(TAP)- The budget deficit improved to TND 470.8 million in H1 of 2022 from TND 1.9 billion in the same period last year, it emerges from a document on the provisional results of the implementation of the State budget released Wednesday by the Finance Ministry.

This lower deficit is mainly driven by higher budgetary resources (+22%); the latter grew to TND 19.3 billion in June from TND 15.8 billion in June 2021 as tax revenues edged up 19% to TND 17.4 billion.

Meanwhile, budgetary expenses edged up at a noticeably decelerating pace (+7.7%) to stand at TND 19 billion.

The upward trend observed in budgetary expenses is the result of compensation expenditures and operating expenses rising 5.3% and 12.8%, respectively, to more than TND 10.5 billion and TND 4 billion. This in addition to financing costs (interest on debt) which soared 12.3% to TND 2.1 billion.

Ministry data show a drop in cash resources (-23%) to TND 5.4 billion. These funds are earmarked solely to the repayment of the principal on debt.

Public debt outstanding exceeded TND 106.7 billion, that is 77.7% of the GDP, in H1 of 2022 against TND 99.2 billion during the same period last year (79.4% of GDP).

Domestic debt amounted to TND 40.6 billion, while external debt hit TND 66 billion.