POND ISLAND--The Council of Ministers has approved the draft 2018 budget, four months into the year. The budget with a significant deficit now has to make its way to the floor of Parliament after stopping at the Council of Advice and the Committee for Financial Supervision CFT.
Finance Minister Mike Ferrier hopes to get Parliament’s approval for the budget by May 1, the deadline given by the Kingdom Council of Ministers.
Government is currently running within the parameters of the approved 2017 budget.
The projected income in the draft budget is some NAf. 303 million while expenditures stand around NAf. 554 million. This leads to a shortfall of some NAf. 197, significantly down from the first projection of NAf. 257 million.
Government has been allowed by the Kingdom Council of Ministers to deviate from the Kingdom Law on Temporary Financial Supervision that mandate the country must have a balanced budget. The major impact of Hurricane Irma on the economy was the main reason a deficit was allowed in the draft budget.
