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  • The Government will be tabling the 2015/16 Budget in February, with the estimates of expenditure and revenue estimates to be laid in the House of Representatives at the same time.
  • The Finance and Planning Minister said there has been a tendency over the years, for Parliament to focus on the expenditures side of the budget, while the Minister of Finance and the Prime Minister attended to the revenue side.
  • The Finance Minister said that the ultimate responsibility of a mature civil society, “worthy of the title of nation and of the responsibilities of nationhood, is that we accept both sides of the balance sheet and cut our suit to fit the cloth available.”

The Government will be tabling the 2015/16 Budget in February, with the estimates of expenditure and revenue estimates to be laid in the House of Representatives at the same time.

“We are having a new budget cycle this year. In February, we will be laying the estimates of expenditures and for the first time, it is proposed to lay the estimates of expenditures and the revenue estimates at the same time,” said Minister of Finance and Planning, Dr. the Hon. Peter Phillips.

He was speaking on Wednesday (January 7) at the official opening of the Scotia Group Fairview Financial Centre in Montego Bay, St. James.

The Finance and Planning Minister said there has been a tendency over the years, for Parliament to focus on the expenditures side of the budget, while the Minister of Finance and the Prime Minister attended to the revenue side.

“We have to change that and have, I hope, a sober and meaningful discussion about how we finance a budget because most of all, when the pressure builds up only on the expenditure side, everyone is for more expenditure, and no one is for more revenue. The end result is the debt that we are now seeking to reduce,” he argued.

The Finance Minister said that the ultimate responsibility of a mature civil society, “worthy of the title of nation and of the responsibilities of nationhood, is that we accept both sides of the balance sheet and cut our suit to fit the cloth available.”

 

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