 Be resolved that the Honourable House of Assembly do adopt the report of the Standard Finance Committee on the Estimates of Expenditure for the financial year 2023-2024 in the sum of $1 billion, $856 million, $719,000, and do agree that the said sums do form a charge against a concentrated fund and other funds at the State of St. Lucia. Mr. Speaker, in preparing the Estimates of Revenue and Expenditure for the fiscal year 2023-2024, I have had to reflect on the performance of my government over the last fiscal year 2022-2023, details of which will be provided later in my presentation. Despite all the challenges created by the European War, supply chain issues, and rising global inflation, the practice of good governance and transparency in the prudent management of the solution economy has already been paying dividends, with significant improvements in the major economic metrics. Mr. Speaker, in great contrast to the last administration, my government has been responsible caring in the use of the people's money. We have placed the well-being of the solution people over the interest of a chosen few. We have respected the essential role of civil servants in the management of the government's operations. The days of bullying and intimidating civil servants by misguided and arrogant ministers of government are over. The people's money is no longer used to finance hair-brain schemes or private fantasies. On the evening of July 26, 2021, when the real power had spoken, the electoral voice of the people was heard. The good governance in the management of our country's affairs has not escaped the notice of local and overseas investors. Foreign investors' interests have grown and are continuing to grow while lending institutions remain very willing to work with us. Mr. Speaker, I come now to the vexing issue of crime. It is of deep regret that the surge of violent crime, particularly in the south of the island, has taken away for a brief period from the gains made in the implementation of our new social program initiatives. My government, recognizing the threat this surge in crime was likely to have had on the whole country, act swiftly and decisively in bringing a situation under control. I want to first extend my heartfelt condolences to those families who are victims of the unnecessary and senseless homicides. I would like to thank our local police for their fearlessness and determination to bring an end to the surge in criminal activities. Many thanks also goes to the regional security system for heeding the call for assistance in the fight against crime. That was beginning to seriously disrupt everyday life for the people of UFOT. Thank you to the Prime Minister of Barbados, Dominica, Grenada and St. Vincent for volunteering members of the police force to St. Lucia. I want to reassure all solutions that their safety remains my government's number one priority. The economic and social life over our country depends on a safe environment. So we will do what is needed to do to make St. Lucia a safe place. No individual or group of individuals will start our efforts to make St. Lucia safe. It is for this reason we swiftly enacted the suppression of escalated crime, police powers acts in the face of an opposition that shamelessly sought to make political mileage from the fall out of the homicides that were taking place in UFOT. This is a clear indication of the desperation that exists to regain the reins of power in even the country, even if the country would become unmanageable because of crime. These are the politicians who want the people to believe that they care, but encourage their supporters on social media to recommend ways to negate or counteract any positive gains from the Prime Minister's visit to UFOT. Mr. Speaker, this new act will ensure that our police have additional means and ability to tackle crime effectively in this country. I expect them to use these new powers as they were intended to be used fairly and responsibly as the budget process unfolds will be articulating our plans for improving the national security of this country. Mr. Speaker, today we are here for the first part of the budget exercise, which is a presentation of the estimates of revenue and expenditure for the financial year 2023-2024. The bill which authorizes the expenditure, together with the policy announcements of the government, will be presented to the parliament in April 2023. Mr. Speaker, I am pleased to report that my government remains on track to implement many of its campaign promises contained in its 2021 election manifesto. As promised earlier, I will report on the government's performance for the budget year 2022-2023 and then speak to the projections for the fiscal year 2023-2024. Mr. Speaker, my colleague ministers will outline in their presentations the details of the allocations in their respective ministries. For clarity, Mr. Speaker, let me remind members of the Honourable House that the budget summary shows the following. The year 2021-2022 means April 2021 to March 2022. 2022-2023 means April 2022 to March 2023. 2023-2024 means April 2023 to March 2024. This means, Mr. Speaker, that this is the first full reporting year for this government's presentation of estimates. Permit me, Mr. Speaker, to inform members of the terms used in this year's estimates to avoid any deliberate confusion. Actual represents the revenue and expenditure for the year April 2021 to March 2022. Approve estimates means the projections made for this year April 2022 to March 2023 that were approved by parliaments. Projected outrun means the likely expenditure for the year April 2022 to March 2023. These figures are up to the middle of March 2023 and may be revised. Budget estimates means the projections for the year April 2023 to March 2024. Mr. Speaker, the government's performance improved in the fiscal year 2022-2023 despite the many challenges facing our country, the region and the world. Some of these challenges, as mentioned earlier, include inflation and global supply chain problems, resulting in similar supply shortages and increasing costs of doing business. This remains true for the private sector, as it is for the government. In addition, there were a few financing challenges that government experienced due to delays in funding approval for some projects and disbursements from funding agencies. This, Mr. Speaker, led to a general decline in government expenditure, in particular in capital projects. Nevertheless, Mr. Speaker, government operations remained robust, while still managing to meet financial obligations through the effective and efficient managing of its cash resources. Mr. Speaker, my government continues to employ effective cash management strategies and is responsibly working towards the reduction of the stock of payables. Mr. Speaker, upon coming into office in July 2021, my government inherited payables that is money due to local suppliers of goods and services to the government in excess of $200 million. Today, this figure is a little over $100 million, a signal of our commitment to be responsible and trustworthy. Despite these many challenges, Mr. Speaker, government continues to make strides in meeting the needs of the population by putting the people first. Mr. Speaker, we remain committed to delivering our promises to the people of St. Lucia. Mr. Speaker, for the 2022-2023 fiscal year, I am pleased to report that the government was able to stay within its budget ceiling and the economy performed much better than anticipated. Mr. Speaker, preliminary data up to February 2023 indicates that the government will be spending approximately $1.571 billion for the fiscal year 2022-2023, which is higher than the actual in 2021-2022 by 15 percent, or an increase of $174.8 million, but less than the approved estimates of $1.842 billion. Mr. Speaker, government's fiscal operations are expected to improve, and a narrowing of the fiscal deficit is anticipated from a target of $394.6 million, or 5.2 percent of GDP in the approved estimates to an estimated $150.2 million, or 2 percent of GDP by year-end 2023. In addition, a primary surplus of $29.6 million is anticipated in contrast to a primary deficit of $220.1 million. The projected outturn for this year anticipates total disbursements towards expenditure in the following manner. Revenue and grants, $1.3 billion, loans, $232.7 million, short term borrowing, $124.8 million, refunds to taxpayers, $9.8 million, total $157.1 billion. Mr. Speaker, due to the performance of the economy, the primary surplus is expected in the amount of $29.6 million in contrast to a primary deficit of $220 million initially projected in the approved estimates. In the year 2021 to 2022, the primary deficit was $156 million. Mr. Speaker, the attainment of a primary surplus is one of the more important signs of a country's fiscal health, as it indicates where the country is contributing to the reduction of its debts. Mr. Speaker, a deficit in the primary balance indicates that the country is not generating sufficient revenue to pay the interest on its debt, far less the principal. Such a situation implies that all interest and principal payments will have to be satisfied by borrowings. In other words, as the saying goes, we'll be borrowing from Peter to pay Paul. Unfortunately, this is a situation that the country found itself from 2019 to 2022. Mr. Speaker, whereas the international financial community may be prepared to ignore such a situation for a few years, it will not do so indefinitely. Therefore, as a fiscally prudent government, it is important to us that the revenue we