KINGSTON –The government plans to spend $520.9 billion this fiscal year as it embarks on another attempt at squeezing new life in the ailing economy and 45 cents out of every dollar will be paying debt.
The Estimates of Expenditure tabled by Finance Minister Dr. Peter Phillips in Gordon House this afternoon shows the budgeted spending for the 2013-2014 fiscal year at just over $80 billion or 13 per cent less than the $602.5 billion budget which Phillips tabled for the previous fiscal year.
Of the programmed amount $225 billion or some 45 per cent, goes to pay debt.
This year the government has allocated $370.5 billion to ministries and agencies to pay recurrent or housekeeping expenses up from $367.7 million last year and $150.3 billion for capital projects down from $234 billion last year.
On the capital side, with the approximately $106 billion taken out for debt repayment, $44 billion is left for the construction, major maintenance and rehabilitation of infrastructure; computerization and other administrative projects; and the acquisition of machinery and equipment.
Of that amount the Ministry of Transport, Works and Housing is allocated $15.7 billion which includes provisions for a new infrastructure project being funded by the China Ex-Im Bank.
Members of Parliament are slated to examine the government’s spending plans when the Standing Finance Committee of Parliament meets next week while Phillips will tell the nation how he plans to finance the budget on April 18.
How the money is shared – The big spenders:
Ministry of Finance………….$177.35b..$112.9b
Ministry of Education………..$76.2b….$2.24b
Ministry of National Security…$44.78b…$3.43b
Ministry of Health…………..$33.31b…$634m
Ministry of Justice………….$4.2b…..$530m
Office of the Prime Minister….$1.81b….$2.95b
Ministry of Science,………..$3.45b….$1.26b
Technology, Energy & Mining
Ministry of Transport, Works..$2.21b….$15.7 billion… Housing (Gleaner)
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