JIS News

KINGSTON – The House of Representatives, on March 22, approved the Second Supplementary Estimates of Expenditure of $497.61 billion for 2010/11.

Some $212.4 million has been added to the $497.398 billion in the First Supplementary Estimates of Expenditure, which was tabled on March 15 by Minister of Finance and the Public Service, Hon. Audley Shaw.

The additional expenditure relates to the National Solid Waste Management Authority (NSWMA), which has received an additional $100 million to its budget. The Director of Public Prosecutions budget has also been increased by $2.056 million, from $213.89 million; and the Supreme Court’s budget increased by $3.52 million, from $613.2 million.

The Department of Local Government has received an additional $30 million, while the Ministry of Transport and Works has been allocated an additional $50 million to its original $240 million budget for the flood damage and rehabilitation project.

Meanwhile, Mr. Shaw informed that there has been a reduction in the government’s overall debt servicing by billions of dollars. He said the reduction comes as a result of a decline in both interest payments and a mortisation.

“The principal areas of reduction relate, primarily, to the reduction of interest payment, which has been reduced by $3.21 billion and the reduction of amortisation of some $1.26 billion. When combined, the overall debt servicing is reduced by $4.833 billion,” Mr. Shaw said.

He added that thereduction in amortisation has resulted from the revalued exchange rate, while the reduction in interest payment stems from the lowering of interest rates, now being experienced in the financial system.