AN ADDITIONAL $3.3 billion is needed to meet the nation's budgetary requirements under the supplementary estimates for 2004/2005 presented by Minister of Finance and Planning, Dr. Omar Davies yesterday.
The addition to the budget it is needed to finance reconstruction efforts in the aftermath of Hurricane Ivan. Yesterday, Dr. Davies tabled the spending plan in Parliament.
The budget has increased from $328.2 billion to $331.5 billion or $3.3 billion, or about one per cent.
BUDGET CUT
Prime Minister P.J. Patterson announced last week that the Government would be presenting the 2004/05 supplementary budget in an attempt to quickly provide the additional resources for hurricane relief to the Office of National Reconstruction (ONR).
In order to fund the increase in the budget, some areas have had to be cut. The Ministry of Transport and Works received the most, with an increase of $611.3 million. The Ministry of Finance and Planning and the Ministry of Agriculture have had $100 million and $120 million respectively in additional funding channeled into their coffers. The Ministry of Local Govern-ment, Community Development and Sport received an extra $14.3 million.
However, other ministries have had to take reductions.
The Ministry of National Security got $50 million less: the Ministry of Labour and Social Security cut $101.3 million; The Ministry of Education, Youth and Culture cut $185.5 million, while the Ministry of Health had a reduction of $171.6 million. Now that these estimates have been tabled before Parliament, the Standing Finance Committee will examine the numbers and debate them before the new budget can be approved.
