GOB to borrow $81.8 million to finance 2017-2018 budget

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By BBN Staff: Last fiscal year 2016-2017, government projected needing $149,419,532 to finance the budget. The actual out-turn was $245,593,911.

For the new budget for fiscal year 2017-2018, the Prime Minister is projecting the external financing needs for the budget to be $81,815,420.

In his budget presentation, PM Dean Barrow explained that $42.5 will come from a disbursement from loans already contracted with multi-lateral development partners to fund the Capital 111 expenditure program.

Some $20 million in budget support will come from the Republic of China (Taiwan) under the ongoing bi-lateral cooperation program.

Government also plans to utilize $20 million from Petrocaribe.

The total financing needs amount to $261.5 million. However, government will access $125 million in domestic financing and proceeds of $55 million from the sale of government held shares in Belize Electricity Ltd. and Belize Telemedia Ltd

 

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