The fiscal deficit widened by close to $1 billion (25 percent) to reach $4.94 billion in 2016 compared to 2015. The increase is attributed to arrears paid to municipalities, as well as an escalating debt service.
The budget deficit widened by 24 percent to $3.67 billion, while the treasury deficit escalated by 30 percent to $1.28 billion, according to data released by the Ministry of Finance. The total primary surplus narrowed by 97 percent from $724 million to just $21 million.
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