#Kingston, March 26, 2019 – Jamaica – A sum of $100.9 billion is earmarked to implement 194 investment projects by Central Government and Public Bodies during the 2019/20 fiscal year, under the Public Sector Investment Programme (PSIP).
This is
according to the 2019/20 Fiscal Policy Paper, which was tabled in the House of
Representatives by Finance and the Public Service Minister, Dr. the Hon. Nigel
Clarke.
Just
over $72 billion is programmed to commence or continue 100 projects by Central
Government over the upcoming year, with $28.8 billion set aside to finance the
remaining 94 by Public Bodies.
The
Central Government budget contains a $487.8-million contingency provision for
new projects that were not finalised for inclusion in the 2019/20 Estimates of
Expenditure but are expected to be approved by Cabinet during the new year.
A
disaggregation of the allocation’s funding sources shows that just over $43
billion or 59.7 per cent of this provision will be financed from the
Consolidated Fund; 29.6 per cent through external loans; and 10.5 per cent from
external grants.
Approximately
$17.7 billion or 61.4 per cent of the Public Bodies investment budget will be
provided from the entities’ internal revenues, with the remaining $11.2 billion
or 38.5 per cent from loans.
The
National Housing Trust’s (NHT) provision of $39.4 billion is the largest
allocation.
The
projected PSIP sums over the next four fiscal years, according to the Fiscal Policy
Paper, are 2020/21 – $112.7 billion, 2021/22 – $125 billion, 2022/23 – $124.6
billion, and 2023/24 – $101 billion.
The PSIP
is financed through a combination of government funds, loans and grants from
International Development Partners, as well as funds from Self-Financing Public
Bodies.
Contact: Douglas McIntosh
Release: JIS