State budget refilled after cash shortfall
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The state budget saw a cash deficit of Bt531.6 billion in the first eight months of the fiscal year, a shortfall that was reduced to Bt334.3 billion after government replenishment to the tune of about Bt197 billion, according to a report by the Fiscal Pol
The treasury reserves stood at a shade over Bt226 million as of the end of last month, Somchai Sajjapongse, Fiscal Policy Office director-general and Finance Ministry spokesman, said yesterday.
From October to May, revenue collection came in at Bt1.278 trillion, up 16.5 per cent from the same period last year thanks to an increase in the collection of value-added tax and auto excise duty.
The figure reflects economic growth driven by domestic consumption, he said.
State expenditure during the eight-month period totalled Bt1.687 trillion, up Bt115.4 billion or 7.3 per cent from the same period last year.
The state budget cash balances recorded a deficit of Bt409 billion, combined with a deficit of non-budget cash balances of Bt122.578 billion mainly because of Treasury-bill redemption worth Bt102.135 billion.
As a result, the overall cash balance was a deficit of Bt531.6 billion. Government financing made up for Bt197.28 billion of the shortfall, leaving a net deficit of Bt334.325 billion.
The end-May treasury reserves of Bt226.01 billion were in line with the same period last year, Somchai said.
“In the first eight months [of the fiscal year], the increase in revenue collection of more than Bt100 billion was a result of the government’s policy for economic growth.
“Therefore, the treasury reserves were over Bt200 billion, reflecting the strength of the financial budget,” he said.
Although the first eight months showed a cash deficit, the overall state budget cash balance recorded a surplus of Bt40.539 billion for last month, Bt38.383 billion of which was a surplus of budget cash balances. However, non-budget cash balances recorded a deficit of Bt2.156 billion.
In May, revenue collection came in at Bt173.658 billion, up Bt24.59 billion or 16.5 per cent from the same month last year.
State expenditure totalled Bt135.275 billion, down 6.7 per cent or Bt9.647 billion, year on year.
Current expenditure in May was Bt108.997 billion, down 3.7 per cent from the same month last year.
Capital expenditure was Bt16.713 billion, 23.4 per cent lower than in May last year.
