December 8, 2006

$630 million earmarked for 2007

Government expects to spend just over $630 million in the 2007 fiscal year – up by 8.45 per cent or just over $49 million from this year.

In the Estimates of Revenue and Expenditure, presented to the House of Assembly Wednesday by Prime Minister and Minister of Finance Dr Ralph Gonsalves, the funds are to be raised through tax and non-tax revenue of just under $399 million with the remaining $231 million to come from grants, loans and other receipts.{{more}}

Grants are estimated at $79.856 million, external loans at $38.329 million, local loans at $51.405 million, and other receipts at $61.519 million.

Current expenditure is projected to be $450.633 million which includes $47.417 million for amortization and $9 million to be put into the Sinking Fund.

Capital expenditure accounts for $179.458 million.

The lion share of the expenses of $180.911 million or 28.7 per cent go the Ministry of Finance and Economic Planning followed by the Ministry of Education with $102.097 million or 16.2 per cent, and the Ministry of Transport and Works with $73.869 million or 11.7 per cent. The Ministry of National Security has been allocated $71.874 million and the Ministry of Health and the Environment will receive $62.286 million. The remaining nine ministries and autonomous departments are sharing $139 million or 22 per cent of the balance of the projected expenses.

The Budget will be presented on Monday December 11 at 3:45 p.m.