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Big budget cuts... Finance Minister tables revised estimates amid COVID crunch

Published:Wednesday | May 13, 2020 | 12:00 AM
Clarke... The capital budget, which is for new projects like the construction of roads, bridges and schools, is being slashed by 38 per cent from $76.2 billion to $46.1 billion.

Finance Minister Dr Nigel Clarke has announced significant cuts in the Budget amid a steep decline in revenues because of the coronavirus.

In tabling his First Supplementary Estimates in Parliament a short while ago, Clarke said programmed expenses have been cut from $853.468 billion to $838.159 billion.

The capital budget, which is for new projects like the construction of roads, bridges and schools, is being slashed by 38 per cent from $76.2 billion to $46.1 billion.

This comes amid a projected 5.1 per cent decline in Gross Domestic Product and an 18 per cent decline in revenues.

He also said, so far, COVID-19 has cost $120 billion through devaluation of the currency, $81 billion in lost taxes and $23 billion in contingency for COVID relief.

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