Published: 13 May 2014

Government overturned a February deficit to post an operating surplus in March following the floating of Treasury Bills in the two months.

Latest figures from the Accountant-General's Office show that Government reported a surplus of $52,06 million from a deficit of $28,78 million taking the cumulative total for the three months to March to a positive $39,03 million.

In the period, total domestic financing amounted to $16,77 million after the issuance of $76,5 million worth of Treasury Bills.

In February, $26,5 million Tabs were issued while a further $50 million were taken up by Old Mutual and NSSA.

From the financing, Government managed to make domestic debt repayments of $59,72 million.

However, analysts have warned Government against "indiscriminate" use of Treasury Bills to fund recurrent expenditure as this could crowd out the private sector from the limited liquidity available in the market.
- The Herald

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