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PAAC examines Supplementary Budget for 2017/2018
by Stephanie Hamilton
Parliament’s Public Administration and Appropriations Committee PAAC is at this hour examining the first supplementary estimates for the 2017/2018 financial year.
The government intends to increase spending this fiscal year, from the $715.6 billion approved last year, to $805.4 billion.
The first supplementary estimates for the 2017/2018 financial year, tabled in Parliament yesterday (Dec 5), showed that there will be an increase of almost $90 billion in spending.
The Ministry of Economic Growth and Job Creation’s Budget has seen an increase from $1.6 billion in the last approved estimates to $3.5 billion in the revised estimates.
Part of that money will be used for road construction and repairs, with provisions to undertake the island wide rehabilitation of farm and main roads, damaged by heavy rainfall over several months.
Public debt servicing amortisation has also been increased from over $172 billion to over $241 billion.
The Finance Ministry’s Budget on the other hand has seen a decrease from $2.48 billion to $1.75 billion.
The Science Energy and Technology Ministry has also seen a reduction in its budget.
The budget for the Office of the Prime Minister, the Ministry of Transport and Mining, as well as the Ministry of Local Government remains the same as the last approved budget.
Overall, capital spending has increased from over $221 billion to over $290 billion.
Committee Chair Wykeham McNeil explains how the session would proceed.
News Credit: IrieFM | Read here http://iriefm.net/paac-examines-supplementary-budget-20172018/