K18,726,500,000 Billion budget handed down
The Marape-Davis Government handed down a whopping K18.7265 billion for the 2020 National Budget to Parliament last Thursday. (28th of November,2019).
This is the Government's first budget since taking office in May this year.
Treasury Minister Ian Ling Stuckey described the budget as an " honest record budget.".
Minister Stuckey said the deficit budget (K4.6 billion) will be expanded on economic sectors but not limited to:
1. SME funding for Agriculture - K200 million;
2. State Equity Fund for Agriculture - K20; million
3. Special Economic Zone -K16 million;
4. Tourism Sector Development Program - K23 million;
5. Cocoa Industry Development - K7 million;
6. Coffee Industry Development - K8 million;
7. Fresh Produce Development & Marketing - K7 million;
8. Coconut Downstream Processing and Marketing - K9 million;
9. Land Development Program - K15 million;
10. Livestock Industry Development - K5 million;
11. Oil Palm Smallholder Roads - K10 million, and;
12. Educated and Technically Skilled Labour Force - K97 million (Australian Government through Scholarships and training).
The budget allocations incude:
1. Provinces- K3.6 billion
2. Health sector-K1.8 billion
3. Law and Justice Sector- K1.4 billion
4. Education sector-K1.2 billion
5.Economic sector-K735 million (as given above)
6. Transport sector-K275 million.
The budget strategies are through corporate tax, personal income tax, GST and soft loans.