$9 Billion Allocated For Projects Under Finance Ministry

Just over $9 billion has been allocated for the Ministry of Finance and the Public Service’s 2022/23 Capital Budget.

The provision is earmarked to implement and manage projects financed by the Government’s Consolidated Fund and bilateral and multilateral agencies.

Details are outlined in the 2022/23 Estimates of Expenditure, now before the House of Representatives.

The largest share of $5.32 billion will be used as a contingency provision to support new projects that are approved for implementation under the Public Investment Management System (PIMS) but have not yet received Cabinet approval.

The second and third largest shares of $2.28 billion and $353.05 million are programmed to continue work under the Public Sector Transformation Implementation Project and Strategic Public Sector Transformation Project, respectively.

Approximately $330 million will be channelled into the Jamaica Business Environment Reforms, while $290.5 million is programmed for the Jamaica Foundations for Competitiveness and Growth.

A sum of $253.49 million is earmarked to undertake more work towards enhancing the resilience of the agricultural sector and coastal areas.

A provision of $142.7 million has been set aside to continue engagements under the ‘Jamaican Path from Hills to Ocean’ project, while additional activities under phase two of the Pilot Programme for Climate Resilience (PPCR II), focusing on improving climate data and information management, will be carried out with a $43.3-million allocation.

Funding is being provided by the Government along with the European Union, World Bank, Inter-American Development Bank, and Adaptation Fund.