Capital Expenditure Moves From $30 Billion To $70 Billion In Few Years
By: , March 11, 2020The Key Point:
Photo: Donald De La Haye
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, opens the 2020/21 Budget debate in the House of Representatives on March 10. At left is National Security Minister, Hon. Dr. Horace Chang, while Attorney General, Hon. Marlene Malahoo Forte is in the background.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.