Business
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.
