Posted by: nativeiowan | March 29, 2011

Can you say… huge slush fund?

This in today’s Solomon Star… If you look at the proposed bulleted lines toward the bottom you will hear the rush that is taking place for cronies trying to get a piece of the pie…

Building cash reserves

WEDNESDAY, 30 MARCH 2011 04:42
Gordon Darcy Lilo

MINISTER for Finance, Gordon Darcy Lilo said the 2011 budget would put the Government in a better position to deliver its services to the citizens of this country.

Mr Lilo told media this after he delivered the $2 billion budget speech in front of the 48 members of Parliament yesterday.

Two members were not present after they passed away last year and by elections for their constituencies namely Baegu Asifola and Shortlands Islands commence today.

This year’s budget is an increase of about $165 million from the 2010 budget.

Lilo said this was the first genuinely fully funded budget, funded entirely from domestically sourced revenue and donor budget support.

“It requires no borrowing and it builds our cash reserves,” he said.

“It is a forward looking and sustainable budget in that it will deliver a surplus of $24 million to allow the Government to further build its cash reserves.

“It is a responsible budget in that it provides $53 million to cover the potential for urgent and unforeseen needs,” Mr Lilo said.

He said the theme for the budget was “cutting wastages and improving on quality spending” so that “we can deliver effectively for the services to our people and lay the foundation for Solomon Islands to grow.”

In the budget, the Government has commenced the implementation of a number of its key priorities.

In the budget:

  • $126.7 million additional funding to promote reconciliation and undertake critical social reforms.
  • $37.6 million additional funding to strengthen national security and enhance our relationship with key nations around the world.
  • $92.5 million additional funding to restore run down and poorly maintained infrastructure and develop new infrastructure.
  • $210.2 million additional funding for the development of the country’s economic base.
  • $71.5 million additional funding to reform and enhance the public sector.

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