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(Alliance News) - Public sector net borrowing was highest in four years during the month of June, the Office of National Statistics said Friday.
Public sector net borrowing, excluding state-owned banks, fell by PS30m to PS5.8bn for April, the Office for National Statistics (ONS) said.
While the bankers expressed their disappointment over the proposal saying that the government wanted to reduce its net borrowing from the banking system.
"Net lending or net borrowing (-)" is an alternative measure of the government fiscal position.
As a result, the domestic economy's net borrowing from the rest of the world amounted to P53.4 billion in 2016, reversing its net fund provision of P333 billion in 2015.
Figures from the Office for National Statistics (ONS) show public sector net borrowing, excluding state-owned banks, was in surplus of PS10bn in January, better than economist expectations for a surplus of PS9.6bn.
"Despite making progress against the strategic priorities we set out in our 2016 results announcement in March, average net borrowing has increased above the level we expected, which means that we will no longer be able to meet our target of reducing leverage for the full year," said Philip Green, Non-Executive Chairman.
The net borrowing with government securities is approaching zero, said the Ministry of Finance.
The Office for National Statistics said public sector net borrowing excluding banks dropped by PS0.3 billion to PS7.2 billion in April, compared with the same month last year.
The BBA also said that over the past year, net borrowing through personal loans has been rising at an annual rate of more than five per cent.
Public sector net borrowing in the UK decreased by GBP1.4bn during July this year, resulting in a surplus of GBP1.3bn, or -0.1% of Gross Domestic Product, the Office for National statistics (ONS) reported on Friday.
BANKING AND CREDIT NEWS-November 21, 2014-ONS Public Sector Finances statistical bulletin for October shows increase of GBP3.7bn in public sector net borrowing year -on-year
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