Minister promises drastic cuts in Jamaica's 2010/11 budget |
Jamaica's Minister of Finance and the Public Service, Audley Shaw, has indicated that the 2010/11 Budget, which will be tabled on Thursday (March 25), will be $100 billion below the 2009/2010 estimates.
"It is likely to be over a $100 billion less than the one we have finally signed off here. So it's going to be under $500 billion, whereas this budget is $593 billion, and that sharp reduction is attributable to the debt exchange programme," he said. Shaw was speaking on Wednesday in the debate on the second Supplementary Estimates of Expenditure 2009/10, in the House of Representatives. The Minister warned, however, that the drastic reduction in spending did not mean that the country is "out of the woods", economically, or that there is room for fiscal irresponsibility.
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