BANDAR SERI BEGAWAN, March 8 (Xinhua) -- Brunei is projected to witness 1.54 billion Brunei dollars (1.17 billion U.S. dollars) of financial deficit in the 2018-2019 fiscal year, according to statistics revealed by Deputy Finance Minister Mohd Amin Liew on Thursday.
A national budget of 5.3 billion Brunei dollars for the new fiscal year was proposed by Mohd Amin Liew, on the third day of the 14th Legislative Council session, Radio Television Brunei, the country's national broadcaster reported on Thursday.
Compared to previous fiscal year, the new budget has seen no increase in government spending, which is a record low as volatile energy prices weigh on Brunei's oil-and-gas dependent economy.
This year's proposed spending is lower than the 5.6 billion Brunei dollars budget for the 2016-2017 financial year, which was lower than the 2015-2016 spending of 6.3 billion Brunei dollars.
Meanwhile, the expected government income for the financial year 2018-2019 is projected to be 3.76 billion Brunei dollars,of which, revenue from oil and gas sector is estimated at some 2.84 billion Brunei dollars.
The minister said that today's uncertain world oil market has directly impacted the revenue of the country and the government.
"Despite the economic challenges we faced over the past years, welfare and prosperity of the people continue to be prioritized and taken care of in government planning. The government is striving to expand the source revenues", he stressed.