Tempers flared over the government’s decision to push through amendments to the Financial Administration and Audit Act, despite protests from the Opposition.
The amendments would postpone Jamaica’s aim to reduce Debt to GDP target to 60 per cent by two years.
Finance Minister, Dr. Nigel Clarke, in the House of Representatives this afternoon clashed with Opposition Leader Dr. Peter Phillips, over the issue.
Led by Dr. Phillips the Opposition today urged the government to delay the passing of the legislation.
Dr. Phillips argues that changing the fiscal rules has significant and far reaching consequences requiring serious consideration.
The amendment to the FAA Act will see Jamaica’s 60 per cent debt to GDP target move from Fiscal Year 25/26 to 27/28.
This has been a fundamental pillar of Jamaica’s economic reform programme.
However, Dr. Clarke and the Opposition both previously agreed that this target might need to be adjusted in light of the COVID-19 Pandemic.
Dr. Phillips says he does not wish to be contentious but takes issue with the way the government is attempting to push it through.
But, a strident Dr. Clarke chastised him for attempting to hold up the legislation at a critical time.
He made it clear there’s no room for further delay.
However, the Opposition Leader took serious issue with Minister Clarke’s statements.
Up to news time the House was still debating the amendments.
Meanwhile, Dr. Clarke made it clear it was critical the legislation be amended today.
He says a failure to do so would see a further delay in the supplementary estimates needed to respond to COVID-19 to mid June.
The Finance Minister says even a week’s delay would have ramifications for health expenditure amid the COVID-19 Pandemic.
Finance Minister Dr. Nigel Clarke.
He was speaking in the House of Representatives this afternoon.