generate is sufficient to cover our current expenditure. Additionally, and more importantly, that we create some fiscal space to give us the latitude to address unforeseen events, whether they be external or internal, when they arise. Mr. Speaker, I would also like to indicate that, given our fiscal management, we project an overall deficit of $150.1 million compared to the $394.6 million in the approved estimates and $324.4 million for the year 2022. Mr. Speaker, let us examine some of the main expenditure items for the year. For the year 2022 to 2023, weighted on salaries were $5.66 million and are projected to be $568 million for the year 2023 to 2024. This is an increase of $46 million over the last year 2022 and $24 million of 41% less than was projected for the year ended 2023. This variance was due to the failure of certain projects to commence in the financial year. I am pleased to announce, Mr. Speaker, that the government has honored all its will, its wage obligations to civil servants as for the last collective agreement. All pay increases and back pay were honored to civil servants and public servants in this country. The government's unflinching commitment to the workers of St. Lucia remains strong. Mr. Speaker, St. Lucia continues to honor its debts. Total spending on debt servicing will register an increase of approximately $2 million to reach a total of $287.1 million by the end of this financial year in comparison to $285.1 million in approved estimates and $288 million in 2022. A total of $179.7 million is estimated as the outrun for interest payments and $107.4 million is anticipated for principal repayments. Total loan repayments is $287.1 million. During the past few months, there has been a significant increase in international interest rates due to the actions taken by the United States Reserve Bank and other central banks in the attempt to quell inflation, which ranged from 1% in January 2022 to over 5% by December 2022. Mr. Speaker is expected that interest rates will continue to rise. Our interest expense, Mr. Speaker, for the last three years as follows. 2021 to 2022, interest expense $167.7 million. 2022 to 2023, interest expense $179.7 million. 2023 to 2024 projected interest expense $218.9 million. Mr. Speaker, members may be interested in how the collapse of the Silicon Valley Bank and other international bank failures may affect our situation in St. Lucia and the Eastern Caribbean Currency Authority. Mr. Speaker, the central bank advises that the Eastern Caribbean Central Bank foreign currency reserves are invested in the highest quality instruments and there was no direct exposure to Silicon Valley Bank. But diligent monitoring is warranted as the situation is both fluid and dynamic. Mr. Speaker, permit me to now move to the government revenue performance for the fiscal year 2022 to 2023. Indicates that the revenue generated by the economy continues to improve and will surpass pre-Covid levels. Mr. Speaker, total recurrent revenue is projected to increase by approximately 5% to $1.21 billion compared to $1.15 billion approved for the fiscal year. This performance is also expected to surpass the amount received in 2021 to 2022 by 14.8%. This outcome is driven by the recovery in economic activity causing improved performance in various revenue lines. Mr. Speaker, notwithstanding this performance, excise tax on petroleum did not perform as anticipated. This is due to the extent of the subsidies provided to cushion the high cost of fuel and cooking gas experience earlier during the year. Mr. Speaker, the government had budgeted to generate $56.9 million under that revenue head. However, given the increase in energy prices earlier in the year and the government's shielding the consumer from absorbing the increase, it is expected that $25.41 million in revenue will be collected in 2023. Additionally, Mr. Speaker, while the government's budgeted a subsidy of $6 million for the 2020 two-point cylinders of cooking gas, it is now projected that the subsidy for the year will be approximately $14 million. Mr. Speaker, it therefore shows that the government would have forfeited approximately $40 million in revenue from petroleum products. Mr. Speaker, despite the improved performance in recurrent revenue against the approved estimates and actual revenue last year, total revenue and grants are projected to fall short of the forecasted amount by an estimated $22.2 million. This is due to delayed grant receipts for projects, as have articulated previously. I now move to this year's budget proposals. Mr. Speaker, the government continues to deliver on its promises and plans articulated in its 2021 manifesto. These budget estimates will seek to continue correcting the economic mess created by the previous administration, and believe