Ministry of Finance plans to propose a state budget of USD 2.5 billion to the parliament for 2020.
The Fiscal and Debt Strategy Report published by the finance ministry revealed that of the USD 2.5 billion budget, USD 2.4 billion is total expenses. The ministry estimates the budget deficit is expected to be USD 357 million while the government expects USD 1.9 billion in incomes and grants.
Tax income is expected to be USD 1.2 billion while other income is expected to be USD 389 million, according to Fiscal and Debt Strategy Report. The amount expected in grants is USD 259 million. Baseline recurrent expenses forecasted for year 2020 is USD 1.3 billion, while USD 714 million is expected as baseline capital expenses.
The medium-term budget baseline projections compiled by finance ministry does not include new proposals from the government to generate additional income to state. The budget also does not include any cash grants the government may receive.
The budget will be presented to the parliament on October 31.