13 Jun 2011

Marshalls government halves deficit

4:22 am on 13 June 2011

The Marshall Islands government has nearly halved its deficit since January, with the goal of ending the fiscal year on September the 30th with no deficit.

The Finance Secretary, Alfred Alfred Junior, says in January, spiraling government spending had produced a four million US dollar deficit in the General Fund, the government's locally-generated spending account.

But he says with finance controlling travel and supply spending over the past four months, the deficit has been reduced to 2.3 million.

Mr Alfred, who took over the Ministry of Finance in January, says the goal is a zero deficit this year.

He added if the country can accomplish this goal, it will reverse an eight-year trend of General Fund deficits.