By Zoila Palma: Minister of Foreign Affairs Francis Fonseca says that some reallocations of funds are being done due to the cost of living proposal that cabinet has approved.
“We have allocated… so we have reallocated some funds to be used specifically for these cost-of-living measures that we have adopted as a Cabinet, and so you are talking about between 30 to 50 million dollars that will have to be reallocated from other government spending. So that is the whole objective of it. So, it is not a cut in budget, it is reallocation of funds,” Fonseca told 7news.
Minister Fonseca says that the Ministry of Finance has requested that ministries review their budgets and capital projects, some recurrent expenditure-what can be cut.
“There is more in the region of 12%-that was the discussion we had in Cabinet. The budget is allocated over 12 months, 1/12th, and so there was talking about reducing that to 1/11th, that sort of thing,” Fonseca explained.
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By Zoila Palma: Minister of Foreign Affairs Francis Fonseca says that some reallocations of funds are being done due to the cost of living proposal that cabinet has approved. “We have allocated… so we have reallocated some funds to be used specifically for these cost-of-living measures that we have adopted as a Cabinet, and so
The post Cabinet-approved cost-of-living proposal prompts budget review across ministries appeared first on Belize News and Opinion on www.breakingbelizenews.com.
