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IMF tranches only paid for next fiscal year

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The draft budget for 2023 has been completed. Revenues are estimated at SRD 33.9 billion and expenditure at SRD 36.2 billion. The deficit of SRD 2.3 billion is equal to 2.3% of the Gross Domestic Product. Remarkably, the International Monetary Fund (IMF) remittances planned for this year have been transferred to next year’s budget.

The total expenditure of SRD 36.2 billion is made up of operational expenditure amounting to SRD 7.4 billion and for programs SRD 28.7 billion. Operational expenditure is rounded up to 20.63% of total expenditure, while programs amount to 79.37% of total expenditure.

The total receipts amount to SRD 33.9 billion. These are structured as follows: donations (donor financing) SRD 499 million, withdrawals (from loans) SRD 2.5 billion, budget support SRD 5.2 billion, non-tax resources SRD 7.9 billion and tax resources SRD 17.6 billion.

Taxes will account for 51.9% of total revenue and non-tax resources for 23.45%. SRD 5.2 billion has been added to the budget of the Ministry of Finance as budget support. There is no code for this item, which should provide 15.53% of the total receipts.

That SRD 5.2 billion consists of IMF 2, 3, 4 and 5 tranche of SRD 375 million each (so 4 x SRD 375 million) and IDB budget financing of SRD 3.781 billion.

 

 

 

 

 

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