CDF GETS BIGGEST SHARE IN 2024 DEVELOPMENT BUDGET

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Rural Development Fund popularly known as the CDF gets the biggest share of the 2024 Budget of $120m, which the Minister of Finance and Treasury Harry Kuma believes such funding would create inclusive growth, so that the majority of the people, especially those in the rural communities to also share the benefits of growth.

Delivering the government’s budget for 2024 in Parliament on Monday, Kuma said the government had allocated  $120.0 million to support rural development and growth initiatives through the constituency development program to establish small businesses, construct infrastructures, and create employment opportunities in the rural areas.  A total of $656.75 million is allocated for development expenditure (budget) in 2024.

Kuma told Parliament that said: “As this Honourable House would fully agree, Solomon Islands cannot realise its full development and growth potential if the 86 percentage of the population who live in villages with poor access to transport, communication technologies, and other much needed infrastructure services are left out.”

 “We must acknowledge that the improvement in the quality of live in the rural area is crucial in the overall development and growth of this nation. Ensuring quality infrastructure is important not only for faster economic growth, but also to ensure inclusive growth. By inclusive growth, we mean that the majority of our people, especially those in the rural communities must also share the benefits of growth. The government strongly believes that inclusive growth will lead to the alleviation of poverty and reduction in income inequality in the country,” he said.

The CDF goes through each MP who then dispatches through constituency development project to his/her constituency.

Based on the 50 constituency, each MP will receive $2m next year.

Kuma said: “I note that significant amounts of budgetary resources has been spent on rural development initiatives through the constituency development program over the years.  As elected representatives of our people in this we should always ensure this funding is well targeted to better serve our people,” said the minister.

Kuma hopes that the reform measures currently undertaken by the Ministry of Rural Development (MRD) will help address identified weakness in the constituency development program, and ensure this government’s assistance benefits the majority of people in all constituencies in the country.

So who are the top 5 recipients of the $656.75 million total development expenditure?

$120.0 million to support rural development and growth initiatives through the constituency development

$100.2 million for Infrastructure investment.

$66.9 million for investments in education and human resources development.

$50.0 million as grants to SINU

$48.9 million for Commerce and trade investments.

$40.0 million for investments in the health sector.

News@SBMOnline2024