Minister of Finance and the Public Service, Hon. Audley Shaw, says debt service has been reduced by $89 billion for fiscal year 2018/19.
This, he said, is due to proactive liability management activities, including smarter borrowing.
“In addition, non-debt spending has been increased in this year’s budget by $54 billion, including $15 billion more in capital expenditure, $13 billion more on programmes such as the Programme for Advancement Through Health and Education (PATH), and $21 billion to support Petrojam and to begin the recapitalisation and modernisation of the Bank of Jamaica,” he informed.
Minister Shaw was opening the 2018/19 Budget Debate in the House of Representatives on March 8 under the theme ‘Stability, Growth and Prosperity – Our Goal, Our Responsibility’.
Total Central Government expenditure for fiscal year 2018/19 is programmed at $773.7 billion.
This includes Non-Debt Expenditure of $484.7 billion; and Public Debt Service of $289 billion.