me, Mr. Speaker, there are many. And we start the social and economic fundamentals necessary for growing the economy to enable wealth creation and prosperity for all. Mr. Speaker, I would like to assure the people of St. Lucia that my government will do all within its power to ensure that the security of the country is not compromised and that law and order prevail. We will ensure that St. Jude Hospital is reopened and the delivery of health services across the country is accessible, affordable and equitable. The vulnerable among us need our care and attention. Mr. Speaker, the COVID-19 pandemic and its effects on the economic and social landscape of our country has left many persons poorer and, in some cases, destitute. We will increase the allocation towards poverty reduction. My government intends to provide relief to those persons for the continuation of our many social programs and by collaborating with social partners committed to providing relief to these persons. Mr. Speaker, in support of our plans for economic expansion, we will create the enabling environment for businesses to expand and to be profitable. In the upcoming financial year, my government will be rolling out a number of programs and initiatives to support SMEs, small and medium-sized enterprises, empower the youth for the youth economy agency, ensure the benefits of tourism are island-wide for the community tourism project, provide full security for the blue economy and diversification of the agricultural sector. In this regard, to support this agenda, I wish to propose the following for the 2023-2024 budget. Mr. Speaker, these projects are realistic based on the environment under which we will be called to operate. We propose to spend 1.856 billion. Out of this amount, 1.442 billion is proposed to be spent on recurrent expenditure, 302.14 million on capital expenditure, 218.93 million on interest payments, and 112.25 million on principal payments or amortization. Revenue is expected to be 1.558 billion, comprising of tax revenue, 1.26 billion, non-tax revenue, 153 million, capital revenue, 7.6 million, grants 147.04 million, and reforms 10 million. Our statisticians are predicting a further increase in our GDP for the calendar year as our gross domestic product is projected at approximately 6 billion, as compared to 5.5 billion in the current financial year. In 2021-2022, the GDP was 4.91 billion. In this upcoming budget year, we intend to continue to reduce our liabilities, our payables, and obligations to third parties. Mr. Speaker, I cannot overemphasize my government's commitment to fiscal prudence, as we intend to continue to maintain the important prudent macroeconomic indicators. Therefore, in the upcoming budget, we are projecting a primary surplus of approximately 0.7% of GDP of 42.54 million as compared to the 29.5 million, an increase of 44% over this year. Total expenditure, excluding refunds and principal repayments, is estimated at 1.734 billion, while the total revenue and grants projected at 1.558 billion. When taken together, this results in the projected overall deficit of 176.4 million, equivalent to 2.9% of GDP as compared to 2.7% this year and 6.6% in 2022. Mr. Speaker, for the coming fiscal year, we are proposing an increase of 92.7 million in total recurring spending, equivalent to 6.8% increase when compared to the amount approved in 2022-2023, and 50% less than the actual for 2023 and 20% more than 2022. At 1.44 billion, recurrent expenditure represents 77.7% of the total 2023-2024 budget compared to 73.2% of the approved budget for 2022-2023 and 79% of 2023 and 75% of 2022. This change stems mostly from increases in goods and services and transfer payments. Wages and salaries. Mr. Speaker, the component wages and salaries represent the largest recurrent expenditure and is approximately 31% of the upcoming budget. For the 2023-2024 budget, a total of 568.6 million has been allocated for wages and salaries, of which a sum of 429 million has been programmed to cover personal emoluments to central government employees, and 39.6 million has been allocated to cover compensation and other benefits to project staff. A further sum of 116.3 million has been allocated to retiring benefits. Mr. Speaker, debt service obligations are central to every budget, as we continue to implement policies geared towards prudent debt management and reduction. Debt service payments allocations amount to 331.2 million for the fiscal year 2023-2024, an increase of 15.3% relative to the approved estimates for 2022-2023, as principal debt payments become due combined with increases in variable interest rates. A total of 145.5 million has been set aside to service domestic debt, while 161.3 million has been provided for foreign debt services. Of the amount 2.2 million is allocated