Estimates at a glance - Lead Stories - Jamaica Gleaner - Friday | May 11, 2012: "The Government of Jamaica tabled an expenditure budget of $612.4 billion in the House of Representatives yesterday. This Budget reflects above-the-line expenditure of $277.72 billion and amortisation payments of $198.17 billion.
As in previous years, debt servicing accounts for the largest portion of the Budget. In the upcoming Budget, debt servicing accounts for 54.65 per cent as compared with 46.38 in 2011-12 - an increase of approximately 8.3 per cent. And it is obvious that the current International Monetary Fund negotiations could be drawn out and are requiring a significant increase in debt repayment during this fiscal year, including outstanding debt obligations from the sugar divestment that have been assumed by the Government."
Amortisation
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As in previous years, debt servicing accounts for the largest portion of the Budget. In the upcoming Budget, debt servicing accounts for 54.65 per cent as compared with 46.38 in 2011-12 - an increase of approximately 8.3 per cent. And it is obvious that the current International Monetary Fund negotiations could be drawn out and are requiring a significant increase in debt repayment during this fiscal year, including outstanding debt obligations from the sugar divestment that have been assumed by the Government."
Perhaps the most significant change in the 2012-13 Estimates of Expenditure is the overall budgeted increase of $70.11 billion in the provisions for the repayment of loans as compared with 2011-12. The Government has earmarked $198.17 billion for amortisation as compared with $128.06 billion repaid in the previous year. The majority of this increase ($57.43 billion) is slated for the repayment of internal loans.
a) Repayment of internal loans
The Government has earmarked $124.6 billion to repay internal loans as follows:
Provision of $74.98 billion to cover the repayment of Jamaica dollar benchmark notes issued under the Jamaica Debt Exchange (JDX) initiative;
A further $26.12 billion has been provided for the repayment of US dollar benchmark notes under the JDX initiative, as well as $8.19 million to repay debt instruments denominated and payable in US$ issued in the local market by the Government;
$548 million has been allocated for the provision of the repayment of loans raised through local commercial banks re (i) Sugar Company of Jamaica (SCJ) loans assumed by the Government; and (ii) loans re the acquisition of motor vehicles for the police force;
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