Rolling P24bn budget deficits until 2020
Friday, September 16, 2016
Jeffers.PIC: KEOAGILE BONANG
Largely due to a P4 billion rise in development expenditure, government’s spending is expected to outweigh revenues in the 2017-2018 financial year by P6.8 billion or -4.1% of the GDP.
Deficits of similar magnitudes are seen until 2019 before the budget shortfall declines to -2.2% in 2020.
It is a clear signal that the government’s purse is empty and that our own behaviour has left veterinary officials fighting with one hand tied behind their backs. We have been here before. During COVID-19, many of us thought we knew better. We ignored simple rules, we carried on as if the danger was someone else’s problem, and the virus took lives and left our economy on its knees. We are still broke from that experience. Yet now, with FMD...