Dominica’s largest Budget

by: - July 31, 2019
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Prime Minister & Minister for Finance, Honourable Roosevelt Skerrit

A one billion, twenty million, one hundred sixty-four thousand five hundred and forty-five dollar budget has been presented before Parliament at the first Meeting of the fifth Session of the Ninth Parliament, by Prime Minister Hon. Roosevelt Skerrit.

With special focus on building a new Dominica, the 2019/2020 National Budget which is just about $20 million dollars more than last year’s, built on Dominica’s achievement in this post Maria era.

“My Government and I have carefully reviewed what has been done and crafted a way forward to a better Dominica for all,” the Prime Minister and Minister for Finance, remarked.

The main components of the $1.02 billion budget includes, recurrent revenue of $818.1 million; Local capital revenue of $5.1 million; capital grants of $117.3 million; Current grants of $4.1 million and loan receipts of $72.3 million.

Total expenditure, inclusive of debt amortization and sinking fund, is estimated at $1.1 billion and comprises the following: Recurrent Expenditure inclusive of debt amortization and sinking fund of $611.3 million and Capital expenditure $481.8 million.

The primary balance (after grants) is said to be at negative seventy-six million thirty-eight thousand eight hundred and twenty-six dollars (-$76,038,826).

The Ministry of Finance saw the largest allocation for this year’s budget in the sum of $244.6 million. This includes an amount of $23.6 million for the payment of interest and an amount of $48.8 million representing debt amortization and sinking fund contribution. The sum of $36.5 million represents retiring benefits paid to former public officers as well as the payment of compassionate allowance and non-contributory pensions to citizens over the age of seventy.

The Ministry of Education and Human Resource Development will receive the second highest allocation of $77.5 million, with an additional $2.0 million allocated to the Dominica State College bringing the total subvention to $6.2 million.

Moreover, The Ministry of Health and Social Services has been allocated $72.4 million or 11.8 per cent of the total recurrent budget, making it the third highest on this list.

In the words of the Prime Minister, “this Budget contributes to the achievement of the goal of making Dominica the first climate resilient nation and contributes to our realization of the New Dominica!”