Mid-Year Budget Communication 2017-2018 Mid-Year Budget Communication | Page 6

diate financing
obtained
needs in
to anticipation
meet immediate
of the financing
$750 million
needs in anticipation of the $750
Mr. Speaker,
million
It is to be noted
vernment. bond secured by the government.
affirmed its commitme
for the debt repayment numbers in both years, one would
When you adjust for the debt repayment numbers in both years, one would
To that end, the Prime
al government expenditure – both recurrent and capital -
readily observe that total government expenditure – both recurrent and capital -
per cent reduction in d
t of the mid-year is $1.078 billion as compared to $1.146
at the midpoint of the current fiscal year is $1.078 billion as compared to $1.146
sums, excluding interes
ing a decrease
billion
in spending
last year,
of indicating
some $67.5
a decrease
million. in
This
spending of some $67.5 million. This
regard, as non-debt ser
e in revenue collection of $24.8 million is what has led to
coupled with an increase in revenue collection of $24.8 million is what has led to
year pro-rated budget
deficit position by some $92.3 million.
the improvement in the deficit position by some $92.3 million.
commitments still to be

Mr. Speaker,

redouble their vigilance
ar’s GFS Deficit at the mid-year does, however, represent
That said, this year’s GFS Deficit at the mid-year does, however, represent
we meet our desired ex
e $323 million full-year deficit that had been projected in
some 61 percent of the $323 million full-year deficit that had been projected in
Mr. Speaker,
munication. To
last
a May’s
large extent,
Budget this
Communication.
development reflects
To a large extent, this development reflects
The $92.3 million
of commitments of the previous administration that have
the ongoing overhang of commitments of the previous administration that have
fiscal year, as compared
e current fiscal year. To date, Mr. Speaker, we have had to
had to be met during the current fiscal year. To date, Mr. Speaker, we have had to
million reduction in Ca
e more than $30 million in verified payment arrears over
make provisions to settle more than $30 million in verified payment arrears over
million this year. Th
own during the budget exercise last May. There are tens
and above what was known during the budget exercise last May. There are tens
prudence in the com
remaining commitments
of millions of
from
dollars
prior
in years,
remaining
the details
commitments
of
from prior years, the details of
meaningful and critic
ng my substantive debate on the matter.
which I will provide during my substantive debate on the matter.
acknowledge that our p

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