Jamaica Government Of 18-K Annual report (foreign governments)

Exhibit C

INDEX TO REVENUE ESTIMATES AND FINANCIAL STATEMENTS FOR THE GOVERNMENT OF

JAMAICA FOR THE YEAR ENDING MARCH 31, 2023

	Page No.
I) ESTIMATES OF REVENUE 2023/2024		1
A. STATEMENT OF REVENUE ESTIMATES
Statement I – Summary of Revenue and Loan Receipts		1
Statement II – Details of Revenue and Loan Receipts		2
B. STATEMENT OF FINANCING OF THE BUDGET
Statement III – Summary of Revenue Estimates and Estimates of Expenditure		10
Statement IV – Statement of the Financing of the Estimates of Expenditure		13
Statement V – Statement of Statutory Expenditure Charged to the Consolidated Fund		14
II) FINANCIAL STATEMENTS 2022/2023
Statement I – Receipts and Payments of the Consolidated Fund		26
Statement II – Statement of Financing		28
Statement III – Statement of Receipts of the Consolidated Fund Compared with Estimates		29
Statement IV – Statement of Expenditure Compared with Issues from the Consolidated Fund		31
Statement V – Statement of Consolidated Fund Balances		33
Statement VI – Statement of Cash Flows		34
Statement VII – Statement of Transfers from the Capital Development Fund		36
Statement VIII – Contingencies Fund		37
Statement IX – Local (Internal) Debt and Foreign (External) Debt		38
Notes to the Financial Statements		40

JAMAICA

REVENUE ESTIMATES

2023/2024

For the Financial Year Ending

31^st March 2024

Ministry of Finance and the Public Service	As Presented to the House of
	Representatives on the
	14th day of February 2023

INDEX TO ESTIMATES OF REVENUE

2023-2024

			Page No.
A	STATEMENT OF REVENUE ESTIMATES
	Statement I	Summary of Revenue and Loan Receipts		1
	Statement II	Details of Revenue and Loan Receipts		2
B	STATEMENT OF FINANCING OF THE BUDGET
	Statement III	Summary of Revenue Estimates and Estimates of Expenditure		10
	Statement IV	Statement of the Financing of the Estimates of Expenditure		13
	Statement V	Statement of Statutory Expenditure Charged to the Consolidated Fund		14

2023-2024 JAMAICA BUDGET

STATEMENT I

REVENUE AND LOAN RECEIPTS

SUMMARY

	Head	Account 2021/2022 $		Original Estimates 2022/2023 $		Consolidated Fund Receipts 2022/2023 (December 2022) $		Estimates 2023/2024 $
I	RECURRENT REVENUE
	TAXATION
	Customs		52,169,363,367		59,246,035,025		45,778,117,703		63,514,530,000
	Income Tax		189,252,039,301		189,590,797,067		130,602,792,406		251,829,621,669
	Stamp Duties		9,407,197,048		10,081,715,475		8,750,050,678		13,074,113,729
	Motor Vehicle Licences(Motor Vehicle Act)		5,306,224,456		5,132,047,500		4,333,301,617		5,891,877,908
	Other Licences		615,798,509		1,546,541,196		403,762,751		224,233,106
	Travel Tax		16,763,929,502		15,799,100,000		18,390,827,343		28,674,790,000
	Betting, Gaming and Lotteries-Duties, Fees and Levies		5,864,166,160		8,023,787,100		6,284,441,130		10,706,209,991
	Education Tax		34,122,884,392		36,700,287,000		28,468,281,389		48,119,125,402
	Contractors Levy		2,083,405,138		2,540,120,700		2,030,233,504		3,118,889,465
	General Consumption Tax		211,413,947,695		237,587,065,800		174,433,492,066		279,036,663,433
	Special Consumption Tax		84,894,767,609		92,072,800,000		70,827,541,002		104,002,808,052
	Environmental Levy		5,332,784,436		5,490,770,000		4,749,814,979		6,620,368,517
	Telephone Call Tax		3,432,115,071		3,219,695,000		2,411,934,889		3,607,997,396
	Guest Accomodation Room Tax		2,229,490,270		2,577,234,700		2,435,288,932		3,592,752,403
	Minimum Business Tax		142,015,985				87,367,550		—
	Quarry Tax		86,359,249		75,600,000		75,271,805		110,054,579
	Import Licences-Trade Board		310,047,727		323,848,704		220,380,342		327,036,504
	Telecommunication Licences		2,931,910,514		1,528,653,600		1,302,871,667		1,844,736,282
	TOTAL		626,358,446,431		671,536,098,867		501,585,771,754		824,295,808,438
II	NON-TAX REVENUE		94,936,696,985		65,398,700,000		43,228,458,949		65,228,522,019
	MISCELLANEOUS RECEIPTS (UNCLASSIFIED)		—				532,277,870
	TOTAL RECURRENT REVENUE		721,295,143,416		736,934,798,867		545,346,508,573		889,524,330,457
III	CAPITAL REVENUE
	Land Sales		—		—		—		—
	Loan Repayments		933,288,500		1,477,000,000		2,747,383,244		168,331,257
	Extraordinary Receipts: Miscelleanous		2,548,243,982		32,514,600,000		552,185,435		15,826,200,000
	TOTAL CAPITAL REVENUE		3,481,532,482		33,991,600,000		3,299,568,679		15,994,531,257
	TOTAL RECURRENT AND CAPITAL REVENUE		724,776,675,898		770,926,398,867		548,646,077,252		905,518,861,714
IV	GRANTS
(I)	TRANSFER FROM CAPITAL DEVELOPMENT FUND
	Transfers to Current Account		135,700,000		4,908,300,000		—		1,283,400,000
	Transfers to Capital Account		—		—		—		—
	Other		—		—		58,160,284		—
(II)	EXTERNAL GRANTS
	Grants from the European Union		730,862,725		—		1,001,157,095		—
	Miscellaneous Grants		8,846,611,008		6,459,981,000		77,500,000		—
	Other Grants		—		—		2,958,070,985		6,591,107,000
	TOTAL GRANTS		9,713,173,733		11,368,281,000		4,094,888,364		7,874,507,000
V	LOAN RECEIPTS
	Loan receipts		161,973,500,105		124,130,100,000		53,404,742,858		139,472,470,766
	TOTAL LOAN RECEIPTS		161,973,500,105		124,130,100,000		53,404,742,858		139,472,470,766
	TOTAL REVENUE AND LOAN RECEIPTS		896,463,349,735		906,424,779,867		606,145,708,474		1,052,865,839,480

The Consolidated Fund Receipts are subject to change

1

2023/2024 JAMAICA BUDGET    

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS    

REVENUE ITEM DESCRIPTION	Consolidated Fund Receipts 2021/2022 (‘1)		Original Estimates 2022/2023 (‘2)		Fund Receipts 2022/2023 (as at Dec-2022) (‘3)		Estimates 2023/2024 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
TAX REVENUE
Import Duties		52,169,363,367		59,246,035,025		45,778,117,703		63,514,530,000		4,268,494,975
Income Tax-Companies		90,006,019,434		77,522,678,567		39,259,515,566		97,019,483,421		19,496,804,854
Income Tax- Individuals		98,860,019,434		88,989,286,500		70,035,062,251		124,213,346,504		35,224,060,004
Tax on Interest/Dividend		386,000,434		23,078,832,000		21,308,214,589		30,596,791,743		7,517,959,743
Stamp Duties (local)		5,007,197,048		6,490,290,800		3,144,115,222		8,655,713,729		2,165,422,929
Stamp Duties (import)		4,400,000,000		3,591,424,675		5,605,935,455		4,418,400,000		826,975,325
Motor Vehicle Licences (Motor Vehicle Act)		5,306,224,456		5,132,047,500		4,333,301,617		5,891,877,908		759,830,408
Customs Brokers		1,131,964		2,866,369		831,500		2,350,928		-515,441
Gaming Machines		502,821,742		1,273,249,173		361,289,911		1,044,289,051		-228,960,123
Tourist Shop Licence		15,322,360		38,799,400		9,103,805		31,822,356		-6,977,044
Tourist Shop Operators Licence		25,119,673		63,608,233		11,708,656		52,169,978		-11,438,255
Hotel Licence Duty		9,136,202		23,774,187		2,595,300		19,499,029		-4,275,157
Other Licences		62,266,569		144,243,835		18,233,578		118,390,815		-25,853,020
Travel Tax		15,432,824,047		11,485,945,700		12,205,926,386		20,846,572,330		9,360,626,630
Passenger Levy		1,331,105,455		4,313,154,300		6,184,900,957		7,828,217,670		3,515,063,370
Betting, Gaming and Lotteries-Duties, Fees and Levies		5,864,166,160		8,023,787,100		6,284,441,130		9,661,920,940		1,638,133,840
Education Tax		34,122,884,392		36,700,287,000		28,468,281,389		48,119,125,402		11,418,838,402
Contractors Levy		2,083,405,138		2,540,120,700		2,030,233,504		3,118,889,465		578,768,765
General Consumption Tax		111,946,966,649		119,622,219,900		87,248,765,673		156,438,503,433		36,816,283,533
General Consumption Tax		99,466,981,046		117,964,845,900		87,184,726,393		122,598,160,000		4,633,314,100
Special Consumption Tax		31,759,477,005		29,777,600,000		50,271,444,016		30,631,243,667		853,643,667
Special Consumption Tax		53,135,290,605		62,295,200,000		20,556,096,987		73,371,564,386		11,076,364,386
Environmental Levy		2,832,782,336		731,000,000		3,837,037,887		752,164,738		21,164,738
Environmental Levy		2,500,002,100		4,759,770,000		912,777,092		5,868,203,779		1,108,433,779
Telephone Call Tax		3,432,115,071		3,219,695,000		2,411,934,889		3,607,997,396		388,302,396
Guest Accomodation Room Tax		2,229,490,270		2,577,234,700		2,435,288,932		3,592,752,403		1,015,517,703
Minimum Business Tax		142,015,985				87,367,550		0		0
Quarry Tax		86,359,249		75,600,000		75,271,805		110,054,579		34,454,579
Import Licences-Trade Board		310,047,727		323,848,704		220,380,342		327,036,504		3,187,800
Telecommunication Licences		2,931,910,514		1,528,653,600		1,302,871,667		1,844,736,282		316,082,682
TOTAL TAX REVENUE		626,358,446,431		671,536,098,867		501,585,771,754		824,295,808,438		152,759,709,571
HIS EXCELLENCY THE GOVERNOR GENERAL AND STAFF
Processing Fees
Miscelleanous Receipts		35,000		2,365				4,371		2,006
TOTAL- HIS EXCELLENCY THE GOVERNOR GENERAL AND STAFF		35,000		2,365		0		4,371		2,006
HOUSE OF PARLIAMENT										0
Miscelleanous Fees (Food & Beverage)				5,600,000				5,600,000		0
TOTAL- HOUSE OF PARLIAMENT		0		5,600,000		0		5,600,000		0
INDECOM				12,000
PUBLIC PROCUREMENT COMMISSION (PPC)										0
Registration Fees		0		6,000,000		3,387,850		7,350,000		1,350,000
TOTAL- PUBLIC PROCUREMENT COMMISSION		0		6,000,000		3,387,850		7,350,000		1,350,000
AUDITOR GENERAL’S DEPARTMENT
Audit Fees		300,000		5,000,000				0		-5,000,000
Miscelleanous Fees		1,000		3,000		1,000		3,000		-6,000
TOTAL- AUDITOR GENERAL’S DEPARTMENT		301,000		5,003,000		1,000		3,000		-5,006,000
OFFICE OF THE SERVICES COMMISSIONS
Processing Fees				7,000		0		7,400		400
Miscelleanous Fees				63,000		122,200		67,000		4,000
TOTAL-OFFICE OF THE SERVICES COMMISSIONS				70,000		122,200		74,400		4,400

