Finance Minister’s Closing Budget Presentation, May 1, 2013

Photo: JIS Photographer Minister of Finance and Planning, Dr. the Hon. Peter Phillips.

INTRODUCTION:

  • Mr. Speaker, we have come to the end of our budget process which began on the 4th of April, 2013 with the presentation of the Estimates of Expenditure. Let me thank the Members of this Honourable House who have made contributions in the Standing Finance Committee and to the Debate which I opened on April 18th, 2013.
  • Mr. Speaker, Members of this Honourable House will recall that on that occasion, I paid a well deserved tribute to the bondholders and especially the pensioners whose participation in the National Debt Exchange (NDX) programme helped to make it possible for Jamaica to meet the prior actions stipulated by the International Monetary Fund (IMF) and enabled us to meet our fiscal targets. We must also acknowledge the sacrifices made by the public sector workers, as both groups led the national effort to support the nation’s Economic Reform Programme. 
  • Their sacrifices were not in vain and it is with a great sense of satisfaction that I now advise the House that at [time today], as conveyed to me by our representative on the Executive Board of the IMF, Jamaica’s application for a four year Extended Fund Facility (“EFF”) with the IMF was approved in the amount of SDR615.4 million or approximately US$958 million. In addition, this will unlock more than US$1 billion of loan support from the World Bank and the Inter-American Development Bank. The first drawdown from the IMF of over US$200M should be completed in the next few days…READ MORE

Download Finance Minister’s Closing Budget Presentation, May 1, 2013

 

 

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