Finance Minister tables revised estimate of expenditure showing $33b increaseTuesday, September 28, 2021
KINGSTON, Jamaica— Minister of Finance and the Public Service, Dr Nigel Clarke, on Tuesday tabled the revised estimates of expenditure, which saw Jamaica expenses increasing by a total of $33 billion.
Clarke, who made the announcement during his presentation to the House of Representatives, said the country's total revenues are also being revised upwards by $33.5 billion for the full fiscal year.
''These First Supplementary Estimates are being tabled in the context of Government of Jamaica's revenues exceeding budgetary targets by $17.3 billion for the four months April to July 2021,'' Clarke told the House.
''This is reflective of the estimated robust economic growth of 12.9 per cent for the first quarter of this fiscal year, as the economy recovers from COVID-19,'' he added.
According to the minister, roughly 56 per cent of the increase in recurrent expenditure proposed in the First Supplementary Estimates is geared towards responding to the current surge in COVID-19 cases and its effect.
''This includes $10.5 billion in additional resources for the health sector and $5 billion of new resources for social assistance to the most vulnerable in the context of COVID-19,'' he said.
Earlier the Finance minister noted that the supplementary budget will provide additional resources for the health sector as well as increased resources for the most vulnerable and while allocate funding to other critical areas.
''While adhering to Jamaica's (fiscal) laws, and keeping Jamaica on a sustainable fiscal trajectory, we are able to allocate considerable additional resources to respond to the intensification of the health crisis,'' he shared on social media on Tuesday.
''This is as a result of having pursued an approach that thinks about the uncertainties of tomorrow, balanced by what we know today,'' he added.