"The government is currently in an advanced stage of recasting the 2009/10 Budget and there are going to be significant expenditure cuts," said Prime Minister Bruce Golding speaking at the official opening of the Scotiabank Group Financial Centre.

"I summoned our permanent secretaries on Tuesday and I laid out before them the realities that they have to help me resolve and have said to them you have a week in which to comb through the Budget and determine how to effect these Budget cuts," he said.

The prime minister has been meeting with Cabinet ministers and permanent secretaries in an effort to finalise the recast Budget which is expected to be taken to Parliament in early September.

A total of $84 billion was allocated towards programme expenditure in the 2009/2010 Budget.