BELMOPAN, Belize, CMC -Prime Minister John Briceño Friday presented a budget of BDZ$1.51 billion (One BDZ dollar = 0.49 cents) to Parliament, telling legislators that, as had been the case in the last three fiscal packages, it contained no new taxes.
He said that the Ministry of Finance projects total revenues and grants of BDZ1.51 billion dollars comprised of BDZ1.387 billion dollars in tax revenues, BDZ95.29 million dollars in non-tax revenues, capital revenues of six million dollars, and grants of BDZ 30 million.
He said revenue of BDZ791.6 million will be collected from goods and services, BDZ$365.4 million from income and profits, BDZ$223.5 million from international trade and transactions accounting, and BDZ$7.17 million from properties.
He said that on the expenditure side, approximately BDZ$1.604 billion is proposed, with BDZ$1.1 billion going towards covering wages, pensions, goods and services, subsidies and transfers, and debt service interest costs.
In addition to recurrent costs, BDZ$430.7 million is programmed for capital investments during the new fiscal year.
Briceno said that three years after coming to office, his administration has managed to shrink the government’s operating costs by more than five percent, allowing more money to finance programs and projects that will benefit the people.
He told legislators that individual ministers would have the opportunity to debate the budget proposals in granular form as he sought to highlight some of the larger capital projects, outline the program pipeline, and provide a more substantive description of the government’s initiatives in healthcare and education.
He said that among his administration’s highest core priorities is providing health and wellness care and services and that “based on this conviction, so many massive investments are being made across the public health care system.”
He said that these investments include, for example, funding a modernization assessment of hospitals in Punta Gorda, Orange Walk Town, and Belize City.
“This needs assessment will be followed by project financing to implement the modernization projects,” he said, adding that complementing healthcare is the design and management of the education system.
“Yes, there has been a jobs bonanza, almost full employment for those who seek jobs.
But our education system must prepare the society for tomorrow, even as it strives to meet the daunting challenges of today,” he said, adding that the Ministry of Education is embracing far-reaching reforms.
Prime Minister Briceno said that while every national budget involves countless hours of analysis and review, “putting limited money to best use is not an easy process since there will be purposes and projects that do not make the final cut.”
He said this year he is incredibly proud of how much has been achieved with the resources allocated in the last fiscal year “and even more so with the dramatic potential of the allocations we table today.
“No government is perfect, and none gets everything perfect. There will be setbacks and flaws, but this administration has rekindled hope in our people over the last three years of tireless work.”
On the broad global canvas, he said that the budget “advances our status as an independent nation-state and fortifies our engagement with the region and the world.
“We must grow stronger by building greater confidence in our economy, creating more jobs, educating more children, constructing more homes…and making our communities even safer.
“This budget will underwrite another superb stage of our march to deliver on #PlanBelize.
And with the guidance of the Creator, we move ever forward as we stay on track,” Briceno told legislators.
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