The Government plans to spend J$912 billion during the 2022/23 fiscal year which gets underway on April 1.

The amount is contained in the 2022/23 Estimates of Expenditure that was tabled in the House of Representatives on Thursday by the Minister of Finance and Public Service, Dr Nigel Clarke.

This is $19 billion more than the revised amount contained in the Second Supplementary Estimates for the 2021/22 fiscal year.

Clarke told the House that the $912 billion contained in the 2022/23 Estimates is 2.1 per cent more than programmed for fiscal year 2021/22.

The amount is comprised of the following:

-Non-debt recurrent expenditure of $539.5 billion

– Capital expenditure of $65.1 billion

– Debt service of $307.5 billion.

“Capital expenditure would have been significantly curtailed in 2020 due to the fiscal impact of the [COVID-19] pandemic,” Clarke noted.

He added that “With the recovery underway we are seeking to boost capital expenditure in fiscal year 2022/23 by 20 per cent, which will still be lower than pre-pandemic levels, in order to ensure that growth is maintained”.

“This represents a 0.2 percentage point increase as a percentage of GDP [gross domestic product],” Clarke added.

The minister explained that debt service increases by 3.3 per cent over the fiscal year 2021/22 payments, reflecting an increase in payments due on the domestic debt as external debt payments for the year represent a decline over 2021/22.

Clarke highlighted that, included in the non-debt recurrent expenditure for the year, is a provision to commence implementation of the compensation restructure for public servants on the Central Government’s budget.

“Continuing Jamaica’s forward momentum of the country requires not only investment in capital expenditure but also investment in labour. The public sector must be able to attract and retain the skillsets that are required in this 21

^st

 century,” said Clarke.