Budget based on revenue of $56 billion in 2023

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Finance Minister Colm Imbert with Energy Minister Stuart Young and Communications Minister Symon de Nobriga leave parliament after the budget was read on Monday. Photo by Sureash Cholai

Finance Minister Colm Imbert said the government planned spending of $57.685 billion for the 2023 financial year, with revenue of $56.175.
billion. He said this was based on review of all oil and natural gas forecasts from international agencies for 2023.

Speaking during the budget presentation for 2023, he said the government assumed oil prices would be US$92.50 per barrel and natural gas prices would be US$6 per MMBTU.

He said oil revenue would bring in $25.019 billion, non-oil revenue would bring in $30.150 billion, and capital revenue such as the sale of assets would bring in $1.006 billion.

Imbert said that if all goes according to plan, the government’s fiscal accounts in 2023 would show a deficit of $1.51 billion, or 0.8% of GDP.

He said that, not counting debt financing and special allocations, the main budgetary allocations would be as follows:

Education and formation $7.453 billion

Health $6.892 billion

national security $5.798 billion

Social allowances $5.453 billion

Works and Transport $3.748 billion

Public services $2.823 billion

Rural development and local government $1.887 billion

Agriculture $1.330 billion

Lodging $0.974 billion

Imbert said the public sector investment program for 2023 was increased to $6.2 billion, up $2 billion from fiscal 2022.

Sallie R. Loera