BASSETERRE, St. Kitts –THE first ten months in the fiscal year have proven a success as the nation records remarkable economic performances in the face of global economic downturn.
This information was revealed by the Fiscal Division of the Ministry of Finance in a report issued this week, assessing the performance of the economy for the period January to October 2009 and giving comparative analyses from previous projections and the same period in 2008.
According to the report, the ten-month period recorded fiscal surpluses for the Recurrent Account and Overall and Primary Balances in amounts exceeding anticipated figures and data for the same period in 2008.
The report reads, “A Recurrent Account surplus of $18.85 million was achieved for the period January to October 2009, as Recurrent Revenue of $364.63 million exceeded Revenue Expenditure of $345.78 million. This surplus surpassed the expected amount by $12.14 million or 181.0%, and the corresponding period in 2008 by $29.32m or 280.2%.”
An Overall Balance of EC $50.26 million was recorded. The figure exceeds earlier projections by almost 30% and when compared to the same period in 2008, this year’s overall balance reflects an EC $35.09 million increase. Similarly, the release reported an increase for the Primary Balance, recording a total of EC $134.88. The figure reflects an 11.9% increase from the projected EC $120.5 million and an increase of EC $33.56 million from the previous year.
Minister of Finance Hon. Dr. Timothy Harris attributed the success of the economy to the “collective efforts” of Permanent Secretaries, Heads of Departments, Accounting Officers and the staff of the Ministry of Finance.
“This ministry’s early endeavours to sensitize public sector decision makers, about the need to be fiscally prudent, has paid off quite well. The process of education and awareness, in which they were duly involved, has made the application of the cash management approach more accommodating to execute,” Harris stated.
A full report and analysis of the entire fiscal year would soon be released as the Ministry prepares for the 2010 Federal Budget.
