Government will use the additional revenue obtained from high oil and gas prices to reduce the budget deficit this year.
Minister of Finance, Colm Imbert, told the Parliament this has been an area of serious concern for the country for several years due to the significant increase in government expenditure from 45 to 63 billion dollars.
Minister Imbert said government had to bring the amount down to about 50 billion dollars for the 2016, 2017, 2018 period.
Minister Imbert made the revelation while piloting the motion “Adopt the Report of the Standing Finance Committee”.
Minister Imbert also indicated additional money will be placed in the Heritage and Stabilisation Fund which is a legal requirement.
He said money will also be used to clear arrears owed to various state utility companies.