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Press Releases

3 Months Funding Until Budget Session

02 Apr 2002

The new Financial Year begins on 1 April 2002. Government ministries will receive one-quarter of their budgets for the previous financial year (i.e. FY2001), in order to continue operating until the full FY2002 budget is approved by Parliament in May 2002. The Budget Session has been delayed until May, as the new Parliament has just opened following the November 2001 General Election.

2. The Minister for Finance has approved this advance of funds under Article 148B(4) of the Constitution. The advance will be taken out of the FY2002 Budget once that is approved by Parliament.