Finance Minister Colm Imbert has presented a $52.49 billion package for Fiscal 2022.
Predicated on an oil price of US$65 per barrel, and a gas price of US$3.75 per MMBTU, Government expects to earn an estimated $43 billion. The fiscal deficit is just under 6% of our Gross Domestic Product.
Education and Training took the largest chunk of the pie with a total of $6.886 billion allocated to that sector, with the Ministry of Health being allocated $6.395 billion, and the Ministry of National Security getting $5.664 billion.
Among the fiscal measures announced by the Minister of Finance from November 1st, Value Added Tax will be removed from a list of basic food items.
There will also be relief for the most vulnerable in society through a rebate on utilities.