for debt servicing, the interest payment amounts to 218.9 million, and a sum of 102.3 million is provided for principal repayments. Principal repayments are forecasted to increase relative to the projected autumn for 2022-2023. Of the allocation for principal repayments, 66 million is for externally contracted debt, while the remainder for the 6.3 million is programmed to cover amortization of domestic debt. Mr. Speaker, transfer payments will increase by 12.6% over the approved 2022-2023 budget to amount to 239.1 million. This allocation also represents an increase of 17% over the outrun for 2022-2023. The increased allocation will also provide a subvention to the Salvation Tourism Authority of 8 million to support the reopening of the Jazz and Arts Festival. The Jazz and Arts Festival is being reintroduced, and we have committed to supporting this festival, giving its tremendous benefits to our people and the economy of Saint Lucia. Mr. Speaker, many civil organizations and NGOs have been recommended, and in some cases, implementing several interventions aimed at creating social stability and citizen security. I am proposing that while the government insists that these interventions must be non-partisan, I am recommending a sum of $100,000 to assist these NGO groups with transportation and out-of-pocket expenses. Mr. Speaker, this estimates also increased government allocation to several non-government organizations involving charitable and persons with disabilities organizations, including for the first time Cerebral Policy Association and Farmers with Disabilities Organization. Mr. Speaker, the subvention to the National Trust continues in this financial year. Mr. Speaker, several social interventions and access to the distressed fund have been allocated a total of $78.1 million, an increase of $16.1 million. Mr. Speaker, I now turn my attention to the expense item of goods and services. My government proposes an increase of 40.6 percent, a $117.04 million relative to the projected out-tune for 2022-2023. The main drive of this increase is a reallocation of personally monuments from the respiratory hospital to the consultancy votes to be transferred to the Owen King UU Hospital to facilitate payments of salaries to staff that will transition there in the upcoming fiscal year. This represents $21.7 million. Other contributors to this increase include project support for capital projects, commencing the upcoming budget year, and terminal disbursements as large projects such as the disaster variability reduction project, DVRP, and the OECS regional tourism project ORTCP comes to an end. Mr. Speaker, allow me to briefly deal with the capital expenditure proposals for 2023-2024. I trust ministers will deal in more detail with projects under their portfolios. As discussed earlier, many of our projects were delayed in 2022 due to the late disbursements of funds. We expect the commencement of these projects in the upcoming fiscal year as a result. A total amount of $460.8 million including both recurrent and capital expenditure has been allocated towards the implementation of capital projects for the next fiscal year. As it relates to capital expenditure for the new fiscal year, my governor has allocated $202.1 million to its capital programs. This amount is made above $116.1 million locally funded capital expenditure and $186.1 million in externally funded capital expenditure. The proposed capital budget represents a 21% decline over last year's revised estimates. It is important to note that capital expenditure constitutes 65.6% of the total project budget of $460.8 million. Of the total allocation of $460.8 million for development projects, an amount of $130.3 million or 28.3% of the total is proposed for the Department of Infrastructure, Ports and Transport. This amount will cater for payment of new and outstanding direct finance contracts, advancement of the works on the Millennium Highway, West Coast Road, the Rural Improvement Project and the Renewable Energy Sector Development Project. The Department of Economic Development and Youth Economy has been allocated the second largest share of the developmental budget of $94 million, accounting for 20.4% of the resource envelope for the fiscal year. The land share of the development program for the department goes to primarily four major projects, namely the disaster variability reduction project, $9.8 million, the constituency development project, $21.7 million, the St. Jude Hospital Reconstruction Project, $2.7 million and for implementation of the economic recovery and youth empowerment project, $5.3 million. Mr. Speaker, my government is proposing to allocate $27.3 million or 6% of the developmental budget to the Department of Health to support the Health Strengthening Project, the OECS Regional