JIS News

The Government has increased the 2008/2009 Budget by $18.4 billion, with the bulk of the additional expenditure going to liquidity support for the financial sector, as well as increased salaries for the police, teachers and health personnel.
The Ministry of Finance and the Public Service will be lending $13.6 billion to the Development Bank of Jamaica(DBJ), for liquidity support for the financial sector, to boost that sector’s capacity to meet the challenges of the current financial crisis, and pay over $3 billion to Clarendon Alumina Production Limited (CAP), to satisfy outstanding obligations to Alcoa Minerals.
In addition, approximately $4.5 billion in additional funding has been granted to the Ministry of Education for teachers’ salaries, and $2.6 billion and $2.7 billion for similar expenses in the Ministry of Health and the Police Department, respectively.
The figures are included in the First Supplementary Estimates for 2008/09, tabled in the House of Representatives on January 27, by Minister of Finance and the Public Service, Audley Shaw.
The additional allocations have increased the 2008/2009 budget from the original $489.5 billion to $507.9 billion. This include net increases of approximately $5 billion in recurrent spending and approximately $13.5 billion in capital spending.
The Estimates will be studied by the Standing Finance Committee of the House of Representatives before it is debated.

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