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Volume No. 1 Issue No. 70 - Monday July 25, 2005 |
SIGNIFICANT IMPROVEMENT IN THE PUBLIC FINANCES REPORTED AS PRIME MINISTER SKERRIT UNVEILS
$308 m BUDGET TO PARLIAMENT
 by Sean Douglas
Roseau, Dominica � July 27th 2005��Prime Minister and Minister for Finance and Planning & National Security and Overseas Nationals, Hon. Roosevelt Skerrit reported a significant improvement in Government�s fiscal position when he presented the 2005/2006 Budget to Parliament today.
�The Current Account Balance has improved steadily moving from negative $39.4 million in 2001/2002 to a surplus of $30.8 million in 2004/2005,� the Prime Minister announced.
The Prime Minister was also able to tell Parliament of a successful attainment of a primary surplus in excess of 3 per cent of GDP in 2004/2005, as compared with a primary deficit of 1.6 per cent of GDP in 2002/2003 and a primary surplus of close to 1.7 per cent of GDP in 2003/2004.
The Primary Balance is the critical fiscal target of the ongoing arrangement with the International Monetary Fund.
The improvement in the public finances allowed the Prime Minister to announce the reinstatement of the 5 per cent wage cut in respect of public officers salaries which was introduced in the 2003/2004 Budget. The reinstatement takes effect from July 1st 2005.
The theme for this year�s Budget is �Towards Growth and Social Protection�.
In the 2002/2003 Budget Address, the Coalition Government announced a programme of economic stabilisation and recovery in an effort to arrest a worsening fiscal and economic situation.
After the economy contracted by 10 per cent between 2001-2002, signs of economic recovery started to emerge in 2003, when the economy grew by 0.1 per cent. In 2004, GDP grew by 3.5 per cent.
Debate on the 2005/2006 Budget will start on Tuesday, August 2nd 2005, when the Leader of the Opposition is expected to respond on behalf of the Opposition.
VIEW AND READ ENTIRE BUDGET ADDRESS
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