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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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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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Liberty Caribbean Supports Regional Forum on AI, Cyber Resilience and Digital Inclusion  

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Port of Spain, TRINIDAD & TOBAGO (February 24, 2026) — Liberty Caribbean, the operators of Flow, Liberty Business and BTC, recently served as Gold-Level Partner of the two-day Trinidad and Tobago Internet Governance Forum (TTIGF), themed “The Innovation Paradox – Balancing Progress with Responsibility and Resilience”.

The Digital Divide is of particular interest to Liberty Caribbean and is being addressed through its Charitable Foundation across the region. Low broadband penetration in the Caribbean contributes to diminished opportunities for individuals, communities, and local economies, but with the support of funding partners, this gap can be addressed through a comprehensive programme – JUMP – that focuses on providing access, devices, and digital skills.

“Liberty Caribbean was proud to serve as Gold-Level Partner of the TTIGF because the conversations taking place here shape key digital policies for multiple stakeholders,” said Simone Martin-Sulgan, Vice President and General Manager, Flow Trinidad.

“As technology accelerates at an unprecedented pace, we must ensure that innovation strengthens our societies rather than fragments them. The theme, ‘The Innovation Paradox – Balancing Progress with Responsibility and Resilience,’ speaks directly to the work we do every day: building networks that are not only fast and reliable, but secure, inclusive and future-ready.”

Across the Caribbean, the digital divide remains one of the most pressing barriers to equitable growth. Low broadband penetration limits access to education, entrepreneurship and essential services, and that is why we are deeply committed to closing this gap.

Through the Liberty Caribbean Charitable Foundation and initiatives like the JUMP Programme, the company is expanding access to technology, affordable connectivity and digital skills training so that individuals and communities are empowered to participate fully in the digital economy.

Martin-Sulgan further stated “at Liberty Caribbean, we believe progress and responsibility must move in lock step. By investing in resilient networks, inclusive programmes and trusted partnerships, we are helping to build a Caribbean that is innovative, secure and prepared for the opportunities ahead.”

Topics covered during the Forum, with over 140 participants, included “Securing Critical Infrastructure”, Integrating AI into Digital Transformation”, “The Digital Divide”, The Human Cost of Innovation – Mental Health and Well-being in the Digital Age’, and AI, Cyber Resilience and Regional Innovation”.

Focused on the underlying mandate of the Conference theme thought leaders, innovators, policymakers, technologists, researchers, and community stakeholders were invited to explore how countries can evolve boldly without compromising values or long-term stability.

Photo Caption: 

TTIGF – l-r Darren Campo, Regulatory & Compliance Officer; Yolande Agard-Simmons, Senior Manager Communications; and Kevon Swift, Senior Manager Government and Regulatory Affairs of Flow Trinidad in attendance at the Post Event Mixer at Caribbean Telecommunications Union’s Head Office in St Clair, Port of Spain

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