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.
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.