Jamaica Budget delay

KINGSTON, Jamaica – Finance and Public Service Minister Dr. Peter Phillips announced yesterday that the government’s budget for the 2012/2013 fiscal year will be delayed.
Phillips said the financial package will now be tabled in May.
“The Budget is going to be taken in May because of the change of administrations, the need to review the Budget, and with the fact that we are in discussions, negotiations with the International Monetary Fund (IMF),” he explained.
While he did not disclose a date for the May budget, Phillips appealed to the Opposition Jamaica Labour Party (JLP) for full cooperation.
“The budget will be delayed. We want the full co-operation of your side”
The Finance Minister who made the disclosure at Wednesday’s meeting of the Tax Reform Committee of Parliament further indicated that the delay is to facilitate the conclusion of deliberations by the committee on the proposed new tax reforms to allow for a white paper to be tabled at the same time the budget is presented.
“We need to conclude all our work to enable the White Paper to be presented at the time of the Budget…..I would want the Parliament to be able to have the report and for that report to be considered here in the full House, and for the Cabinet to have the benefit of that report in the preparation of a White Paper which would need to be presented at the time of the Budget,” the Finance Minister said.
The committee has agreed to work overtime to ensure the report is ready.
Meanwhile, financial analyst, Dennis Chung said the Government made the right decision to delay the 2012/2013 budget.
According to Chung, the one month delay will not have any negative implications. (CMC)