Quarterly Budget Revenues Increased By 62% YoY To USD3.0 Bn

According to the Finance Ministry, budget receipts exceeded their planned level by USD272 mn in 1Q05. The government exceeded its targeted budget revenues by 110%, due to improved tax collection from February to March. Concorde Capital: Recent budget amendments and government initiatives to reform the administrative sector, (particularly the tax and customs authorities) will allow the government to meet its targeted budget revenue levels. There is a threat that these short-term goals will take place at the expense of long-term growth sustainability.