Budget proposals presented

[November 20, 2003 - 7.30 GMT]

Finance Minister K.N. Choksy presented the UNF government’s third budget proposals to Parliament yesterday.

The proposals offered relief to the lower and middle-income category of all public servants by offering a monthly increase of 10% of the salary from January next year. This includes police and armed forces personnel and state-owned corporations as well as public sector pensioners.

The fertilizer subsidy will also be increased to Rs. 3000 million from Rs. 2000 million January 1, 2004, a concession to farmers.

Minister Choksy said the government was holding back a proposal to trim the public sector by 30 percent and instead decided to offer a voluntary retirement scheme (VRS) from January next year.

The fiscal deficit for 2004 is estimated to be Rs. 138 billion. The government expects to collect Rs. 333 billion in revenue next year.

The budget earlier due to be presented on November 12 was delayed by seven days due to the prorogation of Parliament on November 4. The People’s Alliance offered their allocated debate time in order to ensure the budget vote takes on the scheduled date.

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Last Updated Date: November 20, 2003  -7.30 GMT.