The South African government had a cash balance of R21,2703-billion at the end of July from a record cash pile of R26,662-billion at the end of June.
This compared with a cash balance of R15,085-billion at the end of May from R8,618-billion at the end of April 2003 after ending the 2002/3 fiscal year with a cash balance of R9,73-billion.
The South African government had a fiscal surplus of R9,774-billion in June 2003 compared with a surplus of R8,989-billion in June 2002.
Deficits in April and May meant, however, that the cumulative balance for the first quarter of the fiscal year was a deficit of R5,138-billion compared with a deficit of only R1,593-billion in the same period last year.
Revenue rose by 12,6% y/y in June to R33,577-billion. This brought the cumulative increase to only 3% y/y for the first quarter of the fiscal year.
The February 2003 Budget projected a revenue increase of 10,4%. South Africa’s
total nominal GDP is estimated to have been R1,099-trillion in 2002.
Expenditure increased by 14,3% y/y in June to R23,803-billion.
Expenditure has increased by 8,1% y/y in the first quarter of the fiscal year compared with a budgeted increase for the full fiscal year of 14,4%.
In view of the slow revenue collection, the National Treasury has been aggressive in front-loading its funding requirements. It issued a net R3,378-billion in domestic bonds in July, while at the same time reducing outstanding domestic short-term loans by R408-million.
The Treasury also reduced outstanding foreign loans by R4,2541-billion as it repaid $750-million of $1,5-billion loan that was only due to be repaid on July 30, 2004.
The Treasury received R1,4576-billion in terms of foreign export credit facilities relating to the Strategic Defence Packages.
The balances in the exchequer and tax and loan accounts as at the end of July 2003 amounted to R99,3-million and R21,171-billion, respectively.
More detailed information on the above provisional figures will be included
in the monthly statement of the National Revenue, Expenditure and Borrowing
which will be released on August 29. – I-Net Bridge