Gov't sees diamond recovery lowering 2021 deficit

Digging up riches: Govt is pinning its hopes of recovery on diamonds PIC: MORERI SEJAKGOMO
Digging up riches: Govt is pinning its hopes of recovery on diamonds PIC: MORERI SEJAKGOMO

The Finance and Economic Development ministry expects the budget deficit for 2021 to drop to P12.6 billion, led by a recovery of the country’s key economic sector, diamond mining.

Ministry of Finance and Development Planning documents seen by BusinessWeek show that the government is also banking on higher taxes and increased cost recovery from public services to limit the projected deficit, which would equate to 5.9 percent of gross domestic product (GDP).

The P12.6 billion forecast deficit compares to a projected shortfall of P15.2 billion for the current fiscal year which ends on March 31, 2021. The current year’s deficit, if actualised, would equal about eight percent of the GDP.

Editor's Comment
Congratulations Anicia Gaothuse!

The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

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