Budget overview
On March 12, 2024, the Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, DPhil., MP (“the Minister”), delivered his Opening Budget Presentation for the financial year 2024/25 under the theme - Leveraging Economic Stability in the People’s Interest.
The Minister’s presentation highlighted a number of firsts for the Jamaican economy in half a century. He started by noting that Jamaica’s macro-economic fundamentals today are stronger, better, and more favourable than at any time over the last 50 years. The Minister went on to say that “the current period is the only time in the last 50 years where all the following are true at the same time:
- We have low debt;
- We have adequate foreign exchange reserves;
- We have single digit inflation with institutional mechanisms empowered and mandated to pursue even lower inflation; and
- We have financial sector stability.
The Minister closed his presentation by emphasizing the point that this is the seventh consecutive year that no new taxes are introduced by the GOJ for a financial year, and stressed that this was unprecedented. This budget presentation focused on demonstrating that the GOJ is listening to the people, and is responding in the people’s interest by correcting the areas of the economy that created instability and inequity.
