PM Skerrit to present 2007/2008 budget to parliament on wednesday

Roseau, Dominica – July 17, 2007….. Prime Minister and Minister for Finance and Planning, National Security and Overseas Nationals, Hon. Roosevelt Skerrit will present the 2007/2008 Budget to Parliament when it meets for the First Meeting of the Third Session at the House of Assembly on Victoria Street in Roseau on Wednesday, July 18, 2007.

During the First Meeting Prime Minister and Minister for Finance Skerrit will seek parliamentary approval of Estimates of Expenditure for the financial year ending June 30, 2008, amounting to three hundred and forty-two million, six hundred and nineteen thousand, five hundred and one dollars, ($342,619,501) representing an increase of $54.5 million over the 2006/2007 Estimates of Expenditure of two hundred and eighty-eight million, one hundred and six thousand and seven hundred and ninety-three dollars (288,106,793).

The Draft Estimates of Expenditure (not including amount approved by statute) for the fiscal year 2007/2008 comprises total recurrent expenditure of two hundred and twenty-six million, nineteen thousand, one hundred and eight dollars ($226,019,108) and capital expenditure of One hundred and sixteen million, six hundred thousand, three hundred and ninety-two dollars (116,600,392). The draft estimates of recurrent expenditure for 2007/2008 of $226,019,108 represents an increase of $23 million over the estimates of recurrent expenditure of $202,972,231 for the 2006/2007 fiscal year.

The estimates of Capital Expenditure for the 2007/2008 fiscal year is $116,600,392 which is $31 million higher than the previous year’s figure of $85,134,562.

The Prime Minister and Minister for Finance will also seek parliamentary approval to borrow and guarantee by means of fluctuating overdraft a sum not exceeding the aggregate of thirty-four million, five hundred thousand ($34,500,000) from the Bank of Nova Scotia, First Caribbean International Bank, National Bank of Dominica and any other approved Financial Institution to meet Central Government’s overdraft requirements and to guarantee overdrafts to statutory corporations for a further period of one year, commencing from 1st day of July, 2007.

During this First Meeting of the Third Session, the Prime Minister and Minister for Finance and Planning will present to Parliament the Report of the Director of Audit of the Public Accounts for the Fiscal Year ended June 30, 2006.

The Hon. Roosevelt Skerrit will also present Government Housing Loans (Special Provisions) Regulations (SRO No31/2007).

As is customary at the start of a new Parliamentary Session, there will be the address by the President of Dominica, His Excellency, Dr. Nicholas Liverpool.

And in an historic break from the past, the President’s Address, the Budget Address by the Prime Minister and Minister for Finance and the response by the Leader of the Opposition will be carried live on television.

Photo courtesy:Sun Newspaper