Health Project, emergency response COVID-19 project and others, including the rehabilitation of the Mental Wellness Center, the relocation of the Cassius Health Center, the recombination of the Larry Shoe Health Center, preliminary works on the Sufra Hospital, repairs and equipment for wellness centers, increased allocation to St. Jude and OKEU hospitals and financing initiatives leading to universal health care. It is proposed that in the year 2023-2024, we would have allocated $221.2 million towards health-related expenses. Mr. Speaker, our citizen security is of ultimate importance and have allocated $177.1 million towards the national security budgets. Mr. Speaker, we continue to work with international partners such as the European Investment Bank, the World Bank, the Caribbean Development Bank and International Development Bank to support initiatives to strengthen the country's resilience since the COVID-19 pandemic as a number of our projects continue to be dedicated to these efforts. Mr. Speaker, the Department of Agriculture has been allocated a sum of $21.6 million of 4% of the developmental budget to facilitate the implementation of new and ongoing projects such as repairs to the ShoeZell fishing port, expansion of food crop production, co-co-sector enhancement, enhancing energy efficiency for agro-processing with solar power, and also to undertake various initiatives aimed at protecting food security. Mr. Speaker, a sum of $22.1 million of 4.8% of the environment budget has also been proposed on behalf of the Department of Education for the upcoming year. Of that total amount allocated to the Department, 41% will cover the cost of activities under the Equip Project, and a sum of $3.2 million has been allocated for the rehabilitation of schools. Mr. Speaker, in the policy statement to be delivered at the end of April, I will outline further details on initiatives on the capital program, some of which will be financed by alternative means. Mr. Speaker, I now turn to revenue projections for 2023 to 2024. Mr. Speaker, these estimates have been prepared with the utmost care and reality, taking into consideration the resources that are required to finance this budget. An effort was taken to include projects where financing is either finalized or approved by funding agencies. I want to repeat, Mr. Speaker, an effort was taken to include projects where financing is either finalized or approved by funding agencies. The draft estimates are projecting total revenue and grants in the sum of $1.558 billion to fund the expenditure programs for the new fiscal year. Total revenue and grants are forecast to increase by $254.2 million, or 19.5 percent above the preliminary outrun for the fiscal year 2022 to 2023. The forecast comprises $1.41 billion in current revenue, $7.6 million in capital revenue, and $147 million in grants. Grants receipts are expected to contribute an additional $46 million compared to the 2020-2023 outrun of $22 million. This increase is due to the Millennium Highway West Coast Road, which is expected to progress this year and the receipt of grant funding from the government of Taiwan. The total projected recurrent revenue for 2023-2024 comprises tax revenue of $1.26 billion, or 89 percent, and $153 million in non-tax revenue. Tax revenue is forecasted to increase by 70.3 percent as compared to 2020-2023, while non-tax revenue is expected to increase by 14.1 percent compared to 2021-2022. Mr. Speaker, the recovery in economic activity improved tax compliance and returns from the ongoing tax amnesty among the reasons for the improved performance. Higher anticipated CIP inflows of $91 million account for the increase of non-tax revenue. Allow me to speak on the recurred revenue in these budgets. The 2023-2024 estimates show current revenue of $1.41 billion, which is an increase of $204.3 million, or 17 percent over the last year, 2020-2023, and $263 million over the approved estimates of 2023. Mr. Speaker, based on the project expansion, based on the projected expansion in economic activity, this target is achievable. Mr. Speaker, allow me to detail the main items in tax revenue as compared to the projected 2022-2023. The approved estimates for 2022-2023 and the actual for 2021-2022. Let's start, Mr. Speaker, with taxes on income or profits. In 2023-2024, $280.3 million was projected. In 2022-2023, $259.2 million was actual. The increase over the actual 21.1 million, or 8 percent. 2021-2022, $243.1 million actual. Increase over 2020-2023, 16.1 million, or 6 percent. A approved estimates 2022-2023, 256.1 million, increase over 2022-2023, 24.2 million, or 9 percent. Mr. Speaker, based on that performance of the economy and the tourism industry in particular, the revenue figures are realistic and achievable. Taxes on international trade, 2023-2024, $277.3 million was projected. 