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Azlan Othman
The proposed finances for the monetary yr 2023-2024 is BND5.96 billion, a rise from earlier yr’s BND5.7 billion.
This was stated by Minister on the Prime Minister’s Workplace and Minister of Finance and Financial system II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah through the nineteenth session of the Legislative Council (LegCo) yesterday.
Of the finances, BND2.19 billion is allotted for wages, allowances and deposit funds and BND2.21 billion for recurring expenditure and BND500 million for tasks beneath the eleventh Nationwide Improvement Plan (RKN 11).
The minister stated forecasted income for the yr is BND2.99 billion the place BND2.03 billion is from the oil and fuel (O&G) sector and BND952.37 million from non-O&G sector.
The breakdown of non-O&G income is BND335.5 million from taxes; BND323.27 million from charges and lease; BND236.28 million from return on funding and deposits; and BND40.49 million from statutory our bodies.
The determine exhibits a finances deficit of BND2.97 billion for 2023-2024 primarily based on present financial state of affairs.
Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew stated the federal government income for fiscal yr 2021-2022 elevated 132.5 per cent to BND4.77 billion in comparison with the earlier yr as a result of enhance in oil costs averaging round USD70 per barrel in 2021.
Authorities expenditure additionally elevated 9.2 per cent to BND5.78 billion, therefore reporting a deficit of BND1.01 billion for monetary yr 2021-2022.
For 2022-2023, the Sultanate’s income is forecast to be BND6 billion, additionally on account of enhance in oil costs whereas authorities expenditure is estimated to be BND5.9 billion in comparison with BND5.7 billion allotted for the yr.
Primarily based on present projections, the federal government will report a finances surplus for fiscal yr 2022-2023.
In the meantime, the RKN 11 has been prolonged for an additional yr for the ministries to finish tasks beneath implementation and time to assessment plans for the RKN 12.
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