Roseau, Dominica – July 29, 2009….. Prime Minister and Minister for Finance, Social Security and National Security, Hon. Roosevelt Skerrit, will present a $445.8 million Budget to Parliament when it meets for the First Meeting of the Fifth Session at the House of Assembly in Roseau on Friday, July 31, 2009, starting at 10.00am.
As is customary at the start of a new Parliamentary Session, there will be an address by the President of Dominica, His Excellency, Dr. Nicholas J.O Liverpool DA.H. O.C.C.
The Prime Minister and Minister for Finance, Hon. Roosevelt Skerrit will seek Parliamentary approval for Estimates of Expenditure for the financial year ending June 30, 2010, amounting to four hundred and forty-five million, eight hundred and fifteen thousand, eight hundred and twenty-nine dollars($445,815,829), representing an increase of $54.06 million over the previous year.
The Draft Estimates of Expenditure[1] for the fiscal year 2009/2010 comprise total recurrent expenditure of two hundred and seventy-seven million, five hundred and forty thousand, seven hundred and forty dollars ($277,540,740) and capital expenditure of one hundred and sixty-five million, two hundred and seventy-five thousand and eighty-nine dollars (168,275,089).
The draft estimates of recurrent expenditure for 2009/2010 represent an increase of $28.9 million over the draft estimates of recurrent expenditure for 2008/2009.
The draft estimates of Capital Expenditure for the 2009/2010 fiscal year is $25.1 million higher than in fiscal year, 2008/2009.
The Prime Minister and Minister for Finance will also introduce the Schedule of Supplementary Estimates of Expenditure for the Third Quarter of 2008/2009, amounting to thirty-two million, eight hundred and fifty-six thousand, five hundred and twenty-three dollars and thirteen cents (EC$32,856, 523.13).
The Prime Minister and Minister for Finance will also seek authorisation from Parliament to guarantee a loan for the Dominica Agricultural Industrial and Development Bank (AID Bank) from the Dominica Social Security amounting to twelve million Eastern Caribbean dollars (EC$12,000,000) for the funding of investments.
The Prime Minister and Minister for Finance will also seek Parliamentary authorisation to guarantee a loan for the Government Housing Loans Board from the Dominica Social Security amounting to sixteen million, seven hundred and seventy-nine thousand, eight hundred and twenty-five Eastern Caribbean Dollars and eighty cents(EC16,779,825.80).
During the Meeting, the Prime Minister and Minister for Finance will also seek Parliamentary approval to borrow and guarantee by means of a fluctuating overdraft a sum not exceeding in the aggregate of thirty-four million, five hundred thousand dollars (EC$34,500,000) from approved financial institutions to meet Central Government’s current overdraft requirements and to guarantee overdrafts to statutory boards and public corporations for a further period of one year, commencing from the 1st day of July, 2009.
During this First Meeting of the Fifth Session, the Prime Minister and Minister for Finance will also table in Parliament the Report of the Director of Audit on the Audit of the Public Accounts for the Fiscal Year ended June 30, 2008.
The Prime Minister will also lay on the Table the Second Medium-Term Growth and Social Protection Strategy (GSPS) as well as the Economic and Social Review for fiscal year 2008/2009.
The Dominica Water and Sewerage Company Limited (DOWASCO) 2008 Annual Report and Statement of Accounts will be laid on the Table of the House of Assembly by the Minister for Public Utilities, Energy and Ports, Hon. Charles Savarin.
Minister for Housing, Lands and Telecommunications, Hon. Reginald Austrie will also lay on the Table the National Telecommunications Regulatory Commission’s (NTRC) Report for the period 1st January, 2005 to 31st December, 2006 and the Independent Regulatory Commission Annual Report for 2008.
For more information contact:
Sean Douglas
Press Secretary
Office of the Prime Minister
Email: seansworth@yahoo.com
Mobile: + 1 767-235-2955
Financial Centre
Kennedy Avenue, Roseau
Commonwealth of Dominica
Tel: + 1 767 266-3054
Fax: +1 767- 448-8960
Ref: 68/2009
