Budget 2022 – Finance Minister Presents $52 Billion Fiscal Package

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.

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