Marape documents show 2012 only year in the red

FINANCE Minister James Marape yesterday tabled the financial reports from 2010 to 2014 in Parliament, saying 2012 was the only year a deficit was recorded.
The other four years recorded a net cash surplus, with internal revenue increasing by 46 per cent from K6810 million to K9960 million.
“The increase was largely due to the annual collection of taxation revenues, from Customs, grants and borrowings,” Marape said.
The recurrent expenditure increased from K6100 million in 2010 to K13,760 million in 2014, development expenditure increased from K2790 million in 2010 to K5890 million in 2014, he said.
Marape said this was in line with the increase in revenue over the same period of time and reflected the increased activity associated with a focus on implementing government policy.
He said the total payments for 2010, 2011, 2012, 2013 and 2014 were all within budget for their respective year.
“The 2015 and 2016 public accounts are currently with the Auditor-General and will be tabled as soon as the audits are complete,” Marape said.
“The Government aims to bring all public accounts up to date.”