Gov't to spend $852.67 billion for new fiscal year
Published:Tuesday | February 11, 2020 | 12:00 AM
The government is projecting to spend $852.67 billion to finance the affairs of the country for the new fiscal year.
This is $6.4 billion lower than the previous year when the Budget was $859.07 billion.
The 2020/21 Estimates of Expenditure tabled in Parliament this afternoon includes $778.47 billion for recurrent or house-keeping expenses and $74.2 billion for capital spending.
Capital expenses, which relate to new projects like the construction of roads, schools and bridges accounts for 3.2 per cent of the gross domestic product.
"The Government continues to prioritise capital investments," said Finance Minister Dr Nigel Clarke after tabling the Estimates in the House of Representatives.
Approximately 17 per cent or $132.65 billion of the recurrent budget will go to debt-servicing.
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