Lebanon’s fiscal balance (Budgetary & Treasury) registered a rare surplus of $1.46 billion during the year 2021 in comparison with a deficit of $2.71 billion a year earlier. The primary balance (Budget & Treasury) was a surplus of $3.32 billion, in comparison with a deficit of $648 million by end of 2020. In detail, government revenues (Budget & Treasury) rose by 32.08% y-o-y to around $13.44 billion, with non-tax revenues increasing by 11.00% to $2.36 billion and tax revenues improving by 45.47% to $10.11 billion. The rise in non-tax revenues was buoyed by some 21.12% expansion in telecom revenues to $1.22 billion. On the other hand, the rise in tax revenues came as a result of the 157.99% increase in VAT revenues to $3.19 billion, the 19.88% rise in customs revenues to $1.03 billion and the 21.93% expansion in miscellaneous tax revenues to $5.03 billion. In parallel, government expenditures (Budget & Treasury) (including debt service) fell by 7.00% y-o-y to about $11.98 billion as debt service dropped by 9.45% to $1.87 billion in the aftermath of the government’s decision in March 2020 to suspend Eurobond payments. In addition, budget expenditures over previous years dropped by 34.51% to around $1.04 billion, and transfers to Electricité Du Liban (EDL) concurrently fell by 41.88% to $537.27 million.