Roseau, Dominica – July 12, 2010………. Prime Minister and Minister for Finance, Foreign Affairs and Information Technology, Hon. Roosevelt Skerrit will present a $440.3 million Budget to Parliament when it meets for the Fifth Meeting of the First Session of the Eighth Parliament at the House of Assembly in Roseau on Tuesday, July 13, 2010.
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, 2011 amounting to four hundred and forty million, three hundred and seven thousand, nine hundred and twenty-two dollars (EC$440,307,922).
The Draft Estimates of Expenditure (not including amount provided by law) comprise total recurrent expenditure of two hundred and ninety-nine million, seven hundred and fifty-four thousand, nine hundred and thirty-six dollars($299,754,936) and capital expenditure of one hundred and forty million, five hundred and fifty-two thousand, nine hundred and eighty-six dollars(140, 552,986).
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, 2010.
The Prime Minister and Minister for Finance is also expected to lay the following on the Table of the House of Assembly:
• 2009/2010 Economic and Social Review
• Loan Agreement (Support for Selected Borrowing Member Countries to meet commitments to the Caribbean Catastrophe Risk Insurance Facility) between the Caribbean Development Bank and the Commonwealth of Dominica Guarantee Agreement (Eight Consolidated Line of Credit) between the CBD and the Commonwealth of Dominica
• Loan Agreement (Education Enhancement project) between the CDB and the Commonwealth of Dominica
• Loan Agreement(Natural Disaster Management- Rehabilitation of Sea Defences-Hurricane Omar) between the CDB and the Commonwealth of Dominica
• Loan Agreement (Natural Disaster Management – Immediate Response) (Hurricane Omar) between the CDB and the Commonwealth of Dominica
• Loan Agreement (Technical Assistance- Water Supply Network –Upgrading and Expansion) between the Caribbean Development Bank and the Commonwealth of Dominica and the Dominica Water and Sewerage Company Ltd
• 2009 Annual Report and Financial Statements of the Dominica Social Security Minister for Health, Hon. Julius Timothy will also lay on the Table of the House of Assembly the 2005/2006 and 2007/2008 Annual Reports and Financial Statements of the Dominica Solid Waste Management Corporation.