Another round of budget cuts on Wednesday evening ended the consideration of the National Budget estimates for 2013. After two weeks of considerations, the $208 Billion budget was reduced to $177 Billion, representing total cuts of close to 15%.
The Opposition parties whipped out their majority on Wednesday night to cut the budgetary allocations for the Low Carbon Development Strategy. The Government had earmarked $20 Billion for that project, the opposition reduced that amount to $1 Billion.
Finance Minister Dr. Ashni Singh failed in his pleadings to the Assembly to have the allocations approved as presented. He told the National Assembly that the $19 Billion cut will affect the Amalia Falls hydro power project.
The project has been on the Government’s front burner for a number of years but has been dogged by several problems in the past. The Finance Minister said a lot of work has been put into the project and the impact of the cuts will be devastating. He said the Inter American Development Bank and other agencies were lending support to the project and needed the green light on moving forward.
The Opposition parties have challenged the Government to offer more detail on the project, some of the companies involved in its setting up and they want all of the contracts surrounding the project to be transparent.
The national budget was passed with the over $30 billion in cuts late Wednesday night.
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