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Fiji Time: 5:33 PM on Thursday 24 April

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Giveaway

Timoci Vula
Friday, November 23, 2012

THE government yesterday announced a $2.32billion National Budget for 2013.

And it has estimated a net deficit of $218.9million (2.8 per cent of GDP).

The increase in the net deficit from 1.9 per cent this year to 2.8 per cent next year is because of its significant investment in infrastructure geared towards driving local economic growth.

Government revenue is forecast at $2.1billion. While the government's provision for operating expenditure is $1.55b, it has budgeted $722.7m for capital expenditure.

The country's budget — themed Investing In Our Future — was announced by Prime Minister Commodore Voreqe Bainimarama at the Fiji Revenue and Customs Authority complex in Suva.

"We are proud to have increased the proportion of the money spent on capital projects. This year, capital expenditure will hit the $700m mark for the first time," he said, adding this meant more money for development projects and initiatives.