In November 2015, the National Parliament passed the 2016 Budget with a planned total expenditure of K14.8 billion, which is 2.4 percent lower than the 2015 Budget estimate, and revenue of K12.7 billion.
The Budget deficit therefore is K2.1 billion or 3.3 percent of GDP.
Bakani, in his Quarterly Economic Bulletin said the K12.7 billion revenue is expected to be largely driven by the mineral and petroleum tax.
He said since the release of the 2016 Budget, international prices for mineral and petroleum has dropped further and are forecast to be even lower.