EPOC: Crafting Upcoming Supplementary Estimates May Be Clarke’s Toughest Job

Minister of Finance and the Public Service, Dr. Nigel Clarke (right), speaks with Chairman of the Economic Programme Oversight Committee, Keith Duncan, during the Public Bodies Corporate Governance Awards ceremony at The Jamaica Pegasus hotel in New Kingston, on Thursday (December 1, 2023). (Mark Bell/JIS)

Chairman of the Economic Programme Oversight Committee, EPOC, Keith Duncan, says crafting the upcoming supplementary estimates may be the toughest job yet for finance minister, Dr. Nigel Clarke.

This, in light of recent economic shortfalls.

Speaking with Nationwide News, Mr. Duncan says with the economy slowing and further economic pressures expected as a result of the impact of Hurricane Beryl, there could be serious ramifications.

Mahiri Stewart tells us more.

The Jamaican economy failed to register meaningful growth for the April to June quarter of this year. It improved by a negligible 0.1 per cent.

It’s also expected to contract in the following quarter due to the impact of Hurricane Beryl.

According to Mr. Duncan, it’s within this context that Finance Minister Dr. Nigel Clarke must adjust government’s expenditure for the current fiscal year.

While tax revenues over-performed for the April to July quarter, Mr. Duncan is concerned the take up for the rest of the financial year will be impacted due to the fall-off in economic activity.

He says this will have an impact on the government’s ability to fund its priorities for the fiscal year.

The upcoming supplementary estimates could be the last such action by Dr. Clarke before he takes up a new role as deputy managing director of the International Monetary Fund.

According to Mr. Duncan, it could also be his most challenging yet.

This difficult economic environment has been further impacted by the high interest rate regime currently being maintained by the Bank of Jamaica.