The fiscal performance improved during the first three quarters of the year with the deficit lessening by 32.46% (year-on-year) y-o-y to $2.22B and the primary surplus standing at $867M, compared to a deficit of $546M last year. This improvement came as a result of a 12.57% y-o-y increase in total revenues, coupled with a 1.79% drop in total expenditures.
On the earnings side, Tax Revenues jumped 3.79% to $5.36B by September 2014. In details, Miscellaneous Tax Revenues and VAT Revenues climbed 10.31% and 0.93% to $2.70B and $1.66B, respectively. However, Custom Revenues dropped 6.68% to $1B, subsequent to the slowdown in economic activity and decline in trade across the Syrian border.
Non-tax Revenues surged 12.33% to $1.62B, resulting from the 5.22% annual rise in Telecom Revenues to $952M.
Looking at expenditures, transfers to Electricite du Liban (EdL) declined 11.53% y-o-y to reach $1.49B, noting that the Finance Minister, Ali Hassan Khalil, stated that government subsidies to EdL would drop by $500M due to the fall in international oil prices.
Total interest payments surged 13.52% to $2.96B. Interest payments on domestic debt swelled 18.67% to $1.92B, and that on foreign debt grew by 5.09% to $1.04B.