Finance Minister Tables Fourth Supplementary Estimates

• Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, tabled the Fourth Supplementary Estimates for fiscal year 2023/24 in the House of Representatives on Tuesday (January 23).
• The Fourth Supplementary Estimates proposes a total expenditure of approximately $1.091Trn, a reduction of $2.5Bn on the approved Budget, following the submission and approval of the Third Supplementary Estimates in September 2023.
• In a statement to the Lower House, Dr. Clarke informed that the reduction in the Budget is mainly due to an estimated shortfall in revenues for the fiscal year, as compared with the Third Supplementary Estimates, which raised revenues.
• The Fourth Supplementary Estimates is comprised of recurrent expenditure of $302.2Bn, up $2.1Bn from $300.2Bn; compensation of employees remains flat at $404.2Bn ($404.5 billion previously); interest payments of $172.7 billion, up $2.6Bn from $117.1Bn, and capital expenditure of $59.3Bn, down $7.4Bn, from $66.6Bn.
• There is also an increase in debt service of a total of $3Bn, which is mainly due to higher interest rates on external variable rate debt.
• Under the Fourth Supplementary Estimates, the targeted fiscal balance of 0.3% of gross domestic product (GDP) remains the objective as the Government continues its efforts to meet the medium-term debt-to-GDP target of 60.0% by fiscal year 2027/28.

 (Source: JIS)