Ministry of Finance claims almost 40 percent of Budget
By VonDez Phipps
Reporter-SKNVibes.com
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Minister of Finance Hon. Dr. Timothy Harris
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BASSETERRE, St. Kitts – According to the recently held 2009 Federal Budget Address presented by Minister of Finance Hon. Dr. Timothy Harris, the Ministry of Finance has been allocated an unprecedented EC$245,849,864 for 2009, recording a 6 percent increase from EC$231,933,834 in 2008.
This allocation represents approximately 39.5 percent of the 2009 Federal Budget and is five times the allocation to the Ministry of National Security. By comparison, the figure is eight times that of Ministry of Tourism, Sports and Culture, seven times that of Ministry of Health and a whopping 30 times more than that allocated to Ministry of Justice and Legal Affairs.
Dr. Harris explained that the increase is largely to provide for the servicing of debt, one of the largest components of the government’s public expenditure.
“We have done well to meet our obligations regularly and on time but we must reduce our level of indebtedness so that we may better meet the demands for more and improved goods and services by our people.
“During 2009, the Ministry of Finance will continue to pursue strategies aimed at instituting greater fiscal discipline and reducing debt. These are considered essential elements of the Ministry’s overarching objective of fostering a strong and buoyant economy and maintaining fiscal stability all in an effort to provide a better quality of life for the citizens of our beloved Federation. ~~Adz:Right~~
“In pursuing this important initiative, the Ministry plans to place considerable emphasis on organization and institutional development during the upcoming year. In particular, the Ministry is poised to implement several initiatives including the establishment of a Single Regulatory Unit, the further development of Performance Budgeting, Tax Reform, strengthen the oversight of Public Corporations and strengthen Public Finance Management.”
Harris also noted that the oversight of public corporations is a new undertaking by the Ministry of Finance following the passage of the new Finance Administration Act of 2007. He added that the Ministry has since been in contact with the public corporations encouraging them to comply with the requirements of the Act.
Harris congratulated the Development Bank of St. Kitts and Nevis and the St. Christopher and Nevis Solid Waste Management Corporation for handing over audited financial statements in an early manner and implored the other public corporations to “follow the path of these two entities”.
