$544b allocated for public projects over five years

$544b allocated for public projects over five years

Saturday, February 22, 2020

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APPROXIMATELY $543.6 billion has been budgeted to implement public investment projects in central government and public bodies over the next five fiscal years.

Of this sum, $106.7 billion will facilitate 189 projects during 2020/21. In addition, $5.89 billion has been allocated for three public-private partnership [PPP] projects, which are also slated for implementation.

This is according to the Government's 2020/21 Fiscal Policy paper, which was tabled in the House of Representatives by Minister of Finance and the Public Service Dr Nigel Clarke, on February 11.

The sum of $74.2 billion is earmarked for central government to either commence or continue 88 projects during the upcoming year.

The allocation includes a contingency provision of $3.49 billion for new projects currently going through the appraisal process, and are expected to be approved by Cabinet during 2020/21.

Approximately 30.1 per cent of the overall central government allocation is earmarked for the Ministry of Economic Growth and Job Creation.

Other significant allocations include the Ministry of National Security – 21.5 per cent and the Ministry of Labour and Social Security – 11.6 per cent.

A breakdown of the funding sources shows that $49.4 billion, representing 46.3 per cent of the project financing, will be provided from central government revenues, 27 per cent from external loans, and 4.4 per cent from external grants.

Meanwhile, 12 public bodies are scheduled to commence or continue implementing 101 projects, totalling $32.5 billion.

Some $23.8 billion or 73.2 per cent of the funding will be provided from internal revenues or the Consolidated Fund, with the remaining 26.8 per cent to come from loans.

– JIS


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