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P.M. Briceño Reviews His Administration 2022 Fiscal Performance At Start of Budget Speech

Mar 10, 2023

P.M. Briceño Reviews His Administration 2022 Fiscal Performance At Start of Budget Speech

Prime Minister John Briceño introduced the 2023/2024 budget before the House of Representatives today. His speech touched on a range of topics, from the external conditions impacting Belize’s economy, to developments in the financial sector, the impacts of the new budget and his administration’s reform agenda.  At the beginning of his one hour and seventeen minute long budget presentation, P.M. Briceño gave a review of his administration’s fiscal performance for 2022. With a reported primary surplus of thirty-one million dollars, as a result of actual revenues and grants exceeding original projections, P.M. Briceño says his administration’s 2022 performance reveals that Belize’s economy is well positioned to sustain its debt obligations.

Prime Minister John Briceño

Prime Minister John Briceño

“Total Revenue and Grants are projected to come in at one thousand three hundred and fifty six million dollars of which eighty nine percent is tax revenue, eight percent is none tax revenue and three percent is other revenues and grants. Actual revenue and grants exceeded the original budgeted amount by six point nine percent or ninety three million dollars, an over performance of eighty nine million dollars which is attributed to tax revenues. On the expenditure side, total spending including supplementary allocations approved during the fiscal year is expected to be one thousand four hundred and thirty six million dollars which is seventy-one million dollars or five percent more than the original estimate. Recurrent expenditure will come in at forty-eight million dollars more than the original estimates, while investments in capital projects will total approximately three hundred and ninety seven million dollars for an additional one hundred and nineteen million dollars. At the bottom line for this fiscal year, government expects primary surplus of a half of a percent of GDP or roughly thirty-one million dollars.”