Minister for Finance Professor Biman Prasad in his post budget press conference yesterday has made clarification regarding the increase on parliament remuneration which is only $4.2 million instead of the $8.1 million that was initially announced.

The Minister also highlights that increasing the minimum wage rate is the best strategy to address the high cost of living.

Professor Biman Prasad highlights that increase for the salaries of the ministers, it’s almost like one percent per year over eight years.

He emphasizes that increasing cost of living is beyond the control of government as increase in price is determined by the increase on import price.

“What the government can do is to provide a conducive environment to raise income, and if you look at the measures we put in this budget, it’s about raising income for our people. When we put additional money, what we call social wages, back to school, it’s about adding to the income of our people.”

Permanent Secretary for the Ministry of Finance Shiri Gounder states that debt deficit is much lower than what was predicted for the last budget.

“What is important in terms of gross borrowing that is what we are going to find is the net deficit, and also to find is the debt advantage. So, slightly around a billion dollars.”

The Minister believes this is a bold looking budget, and one that will provide a very stable, secure foundation for sustainable economic growth in the future.