JIS News

Story Highlights

  • Finance and Planning Minister, Dr. the Hon. Peter Phillips, on Tuesday (September 29), tabled the 2015/16 Fiscal Policy Paper Interim Report, during a sitting of the House of Representatives.
  • The enhanced fiscal rules also require the Minister to issue the Budget Call, containing the economic and fiscal parameters, which will govern the preparation of the Estimates of Revenue and Expenditure for the succeeding financial year, and over the medium term, to accounting officers before September 30.
  • The Minister said the Public Administration and Appropriations Committee (PAAC) is expected to invite key government technocrats, including representatives of the Finance and Planning Ministry, Bank of Jamaica (BoJ), and Planning Institute of Jamaica (PIOJ), to review the Policy Paper “as soon as is practicable.”

Finance and Planning Minister, Dr. the Hon. Peter Phillips, on Tuesday (September 29), tabled the 2015/16 Fiscal Policy Paper Interim Report, during a sitting of the House of Representatives.

This is consistent with the Financial Administration and Audit (FAA) (Amendment) Act, 2014, which provides enhanced fiscal rules, requiring the Minister to table a Policy Paper  within six months of the passage of the Appropriations Act for the specific financial year, which was undertaken in March for the current period

The enhanced fiscal rules also require the Minister to issue the Budget Call, containing the economic and fiscal parameters, which will govern the preparation of the Estimates of Revenue and Expenditure for the succeeding financial year, and over the medium term, to accounting officers before September 30.

In his address, Dr. Phillips said the Paper outlines information on macroeconomic developments covering the real sector; labour market; monetary sector; inflation and the exchange rate; and the external sector.

Additionally, he said the document provides a background of the 2015/16 Budget; outlines Central Government’s performance  from April to August 2015; the public debt for April to July 2015; as also the performance of public bodies between April and June 2015.

“There is also detailed discussion and analysis of projections to the end of fiscal year 2015/16, and the medium term through to fiscal year 2019/20 for: macroeconomic indicators; Central Government operations; public debt (for) fiscal year 2015/16; and public bodies (for) fiscal year 2015/16,” the Minister informed.

He further noted that the Policy Paper also provides a summary report on several “profound” developments, covering: fiscal risks; tax reform; public financial management reform; public sector reform; financial sector reform; and growth enhancing reform.

“The interim Fiscal Policy Paper  presented to Parliament is expected to facilitate parliamentarians’ active debate and participation in the management of the public finances of Jamaica, and the performance of the economy,” Dr. Phillips pointed out.

The Minister said the Public Administration and Appropriations Committee (PAAC) is expected to invite key government technocrats, including representatives of the Finance and Planning Ministry, Bank of Jamaica (BoJ), and Planning Institute of Jamaica (PIOJ), to review the Policy Paper “as soon as is practicable.”