2022/2023 BUDGET PASSES 1 TRILLION MARK

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An adjustment to the budget for this fiscal year, has pushed it over the trillion dollar mark.

This is the second time the Finance Ministry has announced a trillion dollar budget, but the first time that it has been approved by parliament.

The previous announcement related to what government is expecting, for the next fiscal year, 2023 / 2024.

On Tuesday, the fourth supplementary estimates, for this fiscal year, 2022 / 2023, were approved in the House of Representatives, pushing budgeted expenditure to approximately $1.2 trillion.

Minister of Finance Dr. Nigel Clarke said an increase in expenditure by $10 billion, facilitates payment of public sector salaries, under the compensation restructuring exercise.