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Jamaica: Simpson-Miller administration presents 2014-15 budget
Jamaica’s Finance Minister, Peter Philips. PHOTO/File
The Portia Simpson-Miller administration in Jamaica has presented a J$539.35 billion (US$4.9 billion) to parliament with debate on the fiscal package scheduled for April 17.
The country’s Finance Minister Peter Phillips presented the estimates for the 2014-15 fiscal year, with J$404.6 billion (US$3.7 billion) earmarked for recurrent expenses and J$134.6 billion (US$1.2 billion) for capital spending.
The figure represents an increase of J$39 billion (US$357 million) over the revised estimates for 2013/14, which were tabled as the First Supplementary Estimates in February this year.
Jamaica’s Ministry of Finance and Planning has been allocated the largest portion, with J$197.6 billion (US$ 1.8 billion) for recurrent expenses and J$102.3 billion (US$936 million) for capital expenditure. A large portion of the sum will go towards meeting the country’s debt obligations.
The Ministry of Education has been allocated the second largest portion with J$78.2 billion (US$716 million) for recurrent expenses and J$2.1 billion (US$19 million) for capital spending.
The island-nation’s Ministry of National Security received J$47.17 billion (US$432 million) for recurrent expenditure and J$3.20 billion (US$29 million) for capital spending, while the Ministry of Health was allocated J$35.97 billion (US$329 million) for recurrent expenses and J$903 million (US$8.3 million) for capital projects.
The Governor General of Jamaica, Sir Patrick Allen said that said that the local economy was stronger than it was a year ago, evidenced by three consecutive quarters of growth.
Sir Patrick, delivering the traditional Throne Speech at the start of the new parliamentary session, said that despite the global economy remaining sluggish, the administration has stayed the course with its economic policies.
In March 2014, the Simpson-Miller administration successfully met the third review of Jamaica’s economic performance under the Extended Fund Facility with the International Monetary Fund (IMF) resulting in a further draw-down of US$71.4 million.
“To date, the government has met all quantitative fiscal and monetary performance criteria under the program. For many decades, Jamaica has borrowed too much and saved too little. In order to build a resilient economy, we must reduce our debt to manageable levels. As a country, we must begin to live within our means,” Sir Patrick added. -(CMC)