Central Government and Public Bodies to Invest $100.9 Billion on Projects

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Jamaica News: A sum of $100.9 billion is earmarked to implement 194 investment projects by Central Government and Public Bodies during the 2019/20 fiscal year, under the Public Sector Investment Programme (PSIP).

This is according to the 2019/20 Fiscal Policy Paper, which was tabled in the House of Representatives by Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke.

Just over $72 billion is programmed to commence or continue 100 projects by Central Government over the upcoming year, with $28.8 billion set aside to finance the remaining 94 by Public Bodies.

The Central Government budget contains a $487.8-million contingency provision for new projects that were not finalised for inclusion in the 2019/20 Estimates of Expenditure but are expected to be approved by Cabinet during the new year.

A disaggregation of the allocation’s funding sources shows that just over $43 billion or 59.7 per cent of this provision will be financed from the Consolidated Fund; 29.6 per cent through external loans; and 10.5 per cent from external grants.

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Approximately $17.7 billion or 61.4 per cent of the Public Bodies investment budget will be provided from the entities’ internal revenues, with the remaining $11.2 billion or 38.5 per cent from loans.

The National Housing Trust’s (NHT) provision of $39.4 billion is the largest allocation.

The projected PSIP sums over the next four fiscal years, according to the Fiscal Policy Paper, are 2020/21 – $112.7 billion, 2021/22 – $125 billion, 2022/23 – $124.6 billion, and 2023/24 – $101 billion.

The PSIP is financed through a combination of government funds, loans and grants from International Development Partners, as well as funds from Self-Financing Public Bodies.

 

Source: JIS News

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