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The IMF analyzed the 2014 primary surplus and found it illusory:

* They counted revenue sources that aren't conventionally accounted for in primary budgets

* They undercounted liabilities, notably from tax refund and pension payables

* Some of the unorthodox revenue they counted were privatization proceeds, which turned out less lucrative than projected

The IMF's trued-up numbers suggest there was no 2014 primary surplus.




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