Finance Minister, Dr. Peter Phillips, says Cabinet has decided to establish a Sub-Committee to drive economic growth.
The Finance Minister also says the country can surpass growth targets projected in its four-year agreement with the International Monetary Fund, IMF.
He says that possibility is based on information provided by the Planning Institute of Jamaica, PIOJ.
Dr. Phillips made the disclosures at a press briefing this morning at the Office of the Prime Minister, following a two-day Cabinet Retreat this week.
Dr. Phillips says the PIOJ is projecting that the country can achieve growth of three per cent, over the next fiscal year.
He says the PIOJ believes there’s significant potential for that level of growth, which would be more than what’s projected under the government’s Extended Fund Facility agreement, with the IMF.
Dr. Phillips says the PIOJ also believes there’re projects in areas such as Integrated Resort Development, Information and Communication Technology and Port and Infrastructure that could help spur that level of growth.
And the administration has responded to criticisms that it has failed to focus on driving economic growth to complement and sustain the fiscal programme it has been adhering to under the IMF programme.
Dr. Phillips disclosed that a Sub-Committee of Cabinet will be identified to remove impediments to growth.
The Finance Minister says a parallel technical sub-committee will be established to complement the work of the Inter-Ministerial Sub-Committee.
The disclosure by the Finance Minister follows a Cabinet Retreat on Monday and Tuesday of this week.
Cabinet met to discuss the government’s growth strategy, the energy sector, fiscal policy, and the budget calendar for the upcoming fiscal year.
Dr. Phillips says that for the next fiscal year and beyond, the national budget is to be passed before April.
This, in accordance with new Fiscal Rules legislation approved by Parliament.
The financial year customarily begins in April.
But, Dr. Phillips says the tabling of the budget and the subsequent budget debate are now to completed before March 31.
Dr. Peter Phillips, Finance Minister, speaking this morning with journalists at a press briefing at the Office of the Prime Minister.
He says the government will also have to pass a supplementary Estimates of Expenditure before the calendar year ends.
—30—
