightly better financial position than the same period last year, but still with a multi-million dollar deficit.
Prime Minister Ralph Gonsalves told Parliament on Monday that the overall balance as at July 31, 2015, was a deficit of EC$21.6 million (One EC dollar =US$0.37 cents) compared to a deficit of EC$33.7 million in 2014.
The current balance was EC$1.4 million, half of the 2014 figure.
Gonsalves responding to a question from Opposition Leader Arnhim Eustace about the fiscal outturn during the first seven months of 2015, said the primary balance was EC$3.4 million, compared to a deficit of EC$8.9 million in 2014.
Gonsalves, who is also the Minister of Finance, told legislators that revenue and grant funds had increased by two per cent, rising from EC$309.9 million to ECS315 million.
He said capital revenue and grants also increased, moving to EC$14.98 million, up from EC$8.76 in the first year of 2014.
Total expenditure, however, decreased to EC$336.62 million as compared to the 2014 figure: EC$343.7 million.
Gonsalves said recurrent expenditure was EC$298.6 million compared to EC$297.39 million, while capital expenditure was EC$46 million, eight million dollars less than in 2014.
“Mr. Speaker, I should point out, … until you get to the end of the year, the numbers are always taken into account, for instance, the account for let’s say in-kind stuff like ten four bridges built by the Ecuadorians. That’s not in there, though it is in the Estimates,” Gonsalves said.