May 2015 Financial News

Budget set for June 15 (Barbados)

May 13, 2015

June 15 is Budget Day in Barbados.

On that day, Barbadians will hear government’s strategy to take this country forward as Minister of Finance and Economic Affairs Chris Sinckler presents the annual Budgetary Proposals and Financial Statements 2015-2016.

Leader of the Government Business in the Lower House, Minister of Health John Boyce made the announcement as Parliament ended its sitting yesterday afternoon.

The highly anticipated budget will outline measures as to how government intends to address some of the pressing issues relating to the island’s economy.

The country will be eager to hear how government plans to increase growth, as in 2014 the economy grew by 0.2 per cent and just under one per cent in the first three months of this year, on account of stronger performance by the tourism industry.

However, analysts are calling for the growth of other sectors.

The result of the 19-month stabilisation programme - which started in August 2013 and ended in March 2015 - would also be looked at, as while a reduced fiscal deficit is one of the successes
of this programme, Government has deemed it necessary to extend some of its measures for another year.

At the end of March, the deficit was 7.2 per cent.

In addition, Barbadians will want to know how Government will address the International Monetary Fund’s recommendations on the statutory corporations, which it has termed as a drain on the Government’s purse.

In an interview with Business Monday, Minister Sinckler had admitted that he would be dealing with several of these matters.

Barbadians will also be looking to see whether concessions would be given to businesses or if there would be any form of tax relief.

Opposition Leader, Mia Mottley, is expected to make her reply the following day.

The presentation by the minister will start at 4 o’clock in the evening.

(JMB)

Source:
Barbados Advocate
Wednesday May 13, 2015

http://www.barbadosadvocate.com/newsitem.asp?more=local&NewsID=43357