A total sum of $4,985,785,600 has been authorised and allocated, out of the government's Consolidated Fund, for the service of the financial year of 2010/2011, revealed the Second Minister of Finance during the morning session of the third day of deliberations for the sixth Legislative Council Meeting yesterday.
Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Awg Hj Abd Rahman bin Hj Ibrahim highlighted that a new act known as the Supply Act has been enacted by His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam that would commence on April 1, 2010. There are two funds that the government draws allocations from - the Consolidated Fund, which covers operating costs, and the Development Fund, which funds the National Development Plans. According to the second finance minister, the government's fiscal budget for the year 2010/2011 will have a deficit of some $1.02 billion, which was due to the unstable world prices of oil, the increasing level of maturity of the country's oil wells that have affected the production and the increase of higher operating and maintenance costs.
The country's economic growth is predicted to increase by more than two per cent assuming that petroleum demand and oil prices will increase, projects under the development plan undergo rapid implementation and the Brunei Methanol Company begins operations.
YB Pehin Dato Hj Abd Rahman listed out the recipients of the $4.9 billion funds.
Defence and public security topped the list by receiving 18.55 per cent, or $1,049,054,830, which included provisions to overcome infections and natural disasters. Out of this figure, $5 million each would be further allocated to the Ministry of Home Affairs, Ministry of Health and the Ministry of Finance respectively to cover operating costs in overcoming natural disasters and infections.
The area of social harmony and poverty eradication will receive 5.79 per cent or $327,313,000. Out of this figure, $3 million would be allocated to the Ministry of Culture, Youth and Sports to continue their poverty research works; $9 million as allocation of aid donation; and $23.4 million for the Supplementary Contributory Pension Scheme.
In addition, $656.3 million has been allocated for the development of public facilities, such as electricity supply, housing, roads, recreational and sports areas.
As a way to improve the capacity building of the country's human resource, $1,108.1 million has also been allocated for the planning and implementation of human resource development, which includes education and religious issues.
A further $1,050 million has also been earmarked to improve the economic activities of the Sultanate. Of this figure, $245.1 million will be channelled to the industry and commercial sector; $105.7 million to the transport and communications sector and $42.9 million to the ICT sector.
A sum of $356,320,520 has been allocated to departments under the Prime Minister's Office.
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