The following was received from a BU family member – Blogmaster
The Estimates of Revenue and Expenditure for the financial year 2023-2024 was laid in Parliament last week. Started in 2019 a new format has been used for the Estimates debate in Barbados. Senior Civil servants are now required to come before the Finance Committee of Parliament to account for each programme being funded by the tax payer and answer any questions which MPs have about programmes or projects for which they have the responsibility of executing. These hearings will begin tomorrow Monday 20th of February as the Minister in the Ministry of Finance Ryan Straugh explains in this video. The Minister further gave a preview of the administration’s spending priorities in the coming fiscal year.
After contracting sharply in 2020 by approximately 14 percent due to travel restriction brought about the the Covid 19 pandemic, Barbados’ economy recorded a fairly robust recovery in 2020 of 10.5 percent, meaning, that the economy is still about 3 percent below pre-pandemic levels. In 2022 we also saw a major increase in government revenues, some of which can be attributed to higher economic activity and greater transaction taxes due to elevated consumer prices caused by imported inflation. The projection for 2023 is that the economy might grow by between 4 and 5 percent, if this holds then Barbados could return to or slightly surpass pre-pandemic levels this year.Continue reading