Finance Minister, Audley Shaw, says the government is set to meet all the structural benchmarks under the new IMF programme.
Mr. Shaw says the country’s macro economic indicators are heading in the right direction.
The Finance Minister was upbeat as he provided the House of Representatives yesterday with a report on the state of the economy.
He was making his contribution to the debate on the supplementary estimates.
Minister Shaw says the inflation rate at the end of last year was the lowest since 1964.
And, Minister Shaw told parliament that the economy grew by 1.7-percent in the first half of the fiscal year compared to 1.2-percent in the previous year.
He says for the second half of the fiscal year the economy is expected to grow by 2-percent which is above the 1.7 percent projection.
Meanwhile, The Finance Minister and his opposition counterpart, Dr. Peter Phillips, clashed last night during the debate on the supplementary estimates.
This as Dr. Phillips criticized the ‘JLP’s 1.5 Tax Break’ lamenting that more taxes were coming.
Dr. Phillips accused the Holness-administration of not speaking the truth when they insisted there would be no taxes to finance its tax plan.
Phillips said more taxes are likely to be announced during the next budget to fund phase two of the tax plan.
But Audley Shaw was not amused. He accused Dr. Phillips of ignorance and hypocrisy.
The Finance Minister said despite the criticisms, phase two of the tax plan will proceed as planned.
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