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Jun 28, 2012

Spartan budget to be delivered in the Capital. Will there be cuts?

This Friday, the House of Representatives will convene for the first time since the March general elections. There will be a stronger Opposition across the aisle so the budget debate is expected to be fierce. At Friday’s sitting Prime Minister Dean Barrow will table the national budget. The PM has already warned of an austerity budget and a thirty million dollar deficit in oil revenue. It is anticipated that in order to service debt obligations, cuts will be across the board except for the Ministry of National Security, which is likely to see an increase of about a reported one million dollars to fight the number one challenge: crime. And in education, the budget is also likely to remain in line with last year’s. Barrow has also indicated that the pro poor programmes will continue and that certain housing and students loans with the DFC will be written off. Hit by falling sales and the high cost of doing business, the private sector is holding the PM to his promise of new taxes. In respect of last year’s budget, total revenue was estimated at eight hundred and forty-three point six million dollars while total expenditure was estimated at eight hundred and ninety million, a deficit of one point five seven percent.  The government forecasted a three percent growth in GDP and growth to be achieved from Social protection initiatives, pro-poor policies, health, home improvement, and job creation. We already know of a deficit, but the actual figures to be presented this Friday will be interesting to measure what was actually delivered. It will be a fine balancing act because the PM says he won’t impose new taxes while he has to deal with the huge external debt.

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4 Responses for “Spartan budget to be delivered in the Capital. Will there be cuts?”

  1. Marie says:

    Pleaseeeee get some economics going rather than cuts cuts cuts-bring in some investment in any area pleasee

  2. Ricky Malthus says:

    I am bewildered The BZE Chamber of Commerce petioned for no new or increased taxes when indeed its members must be demanding a repeal of most taxes and halfing of GST, Customs duties, and GOB taxes on fuel. Indeed BCC knows the excessive and burdensome cost of opening and sustaining a business. So why is it pulling its punches in demanding only no new taxes when it should be demanding eliminating and halving of taxes. With private business leadership like this, I say , let the bankrupticies and slaughter of businesses begin. And woe on to Belize for Barrow is a scoundrel whose only aim is to destroy Belize by merging with caribbean.

  3. rod says:

    the only pro poor policy he has is to pay off the gang members 500 and odd dollars a week imagine what this could do for jobs for the poor instead your hard earned money is being payed out to barrows private army.

  4. Hotel Owner says:

    Barrow spent all the money on his beach in Miami hospital so now he going to raise up the GST on the tourists from Florida and other parts of the USA to get his money back.

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