Friday, 11 February 2022 06:19

$912 Billion Budget

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The Government is proposing to spend a total of $912 billion for the 2022/23 fiscal year.

This is comprised of non-debt recurrent expenditure of $539.5 billion; capital expenditure of $65.1 billion; and debt servicing of $307.5 billion.

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, made the disclosure as he tabled the Estimates of Expenditure in the House of Representatives on Thursday (February 10).

Dr. Clarke noted that capital expenditure would have been significantly curtailed in 2020, due to the fiscal impact of the COVID-19 pandemic.

“With the economic recovery under way, we are seeking to boost capital investment in fiscal year 2022/23 by 20 per cent, which will still, however, lead to a total that is lower than pre-pandemic levels. We do this in order to ensure that the growth momentum is maintained,” Dr. Clarke said.

 “This represents a 0.2 percentage point increase, as a percentage of gross domestic product (GDP). Debt service increases by 3.3 per cent over fiscal year 2021/22 and included in the non-debt recurrent expenditure is a provision to commence implementation of the competitive compensation restructure for public servants on the central government's budget,” he added.

The Finance Minister further noted that continuing Jamaica's forward momentum requires not only investment in capital but also investment in labour, and the public sector must be able to attract and retain the skill sets that are required in the 21st century.

          The Government's efforts to enhance the pace of recovery in fiscal year 2022/23, will be effected through the utilisation of normal revenue flows to target growth-enhancing activities.