Finance Minister Dr. Peter Phillips presented the estimates for the 2014-15 fiscal year, with J$404.6 billion earmarked for Recurrent expenses and J$134.6 billion for Capital spending.

KINGSTON, Jamaica, Friday April 4, 2014, CMC – The Jamaica government has presented a J$539.35 billion (One Jamaica dollar =US$0.004 cents) but to Parliament on Thursday with debate on the fiscal package scheduled for April 17.

Finance Minister Dr. Peter Phillips presented the estimates for the 2014-15 fiscal year, with J$404.6 billion earmarked for Recurrent expenses and J$134.6 billion for Capital spending.

The figure represents an increase of J$39 billion over the revised Estimates for 2013/14, which were tabled as the First Supplementary Estimates in February.

The Ministry of Finance and Planning has been allocated the largest sum, with J$197.6 billion for recurrent expenses and J$102.3 billion for capital expenditure. A large portion of the sum will go towards meeting Jamaica’s debt obligations.

The Ministry of Education gets the second largest sum with J$78.2 billion for recurrent expenses and J$2.1 billion for capital spending.

Ministry of National Security has received J$47.17 billion for recurrent  expenditure and $3.20  billion  for capital, while the Ministry of Health gets J$35.97  billion for recurrent expenses and $903 million  for capital projects.

The Standing Finance Committee of the House will consider the Estimates of Expenditure from April 8-10, and Phillips will open the Budget Debate on Thursday, April 17.

Meanwhile, Governo0r General 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 Government has stayed the course with its economic policies.

“Tough decisions had to be made. In doing so, the Government relied on the understanding, resilience and goodwill of the Jamaican people. Our people have shown an awareness of the prevailing economic conditions. They have demonstrated their willingness to make the sacrifices to get our economy on the right path,

Sir Patrick said that despite the challenges, the Government is meeting obligations to its international partners, restructuring the economy, and improving the governance system for the benefit of Jamaicans.

In March 2014, the Portia Simpson Miller government 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 drawdown of US$71.4 million.

“To date, the Government has met all quantitative fiscal and monetary performance criteria under the programme..

“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.

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