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JAMAICA: Government Tables First 1 Trillion-Dollar Budget

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#Kingston, February 15, 2023 – The Government is proposing to spend a total of $1 trillion for the 2023/24 fiscal year.

This is Jamaica’s first trillion-dollar Budget.

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, made the disclosure as he tabled the Estimates of Expenditure in the House of Representatives on Tuesday (February 14).

Dr. Clarke said the funds are allocated across the main expenditure categories and is comprised of non-debt recurrent expenditure of $665.7 billion, capital expenditure of $75.3 billion, and debt servicing of $280.6 billion.

Included in the non-debt recurrent expenditure are allocations to implement the second year of the three-year public-sector compensation restructure and allocations to operationalise the Independent Fiscal Commission, which has been captured as Head 10,000 in the expenditure estimates.

“The allocation for capital expenditure takes into account the existing capacity to implement capital programmes and focuses on the priority areas to enhance development. Debt service at 9.5 per cent of gross domestic product (GDP), which reflects amortisation [that is] principal repayments and interest payments, reflects action taken over prior years to reduce the debt burden,” Dr. Clarke said.

“With interest payments this year of $155 billion being fully financed by revenue, the overall public debt is estimated to end the current fiscal year on March 31, 2023 at 79.7 per cent of GDP. This is expected to decline further to 74.2 per cent of GDP by fiscal year 2023/24,” he added.

The Minister noted that this is a projection, but should it be achieved “it would mark the first time since the nationalisation of the financial sector crisis through the Financial Sector Adjustment Company (FINSAC) in the latter half of the 1990s, that debt has entered the domain of pre-FINSAC levels”.

In addition, Central Government revenue and grant inflows are estimated at $897.6 billion, which, alongside the above-the-line expenditure of $887.7 billion, will generate the required fiscal balance surplus of $9.9 billion or 0.3 per cent of GDP, consistent with fiscal rules.

Dr. Clarke said the corresponding primary balance required for debt service and to generate the targeted fiscal balance is approximately $165 billion or 5.6 per cent of GDP.

“It should be noted that the revenue estimates tabled today reflect the original budget tabled in March of 2022, although we have indicated revisions to fiscal year 2022/23 revenue estimates at each tabling of the three supplementary expenditure estimates,” he noted.

Dr. Clarke informed that the largest single item of expenditure is the amount of $338 billion for wages and salaries, which includes provisions for the second year of implementation of the public-sector compensation restructuring.

He pointed out that the level of expenditure is approximately $100 billion higher than the wages and salaries for fiscal year 2021/2022, after adjusting for allowances previously captured in programmes.

“It should be abundantly evident that based on what I’ve just described that there is no room, in the upcoming fiscal year, which is 2023/24, for salary payments related to 2022/23 to be made,” Dr. Clarke said.

“The amount, $338 billion, only contains 2023/24 salaries… so we are, therefore, working feverishly, making ourselves available to complete negotiations on the public-sector restructuring in the remaining weeks of this fiscal year to facilitate fiscal year 2022/23 salaries in fiscal year 2022/23,” he told the House.

The Minister noted that any of the amounts not paid by March 31, will have to be paid over a number of years, beginning in the fiscal year that follows the upcoming one.

“Even if the first time is a ‘no’ we are not deterred; that does not mean that we cannot get to a yes. There are only a few weeks left and we are available morning, noon and night, weekdays and weekends. Let’s talk. Let’s get it done,” Dr. Clarke urged.

“I want to make it clear, though, that this also has an impact on those in the political directorate, councillors, parliamentarians, ministers, et cetera. The people have to come before us. We will not be in a position to make compensation adjustments until we adjust for the major groups. This may not be convenient, but it’s simply a matter of principle,” he added.

With respect to the self-financing public bodies, the fiscal year 2023/24 programme budgets overall revenue of $581 billion and an overall balance surplus of $29.2 billion or one per cent of GDP.

The capital expenditure programme for Public Bodies is budgeted at $75.9 billion or 2.6 per cent of GDP with the National Housing Trust, Clarendon Alumina Production and National Water Commission, accounting for 68 per cent of the capital expenditure.

Details on the allocations in the 2023/24 Budget will be provided during Dr. Clarke’s Budget presentation on March 7, 2023.

 

Contact: Latonya Linton

Release: JIS

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Fighting the fungus foe of the beloved banana

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How Venezuelan farmers are learning to grow and live with a devastating plant disease

 

In the fields of Venezuela, where the banana has been for generations a symbol of sustenance and tradition, a shadow fell across the land. In 2023, Venezuela’s National Institute of Integral Agricultural Health (INSAI) declared a phytosanitary emergency: the fungus Fusarium Tropical Race 4 (TR4) (Fusarium oxysporum f. sp. cubense tropical race 4; syn. Fusarium odoratissimum) had arrived in producing areas in the states of Aragua, Carabobo and Cojedes.

This fungus, considered a devastating disease of banana and plantain (Musaceae) trees, can remain in the soil for more than two decades, threatening production and the lives of those who depend on it.

In the state of Aragua in the north of the country, the Renacer community had been growing bananas and plantains on 20 hectares since 2018. Then Fusarium arrived.

“When the disease hit, the entire plantation began to deteriorate. We refused to ‘die’ with the trees because that was our livelihood. The visits of INSAI confirmed that we had to chop down the banana trees. I cried a lot because I had worked with my banana trees for years,” recalls woman farmer, Lesbia Margarita García, with a broken voice.

