Treasury posts cash deficit in September
The Treasury and Finance Ministry’s cash balance posted a deficit of 79.3 billion Turkish Liras in September after producing a surplus of 28.6 billion liras in the previous month.
Cash revenues amounted to 217 billion liras last month, while expenditures stood at 296 billion liras.
The Treasury spent 31 billion liras on interest payments, while non-interest expenditures were 265 billion liras.
The cash budget, consequently, produced a primary deficit of 48 billion liras after posting a primary surplus of 47.6 billion liras in August.
In the first nine months of 2022, cash revenues and expenditures stood at 2 trillion liras and 2.13 trillion liras, respectively.
Interest payments hit 189 billion liras, and non-interest expenditures amounted to 1.94 trillion liras. The cash deficit was 87.95 billion liras, while the budget posted a primary surplus of 96.2 billion liras in January-September.
The government’s latest edition of the Medium-Term Program forecasts that the central government budget will produce a 461 billion liras of deficit, which corresponds to 3.4 of the estimated GDP in 2022.
The deficit is projected to rise to 659.4 billion liras or 3.5 percent of national income next year, before declining to 555 billion liras or 2.4 percent of GDP in 2024. The program forecasts a central government budget deficit of 409 billion liras or 1.4 percent of GDP in 2025.