Prime Minister of Antigua and Barbuda and Minister for Finance, the Hon. Gaston Browne in announcing a budget of 1.64 Billion dollars has stated that there will be no new taxes in the 2022 budgetary year.
“This Government is a caring government. We recognize that, after almost two years of economic difficulty caused by the pandemic, persons and companies need an ease to recover, to rebuild and to reinvigorate.
We also know that, once they have sufficiently rebuilt their lives, livelihood and business, they will both restore their savings and spend on the things they have gone without in the last 24 months,” Prime Minister Browne said.
He said that this will help to rejuvenate the economy, and accelerate the achievement of 8 per cent growth or more.
Noting that the Budget projections are based on a bold and deliberate strategy for economic growth, job creation, and transformation of the country,
the projects and initiatives will be implemented this year, to accelerate the pace of economic recovery and to give benefits to all citizens and residents.
The Budget provides for an overall resource requirement of $1.64 billion
which represents an increase of 9 per cent, or approximately $130 million, over the estimated total spend of $1.51 billion in 2021.
Prime Minister Browne said that It indicates the Government’s targeted expansionary fiscal policy that is intended to stimulate the economy and propel a resurgence in domestic output.
The budgetary and fiscal position points to an overall deficit of 2.6 per cent of GDP or $110 million with a marginal primary surplus for 2022.
Prime Minister Browne said that the primary balance is the overall fiscal balance less interest payments on public sector debt and is an indication of the Government’s ability to meets its obligations in a fiscal year without incurring additional debt.
Recurrent Revenue is estimated at $975.6 million for 2022, which is a 23% increase over the $790.9 million generated in 2021.
The components of recurrent revenue are:
- Indirect Tax Revenue – $689.5 million
- Direct Tax Revenue – $124.6 million
- Non-Tax Revenue – $161.5 million
The amount budgeted for capital receipts is $7 million, while grant funding for Fiscal Year 2022 is budgeted at $50.2 million.
On the expenditure side, estimated recurrent expenditure, excluding principal payments, is $961.1 million.
A current account surplus of $14.5 million is therefore projected for 2022.
The components of recurrent expenditure are:
- Wages and Salaries – $410.6 million
- Transfers and Grants – $159 million
- Pensions and Gratuities – $73.4 million
- Goods and Services – $167.6 million
- Interest Payments – $110.1 million
- Statutory Contributions – $40.4 million
The Government’s Capital Budget for 2022 is $181.8 million.
The Prime Minister said that it more than doubles the almost $80 million spent on capital projects in 2021.
“No economy that has experienced the constraints that ours has, consequent to the impact of the pandemic, can withstand further constraint if it is to grow and expand. We are opening up the country, opening up the economy, and opening up the opportunity for all to advance and prosper,” Prime Minister Browne concluded.
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Another magnificent presentation from our financial wizard, who despite the Covid havoc on our economy was able to grow this country’s economy by a whapping 5.2%. That is what you call competent leadership in stormy seas. Big Up Mr. PM. You deserve a standing ovation. And they all will bow down and throw their crown at year feet.
If you have an economy that collapsed in 2020 due to the pandemic and hit the floor, and then growth of 5.2% in 2021, that really is not much growth as you are essentially starting from a collapsed economy of zero. It is not like we had a strong, robust economy in 2020 and then Gaston was able to grow it an additional 5.2% in 2021. Stop being such an ass licker.
Only you alone can understand Gaston’s fake numbers as I am sure you don’t have a degree in accounting or finance. Ask Gaston how much he will be borrowing this year and why his ministry always gets the biggest allocation. How can you grow the economy by 5.2% when so many people are unemployed and the mainstay of the economy, tourism is down? I guess you believe in magic. Continue bending down.
Hon.Gaston Browne you can walk on water. You have shown to All Antiguans and Barbudans that you are a FINANCIAL WIZARD. WOW. WOW what a presentation in Parliament today. The UPP must running around trying to oppose. I like when you thank Senator Jonathan Joseph for His RESOUNDING ENDORSEMENT of the ABLP. CONGRATULATIONS Hon.Gaston Browne and His ADMINISTRATION. Blessings.
It’s interesting that you think Gaston can walk on water. It would be nice with all these Houdini numbers, if the nation could get some water.
We are not impressed. With all these figures he is throwing out St. John’s looks like a Shanti town and the water situation is at its worst. Continue to walk on water Gaston. There is a famine here on land!
@Truthseeker Let Gaston walk on water and let him drown. We will be rid of him them.
Harold Lovell and UPP Candidates DO NOT understand these figures. They are all scrambling to understand the BUDGET. It is above Harold Lovell and UPP pay grade.
When Pringle will learn to ask questions in Parliament. We would NOT vote for PRINGLE ever again.
COLIN JAMES all the way.
U urself dont even understand…a tie gaston a tie up like uself fu tief ppl like u money..u blind
I reckon alot of these post are from the same person, supporting the lies of the pm because they are being paid
They really are
ABLP. 17 SEATS
UPP. 00 SEAT.
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