PHILIPSBURG-- The draft 2012 country budget without new policies has been completed by the Minister of Finance and will be handled by the Council of Ministers on Tuesday before it is sent on to the Committee for Financial Supervision CFT "as soon as possible," according to Finance Minister Hiro Shigemoto.
The draft budget without new policies had to be submitted today, Monday to CFT based on the budgetary deadline. Shigemoto told The Daily Herald that the deadline would not be met, but the CFT has been "duly informed" and that the agreement is that "as long as it reaches the CFT within short", the situation is not dire.
That draft budget will be based on the fixed expenditures and income of government for 2012.
The approval of the 2012 budget is still expected to be a less hindered process than that of the 2011 budget, which only received final approval last month. The Ministry of Finance is closely following the guidelines of CFT and the established norms.
In May, it was estimated that the expenditures of the seven ministries would be about NAf. 427,431,100 for next year, with the anticipated income tagged at some NAf. 427,167,700.
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