2022-2023, $220.1 million was actual. The increase over actual 57.2 million, or 26 percent. 2021-2022, $211.9 million, increase over 2022-2023, 24.5 million, or 11 percent. A approved estimates 2022-2023, 236.4 million, increase over 2023-2024, 40.9 million, or 17 percent. Mr. Speaker, I now turn to taxes on income or profits. Taxes on income and profits are projected to amount to $280.3 million above the revised estimates for 2022-2023. This outrun expects increases in all components of this category of revenue, namely income tax and corporations, income tax and individuals withholding tax and arrails. The projections for the main items under this category is as follows. Income tax and corporations. The revenue from income tax and corporations is expected to generate 86.5 million for the financial year 2023-2024, representing an 18.4 percent increase above the budgeted amount in 2022-2023, and a 17.1 percent increase above the budgeted amount in 2023, and 17.1 percent increase above the outrun for 2022-2023. This performance is indicative of the recovery that is going on in the private sector. Revenue from income tax. Individuals, individual income tax is estimated at 116.8 million. This represents a 1.7 percent increase over 2022-2023. Mr. Speaker, we have to consider that we have given individuals who earn less than $24,000 per year do not pay any income tax. Income tax arrails. Income tax arrails is projected at 36.4 million, an increase of 14.7 million, or 45.2 percent from the outrun of 2022-2023. The projected increase expected to be given by increased economic activity and the collection of arrails due to ongoing amnesty. Mr. Speaker, tax and international trade custom duties are projected an increase by 26 percent, to which 27.3 million in 2022-2024, from the revised estimates of 220 million of 2022-2023. Of the total amount to be collected from tax and international trade transactions, 100.6.3 million is expected to come from import duty, 112.7 million from excise tax, 1.36 million from throughput charges, and 6.8 million from passenger facilitation fees. Tax is on domestic goods and services. Tax on domestic goods and services are expected to generate 6.87.5 million, with the 17 percent above the revised figure for 2022-2023. This category includes value added tax on domestic activity collected by inner review and excise tax and use of goods and permissions. Resid from that collected by inner revenue account for 43 percent of revenue from this category and are projected at 226 percent. That from international trade transactions collected by customs and excise departments is projected to yield 246 million in 2022-2024, which is 22.7 percent above the utterance of 201.1 million for 2022-2023. This increasing trend in revenue is expected as the economy normalizes and growth in key sectors such as construction, tourism, wholesale and retail trade is anticipated. Mr. Speaker, airport tax is projected to record an increase of 5.8 percent above the 2020-2023 utterance to reach 27.1 million for the new fiscal year. This category impacts stayover arrivals for the period 2023-2024 and is anticipated as the tourism industry rebounds. Service charge on imports projected to increase by 14.6 million, which is 16 percent above the utterance of 2020-2023, to reach 105.9 million for the new fiscal year. This projection is influenced by higher revenue intake anticipated from an increase in economic activity during the current fiscal year. Mr. Speaker, revenue collection from taxis on domestic goods and services accounts for 48.6 percent of total recurrent revenue, non-tax revenue. The 2023-2024 projection for non-tax revenues amounts to 153 million or 13.3 percent increase over 2020-2023 utterance. The main contributor to the increasing inflows during the current fiscal year is expected to be the contribution by national economic fund and the sale of goods and services. The following are the major components of non-tax revenues and the expected performance in 2023-2024. Mr. Speaker, the CIP program is expected to deposit an anticipated 91.6 million to the national economic fund as is required by law. Overall revenue from voluntary transfers is estimated to increase by 24.7 million or for the 7.1 percent over the utterance for the 2022-2023 fiscal year. In transit fees, Mr. Speaker, we see some in transit fees about jagged to decrease by 17.3 percent to 1.2 million when compared to the utterance for 2020-2023. This decline is reflective of the advanced efforts by my government to improve the cruise ship boafing facilities in Castle and Suffolk. Mr. Speaker, more details will be provided in my policy statement on this initiative which is expected to have long-term development for our port facilities. Revenue collection