JIS News

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  • A draft action plan for public-sector reform is to be submitted to Cabinet by September 26.
  • This was disclosed by Minister of Finance and the Public Service, Hon. Audley Shaw, during the sitting of the House of Representatives on September 20.
  • The Minister also informed that the Government has committed to approve a new organisational structure for the Accountant General’s Department as part of efforts to strengthen public financial management.

A draft action plan for public-sector reform is to be submitted to Cabinet by September 26.

This was disclosed by Minister of Finance and the Public Service, Hon. Audley Shaw, during the sitting of the House of Representatives on September 20.

“The final action plan will specify time-bound actions to improve efficiency in the public sector through a combination of shared corporate services and the closure, merger and privatisation of some entities,” Mr. Shaw said.

He emphasised that the aim of the public-sector reform is not to reduce the employment levels within the sector.

The Minister also informed that the Government has committed to approve a new organisational structure for the Accountant General’s Department as part of efforts to strengthen public financial management.

The transformation of the public sector is one of several structural benchmarks under the International Monetary Fund (IMF) Extended Fund Facility with Jamaica.

Meanwhile, Mr. Shaw said based on the fiscal year data through to August, the Government is expected to meet its performance targets under the IMF programme.

He said provisional central government data show that there is a primary balance of $41.6 billion that exceeds the budget target of $17.5 billion.

The Minister further noted that the data are showing an overall fiscal deficit of $19.5 billion, way below the targeted deficit of $46.2 billion; total revenues and grants of $190.4 billion, exceeding the target of $177.5 billion; and tax revenues of $177.7 billion, which exceeds the target of $168.5 billion.

Total spending of $209.9 billion was well within the target of $223.7 billion and recurrent spending of $197.2 billion, which is within the target of $204 billion.

Mr. Shaw informed that as at September 16, the stock of gross international reserves was US$3.077 billion, representing 25 weeks of projected imports of goods and services.

“The Net International Reserve (NIR) is also at US$2.524 billion, significantly in excess of the Bank of Jamaica’s NIR target of US$1.835 billion set for the end of September,” he said.