Robertson S. Henry. Sports and Cultural Contributor
KINGSTOWN, St. Vincent and the Grenadines – The Capital Budget for St. Vincent and the Grenadines is marginally less than the EC$182.92 million for the 2012 fiscal year, whereas the Recurrent Budget has increased over the 2012 amount by 4.5-percent due to higher provisions for wages and pension payments.
This was revealed by Dr. the Honourable Ralph Gonsalves – Prime Minister of St. Vincent and the Grenadines during his 2013 Budget Address on Monday January 14, 2013.
According to Dr. Gonsalves who is also the Minister of Finance told the House Sitting that “total expenditure for 2013 is estimated at EC$799.12 million which is comprised of Recurrent Expenditure inclusive of Amortization and Sinking Fund Contribution of EC622.22 million, and Capital Expenditure of EC$176.90 million.”
The major sources of financing the 2013 Budget is as follows-:
Current Revenue $508.54 million
Capital revenue $ 16.12 million
Grants $ 50.09 million
External loans $ 54.14 million
Local loans $ 57.55 million
Other receipts $112.68 million
Total $799.12 million
Dr Ralph Gonsalves delivering his budget speech
Prime Minister Gonsalves admitted, “Financing the 2013 Budget in these uncertain economic times presents a major challenge for the Government; and every effort will be made to mobilize the necessary financial and human resources in order to ensure the successful implementation of the programmes and activities plan for the year.”
The main sources of financing for the Capital Budget will be Grants and Concessionary loans.
The Major sources for Grants Funds include the European Union – $29.87 million, the Republic of China on Taiwan – $7.85 million, the Caribbean Development Bank – $4.55 million, the Global Environment Fund – $1.43 million, and the Climate Investment Fund – $2.70 million.
Concessionary loans will come from the Republic of China, Venezuela, the Caribbean Development Bank, and the World Bank.
According to the Vincentian Prime Minister, “All the preliminary work for accessing these Grant and Loan Funds has been completed, and the way is cleared for the timely draw down of the funds.
“We must therefore work to ensure the smooth and timely implementation for the projects to be finance with these funds.”
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