Minister for Treasury Patrick Pruaitch has handed down the 2017 Budget of K12,965.4 million against a revenue envelope of K11,088.8 million this afternoon.
This comprise of K9,182.2 million in tax revenue, K1,045.3 million in grants and K1,245.7 million from other sources of revenue.
Pruaitch, when announcing the 2017 Budget in a Budget Lock-up session today said the Budget has been framed in a way that will still prioritise the key government areas which include the education and health sector.
He said the 2017 Budget not only sets out the priorities for the coming months leading up to the General Elections but also provides an opportunity to reflect on the Government’s performance against the economic landscape over the last five years.
Pruaitch added that the 2017 Budget is also set within the National Development Frameworks, including Vision 2050, the Development Strategic Plan 2010-2030, and the Medium Term Development Plan II.
“It is designed to chart a Responsible Fiscal Consolidation for Future Growth and Development.”
He said in light of a global downturn, the Government has been and will continue to adjust its policies and expenditure to reflect available resources.
“However, recognising that, economic growth is a necessary but not sufficient condition for prosperity and advancement, the Government will maintain its investments in the fundamental areas of education, health, key infrastructure and law and order.”
The 2017 National Budget is the O’Neill-Dion Government’s fifth and final budget.