With a nearly one billion EC$ budget for 2020-2021,
This includes five priority areas: housing (27.5%); digital economy (16.5%); environment, rural modernisation and indigenous Kalinago upliftment (14.5%); healthcare (10.1%); and blue and green economy, agriculture, and food security (8.7%).
The greatest public expenditure
"Over 450 homes will also be built across the island, with proceeds from the Citizenship by Investment Programme," PM Skerrit said. "These significant investments, while providing homes to those in need, will not only contribute to changing the landscape of our housing sector, but also create many opportunities for jobs and the provision of other services. The Government for example, has taken a firm decision that all kitchen cabinets and closets, shall be manufactured by local furniture makers."
Besides funding from the CBI Programme for housing,
Geographically prone to hurricanes, the 72,000-population island had suffered a 310% blow to its GDP after 2015's Storm Erika and 2017's Hurricane Maria. However,
As a financial safety net in the event of weather emergencies, PM Skerrit said in his budget address that
The government projects its total recurrent revenue to amount to EC$695.3 million, while recurrent expenditure is worth EC$606.5 million.
"I wish to thank the many countries, partners, agencies, friends, who have stood with us, particularly through our darkest hours, and who have continued to provide assistance to us, and who have agreed to walk with us on this journey to become resilient," PM Skerrit said in his closing remarks.
Before COVID-19, the
While COVID-19 inflicted a 33.4% decrease in projected total revue in the final quarter, its tax revenue only fell by 1.5% compared to estimates, and experienced a rebound in June. "The Government is encouraged by the visible signs of economic recovery," PM Skerrit noted.
Despite the global economic slowdown, the government expects total revenue to exceed last year's by 27.7%, provided there are no more external shocks. "I am happy to report […] that barring any further disasters, or external shocks, total revenue is expected to improve gradually during this fiscal year, and exceed the revenue for Fiscal Year 2019/20, by 27.7 percent."
The Prime Minister expects CBI revenue to return to normal.
View original content:http://www.prnewswire.com/news-releases/dominica-will-spend-a-quarter-of-its-revenue-on-hurricane-proof-housing-with-450-more-homes-built-using-citizenship-by-investment-funds-301102435.html