The Government will add another J$58.2 billion to the National Budget.

Minister of Finance and Public Service Dr Nigel Clarke made the announcement in the House of Representatives on Tuesday, September 26, during the tabling of the third Supplementary Estimate of Expenditure for the year 2023/2024.

The additional sum will take the National Budget to almost $1.1 trillion.

“The third supplementary estimate provides for a total expenditure of $1 trillion, $94 billion, $387 million, which is an increase of $58.2 billion over the second Supplementary Estimate. This will be financed by tax revenues, non-tax revenues, a grant that I will mention later,” Clarke said.

The finance minister said the third supplementary estimate provides for non-debt recurrent expenditure of $719.4 billion, inclusive of below-the-line amounts, which is an increase of $39.1 billion over the second Supplementary Estimate.

“Capital expenditure of J$66.6 billion, which represents a reduction of J$8.7 billion on the prior allocation for capital programmes and debt service of J$308 billion comprise of interest payments from a J$170 billion, which represents an increase of J$14.9 billion and an amortisation payment of J$138 billion represent an increase of J$12.8 billion,” Clarke said.

He further noted that the additional J$39.1 billion in on-debt recurrent expenditure will result in the allocation of $1.4 billion to recurrent programmes, $37.2 billion to the compensation of employees, and $0.6 billion to other outflows, which consist of loans to public bodies.

Clarke said the recent increase represents the netflow changes to each of the categories as the overall changes to the prior budget include re-allocation, reductions and additions to activities.

The increase in the overall budget is inclusive of J$1.7 billion to host the upcoming local government election in February of next year.