Finance Minister, Dr. Nigel Clarke, is expected to table the first Supplementary Estimates for the Financial year, this month as the government has over performed in revenues by more than $26 billion.
The Finance Minister made the announcement in a statement on Friday morning.
He says the supplementary estimates will be geared toward addressing key requirements of the health sector.
More in this report from Chevon Campbell.
Dr. Clarke notes that official fiscal results for July 2021 issued this week show that fiscal operations over the four month period April – July generated a primary balance surplus that exceeded the budgeted balance by $26.4 billion.
He says the robust revenue performance reflects the much higher than anticipated GDP growth, recently
projected by the PIOJ at of nearly 13 per cent for for April – June 2021 as compared with the prior year.
This has been attributed to a far stronger economic recovery from the initial economic impact of Covid-19 in the previous financial year.
It is anticipated that the first supplementary budget will be tabled in Parliament by the end of
Meanwhile, Dr. Clarke says the performance in the economy over the period cannot be overstated.
He says it’s provided much needed fiscal space to in an extremely difficult time.
He says however, parliamentary approval is required before the government can go ahead with the additional expenditure.
Dr. Nigel Clarke, Minister of Finance and the Public Service.
He was speaking with Nationwide News on Friday afternoon.