OFFICE OF THE PRIME MINISTER

2

2023/2024 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Consolidated Fund Receipts 2021/2022 (‘1)		Original Estimates 2022/2023 (‘2)		Fund Receipts 2022/2023 (as at Dec-2022) (‘3)		Estimates 2023/2024 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
Rental Charges		975,000		900,000				2,200,000		1,300,000
Irrevocable Order				10,000		2,500		10,000
Miscelleanous Receipts		716,939		485,000		3,275,642		485,000		0
TOTAL-OFFICE OF THE PRIME MINISTER		1,691,939		1,395,000		3,278,142		2,695,000		0
ELECTORAL COMMISSION
Registration and ID Card Service		0		0		0				0
Miscelleanous Receipts		0		0		0				0
TOTAL- ELECTORAL COMMISSION		0		0		0		0		0
OFFICE OF THE CABINET
Irrevocable Order				5,000		500		8,000		3,000
Miscelleanous Receipts		0		10,000		9,449		14,000		4,000
TOTAL- OFFICE OF THE CABINET		0		15,000		9,949		22,000		7,000
MINISTRY OF TOURISM
Irrevocable Order				3,000				5,000		2,000
Miscelleanous Receipts		223,100		35,000		921,303		3,050,000		3,015,000
De- earmarked Funds - TEF/ CHASE		3,452,559,367		5,150,363,484		5,865,138,007		8,548,357,191		3,397,993,707
TOTAL- MINISTRY OF TOURISM		3,452,782,467		5,150,401,484		5,866,059,310		8,551,412,191		3,401,010,707
MINISTRY OF ECONOMIC GROWTH AND JOB CREATION
Miscelleanous Receipts		651,428		1,501,811		24,621,368		970,415		-531,396
TOTAL- MINISTRY OF ECONOMIC GROWTH AND JOB CREATION		651,428		1,501,811		24,621,368		970,415		-531,396
NATIONAL LAND AGENCY
Miscellaneous Receipts (50% of Profit)						195,254,476
Assurance Fund (100% of Gross Receipts)				62,856,000				89,631,000
Rents - Crown Lands and Other Government Properties		68,060,177		125,924,000		58,690,498		178,000,000		52,076,000
Land Settlement Properties		8,802,506		31,559,000		303,644		35,637,000		4,078,000
Rental of Land-Leased properties		8,113,455		0		0		0		0
Attorney’s Fee/ Photocopying		6,000		0		7,623,916		0		0
Miscellaneous Receipts		8,031		274,716,000		2,500		24,849,000		-249,867,000
Other Receipts (Including Crown Property Sales)		423,989,313		216,607,000				280,318,000		63,711,000
TOTAL NATIONAL LAND AGENCY		508,979,483		711,662,000		261,875,034		608,435,000		-130,002,000
MINISTRY OF FINANCE AND THE PUBLIC SERVICE
Fees- Banking Licence Registration (1973) - Commercial Banks		159,603,122		474,320,124		246,590,193		461,751,612		-12,568,512
Profits in Government owned companies- Dividends and Financial Distribution		54,575,088,862		14,759,380,000		12,129,485,826		16,649,170,000		1,889,790,000
Sale of Unserviceable Stores		324,113		33,743,000				75,000,000		41,257,000
BOJ Profits				1,100,000,000						-1,100,000,000
Sale of Gazettes		964,838		2,288,000		788,393		2,516,800		228,800
Fees-Scotia Bank Jamaica Economic Growth Fund								0		0
Provident Fund						0		0		0
Fees-FIA Licence Registration		0		1,293,365		0		2,774,420		1,481,055
Fees-Building Societies		35,272,704		39,903,593		4,542,000		47,602,060		7,698,467
Sale of Forfeited Goods-FID				28,600,000		5,057,815		296,550,000		267,950,000
Cash Seized and Forfeited		15,241,435		24,000,000		2,251,316		24,000,000		0
Miscelleanous Receipts		3,781,717		28,600,000		1,767,773,281		31,460,000		2,860,000
Forfeiture of Loan Agreement (MDB)		5,550,149		9,176,250		3,370,588		20,000,000		10,823,750
TOTAL- MINISTRY OF FINANCE AND THE PUBLIC SERVICE		54,795,826,938		16,501,304,332		14,159,859,412		17,610,824,892		1,109,520,560
ACCOUNTANT GENERAL’S DEPARTMENT								0
Interest on On Lent Loans		2,210,195,024		1,192,664,773		945,984,063		2,333,000,000		1,140,335,227
Interest Earned on Local Currency Bank Accounts		2,210,173		2,781,461		2,475,436,390		2,500,190,754		2,497,409,293
Interest Earned on Foreign Currency Bank Accounts		123		322,351,405		600,370,988		756,587,565		434,236,160