In response, INSAI implemented measures to eliminate the affected plantations and improve the soil health by changing to other crops that allow agricultural production to recover. The Food and Agriculture Organization of the United Nations (FAO) offered assistance by providing corn seeds, tools, biosecurity inputs and training, with teams of experts helping farmers to start again.

“Planting corn, thanks to the INSAI-FAO programme, gave us a harvest that benefited everyone. We have been improving the soil,” says Lesbia Margarita with a smile. “Now we rotate crops, observe soil health and have learned how to use natural fertilizers. Expert assistance has been key.”

The pilot project works directly with affected producers in high-risk areas, promoting alternative crops such as cereals and vegetables, delivering inputs and tools to mitigate damage and applying biosecurity measures for safe and effective containment.

“Beyond the corn received, we have already planted cassava, chili peppers, beans and pumpkin. We hope that by the end of the year [2025] we will be diversified and that each season we will have something to sell. These lands do not give up,” says Lesbia Margarita with conviction.

The Renacer community is beginning to see fruits. Their products are reaching local markets, generating income and rebuilding their livelihoods.

Key actions to manage Fusarium TR4 are ongoing, including regular monitoring, continuous training, inter‑institutional coordination, updates to the national plan, information campaigns and producer impact assessments. INSAI is sustaining regulatory, surveillance measures and training —with FAO support—as part of a comprehensive long‑term strategy.

At the global level, FAO supports awareness raising, capacity building and international collaboration in the fight against Fusarium TR4 by facilitating the World Banana Forum and its Global Network on TR4.

“The objective is for countries to strengthen their operational and technical capacity, articulating actions between the public sector, the private sector and family farmers,” says Raixa Llauger, FAO Agriculture Officer in Mesoamerica. “FAO and local partners have promoted this approach in Venezuela.”

As an essential part of the activities, a comprehensive training programme was developed with activities that taught farmers how to identify the disease contain it and protect crops. In addition, FAO has distributed laboratory equipment, biosecurity tools and a multispectral drone to INSAI. Drones are an efficient and cost‑effective tool for phytosanitary surveillance, offering rapid, high‑resolution monitoring and early detection of plant pests and diseases.

Overall, the project strengthened biosecurity measures against the Fusarium fungus through the adoption of the National Action Plan and the establishment of partnerships with national and international institutions. In addition, the pilot initiative supporting smallholder farmers in key production areas and a nationwide awareness campaign with broad outreach improved surveillance, diagnosis and phytosanitary response capacities across the country.

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Widow’s Testimony Recounts Night Haiti President Was Killed

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MIAMI, Florida — Emotional testimony from Martine Moïse, the widow of assassinated Haitian President Jovenel Moïse, has given jurors in a U.S. federal courtroom a chilling account of the night gunmen stormed the presidential residence and killed the country’s leader.

Martine Moïse took the stand this week in Miami as part of the ongoing trial of several men accused of helping plan and finance the July 7, 2021 assassination, a crime that plunged Haiti into political crisis and remains only partially solved.

She told the court that armed men forced their way into the president’s private home in the hills above Port-au-Prince during the early morning hours, firing multiple shots at her husband while she lay beside him. She testified that she was also wounded in the attack and survived by pretending to be dead until the gunmen left the room.

According to prosecutors, the plot involved a group of foreign mercenaries, including former Colombian soldiers, along with Haitian and Haitian-American suspects. Investigators say some of the men believed the mission was to detain the president, but the operation turned into an assassination.

The Miami trial is focusing on the alleged role of South Florida businessmen and others accused of organizing or financing the plan, part of a wider international investigation that has stretched across several countries.

More than four years after the killing, the question of who ultimately ordered the assassination remains unanswered, with suspects still in custody in both Haiti and the United States as the case continues to unfold.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Jamaica Joins Afreximbank Agreement, Strengthening Africa–Caribbean Partnership

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CARIBBEAN — Jamaica has become the 13th CARICOM member state to accede to the African Export-Import Bank Establishment Agreement, further strengthening economic ties between Africa and the Caribbean.

The development was confirmed during the 50th CARICOM Heads of Government Meeting, where an Afreximbank delegation led by George Elombi and Kanayo Awani met with Jamaica’s Prime Minister Andrew Holness to advance cooperation.

Prime Minister Holness thanked the bank for its support following Jamaica’s recent hurricane, noting that Afreximbank financing helped restore critical infrastructure including water, electricity, sewage systems and roads, while also assisting reconstruction efforts aimed at building stronger resilience to future disasters.

The meeting also focused on broader development opportunities tied to Jamaica’s membership in the agreement. Discussions included rebuilding and modernising infrastructure such as railways, hospitals and other public facilities, while strengthening regional transportation and trade networks to improve the movement of people and goods across the Caribbean.

Afreximbank has been expanding its presence in the Caribbean as part of its strategy to connect Africa with the region often referred to as “Global Africa.” The bank has already committed billions of dollars in financing and trade support to Caribbean economies in recent years, including funding for infrastructure, trade facilitation and private sector investment.

By joining the agreement, Jamaica gains expanded access to Afreximbank’s financial instruments, technical support and trade networks designed to promote commerce between Africa and CARICOM states.

Regional leaders say the growing partnership could unlock new opportunities in areas such as trade, logistics, tourism, manufacturing and cultural exchange, strengthening economic cooperation between the two regions with deep historical and diaspora ties.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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