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2015/16 Budget being finalised

Published:Tuesday | January 27, 2015 | 9:36 AM
Finance Minister Dr Peter Phillips. - File

Finance and Planning Minister, Dr Peter Phillips, says final out-turns for revenues and expenditures in the 2015/16 Budget are expected to be settled with the next two weeks.

Phillips says the Budget should be tabled in the House of Representatives on February 19, when the new parliamentary year officially begins.

He made the disclosure during a special press briefing at Jamaica House yesterday where he provided details of the Cabinet retreat held on January 22.

The Finance Minister told journalists that Cabinet considered the “basic outlines” of the new Budget and reviewed Jamaica’s current overall macroeconomic situation, with specific focus on “how to accelerate the growth agenda.”

Parliament will prorogue on February 17, with the opening of the 2015/16 year two days later, when the Estimates of Expenditure and Revenues will be tabled at the same time.

The revision in the timeline is a requirement of the new Fiscal Rules legislation, which was passed by both Houses of Parliament last year.

The Fiscal rules require that the Budget be passed before the end of the current fiscal year, on March 31.

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