BANDAR SERI BEGAWAN
Brunei may be facing another $1.5 billion deficit by the end of 2019/2020, the second Minister of Finance and Economy projected at last week’s session of the 15th Legislative Council meeting.
Yang Berhormat Dato Seri Setia Dr Hj Mohd Amin Liew Abdullah announced a proposed budget of $5.86 billion – but also added a projection that the government will only be collecting $4.36 billion revenue by the end of the fiscal term.
He projected that $3.18 billion from such revenue to come from the oil and gas sector and $1.18 billion via the non-oil and gas sector.
The second Minister of Finance and Economy also highlighted that Brunei will continue to see a trend of budget deficits by the end of 2018/2019 – after recording a $2.2 billion deficit for 2017/2018.
In light of improving Brunei’s economic situation, government expenditure for 2019/2020 will be directed to:
• Improving investment activities
• Facilitating businesses
• Generate competent and employable human resources
• Preserving public welfare
The Minister also reminded that the budget for the new fiscal term should be utilised in a “more forward-looking manner” and “conducive to growth” to face future and current challenges.