FRIDAY, DECEMBER 22, 2023
VOLUME 117, No.51
Friday: no fulfilment Page 4
Pastor ‘Provie’ freed Page 5
www.thevincentian.com
Mechanic rip-off Page 14
EC$1.6BN ESTIMATES APPROVED Finance Minister made it clear that revenue from tax will contribute significantly to the current revenue for 2024.
Stories by DAYLE DASILVA THE APPROVED 2024 Estimates of Revenue and Expenditure amounts to EC$1,616,496,574. Finance Minister Camillo Gonsalves presented the 2024 figures in Parliament on December 19 saying that this year’s figure represents an 11.8 percent increase compared to the approved amount for 2023. And it is broken down as follows: Recurrent Expenditure, inclusive of Amortization and Sinking Fund contributions amount to EC$1,045,983,963 and Capital Expenditure of EC$570,512,611. Recurrent Expenditure, inclusive of Amortization and Sinking Find contributions amount to EC$1,045,983,963 and Capital Expenditure amounts to EC$570,512,611 with financing
significantly to the 2024 Current Revenue contributing EC$691.5 million to the consolidated fund, while non-tax revenue is expected to gross EC$119.3 million. “This fairly strong projected revenue performance for 2024 is based on the projected expansion in real domestic activity of approximately 6 percent,” Gonsalves said. So too, he said that tax revenue was expected to increase by 6.7 percent with taxes on goods and services expecting to increase by EC$30.7 million, or 14.5 percent and taxes on international trade and transactions was expected to increase by EC$13.1 million or 6.1 percent. Taxes on property are expected to increase by EC$1.4 million as well. On the Current Expenditure for the 2024 Budget coming from side, the total amount inclusive of Current Revenue of Amortization and Sinking Fund EC$810,855,820 and Capital Receipts totaling EC$805,640,573. contributions was EC$1.04 billion This year’s Estimates reflect a and was made up of Current Expenditure — EC$835.4 million; deficit of EC$24.6 million with Amortization — EC$188.6 million Current Expenditure amounting and Sinking Fund contributions of to EC$810,853,820 and Current EC$22 million. Expenditure, exclusive of Compensation of employees is Amortization and Sinking Fund expected to increase by 4 percent contributions amounting to or EC$15 million to EC$388.8 EC$835,422,407. million, other transfers including Gonsalves explained that social assistance, training, grants although a deficit was expected this year, projections for the 2023 etc is expected to increase by EC$9 million and amounts to Estimates were for an EC$10 EC$156,6 million; debt service is million deficit. EC$317.7 million and goods and “And our latest projections for this year indicate that far from a services amount to EC$112.8 $10 million deficit on the current million. The 2024 budget for wages and account, we should be realizing a salaries, Gonsalves told surplus in excess of $36 million,” Parliament was 4.2 percent Gonsalves explained. Revenue from tax sources is Continued on Page 3. expected to contribute
EC$1.50
Christmas jokes Page 40
Quarrying in 2024 Page 48
The national debt continues to get heavier on the shoulders especially of working people.
PUBLIC DEBT REACHES EC$2BN THE COUNTRY’S TOTAL PUBLIC DEBT is up 12.8 percent and amounts to EC$2.4 billion. Minister of Finance Camillo Gonsalves while presenting the 2024 Estimates of Revenue and Expenditure said that as of September 30, 3023 the total public debt amounted to EC$2,444,470,403, with the total domestic debt amounting to EC$638.5 million and the external debt EC$1.8 billion. The balance outstanding on overdrafts owed by the public increased by 72 percent, the finance minister said, and the local loans portfolio fell by 9.1 percent because of amortization on several loans during that period. And according to Gonsalves the total government bonds and notes issued increased by 8 percent. He continued saying that up to September 30, the external debt increased by EC$194 million compared to the same period in 2022. This increase was however already forecasted, Gonsalves explained as the government initiated several large projects including the modern port, hotel development and the national road rehabilitation project, for which government took advantage of the concessionary lending. The main drivers to the external debt were attributed to borrowings from the Caribbean Development Bank (CDB), the World Bank and the Republic of China (Taiwan). The total debt service for 2024 amounted to EC$282.4 million, according to the finance minister or 37 percent of Current Revenue.