Gov’t plans deficit of $972.6 million in 2022 budget

Of the forecasted $972 million budget deficit, government has already secured $563 million from its normal multilateral and bilateral partners, as well as from savings brought forward to 2022.

In terms of expenditures, the $4.531 billion in total consolidated expenditures consists of $3.050 billion in recurrent expenditures, and $871 million in development expenditures, of which $20 million will be budget support from the Peoples Republic of China (PRC). A total of $20.0 million is also budgeted as Contingency Warrant provision for the year.

Minister Kuma said the Government is conscious that the two shocks including covid-19 and the recent riots will severely impact the economy in 2022.

At the same time, the Government is also aware that as a developing country, we also have a very young population with increasing demand for quality social services, and more infrastructure development to boost growth in order to provide more employment opportunities.

-GCU