Dominica Budget To Be Unveiled Today

Hardbeatnews, ROSEAU, Dominica, Weds. July 27, 2005: A value added tax bill and permission to borrow a total of more than $89 million are among highlights of the 2005/2006 budget set to be presented in Dominica’s parliament today.

Prime Minister and Minister for Finance, Planning, National Security and Overseas Nationals, Roosevelt Skerritt, is slated to present the budget when the first meeting of the first session of the Seventh Parliament gets underway at the House of Assembly in Roseau today, Wednesday, July 27.

The PM, according to a government statement, will also seek parliamentary approval to borrow EC$34,500,000 from local banks to meet the central government’s current overdraft and to guarantee overdrafts to statutory and public corporations for a further period of one year, commencing from July 1, 2005.

Government will also seek parliamentary approval for a loan of $55.3m from Agence Francaise De Developpement for the funding of the rehabilitation of the principal road from Roseau to Melville Hall.

Skerrit is also expected to introduce a value added tax bill to provide for the imposition and collection of excise tax.

The budget for the next fiscal year will be presented weeks after the Barbados-based Caribbean Development Bank confirmed that the Dominican economy continue to show signs of positive growth. In the CDB Annual Economic Review 2004, analysts stated that real output growth was estimated at around 3.5 per cent over the review period compared with an annual average of minus 3.5 per cent between 2001 and 2003.

President of Dominica, President Dr. Nicholas Liverpool is also set to address House members and administer the oath or affirmation of allegiance and oath of office to the speaker and deputy speaker. –