Prime Minister has announced that his government’s plans for education has resulted in that Ministry receiving the largest share of the EC$1.7 Billion Dollar Budget.
He stated that the Ministry of Education, Science and Technology has the highest allocation in the amount of $151.6 Million which includes an allocation of $18 million in support of the recently opened University of the West Indies Five Islands Campus.
The huge amount allocated to the Ministry of Education, will among other things be utilized for the expansion and refurbishing of schools and colleges and the awarding of scholarships.
In announcing the 1.7 Billon Dollar Budget, Prime Minister Browne stated that recurrent Expenditure, excluding principal payments, plus Capital Expenditure gives Total Expenditure of $1.21 billion for Fiscal Year 2020.
He said that total Revenue and Grants in Fiscal Year 2020 is $1.12 billion, a 16% or $154.0 million, increase over the amount budgeted in 2019.
“Therefore, the projected fiscal deficit for Fiscal Year 2020 is $96 million. This will be a 45% reduction in the overall deficit compared to the estimated deficit for 2019,” he said.
In funding the Budget, Prime Minister Browne stated that there is a requirement of $586.7 million.
“Our Government will raise $275 million from Securities issued on the Regional Government Securities Market; issue $95 million in development bonds; and access loans and advances of $216.7 million,” Prime Minister stated.
“Our Government is delivering on our people’s expectations.…investing in our country’s future…empowering our people through ownership…keeping our taxes low…and getting our debt down……Now we must pull together …to build the bright, prosperous future that is within our nation’s grasp. We must resolve to go forward, not backward… And continue to build this nation of which we are all so proud, and a country which we all so enduringly love,” PM concluded.