- The Port Authority of Jamaica will be allocated a loan of $1.5 billion for industrial development and export promotion support.
- The sum is part of the $5.03 billion earmarked for the Finance and the Public Service Ministry’s Capital ‘A’ and ‘B’ budget this year.
The Port Authority of Jamaica will be allocated a loan of $1.5 billion for industrial development and export promotion support.
The sum will be used to facilitate Business Process Outsourcing (BPO) expansion in Montego Bay and Portmore,
Details are provided in the 2017/18 Estimates of Expenditure, tabled in the House of Representatives, recently.
The sum is part of the $5.03 billion earmarked for the Finance and the Public Service Ministry’s Capital ‘A’ and ‘B’ budget this year.
Just over $2.5 billion has been set aside for Capital ‘A’ expenditure, which is wholly financed by the Government.
Additionally, $500 million is earmarked for contingencies in the event of weather-related disasters and to undertake infrastructure rehabilitation, where needed.
This is a requirement of the Financial Administration and Audit (FAA) Act (Fiscal Responsibility Framework).
Another $330 million will support new projects that are approved for implementation under the Public Investment Management System (PIMS).
Also of note is $198.49 million earmarked for infrastructural works on government office buildings, and $488 million allocated for general goods and services.
The Capital ‘B’ sum is for activities related to economic and fiscal policies management, to be implemented with funding support from multilateral and other external agencies this year.
These include the Fiscal Administration Modernization Programme being undertaken at a cost of $1.6 billion with Inter-American Development Bank (IDB) funding support; the Strategic Public Sector Transformation Project, being jointly funded at a cost of $887 million by the World Bank and United Kingdom Department for International Development; Jamaica Business Taxation Reform – $2.4 million, Government of Jamaica/International Finance Corporation; and the Public Sector Transformation Programme, Ministry of Finance and the Public Service – $21.67 million, IDB.