$60Bn Added to Budget

• The Government of Jamaica (GOJ) will be increasing its budgetary spending by approximately $60Bn during the current 2022/23 fiscal year.
• Clarke explained that the Supplementary Budget reflects amounts provided to cushion the impact of the ongoing Ukraine-Russia conflict on vulnerable Jamaicans. The increase resulted in a proposed revised budget of $972.0Bn up from the previously approved budget of $912Bn for the 2022/23 fiscal year.
• Certain ministries are slated to receive additional allocation as a result of the increased budget. This includes $5.1Bn to the Ministry of Economic Growth and Job Creation; $3.6Bn to the Ministry of Health and Wellness to support the payment of arrears for goods and services and procurement of drugs and medical supplies; and $6Bn to the Ministry of National Security, with $1.5Bn for the Jamaica Defence Force (JDF), $3.3Bn for the Jamaica Constabulary Force (JCF), and $862Mn for the Department of Correctional Services (DCS).
• The $60Bn in additional expenditure will be financed primarily through an expected $65.5-Bn increase in revenue flows. At the end of September 2022, total revenues were $40.4Bn above budget, including $35Bn from tax revenue.
• Clarke said this improved performance has been factored into the current economic forecast, which now anticipates total revenue flows of $815.5Bn for the current 2022/23 fiscal year.

(Source: JIS News)