Minister of Finance and Planning, Dr Peter Phillips says adjustments will have to be made to the National Budget, which was approved in the parliament earlier this year.

Minister of Finance & Planning, Dr Peter Phillips

This is in light of the fact that the government has reached an agreement with most of the public sector unions on the new wage deal.

Dr Phillips says he and his team will now have to look at where they can postpone or abandon some projects in order to accommodate the pending increase.

He was speaking at the signing of the Heads of Agreement at the Office of the Prime Minister last evening (August 11, 2015).

The Finance Minister commended the unions and their members for the mature way with which they approached the negotiations.

He says they did not hold out for unrealistic expectations and demands, which would have eroded the gains that the government has made under the economic reform programme with the International Monetary Fund (IMF).

Dr Phillips says this would also have prevented the workers from getting future benefits for the sacrifices, which they made during the five-year wage freeze.

In addition, he states that government is actively looking at other ways in which it can compensate high-performing public sector workers.

The Minister says that system will be in place by the next period of wage negotiations.