16 Apr 2013

CNMI budget expected to expand

10:39 am on 16 April 2013

The Commonwealth of the Northern Mariana Islands budget is set to expand thanks to a steady increase in tourism.

The Governor of the Mariana Islands Eloy S. Inos says his 2014 budget could reach 120 million US dollars, more than the earlier estimate of 114 million dollars.

He says the growth in tourism has helped the economy recover from a recession that saw a slowdown in tourism and the closure of the last garment factory four years ago.

The legislature of the Commonwealth have been looking for ways to generate revenue and cut costs, to be able to contribute more to the financially troubled Northern Mariana Islands Retirement Fund.

The Government has until May 1 to submit the budget to the legislature.