Economic Oversight Committee worried about Gov't's under spending
The Economic Programme Oversight Committee (EPOC) says it is concerned that the Government has been persistently under spending to achieve the primary surplus target.
The Committee, which monitors Jamaica's four-year programme with the International Monetary Fund (IMF), says its review of the April to October period shows that the Government expenditure was $12.5 billion below budget.
The committee points out that over the period the country recorded a cumulative primary surplus of $45.5 billion.
EPOC notes that this is higher than the 42.7 per cent which was budgeted for the period.
Details of the performance of the economy are contained in a communiqué issued by EPOC today.
Meanwhile, EPOC is reporting that between April and October tax revenues for the period fell short by $7.4 billion.
It points out that the shortfall is primarily due to underperformance of Company Tax and General Consumption Tax.
EPOC notes that the Government had set out to collect $204 billion in tax revenue between April and October, however, it pulled in $196.6 billion.
Meanwhile, EPOC disclosed that the country's fiscal deficit stood at $26.8 billion, which was better than the budgeted deficit of $33.1 billion.
It says the Net International Reverses stood at US$2.019 billion at the end of the November.
While noting that this surpasses the IMF’s December target of US$560 million, it expects this amount to reduce as the government pays down the debt.
The Committee points out that in October the government paid debts associated with €150 million bond.
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