Jamaicans Encouraged To Tune In To The Budget Debate
By: , February 23, 2022
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Jamaicans are being encouraged to follow the upcoming Budget Debate, which begins on March 8.
State Minister in the Ministry of Finance and the Public Service, Hon. Marsha Smith, told JIS that the Debate, which will provide details on what the Government plans to do with the country’s finances over the 2022/23 financial year, beginning April 1, is in the public’s interest.
Ms. Smith said each Jamaican should be vested in the Debate, as it will help them to make better financial decisions.
“A lot of times persons see the Budget Debate as being very boring and only for those involved in high finance; but it is not. The budget process is public because it entails the public’s interest. The Budget Debate will give you insight into the overall direction that the economy is likely to go,” she noted.
“Knowledge is power and the more educated you are about finances is the better the financial decisions you will take,” she added, noting that the upcoming Budget will focus on resilience, in light of the continued impact of the coronavirus (COVID-19) pandemic.
The Budget Debate outlines how much money the Administration plans to spend on security, roads, water, housing and other services it provides.
It provides the Government with the opportunity to take stock of its performance over the previous fiscal year, measure its progress in relation to the targets previously set, and assess the effectiveness of its management of the country’s finances.
Ahead of the Debate, the Estimates of Expenditure are tabled in the House of Representatives, also referred to as the Lower House, by the Finance Minister.
The Estimates for the 2022/23 financial year, which were tabled on February 10, indicate that the Government is projecting to spend $912 billion for the period.
The Estimates will be reviewed by the Standing Finance Committee of the House from March 1 to 4, followed by the opening of the Budget Debate by Finance Minister, Dr. the Hon. Nigel Clarke, who will outline how the Government intends to finance the planned expenditure.
The Minister will close the Debate on March 22, following presentations by the Prime Minister, Opposition Leader, and the Opposition Spokesperson on Finance.
When the Debate closes, the Lower House will pass an Appropriation Act, which gives the Government the authority to operate the Budget. The Act then goes to the Senate, also referred to as the Upper House, for approval.
The Budget Debate will be followed by the Sectoral Debate, where Ministers report on the work done in government departments and agencies under their portfolio, and outline plans for the coming financial year.
The Finance State Minister said the Sectoral Debates “will bring into sharp focus, the priority areas of each sector”.