Bud­get Brief - A Gen­eral Over­view

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The Min­is­ter for Fi­nance pre­sented the 20162017 Na­tional Bud­get, for the Gov­ern­ment’s new fi­nan­cial year Au­gust 2016 – July 2017, on Wed­nes­day at 7.30pm.

For 2016-2017, the rev­enue fore­cast is $3,175 mil­lion and the bud­geted ex­pen­di­ture is $3,643 mil­lion re­sult­ing in an es­ti­mated net deficit of $468 mil­lion – or 4.7 per­cent of GDP. The Min­is­ter com­mented that the Bud­get is for broad­en­ing the eco­nomic base, and the in­creased deficit is for in­vest­ments to re­build Fiji, for re­con­struc­tion and re­ha­bil­i­ta­tion, post Trop­i­cal Cy­clone Win­ston. For 2016-2017, the op­er­at­ing ex­pen­di­ture is 60% and cap­i­tal ex­pen­di­ture is 40%. Gov­ern­ment’s debt level for July 2017 is pro­jected to be $4,969 mil­lion (be­ing 50.4 per­cent of GDP), com­pared to 47.9 per­cent ($4,501 mil­lion) pro­jected for July 2016.

For the fi­nan­cial year Au­gust 2016 to July 2017, the econ­omy is pro­jected to grow by 2.8 per­cent, and 3.6 per­cent in cal­en­dar year 2017 with fore­cast growth

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