The Government’s predicted budget deficit for the 2020 fiscal year has almost tripled.
This, according to Finance Minister Colm Imbert, as he presented the 2021 fiscal package in Parliament.
The theme of the 2020/2021 Budget is “Resetting the Economy for Growth and Innovation”.
“There is no question that fiscal 2020 was very difficult. We had forecasted a budget deficit of $5.3 Billion or 3.4 per cent for 2020.”
However, Imbert said with the collapse of oil and gas revenues and the new pandemic-related expenditure, the Government is now predicting a deficit of $16.8 billion, or around 11 per cent of GDP for fiscal 2020.