Gov’t to table $4b budget in March

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GOVERNMENT will table a $4.16 billion budget in the upcoming sitting of Parliament around March.

The 2022 Budget drops down by 7.9% from $4.496 billion Revised Budget estimate for 2021.

The Government expects a total SIG Revenue of $3.496 billion, down by 6.2%  from $3.714 billion in 2021 Revised Estimate Budget.

There will be a Recurrent Expenditure of $3.83 billion, up by 1.4% from $3.78 billion in 2021 Revised Budget.

This is to meet the operations of the line ministries and agencies.

For projects, there is a Development Budget of  $950 million, up by 1.1% from $939.8 million in 2021 Revised Budget.

The budgets expects a deficit of $269.5 million, up by 141% from $111.1 million in 2021 Revised budget.

The 2022 Budget Focus Areas are:

  1. Build domestic economy resilience
  2. Covid-19 operations and preventive programs
  3. Productive & Resource sectors, narrow and targeted investments and outputs that are designed to support economic growth and recovery
  4. Target other revenue generating activities
  5. Maintaining of key essential social services, education, health, safety/law, order and justice

The Other Charges Baseline & Budget Support are:

  1. Other charges baseline across productive/resource sector Ministries maintain the Baseline for 2021
  2. All fixed costs across Ministries including non-productive/resources sector Ministries also maintain baseline in 2022
  3. Baseline for key Ministries not under productive/resource sector but mandated to provide essential services also maintain 2021 baseline
  4. 15% reduction on certain discretionary budget lines across non-productive/resources sector Ministries

The theme of the Budget is: “Building Our Resilience: Laying Strong Foundations for Growth”.

It aims to:

  1. To keep the economy afloat and accelerate growth
  2. To protect our people and economy safe from Covid-19
  2. Investing Our Resources Smartly and Prudently – Focusing Strategically on Two Key Sectors.
  3. Productive Sector
  4. Resource Sector
  5. Create an enabling environment for growth and investment.
  6. Developing key Economic Infrastructures and Facilities that support growth
  7. Undertake and prioritise key legislative reforms to support growing the economy.
  • PROTECTION AGAINST COVID 19 (Unwavering Support to Health and National Security)
  • Border closure and control over international travel entry into Solomon Islands
  • Set up border quarantine facilities and man power for incoming passengers
  • Extensive roll out of vaccination across the country
  • Government have allocated significant financial and budget resources in the fight against Covid-