Budget Cuts Coming

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Finance Minister Dr. Peter Phillips is to table a supplementary budget before the end of the calendar year, which will reflect an $8.6-billion cut in the recurrent budget for this fiscal year.

Dr. Phillips says this has become necessary because the Government will pay more than was programmed for the new compensation package for public sector workers.

Dr. Phillips says a projected shortfall in revenues has also contributed to the need to slash the recurrent budget.

The Finance Minister made the disclosure yesterday, shortly after he tabled the fiscal policy paper in the House of Representatives.

The tabling of the document is part of the guidelines agreed to under the extended fund facility arrangement with the IMF.

And the Finance Minister yesterday rejected an assertion from the Opposition Spokesman on Industry, Investment and Commerce, Karl Samuda that the PNP-administration has entered into an arrangement with the IMF, that makes no provision for growing the economy.

Mr. Samuda made his criticism while addressing the House of the Representatives on Tuesday.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2015/09/Samuda-says-not-bright.mp3″]

Dr. Phillips rejected his argument.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2015/09/Phillips-says-not-true.mp3″]

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2 thoughts on “Budget Cuts Coming

  1. Bobby Sharpe

    It’s our job to grow the economy Karl…Not that of the IMF. The fact that our economy has not grown at any point, under your generation of pnjlp, Karl, speaks loudly of the lack of real management abilities & economic development vision for Jamaica, that UuU guys have brought to & still intend to bring to our table…When do you guys intend to walk away…??? UuU have all done very well for yourselves, at the expense of Jamaica’s greater good…UuU don’t need us anymore…Your pockets are full & overflowing…Ease up pon wi now nuh…!!!

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