On Friday, March 8th, Prime Minister Honourable Dr. John Briceño presented the 2024-2025 fiscal budget under the theme ‘Staying on Track’. The budget prioritizes job creation, economic stimulus, support for the producing sector, and expansion in access to education. During the budget presentation at the House of Representatives in the Capital City of Belmopan, the Prime Minister also mentioned plans to expand the coverage of the National Health Insurance Programme across the country. During his address, he also cited global factors as the cause of the high cost of living in the country.
The Prime Minister started by outlining the 2023-2024 budget performance, discussing the rising living costs and Belize’s economic performance. He disclosed revenue projections versus expenditure figures and stated that he expects a total of BZ$1.438 billion for the current fiscal year ending on March 31st. He said this figure surpassed the original projection by BZ$29.7 million, along with recurrent revenue, grants, and capital revenue. Meanwhile, the total expenditure for the same period is BZ$1.49 billion, including recurrent expenditures, capital expenditure, and amortization payments.
The Prime Minister explained that they will require an estimated BZ$186.9 million to finance this fiscal year’s budget despite an expected deficit. However, the primary surplus is projected to be BZ$75.3 million. Briceño then addressed the rising cost of living and acknowledged the frustration expressed by Belizeans. He attributed this to external factors beyond the government’s control. According to him, some goods and services influencing inflation in Belize include importing goods like flour, fertilizer, construction steel, fuel, and shipping services. He said they expect inflation to stabilize, but his Cabinet continues grappling with this issue. “Cabinet and I will continue to take every step possible to control the erosion of the purchasing power of the Belize dollar,” Briceño stated.
One way to achieve this was by increasing the minimum wage to BZ$5 per hour, reinstating increments for public officers, and enforcing stricter measures against price gouging. Briceño also encouraged Belizeans to support the local economy by buying goods and services made in Belize. Before proceeding with the presentation, Briceño clarified that there are no new taxes in the upcoming national budget.
Priorities in Education
During his presentation, Briceño discussed the importance of education, which has always been a top priority in the national budget. The upcoming budget will significantly increase education funding, reflecting the government’s commitment to improving educational opportunities for all Belizeans.
Briceño’s administration has pledged to reduce secondary school fees to make access to secondary education completely free in the near future. He also mentioned new scholarships to support tertiary-level education, higher salaries for teachers, funding for training, and modernization of classrooms and schools. In addition, the budget will also include an improved school feeding program.
According to Briceño, in partnership with donors like Taiwan, the government’s National Healthy Start Feeding Programme is doing wonders in reducing classroom hunger. The program provides healthy meals for around 4,000 primary school students from 35 schools and 2,967 secondary school students from nine schools daily, costing approximately $20,000.00 daily. The number of beneficiaries is expected to keep increasing throughout the year, and they aim to include 50 primary schools in the program by the end of the academic year.
Plans for the health sector
The Prime Minister also spoke on the significant investment in the public healthcare system. The government has partnered with several organizations to fund a modernization assessment of hospitals in Punta Gorda Town, Orange Walk Town, and Belize City. The National Health Insurance Committee has proposed expanding the program to the north side of Belize City to benefit around 65,000 citizens. The Prime Minister also said they plan to implement this program in the Cayo District next year. Funding for this initiative will be generated from the nationalized lotteries and boledo, which has generated BZ$12 million in profits.
Economy and Job Creation
The budget for 2024-2025 is designed to stimulate Belize’s economy and create more jobs for its citizens. Prime Minister Briceño has planned to invest in infrastructure projects to achieve this goal, including new road networks, bridges, and public projects. These investments are expected to create thousands of jobs and boost the local economy.
Briceño has also committed to supporting small businesses by providing tax breaks and access to low-interest loans. Another significant part of his plan is to invest in job training and skill development to encourage entrepreneurship and help expand existing businesses. He said that the new budget is not just about expenditures but about investing in the country’s future and its most valuable asset—the people. Creating more jobs and supporting businesses can achieve a more robust economy and prosperous nation.
Briceño highlighted the government’s positive track record in debt management, noting a projected decrease in national debt to 58% of the Gross Domestic Product by 2029. He emphasized the focus on concessional borrowing to secure favorable interest rates and make timely payments.
At the end of his presentation, the prime minister humbly admitted that no government is perfect, and there will be setbacks and flaws. However, with three years of tireless work, he believes his administration has rekindled hope in the Belizean people. With a triumphant gesture, he told the House that his administration has made the country shine again after being stained and smeared by their predecessors.
In the coming weeks, the proposed budget will be debated before it is approved.
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