OPPOSITION spokesman on finance, Dr Omar Davies, says that up to September 3rd, the fiscal deficit was below target and the Ministry of Finance had at least $17 billion in cash at its disposal.

Dr Davies referred to the figures in response to claims that the new government has inherited over $15 billion in additional expenditure, which was not included in the budget.

He was reacting to a statement on the additional expenditure by Minister of Finance and the Public Service, Audley Shaw, in the House of Representatives on Tuesday.

He said that the ministry’s official website showed that the fiscal deficit as at August 31, was $22.7 billion, versus a projected deficit of $25.5 billion.

“In other words, we were $2.8 billion better than we projected,” Davies said.

Turning to the ministry’s bank balances on election day, he said that the Consolidated Fund had a balance of $9.5 billion; the expenditure clearing accounts had a balance of $4 billion; the revenue accounts had $1.5 billion; and miscellaneous accounts totalled $2 billion.

“I challenge anyone to refute the balances on that date,” Davies said.

Additionally, he said the Consolidated Fund had US$15 million held over from the previous bank issue.

“In summary, on September 3, 2007, the Ministry of Finance had in cash J$17 billion and US$15 million. The question that needs to be answered is, what has the administration done with J$17 billion and US$15 million?” Davies asked.

Although the previous government lost the elections on September 3rd, the new minister was not sworn in until September 14. In the meantime, the financial secretary was in charge at the Ministry of Finance.