THE FOLLOWING are some of the key points announced by Minister of Finance Chris Sinckler today in the House of Assembly during the 2017 Financial Statement and Budgetary Proposals.
Barbadians will soon have to dig a bit deeper into their pockets as government seeks to balance its budget.
This levy was introduced last September and it was imposed on goods imported into Barbados as well locally manufactured items.
This will take effect from July 1, but Sinckler said it would not be felt by drivers at the pump.
Sinckler also announced government was in discussion with the central bank and the national insurance scheme regarding a debt re-profiling programme.
This means the National Insurance Scheme and the Central Bank could agree to accept lower interest rates on some of the government securities they hold. Savings of seventy million dollars are expected from such a move.
The Finance Minister also said cabinet has approved an across the board ten per cent cut in the approved estimates of expenditure for 2017-2018 financial year.
This is not expected to displace workers or disrupt the provision of vital social services.
Leader of the Opposition Mia Mottley will respond to these measures on Wednesday at 4 p.m.
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