Thursday, March 19, 2020 - 11:44

The GSD says it has been working with the Government to ensure it can present an emergency budget at short notice to deal with the impact of the Covid-19 Crisis on public finances.

Roy Clinton the GSD Shadow Minster for Public Finance and Small Businesses stated:

“This is an Emergency Budget in Extraordinary and unprecedented times for Gibraltar and requires Parliament to act decisively and collectively in regard to our public finances.

"The budget bill published, extends the Governments year end by 6 months to 30 September 2020 from 31 March 2020 thus allowing Treasury to focus on the urgent issues at hand. The expenditure numbers of £830.8 million while appearing large merely reflect a pro-rata extension or flexing of the 2019/20 budget by 6 months (or 50%) with the exception of Healthcare that receives an additional £7 million.

"We will support this budget amendment bill because of the extraordinary crisis Gibraltar finds itself in, while reserving our previously stated views as to the budget process. I will be seeking more information from the Chief Minister on Friday as to the level of rainy day funds available and the extent of direct borrowing envisaged by the Government.

"I wish to thank the Chief Minister and the Hon Sir Joe Bossano for their collegiate approach in which we will get this urgent legislation passed in the shortest possible time.”

19-03-2020 PANORAMAdailyGIBRALTAR