Finance receives highest budgetary allocation

first_img Tweet LocalNewsPolitics Finance receives highest budgetary allocation by: Dominica Vibes News – July 26, 2016 274 Views   one comment Share Sharecenter_img Share Sharing is caring! Minister of Finance and Prime Minister of Dominica, Roosevelt SkerritThe Ministry of Finance will receive the highest allocation of $134.9 million of the recurrent budget whilst the Ministry of Education and Human Resource Development will receive the second highest allocation of $68.0 million or 15.3 percent.The 2016/2017 National Budget was presented by Prime Minister Roosevelt Skerrit at the First Meeting of the Second Session of the Ninth Parliament under the Commonwealth of Dominica Constitution on Tuesday July 26, 2016.In delivering the budget Prime Minister Skerrit who is the Minister of Finance noted that the sum of $134.9 million includes an amount of $77.2 million to facilitate payment of interest, sinking fund and debt amortization. “Interest payments are estimated at $25.1 million, while the sum of $52.1 is expected to be spent for debt amortization and sinking fund contribution.”“The amount of $32.0 million is allocated for retiring benefits to public officers, gratuities to officers on contract, the payment of compassionate allowance and to meet payment of non-contributory pensions to senior citizens over the age of seventy.”Mr Skerrit noted that the expenditure on education will increase in 2016/17 due to increased provision for maintenance and repairs to both primary and secondary school buildings. He said government will also continue to provide support to education at all levels from early childhood to tertiary level.“The Ministry of Health and the Environment will receive $54.8 million or 12.3 percent of the total. Provision is being made for filling a number of positions, in an effort to provide improved quality health services.”He also announced that Ministry of Justice, Immigration and National Security will receive an allocation of $46.9 million or 10.6 percent of the total, whilst the Ministry of Public Works and Ports is allocated $31.0 million or 7.0 percent of recurrent expenditure.“The Ministry of Social Services is allocated $22.4 million or 5.0 percent. Government is allocating an amount of $4.2 million to provide for payment of displacement allowance to people who were displaced by tropical storm Erika.”Prime Minister Skerrit informed that the largest component of the recurrent budget in the amount of $160.4 million is for meeting personal emoluments, which is made up of salaries, wages and allowances.Goods and services account for $108.9 million or 24.0 percent of the total. The sum of $93.1 million or 21.0 percent is estimated for transfers and subsidies inclusive of retiring benefits.“This year, the Government of Dominica will be contributing the sum of $2.0 million towards the capitalization of the Eastern Caribbean Asset Management Company (ECAMC). This is in keeping with a regional initiative to address issues relating to the banking sector in the Eastern Caribbean Currency Union (ECCU).”Leader of the Opposition, Lennox Linton will present his rebuttal to the 2016/2017 National Budget on Wednesday27 July from 10AM.last_img

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