Roseau, Dominica (TDN) Prime Minister Roosevelt Skerrit of Dominica is expected to present an EC $563.0 million (US $208.3 million) budget to the country’s Parliament when it meets for the Third Meeting of the First Session of the ninth Parliament on July 24, 2015.
Skerrit, who is also the country’s finance minister is expected to tell the nation that his government was unable to raise the estimated EC $ 540.2 million (US $ 199,.8 million) that was projected in the 2014/15 budget, which he presented last July.
The country’s worsening financial situation is being compounded by lack luster economic growth and a shrinking export sector. Initial estimates also show that the much publicized Economic Citizenship Program, which was expected to bring in EC $ 83 million (US $30.7 million) for the 2014/15 fiscal year will only realize some EC $ 25 million (US $ 9.3 million); a 50 percent drop compared to the previous year.
This year’s budgeted revenue estimates is just 4.2 percent higher than last year and there is growing skepticism as to the government’s ability to raise the EC $563.0 million given its track record and the continued deterioration in the country’s economic conditions.
Meanwhile spending estimates for 2015/16 show a 14.8 percent increase over last year’s budget at EC $ 589.7 million (US $ 218.2 million). The Public Sector Investment Program is targeted at EC $ 184.2 million with EC $ 405.5 million going towards recurrent spending. Skerrit has vowed to maintain his government’s social program as well as the National Employment Program both of which featured prominently in the last fiscal year.
Government also has to contend with finding resources to maintain payments on its ballooning debt stock now estimated in excess of EC $800 million. Last year EC $62.0 million was made in debt service payments and this year government is scheduled to pay a further EC 63.3 million.
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