GOV’T EARMARKS $1.29 BILLION FOR NATURAL DISASTERS

GOV’T EARMARKS $1.29 BILLION AS CONTINGENCY FUNDING FOR NATURAL DISASTERS

KINGSTON, Feb. 21 (JIS):

The Government has earmarked $1.29 billion as contingency funding for natural disasters/infrastructure rehabilitation and the Public Investment Management System this year.

The sum has been allocated in the 2018/19 Estimates of Expenditure, which were tabled in the House of Representatives last week.

A total of $500 million is being made available, through the Ministry of Finance and the Public Service, towards the cost of rehabilitating infrastructure damaged by adverse weather, which is a requirement of the Financial Administration and Audit Act (Fiscal Responsibility Framework).

Additionally, $794.5 million has been set aside to support new projects under the Public Investment Management Scheme, which are approved for implementation under the Public Investment Management System, also being spearheaded by the Ministry.

Meanwhile, $90 million has been earmarked to continue work this year on the build-out of the Accountant General’s Department offices.

The project, being spearheaded by the Urban Development Corporation, entails refurbishing and build-out of the Department’s office space for its proposed relocation.

Funding for all engagements is being provided by the Government of Jamaica.