Source: MINISTRY OF INFORMATION
The 2014 Budget Strategy will prioritise its policies on reducing fiscal deficits, maintain capital budget at 32 per cent of Gross Domestic Product and improve revenue compliance and economic activity to drive revenue for the 2014 financial year.
Ministry of Finance, Acting Deputy Secretary (Budget), Sinate Muelaulau presented the 2014 Budget Strategy and Prioritised Sectors of Government to donor agencies, development partners, regional organisations and key government ministries today at the Annual Donor and Development Partners Forum Holiday Inn.
For revenue polices, the budget strategy is set to assist private sector investments and support export development in resource-based sectors and value adding such as in Forestry sector.
“Cabinet has approved the 2014 Budget Strategy in early July and preparations will focus on raising economic growth within sustainable fiscal parameters, promote growth friendly policies in areas of taxation and expenditure and gradual reduction in deficits,” Ms Muelaulau said.
The forum was intended to lock-in donor and development partners’ commitment and support in channelling Official Development Assistance to the key priority programmes for the 2014 financial year.
The timeline set for the budget was consultations with ministries on the strategy on August 2, Cabinet Sub-Committee (CSB) budget consultation with ministries to take place from September 12-20, CSB meetings to finalise budget estimates from October 1-18 and budget announcement on November 8, 2013.