The National Newspaper of St. Vincent and the Grenadines
FRIDAY,
FEBRUARY 03, 2017
VOLUME 111, No.05
www.thevincentian.com
EC$1.50
by DAYLE DASILVA ESTIMATES OF REVENUE and Expenditure for 2017, as laid before the House of Assembly last Monday by Prime Minister and Minister of Finance Dr. Ralph Gonsalves, show a projected increase in government expenditure over 2016. The figure of EC$976,943,437 estimated for 2017, as against EC$912,897,311 in 2016, represents a 7% increase. This figure is inclusive of the recurrent expenditure which amounts to EC$747,376,387 — inclusive of amortization and sinking fund contributions - and capital expenditure which amounts to EC$229,567,050. Financing for the 2017 Budget will be provided by the EC$590,740,680 expected to be generated on the current revenue side, and capital receipts expected to account for EC$368,202,757. As such, therefore, another deficit is anticipated for 2017, as the current expenditure, exclusive of sinking funds and amortization, is projected to amount to EC$601.74 million. “As a consequence, there is a budgeted current account deficit of EC$11,007,291,” Gonsalves said.
Increased tax take expected
Dr. Ralph Gonsalves, Prime Minister and Minister of Finance, delivered Estimates of Income and Expenditure that projected another deficit year for government’s options.
According to the Prime Minister, revenue from tax sources was expected to yield EC$505.6 million while non-tax sources was expected to generate EC$85.1 million — a total of EC$590.7 million.. “The improvement in the revenue estimates for 2017 is reflective of the continued real economic growth for this year,” Gonsalves told members of the House. Continued on Page 3.
Dr. Godwin Friday was responding to the Estimates as Leader of the Opposition for the first time.