The government budget of $317 million for the 2012-13 financial year should be ready to be presented to the parliamentary Standing Committee on Finance and Public Accounts, early this week, before it goes to Cabinet on Friday, May 25, the Minister of Finance Hon. Lisiate 'Akolo said at a press conference on Friday, May 18.

The $317 million budget is $27.6 million less than the government budget of $344.6 million for the last financial year 2011-12, and while there is a drop in the overall budget, there will be a $12 million increase in government expenditure from $170 million in the current financial year to $182 in the 2012-13 financial year.

The Minister said that they had increased the votes of the "productive sectors", and also gave a small increase to the social sector and for law and order. He said that agriculture and tourism had been allocated $1.5 million each. A tourism authority wouldl be established with a specific working agenda for promoting tourism.

The Minister was not specific about his estimated budget deficit for the year, other than saying that Budget Support funding for the coming year had dropped from $29 million to $22 million.

With regards to unemployment, the minister said that it was unlikely that an industry would be established Tonga in the near future to provide employment, so the approach was to promote self employment, specifically in fisheries, agriculture, and handicrafts.

He proposed to establish a marketing entity. There would not be a Commodities Board, as in the past because he said that form ran the risk of being politicized and more money would be spent in keeping the board running than on actually marketing.

He said that parliament would open on June 7 when the budget for the 2012-13 financial year will be tabled into the House.