3

2023/2024 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Consolidated Fund Receipts 2021/2022 (‘1)		Original Estimates 2022/2023 (‘2)		Fund Receipts 2022/2023 (as at Dec-2022) (‘3)		Estimates 2023/2024 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
Interest Earned on Loans and Advances to Public Officers		4,173,304		8,375,196		1,647,025		2,456,328		-5,918,868
Interest on Government Deposits (MDA)		492,529		9,874,710		121,666		658,765		-9,215,945
PDCF Interest -Global Bonds Interest		3,643,610,836		5,093,867,435		1,705,242,391		5,144,400,000		50,532,565
PDCF Interest - Local Investments JUTC Interest		1,813,293,552		0		720,160,307				0
Pension Contributions: 5 % Contribution Scheme		3,139,705,072		5,376,502,000		3,491,874,979		5,645,327,100		268,825,100
Pension Contribution: Members of the Legislature										0
Pension Contributions: Other Government
Authorities for Seconded Officers										0
Recovery of Pension and Salary		2,776,772		15,862,046		3,152,015		43,521,221		27,659,175
Chancery Fund Commission		360,562		394,992				717,932		322,941
Sale of Receipt Books		257,460		493,884				1,458,392		964,508
Recovery of Prior Years’ Expenditure		12,254,061		474,062		1,266,565		27,205,143		26,731,081
Processing Fees- Salary Deduction		482,404		827,945		151,125		1,415,424		587,478
Miscelleanous Receipts		11,711,597,351		13,890,378,189		3,491,186,853		8,776,911,840		-5,113,466,348
Registration of Jamaica Investment Capital Growth Funds
Fees on Government Guaranteed Loans
Executive Agency Investment Fund
Management Fees
TOTAL- ACCOUNTANT GENERAL’S DEPARTMENT		22,541,409,222		25,914,848,099		13,436,594,368		25,233,850,465		-680,997,634
JAMAICA CUSTOMS AGENCY
Warehouse Fees		7,640,240		10,404,970		20,566,793		10,613,070		208,100
Receipts from Sale of Seized Items				161,264,800		5,055,824		177,391,280		16,126,480
Penalty Payments for Breaches of Customs Act and Regulations				105,451,989				138,615,548		33,163,559
Net Service Charge for Shipping and Airline Carriers				591,741,513				850,915,664		259,174,151
Processing 5% PAJ				130,959,534		11,521,337		150,603,464		19,643,930
Standard and Compliance Fees		29,166,781		39,925,785		28,519,789		69,922,074		29,996,289
Customs User/ Administration Fee		2,177,498,962		1,732,500,000		1,540,367,164		1,505,750,000		-226,750,000
Irrevocable Standing Orders				29,500				35,000		5,500
Miscelleanous Receipts		1,351,738,506		635,438		941,555,280		476,578		-158,860
TOTAL- JAMAICA CUSTOMS AGENCY		3,566,044,489		2,772,913,528		2,547,586,186		2,904,322,678		131,409,150
TAX ADMINISTRATION OF JAMAICA
Penalty for late and non-payment of sundry taxes and licences						884,573
Penalty for Breaches of Spirit Licences		0		200,000		508,197		276,000		76,000
Property Tax (2.5%)		147,936,482		241,700,000		175,644,063		263,000,000		21,300,000
National Health Fund(NHF 2.5%)						11,247,799				0
Passport Immigration & Citizenship Agency Fee 0.5%		147,975		200,000		254,001		624,000		424,000
Road Maintenance Fund 2.5%		34,435,520		56,000,000		128,946,014		73,000,000		17,000,000
Special Consumption Tax 2.5%						3,764,592				0
Island Traffic Authority 20%		64,515,520		10,000,000		9,426,066		15,100,000		5,100,000
Police User Fees				346,000,000		227,333,636		497,000,000		151,000,000
Trade Licence 2.5%		6,829,849		11,000,000		8,535,204		11,000,000		0
Miscellaneous Receipts		76,514,369		26,000,000		19,499,619		40,000,000		14,000,000
Firearm Licensing Authority User Fees						148,583				0
Net Service Charge for services rendered by Excise Officers						1,642,064				0
TOTAL-TAX ADMINISTRATION OF JAMAICA		330,379,715		691,100,000		587,834,409		900,000,000		208,900,000
MINISTRY OF HOUSING, URBAN RENEWAL, ENVIRONMENT AND CLIMATE CHANGE
Miscelleanous Receipts		150,225		342,267						-342,267
TOTAL- MINISTRY OF HOUSING, URBAN RENEWAL, ENVIRONMENT AND CLIMATE CHANGE		150,225		342,267						-342,267
MINISTRY OF NATIONAL SECURITY
Sale of Services- CRDC		15,012,000		15,000,000				15,000,000		0
Miscelleanous Receipts		15,000,000		4,000,000		2,842,300		4,000,000		0
TOTAL- MINISTRY OF NATIONAL SECURITY		30,012,000		19,000,000		2,842,300		19,000,000		0

