Fiscal Statistics
Fiscal statistics presented in this chapter relating government revenue, expenditure and public debt
were obtained from the Comptroller-General’s Department and Public Debt Management Office, Ministry
of Finance and the Bureau of the Budget, Office of the Prime Minister.
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.
