Budget snippet: PSIP gets $6b for economic stimulation

TO stimulate growth in the economy, the Finance Minister has allocated $6.2 billion to the Public Sector Investment Programme (PSIP).

This figure is some $2 billion more than last year, when the PSIP was allocated $4.110 billion. In 2020 the allocation was $5.387 billion.

“To create employment, drive development and stimulate economic activity, the PSIP has been increased to $6.2 billion, $2 billion more than fiscal 2022. And while increasing investment in the development programme in 2023, we will continue to pursue our fiscal consolidation objectives, which will ultimately lead to reasonable fiscal and debt sustainability.”

The PSIP is the Government’s funded initiatives through the Consolidated Fund and the Infrastructure Development Fund, which includes programmes and projects of various ministries and state agencies to enhance socio-economic development as part of the country’s overall vision.

Imbert added that apart from that, the Government plans to spend $5.453 billion on social grants once the budget, entitled Tenacity and Stability in the Face of Global Challenges, is passed.