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Surplus projected for TEF

Published:Monday | March 29, 2010 | 12:00 AM

The Tourism Enhancement Fund (TEF) is projecting a surplus of $49.9 million for the 2010/11 fiscal year.

This will represent a significant improvement on the 2009/10 estimated deficit of $742.9 million.

According to the Jamaica Public Bodies report, which was tabled in the House of Represen-tatives last Thursday, the TEF will be cutting back on project expenditure by $876.6 million.

As a result of the reduction in expenditure, the TEF is indicating that there will be a decline in support for the Jamaica Tourist Board and the removal of airlift support of US$3 million, which will be paid in the current year.

The TEF is, however, forecasting a reduction in income of $2 billion, down from one per cent over 2009/10 fiscal year.

The fund is attributing the flat income to a reduction in interest income as a result of the Jamaica Debt Exchange on interest rates.