The FAST Administration yesterday submitted its Supplementary budget in the amount of $13.95 million tala.
Minister of Finance, Mulipola Anarosa Ale Molioo during her speech before Parliament outlined that of the supplemental budget, $6.6 million comes from additional revenues;$1.68 million is from additional grant financing to direct source new additional development projects and $7.73 million comes from reallocations of existing appropriations.
She said included in this First Supplementary 2022/2023 are key policy items aimed at assisting citizens, especially the vulnerable groups in dealing with current and anticipated inflationary pressures.
An additional $150 top-up to the Pension Benefit and its intended that this top-up will be disbursed in the last quarter ($50 per month) of the financial year for the 11,320 recipients of the Government of Samoa’s Senior Citizens’ Benefit Scheme.
There will also be a $50 top up for the months of April and May in the last quarter of the financial year for the 2,017 recipients of the Government of Samoa’s Disability Benefit Scheme.
Furthermore, the Samoa National Provident Fund will also implement a 2% special interim dividend, for payout on the 23rd of January 2023.
Valued at approximately 19 million tala, this payout will be made available 100% in cash for all members. This is in addition to the payouts already done in early July and December 2022, within this Financial Year.
Furthermore, the Government will continue its efforts in monitoring the prices of basic food items locally.
The overall effect of the First Supplementary budget will shift the projected budget deficit to 3.2% of GDP from 3.5% as announced in the Main Estimates.
This decrease in the deficit is indicative of ongoing efforts by the Government to closely monitor existing appropriations with the sole intention of prudent financial management.
The Minister said the main estimates for the current fiscal year 2022/2023 is being implemented with the objective of ensuring a quick and full recovery of Samoa’s economy. The first supplementary budget will support this recovery focus by ensuring measures
are in place to counter the increasing cost of living.
She said that all Government policies under the current year’s budget are progressing well with a strong financial position maintained.
We will have a breakdown of the budget items in later bulletins and also on our website. Parliament continues today.