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New Zealand’s finances were in better shape than expected, the government said on Friday after reporting an operating deficit of NZ$4.3 billion ($3.09 billion) in the five months ending Nov. 30. The figure was NZ$1.9 billion better than forecast in the half-year update last year.

“The country is in a stronger fiscal position compared with other developed nations, and we will carefully prioritise our spending to maintain the balance between short term needs and long term requirements,” Finance Minister Grant Robertson said in a statement, according to Reuters. 

NZD/USD is trading near 0.7161 at press time, representing a 0.12% drop on the day.