Govt unveils $773.7 b budget for 2018/19

by February 15th, 2018

The government is projecting to spend $773.7 b in the next fiscal year which begins April 1.

This amount is $31.8 b less than the $805 point 5 billion dollars budgeted for this fiscal year ending March 31.

On the recurrent side just over $560 b has been budgeted which is  more than the $515 b in the last fiscal year,  while the capital budget is just under $214 b down from  $290 b.

A number of ministries will see increases in their budgets among them tourism and national security.

The Standing Finance Committee is to examine the estimates.

And, there is a new feature to the central government estimates of expenditure for financial year 2018/2019.

Finance Minister Audley Shaw made the announcement in parliament this afternoon at the tabling of the estimates.

He explained that the estimates now contain six years of budget information rather than the usual three years.

Mr. Shaw explained that the projections for the three forward years are indicative of the level of spending to be undertaken, to continue the implementation of existing programmes and maintain government’s operations at the current levels.

He says this given the forecast resource envelop and the programmed fiscal objectives.

He added that although the medium term projections were included in the estimates of expenditure, the annual authorisation of expenditure will remain and parliament will continue, to consider and vote only on the estimates for the new financial year 2018/2019.

Meantime, Opposition Spokesman on Finance Mark Golding welcomed the new feature.