ST JAMES, Jamaica (JIS) – Cabinet has approved the revised framework for the establishment of an Energy Stabilization and Energy-Efficiency Enhancement Fund (ESEF).

The establishment of the Fund is aimed at supporting achievement of the short-term macro-economic stabilization and the medium/long-term resilience of the economy to oil price shocks.

Minister with responsibility for Information, Senator Sandrea Falconer, made the announcement at a Jamaica House Media Briefing, held at the western regional office of the Office of the Prime Minister, in Montego Bay, on September 4.

She said that under the revised framework, the ESEF will be established as a sub-account in the Consolidated Fund and not as a new public body with its own stand-alone law.

“The revised framework also means that ESEF will be framed as amendments to the General Consumption Tax (GCT) Act, which is the primary legislation governing the imposition of the Specific Consumption Tax (SCT) on petroleum and from which the ESEF will be funded,” Falconer explained.

Accordingly, the ESEF will be established as a sub-account of the main Consolidation Fund and subject to the GOJ’s normal Treasury Management guidelines and procedures.