CFT approves 2017 budget

POND ISLAND–The 2017 Budget has been approved by the Committee for Financial Supervision CFT. This approval comes a month after the budget was passed by Parliament. This paves the way for Government to submit a request to CFT to take out loans for its capital projects.

Finance Minister Richard Gibson Sr. was elated at the nod of approval from CFT. He told the press on Wednesday that “tangible progress” has been made in the country’s financial situation from 2015 to now.

The budget has some NAf. 47 million in incidental income, an occurrence CFT has urged Government to remedy with structural revenue sources.

To get to structural income sources, Gibson Sr. said Government embarked on a dividend policy for all government-owned companies. Discussions have already started with the government-owned companies on the way forward. The Council of Ministers is firmly behind the dividend approach, said Gibson Sr.

Another structural income avenue Government is pursuing is the implementation of a departure tax at the ports of entry.

Source: The Daily Herald