The parliament of a Caribbean island nation has approved the Supplementary Estimates of Expenditure for the financial year ending June 30, 2022, which amounts to EC$235,717,376.20. The Minister for Finance, Hon. Dr Irving McIntyre praised the management of the national economy in light of the COVID-19 pandemic and the increasing cost of fuel, food, and shipping due to the war in Ukraine.
Dr McIntyre stated that the government is implementing the necessary measures to stabilize the country’s finances and build fiscal resilience, which is evident in the reduced numbers of off-budget expenditures for the fiscal year 2021/2022 and greater targeting of spending to the productive sectors and the vulnerable. The Minister emphasized that the government is on the right track, based on the feedback received from many international partners.
The Supplementary Estimates of Expenditure include amounts advanced to the Ministry of Finance to regain majority share ownership in DOMLEC and maintain its share ownership of the National Bank of Dominica, as well as due diligence fees to seven internationally recognized agencies to maintain the integrity of the program. The Ministry of Housing and Urban Development received a supplementary amount of $61,014,350 for various purposes, including the construction of homes under the Dominica Housing Recovery Project and the Reimbursable Financial Assistance program for micro and small business enterprises affected by COVID-19.
Dr McIntyre stated that the government is committed to providing affordable living accommodations for its citizens in need, as home ownership is a gateway to short- and long-term financial stability. The Minister highlighted the contribution of the World Bank, the Japanese government, and the People’s Republic of China to various projects in the country, including the procurement of agricultural tools and equipment for farmers, the rehabilitation of fishing complexes, and the construction of a farming science complex.
The parliament’s approval of the Supplementary Estimates of Expenditure highlights the government’s commitment to stabilizing the country’s finances, building fiscal resilience, and providing relief to the citizens. The government’s focus on the vulnerable and the productive sectors, as well as its partnerships with international organizations and governments, demonstrates its efforts to create a sustainable economy for its citizens.
