The budget for financial year 2021-2022 is almost finalised and a last finetuning is being undertaken. Government is doing its best in order to ensure the resumption of economic activities as it is of paramount importance that the country gets back on the path of positive and strong economic growth.
The Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, made this statement, today, following a meeting with technical staff of his Ministry to finalise budget 2021-2022. The Financial Secretary, Mr Dharam Dev Manraj, as well as two Deputy Financial Secretaries, Messrs Gerard Pascal Bussier and Visvanaden Soondram, were also present.
Minister Padayachy highlighted that it is a tradition that, for one whole month, Officers of the Ministry of Finance, Economic Planning and Development prepare the budget, which provides visibility for the next financial year. He recalled that since March 2020, the country has gone through difficult times due to the COVID-19 pandemic, which severely impacted the economy. Most countries around the world, he added, are suffering from this negative economic impact, which has changed the way of living of the population.
Moreover, he underscored that economic activity is generated when human beings consume and invest, but however, due to the COVID-19 pandemic, these activities cannot be carried out in a normal way. As such, he underlined several measures will be announced in budget speech 2021-2022, which concern the whole population, so as to ensure the resumption of economic activities. According to him, every proposed budgetary measure has been scrutinised so as to have an indicator of its impact on the economy and on the lives of citizens.
For his part, Mr Bussier dwelt on how preparations and planning for budget 2021-2022 started. This exercise, he pointed out, involved analysis, estimations with regards to economic indicators, as well as projections concerning expenses. In addition, budgetary consultations were carried out with all stakeholders from the public and private sectors, while propositions could also be submitted online by members of the public, he said. Mr Bussier also commended the staff of the Ministry for their dedication and hard work.
As for Mr Soondram, he outlined that there are three teams, comprising of more than 100 persons, who are involved in the preparation of the budget: the first one deals with all the figures; the second works out the budget speech; and the third team deals with all legal aspects. All three teams, he remarked, must work in close collaboration so as to ensure that the budget covers all socio-economic aspects. He also explained how all proposed measures are analysed by technicians, who then make recommendations for the budget.
