- SVG 2024 BUDGET ESTIMATES AMOUNTS TO E.C$1.6 Billion
Minister of Finance Camilo Gonsalves on Tuesday morning presented the estimates of revenue and expenditure for the 2024 fiscal year, amounting to $1,616,496,574 or USD 598,137, 517.16. This figure represents an 11.8% increase over the approved budget in 2023.
The budget estimates for 2024 are broken down as follows:.
Recurrent expenditure includes amortisation and sinking fund contributions. $1,045,983,963 and a capital expenditure of $570,512,611.
Financing for the 2024 budget is expected to come from current revenue of $810,855,820 and capital receipts, totaling $805,640,573.
Current spending in 2024 is expected to be $835.4 million, excluding amortisation and sinking reserves, while current revenue is expected to be $810.8 million. As a result, the Estimates show a current deficit of $24.6 million.
The present deficit was predicted to be around $10 million last year, the most recent predictions for 2023 show a surplus of more than $36 million.
Predicted current revenue of $810.9 million is 6.9 percent more than the number for 2023.
Tax income is forecast to rise by 6.7% next year, thanks to a $30.7 million increase in taxes on goods and services.
Non-tax revenue is expected to be $119.3 million in the following year, which is 5.4% higher than the amount budgeted for 2023.
Money is planned to be generated primarily from the sale of goods and services, which is predicted to generate $98.8 million in income, $3 million more than was budgeted in 2023.
The total recurrent expense, which includes amortisation and the sinking fund, is $1.045 billion. Employee compensation will rise by nearly $15 million, or 4%.
The expected pay and salary amount is 4.2% more than the 2023 figure.
The state debt reached at more than 2 billion as of September 30, representing a 12.8% increase over the previous year.
The overall national debt is $638.5 million.
The date selected for the introduction of the 2024 National Budget is January 8.
The 2024 Budget Debate will take place from January 9 to 12.
