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Phillips says more taxes, wage restraint coming

Published: Monday January 14, 2013 | 2:37 pm Comments 0
Finance Minister Dr Peter Phillips - File Photo
Finance Minister Dr Peter Phillips - File Photo

Finance Minister Dr Peter Philips has announced that there will be more taxes and public sector wage restraint as the Government prepares to enter a deal with the International Monetary Fund (IMF).

Phillips made the announcement at a press conference this morning following the three-day Cabinet Retreat.

“Tax measures will be required,” he told journalists.

He also said framework for public sector wage restraint and other matters must be settled before the IMF deal can be signed.

While not going into the details, the Finance Minister disclosed that a programme was unanimously agreed on to reduce Jamaica's debt which now stands at $1.7 trillion.

The finance minister also disclosed that Jamaica's primary surplus will increase from 6.3 to 7.5 per cent of Gross Domestic Product for the next fiscal year.

According to Philips, the government’s technical team is now in the final stages of discussion with the IMF to finalise a deal.

He said a full report will be provided once the deal is finalised, but stressed that the most vulnerable will be protected.

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