The Government has programmed $87.3 billion for implementation of new or ongoing public-sector investment projects within Central Government and public bodies during the 2018/19 financial year.
Another $336.8 billion is projected to be spent on similar engagements over the next four fiscal years, ending 2022/23.
This is according to the Government’s 2018/19 Fiscal Policy Paper (FPP), which was tabled in the House of Representatives last month by Finance and the Public Service Minister, Hon. Audley Shaw.
A breakdown of the projections shows $87.8 billion targeted for 2019/20; $83.4 billion for 2020/21; $86.3 billion for 2021/22; and $79.3 billion for 2022/23.
The funds are expected to be derived from the Consolidated Fund, loans/debt, grants, and equity, according to the FPP.
Meanwhile, the $87.3 billion earmarked for 2018/19 will facilitate the implementation of 173 new or ongoing projects.
The document indicates that Central Government will either commence or continue the implementation of 104 projects from an allocation of $59.8 billion.
This includes contingency provisions of $500 million for natural disasters and $794.5 million for new investment projects that were not finalised for inclusion in the 2018/19 Estimates of Expenditure, but are expected to be approved by Cabinet during the year.
A breakdown of Central Government’s investment programme shows that 34.6 per cent of the allocation has been earmarked for the Ministry of Economic Growth and Job Creation, 20.7 per cent for National Security, 13.3 per cent for Labour and Social Security, 9.2 per cent for the Office of the Prime Minister, and 6.1 per cent for the Ministry of Finance and the Public Service.
Further disaggregation of the allocation shows that $29.9 billion, covering 50 per cent of the projects, will be funded from the Consolidated Fund; 38.2 per cent will be financed through external loans; and the remaining 11.8 per cent from external grants.
A total 78 projects are programmed for implementation or continuation by public bodies this year from an allocation of $27.4 billion.
Approximately $16.1 billion, covering 58.8 per cent of the projects’ funding, will be provided from internal revenue, and the balance of $11.3 billion, or 41.2 per cent, from loans.
The Fiscal Policy Paper indicates that the National Housing Trust (NHT) has been allocated 27.9 per cent of the public bodies investment budget, the Port Authority of Jamaica – 20.7 per cent, PETROJAM – 20.4 per cent, National Water Commission – 16.4 per cent, Airports Authority of Jamaica – 13.7 per cent, and the Urban Development Corporation – 0.9 per cent.
The projects cover wide-ranging engagements in national security, the social sector, health, education, agriculture, enhancing competitiveness and growth, energy efficiency and conservation, infrastructure, environmental resilience and climate change, public sector transformation, and improved revenue collection.