Capital Expenditure Moves From $30 Billion To $70 Billion In Few Years
By: March 11, 2020 ,The Key Point:
The Facts
- This was noted by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, while opening the 2020/21 Budget Debate in the House of Representatives on March 10.
- Dr. Clarke said Jamaica is moving in the right direction.
The Full Story
Jamaica’s capital expenditure budget has increased significantly over the past few years, moving from approximately $30 billion in 2015/16 to $74 billion in financial year 2020/21.
This was noted by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, while opening the 2020/21 Budget Debate in the House of Representatives on March 10.
Dr. Clarke said Jamaica is moving in the right direction.
“Even as our capital budget in 2019/20 is 240 per cent of what it was only four years ago in 2015/16, we have at the same time improved our budget execution – that is the percentage of our capital expenditure budget that we actually execute – from below 70 per cent in 2014/15 to a forecast of close to 100 per cent for the 2019/20 financial year,” Dr. Clarke said.
For the 2020/21 fiscal year, the Government has presented a Budget of $853.5 billion.
The sum, which was initially $852.7 billion, has been adjusted to reflect an additional $792 million to fund the operations of the Petroleum Corporation of Jamaica (PCJ), which will be integrated into the Ministry of Science, Energy and Technology.