Finance Minister Reviewing Capital Expenditure Programme

Finance and the Public Service Minister, Hon. Audley Shaw, says he is reviewing the capital expenditure programme for the rest of the 2016/17 fiscal year ahead of making a presentation to Cabinet on Monday, January 16.

He made the disclosure while addressing journalists at the Ministry’s National Heroes Circle offices in Kingston on Wednesday (January 11).

Mr. Shaw said that with three months to go before the end of the fiscal year “we have quite a bit that we must do to fulfil our capital expenditure requirements”.

The Minister emphasised the need to focus on spending that facilitates project implementation, job creation and the completion of infrastructure.

“What is important about that is it is part of our growth agenda… part of achieving five (per cent growth) in four (years). It is also part of targeting the two per cent growth in this fiscal year, which I believe is achievable,” he said.

Mr. Shaw tabled the first Supplementary Estimates in the House of Representatives on January 10, which show a $12.8-billion increase in the budget, with the figure moving from $579.93 billion to $592.74 billion.

This reflects an increase in the Recurrent (housekeeping) expenses from $459.37 billion to $463.52 billion, with Capital (development) spending moved from $120.56 billion to $129.2 billion.

The Ministries of National Security, Health, Economic Growth and Job Creation, and Transport and Mining received increases in their provisions.

Mr. Shaw is slated to table the estimates in the House for approval on Tuesday, January 17, following deliberation by the Public Administration and Appropriations Committee (PAAC).

The $2.7 billion in additional budgetary support to the National Security Ministry will be utilised for, among other things, the acquisition of two boats and communications equipment.

Mr. Shaw said the communications equipment is expected to boost police crime-fighting capabilities, while the boats, which he said are to arrive in the island shortly, will be pivotal in strengthening border security.

The provision to the National Security Ministry, he said, “indicates the priority of the Government to ensure that we put in place the necessary capital expenditure to enhance the capacity of the security forces”.

Mr. Shaw noted that the allocation, and those provided to the other ministries, was facilitated through the rerouting of resources from areas where the pace of capital expenditure had slowed.