GIS
Premier and Minister of Finance, Honourable Andrew A. Fahie delivered the Territory’s 2021 Budget Address during the Second Sitting of the First Session of the Fourth House of Assembly today November 12.
Premier Fahie delivered his Statement under the theme: ‘Innovation: Building a stable, diverse, competitive economy with strong industries and partnerships for regional and international trade, by building and harnessing the creative capacity of our human capital.’
Honourable Fahie presented the Appropriation Bill or the Appropriation Act, 2021 at the sitting which contained the estimated financial requirements for expenditure on all the services of the Government for the succeeding financial year.
Premier Fahie said the total budget for the 2021 financial year is $402,132,046. This will comprise of $325,220,829 for recurrent expenditure; $62,526,065 for capital expenditure; $1,889,752 in contribution to various statutory funds; and $12,495,400 towards repayment of the principal on our debt.
The Premier said that it is estimated that development expenditure to be $62,526,100. This amount he said comprises of $10,183,500 in capital acquisitions and $52,342,600 in infrastructure development across the Territory.
The Minister of Finance added that Central Government will be responsible for 59 percent or $30,905,200 of the infrastructure development while the Recovery and Development Agency will handle 41 percent or $21,437,400.
The Premier said everything has changed with the emergence of COVID-19 and the Government has to rethink and reinvent creative ways of doing things; of engaging in economic activity.
“We have to critically reassess business models that have worked successfully for decades before the emergence of COVID-19, but which metrics are incompatible with the present day realities,” the Premier said.
Premier Fahie added, “It is said that necessity is the mother of invention. And we are a creative people whose foreparents taught us how to be resourceful and how to survive. So, we will do what we have done every time we are challenged. We will innovate and we will re-emerge stronger.”
Following his delivery in the House of Assembly, the motion for the second reading of the Bill was read and seconded. The sitting was adjourned and will resume following the completion of the Standing Finance Committee process which will ensure a smooth process for the passing of the Territory’s 2021 Budget.