Issue link: https://maltatoday.uberflip.com/i/1510683
5 maltatoday | TUESDAY • 31 OCTOBER 2023 BUDGET2024 How will the money be spent? COMPILED BY KURT SANSONE Social policy €2,183,390,000 Health €1,016,272,000 Education €847,619,000 Capital expenditure €1,119,515,000 Environment and energy €596,433,000 Finance and Employment €1,215,742,000 This is by far the biggest spender with a whopping €1.5 billion going towards various social security benefits. The outlay on retirement pensions will reach €796 million. The expenditure on Children's Allowance will increase by almost €20 million to €68.4 million on the back of a hefty increase of €250 per child. The additional cost of living adjustment will cost €45.5 million. The recurrent expenditure on health includes €427.8 million spent on wages, which represents an increase of €45 million on the approved estimate for 2023. The budget also includes €5 million for remote patient monitoring, an increase of €3.2 million and €7 million for in-vitro fertilisation, an increase of €4.5 million. The recurrent expenditure on Gozo General Hospital will decrease by €7.4 million to €43 million. Recurrent expenditure by the Education and Sport Ministry includes €118 million on church schools, €37 million in students' maintenance grants, €94 million for the University of Malta and €42.5 million for the Malta College of arts, Science and Technology. The afternoon school programme Klabb 3-16 will see its budget cut by €4.2 million to €4.8 million, while the breakfast club in schools will also have its budget cut by €200,000 to €1 million. The government will be spending in excess of €1 billion in capital expenditure across all ministries in 2024, an increase of €41.5 million over the revised estimate 2023. This includes €81.3 million in health, which represents a decrease €5 million and no commitment to build a new general hospital in Gozo, which was one of the promised investments in the now annulled hospitals deal. The largest capital expenditure fund is attested to the Finance Ministry at €236 million. Energy support measures to the tune of €320 million form the bulk of the recurrent expenditure of this ministry in 2024. Most of the individual items under the programmes and initiatives will see no increase in their budget allocations. Malta's participation at the international Expo fair in Osaka, Japan will cost €4 million. The recurrent expenditure voted for this ministry includes a whopping €795.6 million for public debt servicing. The child care for all service will cost €52 million next year, an increase of €16 million. The easiest part of any budget is spending the cash, that is if money is not a problem. The Finance Minister has to temper the demands of fellow ministers to keep the ship of State on an even keel. Next year, Malta will still end up with a deficit – spending more than she earns – thus leading to more borrowing to bridge the gap. But the deficit is still expected to be lower than this year's and the minister is projecting a gradual downward trajectory over the next couple of years. The following are some of the key expenditure nodes: