Government’s fiscal plans to be presented in budget address today

Government’s fiscal plans to be presented in budget address today
Prime Minister Dr. Kenny D. Anthony
Prime Minister Honourable Dr. Kenny D. Anthony

The details of government’s programs and policy direction for the country will be revealed today, Tuesday, May 14, 2013 when Prime Minister and Minister of Finance Dr. Kenny Anthony presents the Appropriations Bill in Parliament.

The bill, commonly referred to as the budget, is being presented against the backdrop of a tight economic situation.

With the contraction of the world economy, many countries have sought to implement measures to curb expenditure for fear of plummeting into financial crises.

On the opening day of the debate on the estimates of revenue and expenditure for 2013/2014, Dr. Anthony announced an intention to reduce the country’s spending. The estimates of expenditure was $134 million less than last year’s budget.

Dr. Anthony explained this shift is to contain the island’s fiscal deficit, which currently stands at an estimated nine percent of Gross Domestic Product (GDP).

In keeping with its belt-tightening measures, the government intends to cut capital expenditure by more than 20 percent.

The overall cuts in expenditure are more likely to be felt mainly in respect of capital expenditure.

The prime minister believes this may be the first time since 1979 that a calculated effort has been made to reduce government’s expenditure.

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