The ceilings for the Medium Term Expenditure, and the macro-economic parameters for the 2011/2012 financial year, have been approved by Cabinet.
Minister with responsibility for Information, Telecommunications and Special Projects, Hon. Daryl Vaz made the announcement at Wednesday's (February 2) post-Cabinet press briefing, at Jamaica House.
The Minister said Cabinet also approved the issuing of the budget call, based on the Medium Term Expenditure ceilings.
"The Fiscal Responsibility Framework (FRF), which was passed in Parliament in March 2010, established in law certain quantitative fiscal targets by March 2016. The adoption of a FRF by March 2010 was a structural benchmark in the Stand-By Arrangement (SBA) with the International Monetary Fund," Minister Vaz explained.
He noted that the budget ceilings for the 2010/11 financial year were developed within the context of the targets established by the FRF and the Government's Medium Term Economic Programme as set out in the SBA.
CONTACT: ALECIA SMITH