2022/23 Budget Increases By 2.1 % (912 Billion)

As Jamaica’s budget expenditures increased by 2.1 percent for the coming fiscal year, concerns linger about the devaluation of the Jamaican dollar. In the meantime it’s suggested while the budget is sustainable; caution must be taken by the government as expenditures should be parallel revenues.

In response to the minister’s presentation on expenditures for the 2022/23budget, president of the Jamaica Manufacturers and Exporters Association John Mahfood notes the 307 billion expenditure regarding debt service is not reflecting positively due to the devaluation of the Jamaican dollar. Mahfood is calling on the Bank of Jamaica to improve its management and intervention as it relates to the foreign exchange rate.

In the meantime president of the PSOJ Keith Duncan says while the current fiscal year saw some growth and recovery, the next fiscal year will see an even more accelerated recovery

He however notes growth in expenditures will continue. He also adds that the government has to be cautious, as spending has to be balanced with revenues. Noting the debt to GDP ratio is predicted to be down to 87.3 percent from 96.7 percent. He further noted that this budget is sustainable.