$100Bn for Social Protection Without Increase in Borrowing

• Prime Minister the Most Hon. Andrew Holness, has said that the Government was able to reallocate resources within the Budget to deliver over $100.0Bn for social protection and recovery support without any increase in borrowing. 
• The Prime Minister noted that while for some this may not seem like a big deal, in the past, shocks such as a storm or commodity price shocks as experienced in the 1970s and 80s, or a global financial recession as experienced in 2009, would have precipitated major economic crises with long recovery periods. 
• The International Monetary Fund observed in its recent Concluding Statement on Jamaica, that unlike in the past, the pandemic related shock was not followed by a fiscal, financial, or balance of payments crisis. The Prime Minister noted that this is a solid testament of the maturing of Jamaica's economic management and how far the country has progressed in its quest for economic independence. 
• He further noted that this solid fiscal platform underpins the strong recovery that is already being seen in the Jamaican economy. Tourism has rebounded to almost 70.0% of pre-pandemic levels, employment is rebounding with the return of some 93,000 jobs, and expectations are that the country will record growth of around 8.0%.

(Sources: JIS News)