NAf. 165 million deficit projected for 2017 budget

PHILIPSBURG–Government is expecting significantly less income in its coffers for the remainder of the year as a result of the impact hurricane Irma has caused on businesses in the country.

  Prime Minister William Marlin told Members of Parliament (MPs) during the continuation of a meeting on the state of preparedness for the hurricane season on Thursday, that a deficit of NAf. 165 million is projected for the 2017 budget.

  A draft amendment to the budget was one of the issues discussed in the Council of Ministers meeting on Tuesday. “It is clear that budget 2017 can no longer exist in the manner in which it was approved,” Marlin told MPs. “Government’s income will drop drastically and would probably drop to zero in the months of September, October, November and December, while government’s regular expenditures will remain and on top of that government will see a drastic increase in expenditure… amounting to NAf. 165 million in deficit. Minister of Finance [Richard Gibson – Ed.] has prepared an amendment which was in the Council of Ministers [on Tuesday – Ed.]” he said.

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  Also on the agenda for Tuesday’s meeting was disaster management hurricane Irma and reconstruction following the devastation by hurricane Irma.

Source: The Daily Herald https://www.thedailyherald.sx/islands/70397-naf-165-million-deficit-projected-for-2017-budget

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