Big funding gap for Government to fill

Government will be relying on $466.1 million in foreign money to help fill an expected $867.6 million gap in its finances during the next financial year.

The Mia Mottley administration is projecting in its 2022/2023 Estimates of Revenue and Expenditure that its revenue, including tax earnings, will increase by about $254 million in the 12-month period starting April 1 when compared with the current financial year.

However, with Government budgeting to spend $339.5 million more than it did in 2021/2022, there will be a substantial funding gap to fill.

The financing details were outlined in the 2022/2023 Estimates which were laid in Parliament ahead of the annual Estimates Debate.

Based on the document that has to be approved by the House of Assembly and Senate before March 31, Government is anticipating earning total revenue of $2.81 billion next financial year, but it has budgeted to spend an overall $3.68 billion in the same time, leaving a deficit. (SC)

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