JIS News

Story Highlights

  • Contingency funding of $550 million has been allocated for weather related risks in the 2016/17 Estimates of Expenditure.
  • In the meantime, another contingency provision of $100 million has been provided to support the proper functioning of the Public Investment Management System (PIMS).
  • The allocation will also provide the Government’s counterpart funding for multilateral/bilateral grants, which may be recommended for implementation during the course of the financial year.

Contingency funding of $550 million has been allocated for weather related risks in the 2016/17 Estimates of Expenditure.

To be used specifically for natural disasters and infrastructure rehabilitation, this allocation is in keeping with the Fiscal Responsibility Framework Regulations, contained in the Financial Administration and Audit Act (FAA Act).

In the meantime, another contingency provision of $100 million has been provided to support the proper functioning of the Public Investment Management System (PIMS).

This will be done by providing the fiscal space required to support key pre-investment actions, such as feasibility assessments; process reviews; cost benefit analysis; socio-economic and environmental assessment; and other technical studies.

The objective is to improve the quality of the final project design and ultimately the execution rate of public investment projects.

The allocation will also provide the Government’s counterpart funding for multilateral/bilateral grants, which may be recommended for implementation during the course of the financial year.