Roseau, Dominica: During the ongoing Budget session of Fiscal Year 2024/2025, Dr Irving McIntyre, Finance Minister, announced that the inflation rate of Dominica continues to stay below the global levels. This has been possible due to the government’s focus on promoting local production and consumption.
Sharing the recent findings of the International Monetary Fund reports McIntyre revealed “According to the IMF, inflation in Dominica was lower than the global levels, averaging 3.5% in 2023, and it is expected to continue falling to an average of 2.8% in 2024.”
McIntyre shared that Dominica’s economy has been experiencing growth for three consecutive years. “In 2023, we recorded 4.7 percent growth for Dominica’s economy, 6.9 percent in 2021, 5.6 percent in 2022, which is three consecutive years,” Minister of Finance stated during the address.
This outcome has been the possible due to the Government’s ambitious public sector programmes, retail trade, and increased agricultural production.
Further allocating the budget to various sectors, he shared the budget of 296.3M, which is 43.6% of the total recurrent expenditure, is set for the finance ministry.
As of now, the budget allocated to the Office of the President is 1.2 million, the Ministry of National Security and Legal Affairs is 60.6 million, and for the Health Ministry it is 81.9 million, and 20.6 million to the Tourism Ministry. Additionally, for the electoral office the budget is 1.9 million and for the Office of Prime Minister 10.4 million has been distributed.
The 2024-2025 Budget session began with the inaugural address by President Sylvanie Burton, who shared about the focus of Dominica on gender equality. She also talked about the impact of climate change and how SIDS are affected by Hurricanes and other natural calamities.
These disasters have been a barrier and an extra burden on the economy of the nation. Regardless of the challenges the government has been constantly working to enhance the infrastructure and economy of the country.
