Fiscal Statistics
Fiscal statistics presented in this chapter relating government revenue, expenditure and
public debt were obtained from the Bureau of the Budget, Office of the Prime Minister and the
Comptroller-General’s Department, Ministry of Finance.
Government Revenue
The government revenue represents taxes, sales of assets and services, income from state
enterprises and income from other miscellaneous sources including income from revisions of taxes
and fees.
Government Expenditure
Government expenditures for administrative services and other activities are made only
under the authority of an annual Appropriation Act passed by the legislature. If more funds are
needed to cover certain unexpected expenditures or necessary payments during any fiscal year, the
Council of Ministers may submit for consideration the supplementary budget for such purpose to the
parliament.
At the closing of each fiscal year, all government appropriations for the year cease to
function and no payment can be made unless that budget appropriation is:-
1.
the outstanding disbursement, which can be expended after the end of the fiscal year for
the specific purpose, has to be within a period of time fixed in the annual Appropriation Act, or
2.
the payment is for any services for which fund have been obligated before the end of
the fiscal year. The reserves for encumbrances are to be expended within a period of six months
from the beginning of the next fiscal year. A necessary payment after that has to be approved by the
Ministry of Finance in each case.
Up to 1960, the fiscal year began as of January 1 and terminated on December 31 of each
year according to the calendar year. Thereafter, it has been changed to commence on October 1 of
each year and end on September 30 of the following year.
Public Debt
Public debt is the volume of outstanding direct government borrowing plus domestic and
foreign loans guaranteed by the government. The total can be classified into two categories of
internal and external debts.
