JIS News

The House of Representatives on Tuesday (March 16) approved a Resolution allowing Government to spend $26.981 billion to carry out its business for a period not exceeding July 31.
Of the total, approximately $24.6 billion will go towards recurrent expenditure and overheads, with some $2.4 billion for capital expenditure. The authorization is in accordance with a provision in the Constitution, which allows the House to approve sums for the carrying on of the Government’s business between the close of one financial year and a coming into force of the Appropriation Act for the next fiscal period.
Minister of Finance and Planning, Dr. Omar Davies, who piloted the Resolution, explained that the sum excluded statutory expenditure such as salaries, debt servicing costs, and the payment of pensions for public officers. These funds do not require the annual parliamentary approval.
Dr. Davies explained that the estimated amounts for these expenditures for the 2004/05 financial year was $232.8 billion, and $77.6 billion for the period from April to July 2004.
Reiterating that the Resolution would authorize expenditure up until July 31 Dr. Davies said that by that time, the 2004/05 Budget and the accompanying Appropriation Act would be passed, which would provide for the release of funds under the Resolution to be covered by warrants under the legislation.

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