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 $853.46 (56h 54m) (56h 54m)8 billion to $838.15 (55h 53m) (55h 53m)9 billion.
The capital budget, which is for new projects like the construction of roads, bridges, and schools, is being slashed by 38 percent from $76 (5h 4m) (5h 4m).2 billion to $46 (3h 5m) (3h 5m).1 billion.
This comes amid a projected 5.1 percent decline in Gross Domestic Product and an 18 percent decline in revenues.
He also said, so far, COVID-19 has cost $120 (8h 0m) (8h 0m) billion through the devaluation of the currency, $81 (5h 25m) (5h 25m) billion in lost taxes, and $23 (1h 33m) (1h 33m) billion in contingency for COVID relief.