Still The Unsung Heros

Sans oil, Brunei runs huge budget deficit
Brunei Times. Thursday, March 3, 2011

WITHOUT the oil money, Brunei Darussalam is looking at a staggering deficit of at least $4.8 to $5.2 billion annually based on records of government expenditure and revenue in the past four years.

This is an "alarming image" of how much the country's economy continues to depend on the oil and gas revenue, said Second Minister of Finance at the Prime Minister's Office Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Hj Abdul Rahman Hj Ibrahim.

It is a matter that should be "taken into serious consideration to ensure the stability and sustainability of our source of income", he said yesterday at a meeting of the State Legislative Council (LegCo) 7th session. The minister revealed this finding as he submitted the motion proposing a budget of $5.8 billion for the 2011/2012 fiscal year.