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Statement by the Minister of Finance and Planning, Hon. Dr. Peter Phillips, MP, providing an update on Jamaica’s Fiscal Policy

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1.0 INTRODUCTION

  • The House is reminded that late in December 2013 the Government of Jamaica laid in this Honourable House the Fiscal Policy Paper -Interim Report and an adjusted Letter of Intent and Memorandum of Economic and Financial Polices (MEFP).
  • I wish to make some comments on both documents, and I will also use this opportunity to provide an update on the economy and the challenges confronting us in the New Year.

 

2.0 UPDATE ON THE ECONOMY FISCAL PERFORMANCE -APRIL 2013-NOVEMBER 2013

2.1 CENTRAL GOVERNMENT PRIMARY SURPLUS AND FISCAL DEFICIT

 

  • Fiscal performance has remained resilient throughout FY 2013/14, with Central Government primary surplus and budget deficit targets, all being met.
  • Provisional information indicates that the Central Government primary surplus to November 2013 amounted to $42.5 billion.
  • This continuing fiscal consolidation effort bodes well for the attainment of the key primary surplus target of 7.5% of GDP for FY 2013/14 and over the medium term.

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