Thursday 6 August, 2020

Gov’t looking to increase the budget by $17.4 billion

Dr Nigel Clarke

Dr Nigel Clarke

The Government is looking to increase the 2018-2019 budget by $17.4 billion.

The planned increase is contained in the First Supplementary Estimates for the fiscal year that was tabled in the House of Representatives on Tuesday.

The Standing Finance Committee of Parliament will meet next Tuesday to consider the estimates.

The additional spending will see the budget that was presented in March by then Finance Minister, Audley Shaw, moving from $773.6 billion to $791 billion.

New Finance Minister, Dr Nigel Clarke, is now at the helm of the budget process.

The increase will see some $12.4 billion more being set aside for recurrent or housekeeping expenses, while $5 billion will go towards capital expenditure.

A further breakdown of the amount shows that non-debt expenditure will move from $484.6 billion to $501.2 billion. The amount to service debt will increase from $289 billion to $289.8 billion.

The increase includes $1.2 billion in public debt or interest charges, while there is a  $333 million cut in public debt amortisation.

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