from sale of goods and services are projected to record a sum of 49.4 million reflecting a decrease of 9.7 million or 16.4 percent below the revised estimates for the previous financial year. The major revenue lines contributing to the decrease are revenue from drugs and vaccines due to the low incidence of COVID infections, declining motor vehicle licenses, increases in this line are observed every year. The last one being 2022-2023, declining passport fees, declining contribution to the medical board, laboratory fees of 81.3 million including motor vehicle driver's licenses and the sale of drugs and vaccines. Grant revenue, grant revenue, grant revenue receipts are estimated at 147 million, reflecting a $46 million increase over the projected outrun for 2022-2020 fiscal year. This amount represents 48 percent of the total capital expenditure program for the new fiscal year to be funded by the continuation of projects. Some of the major contributors to the grant inflows are the Japanese National Commission Agency, JICA, the Taiwanese government, the UK government, the Infrastructure Partnership Fund, UK CIF, the European Development Fund, EDF, the Caribbean Environment Bank, and the United Nations Environmental Program units. Mr. Speaker, we believe that these figures are attainable. Another notable increase in transit, as I said before, is the projected increase in CIP revenue. I'm sure at the right time the minister responsible will give details. Mr. Speaker, the 2022 budget is realistic and aims at building on the proven gains of the economy this year. The budget projects an overall deficit of $176.4 million, or 2.9 percent of GDP, as compared to the outrun of 2.7 percent for the year 2022-2023. Mr. Speaker, when compared to the previous years, and considering the primary surplus for this year and last year, the deficit is reasonable. The speaker, the actual deficit for 2022 was 6.6 percent, and 7.2 percent was projected for that year. Mr. Speaker, despite the performance, we aim at a balanced budget at the earliest. This is our aim. Out of an abundance of caution, this is the plan which we hope to achieve, and I hope I'm not misquoted. Mr. Speaker, consistent government policy, our borrowing to finance the deficit will be to secure external borrowing on concessory terms instead of short term instruments. I have spoken on an interest-based issue, Mr. Speaker, earlier in my presentation. Mr. Speaker, you will note that I said earlier, our capital projects will be led since our borrowing commitments will not all be honored. I propose to finance the shortfall as follows. Loans in the Caribbean Environment Bank, 36.2 million. Caribbean Environment Bank policy-based loan, 594,000. The European Investment Bank, 3 million. The Caricom Development Fund, 3.4 million. The Canadian Clean Energy and Forest Climate Facility Fund, 2.9 million. The National Development Agency, IDA, 74.5 million. The Republic of China on Taiwan, 134.9 million. IDA, Strategic Climate Fund, 903,000. Loans totaling, 256,595,000. Bonds, T-bills, and Treasury Bills, 32 million, 42 million. Net financing, 288,656,156. Mr. Speaker, the total budget will be financed as follows. Revenue grants, 1.558 billion. Loans, 256 billion. Short term borrowing, 32 billion. 1.846 billion. Refunds, 10 billion. Total financing, 1.856 billion. Mr. Speaker, I like to express my gratitude to all the ministries, departments, and agencies that have contributed to the successful completion of the budget process. Special thanks to the management staff of the Ministry of Finance, Economic Development and Youth Economy, the obviously the Prime Minister, and the Office of the Budget. Mr. Speaker, I must mention that the staff of the National Printing Corporation, despite their difficult working conditions, they ensured that estimates were printed in a timely manner. Mr. Speaker, these estimates delivered in these extraordinary times embraced fiscal responsibility and fiscal prudence. However, our commitment to putting people first remains the overarching philosophy of my government. These estimates have allowed workers their fair share and reinforced our pledge to create a safe, peaceful, and equitable society where every citizen can work to attain their full potential and create wealth and prosperity. The estimates will provide an opportunity for micro, small, and medium-sized enterprises, youth, women, persons with disabilities, and the elderly. These estimates, Mr. Speaker, will keep our economy on a sustainable growth path while addressing our concerns about citizen security, social inclusion, and affordable healthcare. Mr. Speaker, it is even this context that I present the 2023-2024 estimates of exponential revenue to the Honourable House for its consideration and approval. I thank you, Mr. Speaker.