The government will deliver its first mid-year budget review in the House of Representatives on Wednesday.
It comes after the Standing Finance Committee met on Monday and approved just over $3.1 billion in supplementary funding to support Ministries and Divisions until the end of the fiscal year in September.
The 2025 budget delivered last October by the former Finance Minister Colm Imbert had projected a $5.6 billion deficit and was based on an oil price of US$77.80 and gas at US$3.59 per MMBtu. At that time, the largest allocations went to Education, Health, National Security, and Public Utilities.
The Standing Finance Committee on Monday approved substantial increases to various State Agencies and Ministries. They include:
- the Ministry of Health at $728,539,920.00
- the Ministry of Education at $455,106,000.00
- the Ministry of Public Utilities at $489,470,000.00
- the Office of the Prime Minister at $128,403,880.00
- the Ministry of Public Administration and Artificial Intelligence at $325,811,000.00
- the Ministry of Works and Transport – now Ministry of Works and Infrastructure – at $325,208,000.00
Wednesday’s review, to be delivered by the Minister of Finance, Davendranath Tancoo, at 1:30pm, is expected to outline how the new administration has managed state finances so far and what adjustments may be needed in the months ahead.