Senate gives Gov't authority to spend

Sunday, March 24, 2019

Print this page Email A Friend!


The Government now has the authority to spend funds allocated in the 2019/20 Estimates of Expenditure, following the passage of the Appropriation Act 2019 in the Upper House last Friday.

This annual Bill provides authority for expenditure (other than statutory expenditure) for the financial year 2019/20, and specifies the manner in which the money is to be allocated to the various services and for the purposes of the Government.

The Bill was approved following a five-hour-long debate in the Senate, with senators from both sides making contributions.

Piloting the legislation, minister of state in the Ministry of Foreign Affairs and Foreign Trade, Senator Pearnel Charles Jnr noted that this is “a budget for every single Jamaican, regardless of their status or income bracket”.

“This budget is a reflection of the positive strides that we have made, and though we still have much to do as a nation, we are certainly taking control of our future,” he said.

He pointed out that the budget for the 2019/20 fiscal year will involve and engage all Jamaicans.

“It is clear that this Administration, led by Prime Minister Andrew Holness, is capable and willing to take the bold [and] creative actions required for this country to take control of its future and maximise its potential,” Senator Charles Jr added.

The Foreign Affairs state minister noted that the budget illustrates the Government's commitment to good fiscal management.

“We have had low stable inflation for four years and the lowest inflation rates as an independent country — this is the emergence of a new Jamaica. Domestic interest rates are at levels never seen before,” Senator Charles Jr said.

“The central bank has lowered the policy rate four times this fiscal year, to a record low of 1.5 per cent in February 2019. Interest rates for individuals and businesses have been lowered, which means that many… are now able to access single-digit interest rates from Jamaican-dollar loans,” he added.

He noted that the low interest rates are allowing individuals and Jamaican businesses to borrow and invest.


Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaperlive


ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT