Gov’t to spend $1 trillion on infrastructure projects over next five years – Clarke
Jamaica’s infrastructure is to be overhauled to the tune of $1 trillion over the next five years, the largest such spend in the country’s history.
Finance and Public Service Minister Dr Nigel Clarke made the announcement as he opened the 2024/2025 Budget Debate in the House of Representatives on Tuesday.
“The programme will positively impact the daily experience of Jamaicans with public investment expenditure designed to solve pain points,” said Clarke, who is also the chairman of the Public Investment Management Committee.
“Some of these will be financed by the government and some by the private sector by way of structured transactions,” the finance minister explained.
Said Clarke: “The public investment programme will deliver well over $1 trillion in infrastructure expenditure over the next five years, inclusive of this year, and inclusive of expenditure by PPPs – roads and bridges and public parks, hospitals, schools, water, sewage, irrigation systems, houses, tax offices, court houses, buses, garbage trucks, digital infrastructure, IT systems and highways”.
Clarke highlighted that “it will be the greatest expansion of public investment that we have seen, geared towards improving public services”.
He said every minister of government is involved “and we are working assiduously on your behalf”.
He cautioned that “this is only financially feasible if we maintain our credit rating because the government can’t do it all”.
Clarke explained that while the government’s programme is public, with the fiscal policy paper listing $500 billion in expenditure over the next five years, it will have to be able to structure transactions that can get private financing on board.
