KINGSTON, Jamaica, Could 15, CMC-Prime Minister Andrew Holness has described the 2024/25 price range as one which represents a stability of “responsiveness and accountable governance.”
In an announcement on Thursday, the Prime Minister mentioned the measures launched by Minister of Finance and the Public Service Dr Nigel Clarke, in opening the 2024/25 price range on Tuesday, is breaking the pattern of fiscal mismanagement that has plagued Jamaica, and was a characteristic of previous administrations.
He additionally famous that, as a substitute, his authorities’s macroeconomic stability has paved the way in which for initiatives reminiscent of an unemployment insurance coverage scheme to learn Jamaican employees.
“The Jamaican authorities is listening. That’s the message being despatched by the measures introduced to stimulate financial progress and additional ease financial burdens,” he acknowledged, describing the price range as one to construct a caring economic system on.
He recalled that, in opening the 2024/2025 Funds Debate , Clarke introduced quite a few initiatives geared toward enhancing the lives of Jamaican residents, whereas remaining fiscally prudent in order to not endanger the economic system.
He famous that by means of the financial administration of Clarke, Jamaica has been capable of current a price range of with no new taxes for seven consecutive years, and that this has been attainable because of the authorities’s emphasis on progress and financial stability, “even within the face of worldwide challenges and exterior shocks such because the Covid-19 pandemic, and inflation”.
He listed quite a few points which have been tabled by Dr Clarke within the Home of representatives, final week, together with: the removing of Basic Consumption Tax (GCT) from imported uncooked meals objects together with vegetables and fruit, making these merchandise extra inexpensive for Jamaicans; Annual Pension Exemption and Age Aid Exemption elevated from $80,000 to $250,000 every, for a mixed whole of half 1,000,000 {dollars} of further aid for our seniors; The brink for duties (de minimis worth) for imported objects has been elevated from US$50 US$100; efficient April 1, 2024 the passenger obligation free threshold for private/family results not imported on the market or business change can be elevated from US$500 to US$1,000 on the port.
Holness mentioned the measures symbolize a stability of responsiveness and accountable governance, breaking the pattern of fiscal mismanagement that has plagued Jamaica and was a characteristic of previous administrations.
CMC/jm/kb/2024
