MINISTER of finance and the public service Audley Shaw says that the transfer of $2.8 billion from the Universal Access Fund (UAF) to the Consolidated Fund (budget) is the main option in clearing the $15.4-billion non-budgeted debt the new Government has inherited.

In addition to the transfer of the UAF funds, set up last year to collect a levy on incoming international calls to Jamaica, he said that in order to close the gap, the Government would also:

. postpone construction of the Montego Bay Conference Centre until next April, saving $700 million;

. delay the implementation of multi-laterally financed projects in the budget, saving $800 million;

. freeze all non-charitable tax waivers for the rest of the fiscal year, saving $800 million; and

. transfer all interest accrued on Government of Jamaica deposits to the Consolidated Fund by March 31, 2007, to save $400 million.

The administration said it would also be looking at other revenue-enhancing measures, including a more vigorous tax enhancement drive.

The options, Shaw said, should contribute $8.3 billion in revenues and reduce expenditure by $1.5 billion. These, he added, are expected to contain the deficit outturn at slightly above five per cent of Gross Domestic Product.