4

2023/2024 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Consolidated Fund Receipts 2021/2022 (‘1)		Original Estimates 2022/2023 (‘2)		Fund Receipts 2022/2023 (as at Dec-2022) (‘3)		Estimates 2023/2024 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
JAMAICA DEFENCE FORCE
Rental of Lettings (Land and Buildings)
Soldier’s Contribution		0								0
Soldiers’ Contribution to various services		0		26,000,000						-26,000,000
TOTAL-JAMAICA DEFENCE FORCE		0		26,000,000		0		0		-26,000,000
POLICE DEPARTMENT
Police Certificates		7,589,500		1,264,512,136		49,310,224				-1,264,512,136
Finger Print Search		263,091,050				88,498,243				0
Pension Contributions: Constabulary										0
Pension Contributions: Special Constables										0
Accident Report		0		34,871,500		44,646				-34,871,500
Miscellaneous Receipts		6,499,399		38,805,481		11,495,120		41,038,557		2,233,076
TOTAL-POLICE DEPARTMENT		277,179,949		1,338,189,118		149,348,233		41,038,557		-1,297,150,561
DEPARTMENT OF CORRECTIONAL SERVICES
Sundry Fines and Contribution		138,569		495,000		3,893,224		4,900,000		-4,405,000
Miscellaneous Receipt (Confiscated Cash)
TOTAL - DEPARTMENT OF CORRECTIONAL SERVICES		138,569		495,000		3,893,224		4,900,000		-4,405,000
MINISTRY OF JUSTICE
Traffic Fines		109,454,055		176,000,000		39,703,628		185,000,000		9,000,000
Other Court Fines		447,154		210,738,327		103,759,365		221,500,000		10,761,673
Sale of Revised Laws of Jamaica to the Private Sector				424,000				445,200		21,200
Forfeited Recognizances (Funds)						1,012				0
Sale of Marriage Licences				26,840,000				28,182,000		1,342,000
Miscellaneous Receipts		10,279,779		441,000		10,323,075		463,050		22,050
Tender Documents
TOTAL- MINISTRY OF JUSTICE		120,180,988		414,443,327		153,787,080		435,590,250		21,146,923
MINISTRY OF FOREIGN AFFAIRS AND FOREIGN TRADE
Visa Fees from Overseas Missions		824,954		9,440,269				11,195,612		1,755,343
Authentication fees		7,561,253		6,293,512		5,705,558		7,463,724		1,170,212
Rush fees		0		1,573,378				1,865,936		292,558
Consul fees		0		8,810,917		2,097,314		10,449,237		1,638,320
Postage fees		0		1,258,702				1,492,749		234,047
Miscellaneous Receipts		94,074		4,090,783		3,601,740		4,851,442		760,659
TOTAL- MINISTRY OF FOREIGN AFFAIRS AND FOREIGN TRADE		8,480,281		31,467,561		11,404,612		37,318,700		5,851,139
MINISTRY OF LABOUR AND SOCIAL SECURITY
Reimbursement - NIS		1,192,408		837,825,000		492,581,744		890,074,000		52,249,000
Fees - Factories Registration Act		480,010		1,000,000		1,613,928		2,500,000		1,500,000
Fees - Employment Agencies Registration Act		0		310,000		648,840		740,000		430,000
Fees - Recruiting of Workers Act				0		199,706,167				0
Work Permit		233,372,034		800,000,000		565,319,717		1,100,000,000		300,000,000
Miscellaneous Receipts		1,500		865,000		489,975		1,833,000		968,000
TOTAL-MINISTRY OF LABOUR AND SOCIAL SECURITY		235,045,952		1,640,000,000		1,260,360,372		1,995,147,000		355,147,000
MINISTRY OF EDUCATION, YOUTH AND CULTURE
Fees from Jamaica School Certificate Examinations
Rental of EDDC and other Buildings		352,800		1,200,000		264,216		1,200,000		0
Repayment of Bonds by Teachers		3,218,218		3,600,000		15,000		3,000,000		-600,000
Transcripts		400		7,200		400		1,200		-6,000
Recovery of Previous years Expenditure		9,185,297		23,000,000		825,746		12,000,000		-11,000,000
Miscellaneous Receipts		2,642,076		6,000,000		59,591,398		9,600,000		3,600,000
TOTAL- MINISTRY OF EDUCATION, YOUTH AND CULTURE		15,398,791		33,807,200		60,696,759		25,801,200		-8,006,000
MINISTRY OF HEALTH

5

2023/2024 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Consolidated Fund Receipts 2021/2022 (‘1)		Original Estimates 2022/2023 (‘2)		Fund Receipts 2022/2023 (as at Dec-2022) (‘3)		Estimates 2023/2024 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
Registration of Pharmacies and Pharmacists
Registration of Drugs		0		8,450,000		3,619,257		8,960,000		510,000
Parents Contribution toward Maintenance of Children in Children’s Home										0
Drug Permits		0		4,800,000		12,108,086		5,200,000		400,000
Miscellaneous Receipts		46,732		120,000		3,339,557		140,000		20,000
Advisory Panel on Ethics ( Research Proposal)		0		240,000		203,715		396,000		156,000
TOTAL- MINISTRY OF HEALTH		46,732		13,610,000		19,270,614		14,696,000		1,086,000
GOVERNMENT CHEMIST
Fees from Laboratory analyses		34,644		1,008,000		685,500				-1,008,000
TOTAL-GOVERNMENT CHEMIST		1,008,000		1,008,000		685,500		0		-1,008,000
MINISTRY OF CULTURE, GENDER, ENTERTAINMENT AND SPORTS
Irrevocable Order		0		8,000						-8,000
Miscelleanous Receipts		0		50,000		181,309				-50,000
TOTAL-MINISTRY OF CULTURE, GENDER, ENTERTAINMENT AND SPORTS		0		58,000		181,309		0		-58,000
MINISTRY OF AGRICULTURE AND FISHERIES
Receipts from sundry and other receipts		0		0		346,901				0
Agricultural Land Management Division				365,000		153,400		365,000		0
Miscelleanous Receipts		445,440		2,101,000		2,798,295		2,101,000		0
TOTAL- MINISTRY OF AGRICULTURE AND FISHERIES		445,440		2,466,000		3,298,596		2,466,000		0
MINISTRY OF INDUSTRY INVESTMENT AND COMMERCE
Miscelleanous Receipts		13,830		60,000		1,000		20,000		-40,000
Receipts from sundry and Other Receipt		121,000		50,000		9,016		30,000		-20,000
TOTAL- MINISTRY OF INDUSTRY INVESTMENT AND COMMERCE		134,830		110,000		10,016		50,000		-60,000
OFFICE OF THE GOVERNMENT TRUSTEE
Commission on Dividend Payment		34,644		1,839,000		996,602		2,157,000		318,000
Legal fees and charges against the Bankruptcy		0		4,378,500				3,443,000		-935,500
Miscelleanous Receipts
TOTAL- OFFICE OF THE GOVERNMENT TRUSTEE		34,644		6,217,500		996,602		5,600,000		-617,500
OFFICE OF THE SUPERVISOR OF INSOLVENCY
Insolvency Status Verification		729,000		3,801,000		2,475,000		3,951,000		150,000
Trustee Application Fee		0		40,000		0		20,000		-20,000
Trustee Licence Fee		0		60,000		0		30,000		-30,000
Trustee License Renewal		40,000		19,000		5,000		13,000		-6,000
Miscellaneous Receipts		13,900		25,000		800		10,000		-15,000
TOTAL-OFFICE OF THE SUPERVISOR OF INSOLVENCY		782,900		3,945,000		2,480,800		4,024,000		79,000
TRADE BOARD
Certification Fees		910,075		323,848,704		1,942,079		0		-323,848,704
Dealers Registration / Licensing Fees				6,185,000		19,585,827		5,449,000		-736,000
Scrap Metal		35,100		2,266,210		1,050,770		2,282,123		15,913
Car Dealers Registration		0		66,240,000		900,000		66,861,000		621,000
Collateral Letter		10,000		2,898,000		1,535,000		2,898,000		0
Letter of Transfer		87,000		910,800		187,000		910,800		0
Miscellaneous Receipts		2,518,248		40,705,020		9,975,234		44,363,626		3,658,606
TOTAL- TRADE BOARD		3,560,423		443,053,734		35,175,910		122,764,549		-320,289,185
DEPARTMENT OF COOPERATIVE AND FRIENDLY SOCIETIES

6

2023/2024 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Consolidated Fund Receipts 2021/2022 (‘1)		Original Estimates 2022/2023 (‘2)		Fund Receipts 2022/2023 (as at Dec-2022) (‘3)		Estimates 2023/2024 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
Amendment to Rules Fees		0		12,000				20,000		8,000
Registration Fees - Cooperative & Friendly Society		0		48,000				48,000		0
Registration of Special Resolution				8,000						-8,000
Arbitration		0		90,000				8,000		-82,000
Training		0						90,000		90,000
Registration of change in office to include registration of Branch Office with IP Societies
Annual Fees for IP Societies		15,000		600,000				500,000		0 -100,000
Miscellaneous Receipts		0		130,000		29,000		100,000		-30,000
TOTAL- DEPARTMENT OF COOPERATIVE AND FRIENDLY SOCIETIES		15,000		888,000		29,000		766,000		-122,000
JAMAICA INTELLECTUAL PROPERTY OFFICE
Fees for Registration of Trademark		55,226,100		109,231,300		24,894,400		97,225,300		-12,006,000
Patent fees				900,000		141,437		600,000		-300,000
Utility Models		1,005,790		50,000				50,000
Design Fees		0		725,000		160,500		435,000		-290,000
Search Fees		130,503		840,000		4,754,800		756,000		-84,000
Trade Mark Journal		7,633,750				30,800				0
Trade Mark Publication		311,400		9,555,000		1,953,600		8,192,000		-1,363,000
Geographical Indication Registration		3,273,600		30,000				30,000		0
Copyright-GDA Registration		272,100		360,000		198,200		360,000		0
Madrid Treaty Registration				125,000						-125,000
Patent Corporation Treaty Registration				900,000						0
Miscellaneous receipts		0
TOTAL- JAMAICA INTELLECTUAL PROPERTY OFFICE		67,853,243		122,716,300		32,133,737		107,648,300		-14,168,000
MINISTRY OF SCIENCE ENERGY TECHNOLOGY AND TELECOMMUNICATION
Fees- Electric Lighting Act		12,006,314		16,309,000		337,322		16,309,000		0
Fees -rental of property		0						24,461,251
Fees-Petroleum Licencing								371,000
Fee Maintenace of Property		0						77,886,201
Miscelleanous Receipts		56,884,101		110,016,000		1,846,317		593,600		-109,422,400
TOTAL-MINISTRY OF SCIENCE ENERGY TECHNOLOGY AND TELECOMMUNICATION		68,890,415		126,325,000		2,183,640		119,621,052		-109,422,400
POST AND TELECOMMUNICATION DEPARTMENT
Sales of Stamps		45,891,843		162,000,000						-162,000,000
Postage, Prepayment		64,690,882		480,000,000						-480,000,000
Commission on Money Order and Postal Orders		1,187,060		0						0
C.O.D. and Customs Clearance Fees on Parcels				2,500,000						-2,500,000
Shares of Postage on Parcels				0						0
Rental of Property		5,326,092		30,000,000						-30,000,000
Rental of Letter Boxes and Bags		8,530,048		29,000,000						-29,000,000
Terminal Dues / Postal Administrations and Airlines				0						0
Express Mail		4,180,020		18,000,000						-18,000,000
Other Postal Business		62,557,816		15,000,000						-15,000,000
Commission fees from Jamaica National Small Business		2,110,804		8,000,000						-8,000,000
Commission Fees from Ministry of Labour and Social Security for handling Welfare Payments		9,303,558		6,500,000						-6,500,000
Commission on the sale of Ministry of Water & Housing Water Tank and Water Coupons				170,000,000						-170,000,000
TOTAL- POST AND TELECOMMUNICATION DEPARTMENT		203,778,123		921,000,000						-921,000,000

7

2023/2024 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Consolidated Fund Receipts 2021/2022 (‘1)		Original Estimates 2022/2023 (‘2)		Fund Receipts 2022/2023 (as at Dec-2022) (‘3)		Estimates 2023/2024 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
MINISTRY OF TRANSPORT AND WORKS
Tender Documents		0								0
Other Receipts		23,708								0
Miscelleanous Receipts		14,946,427				77,670				0
Bluefield Guest House										0
On and Off Trailer Plates										0
De- earmarked - Civil Aviation Authority		5,463,303,618		4,495,931,702		4,368,101,962		6,603,862,000		2,107,930,298
TOTAL- MINISTRY OF TRANSPORT AND WORKS		5,478,273,753		4,495,931,702		4,368,179,632		6,603,862,000		2,107,930,298
Application for Export Permits
Library Publication
Receipts from issue of Sundry Permits		0		860,000				860,000		0
Laboratory Analysis - Metallic Minerals		0		12,000,000				4,000,000		-8,000,000
Miscellaneous Receipts		0		9,360,000		11,393		3,350,000		-6,010,000
Royalties-Bauxite		730,476,318		880,208,000		227,714,439		450,000,000		-430,208,000
Royalties-Limestone		8,504,796		22,000,000		1,961,481		12,000,000		-10,000,000
Royalties-Marble		293,897								0
Blasting Inspections		828,600		820,000		579,100		820,000		0
TOTAL- MINES AND GEOLOGY		740,103,611		925,248,000		230,266,413		471,030,000		-454,218,000
MINISTRY OF LOCAL GOVERNMENT AND RURAL DEVELOPMENT (FORMERLY MINISTRY OF LOCAL GOVERNMENT AND COMMUNITY DEVELOPMENT)
Fire Inspection Fees		0
Tender Document Fees		0								0
Repairs of Fire Hydrants										0
Permission to Host events										0
Fines										0
6% Pension Contribution - Councillors										0
Miscellaneous Receipts		3,096,762		69,000		5,375		69,000		0
TOTAL- MINISTRY OF LOCAL GOVERNMENT AND RURAL DEVELOPMENT		3,096,762		69,000		5,375		69,000		0
ESTIMATES FOR AGENCIES NOW REMOVED FROM 2023/24				3,992,380,672
MISCELLEANOUS RECEIPTS (UNCLASSIFIED)		2,483,984,672				532,277,870
TOTAL NON TAX REVENUE		94,936,696,985		65,398,700,000		43,228,458,949		65,228,522,019		4,421,042,240
TOTAL RECURRENT REVENUE		723,779,128,088		736,934,798,867		545,346,508,573		889,524,330,457		157,180,751,810
CAPITAL REVENUE
LAND SALES
Crown Property Sales										0
TOTAL-LAND SALES				0		0		0		0
LOAN REPAYMENTS
Miscellaneous		933,288,500		1,477,000,000		2,747,383,244		168,331,257		-1,308,668,743
TOTAL LOAN REPAYMENTS		933,288,500		1,477,000,000		2,747,383,244		168,331,257		-1,308,668,743
EXTRAORDINARY RECEIPTS										0
Miscelleanous		167,298,605		17,800,000,000						-17,800,000,000
PCDF Other Inflow		2,548,243,982		600,000,000		552,185,435		15,826,200,000		15,226,200,000
Proceeds from Divestment				14,114,600,000						-14,114,600,000
TOTAL-EXTRAORDINARY RECEIPTS		2,548,243,982		32,514,600,000		552,185,435		15,826,200,000		-16,688,400,000
TOTAL CAPITAL REVENUE		3,481,532,482		33,991,600,000		3,299,568,679		15,994,531,257		-17,997,068,743
GRANTS
TRANSFER FROM CAPITAL DEVELOPMENT FUND
Transfer to Current Account		135,700,000		4,908,300,000				1,283,400,000		-3,624,900,000

8

2023/2024 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Consolidated Fund Receipts 2021/2022 (‘1)		Original Estimates 2022/2023 (‘2)		Fund Receipts 2022/2023 (as at Dec-2022) (‘3)		Estimates 2023/2024 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
Transfers in lieu of Income Tax from Alumina Producers										0
Others						58,160,284				0
TOTAL- TRANSFER TO CAPITAL ACCOUNT		135,700,000		4,908,300,000		58,160,284		1,283,400,000		0
EXTERNAL GRANTS
European Union		730,862,725				1,001,157,095
Miscelleanous Grants		8,846,611,008		6,459,981,000		77,500,000				-6,459,981,000
Other Grants						2,958,070,985		6,591,107,000		6,591,107,000
TOTAL EXTERNAL GRANTS		9,577,473,733		6,459,981,000		4,036,728,080		6,591,107,000		131,126,000
TOTAL GRANTS		9,713,173,733		11,368,281,000		4,094,888,364		7,874,507,000		131,126,000
EXTERNAL LOANS
Multilateral
Loans to be raised under Act 39 of 1964
World Bank Loans										0
Inter-American Development Bank		15,316,736,741		4,715,400,000		656,918,000
USAID		0								0
Caribbean Development Bank		0								0
European Union
World Bank/IDB		5,265,521,000				3,071,790,000				0
IFID		0								0
OECF/USAID
OPEC		0								0
OECF		0								0
IMF		24,975,044,325						60,330,794,766		60,330,794,766
IBRD		10,558,950,865				752,770,000				0
Other		425,986,000		27,367,100,000		260,350,000				-27,367,100,000
Total Multilateral Loans		56,542,238,930		32,082,500,000		4,741,828,000		60,330,794,766		32,963,694,766
Bilateral
Government of China		16,450,503,000				9,363,298,000
Government of Germany		0
JBIC		0
Kuwait		0
Saudi		0
PL480		0
Other		0				2,599,878,000
Other Loans		0
Capital Market		0
Other		0				2,832,199,000		17,066,369,000
Total Bilateral Loans		16,450,503,000		0		14,795,375,000		17,066,369,000		0
TOTAL-EXTERNAL LOANS		72,992,741,930		32,082,500,000		19,537,203,000		77,397,163,766		32,963,694,766
DOMESTIC LOANS
Local Commercial Banking Sector		0				25,271,897,516
Benchmark Notes & Treasury Bills		53,652,708,961		92,047,600,000		23,654,704,002		62,075,307,000		-29,972,293,000
Indexed Bonds & US$ Loans		0				154,412,541				0
other		35,328,049,214				10,058,423,316				0
TOTAL- DOMESTIC LOANS		88,980,758,174		92,047,600,000		33,867,539,858		62,075,307,000		-29,972,293,000
TOTAL LOANS		161,973,500,105		124,130,100,000		53,404,742,858		139,472,470,766		2,991,401,766
RECURRENT REVENUE
Tax Revenue		626,358,446,431		671,536,098,867		501,585,771,754		824,295,808,438		152,759,709,571
Non Tax Revenue		94,936,696,985		65,398,700,000		43,760,736,819		65,228,522,019		-170,177,981
CAPITAL REVENUE		3,481,532,482		33,991,600,000		3,299,568,679		15,994,531,257		-17,997,068,743
GRANTS										0
Transfer from Capital Development Fund		135,700,000		4,908,300,000		58,160,284		1,283,400,000		-3,624,900,000
External Grants		9,577,473,733		6,459,981,000		4,036,728,080		6,591,107,000		131,126,000
LOANS										0
External Loans		72,992,741,930		32,082,500,000		19,537,203,000		77,397,163,766		45,314,663,766
Domestic Loans		88,980,758,174		92,047,600,000		33,867,539,858		62,075,307,000		-29,972,293,000
TOTAL		896,463,349,735		906,424,779,867		606,145,708,474		1,052,865,839,480		146,441,059,613

9

2023-2024 JAMAICA BUDGET

STATEMENT III

Summary of Revenue Estimates and Estimates of Expenditure for the Year 2023-2024

$‘000

RECURRENT

REVENUE
	Estimates,
	2023/2024
I RECURRENT REVENUE
Customs		63,514,530,000
Income Tax		251,829,621,669
Stamp Duties		13,074,113,729
Motor Vehicle Licences(Motor Vehicle Act)		5,891,877,908
Other Licences		286,956,624
Travel Tax		28,674,790,000
Betting, Gaming and Lotteries-Duties, Fees and Levies		9,761,888,087
Education Tax		38,535,301,350
Contractors Levy		2,667,126,735
General Consumption Tax		249,466,419,090
Special Consumption Tax		96,676,440,000
Environmental Levy		5,765,308,500
Telephone Call Tax		3,380,679,750
Guest Accomodation Room Tax		2,706,096,435
Minimum Business Tax		—
Quarry Tax		79,380,000
Import Licences-Trade Board		327,036,504
Telecommunication Licences		1,605,086,280
TOTAL TAX REVENUE		774,242,652,660
NON-TAX REVENUE		65,404,927,400
SUBTOTAL NON TAX REVENUE		65,404,927,400
TRANSFERS FROM CAPITAL DEVELOPMENT FUND		—
TOTAL RECURRENT REVENUE		839,647,580,061

EXPENDITURE
	Estimates,
	2023/2024
RECURRENT EXPENDITURE
His Excellency the Governor-General and Staff		445,342,000
Houses of Parliament		1,492,637,000
Office of the Public Defender		397,925,000
Auditor General		1,210,325,000
Office of the Services Commissions		505,911,000
Office of the Children’s Advocate		372,207,000
Independent Commission of Investigations		908,786,000
Integrity Commission		1,255,241,000
Independent Fiscal Commission		261,052,000
Office of the Prime Minister		10,740,456,000
Office of the Cabinet		1,176,554,000
Ministry of Tourism		12,037,068,000
Ministry of Economic Growth and Job Creation		21,662,865,000
Ministry of Finance and Public Service		432,665,130,000
Ministry of National Security		117,140,673,000
Ministry of Legal and Constitutional Affairs		875,397,000
Ministry of Justice		14,334,947,000
Ministry of Foreign Affairs and Foreign Trade		5,842,136,000
Ministry of Labour and Social Security		16,977,027,000
Ministry of Education, Youth and Education		147,410,769,000
Ministry of Health and Wellness		119,198,916,000
Ministry of Culture, Gender, Entertainment and Sport		5,361,112,000
Ministry of Agriculture and Fisheries		14,035,828,000
Ministry of Industry, Investment and Commerce		6,472,864,000
Ministry of Science, Energy and Technology		11,386,724,000
Ministry of Transport and Mining		16,354,350,000
Ministry of Local Government and Rural Development		21,854,816,000
GROSS TOTAL		982,377,058,000
Less Appropriations-In-Aid		36,077,303,000
TOTAL RECURRENT EXPENDITURE		946,299,755,000

10

2023-2024 JAMAICA BUDGET    

STATEMENT III    

Summary of Revenue Estimates and Estimates of Expenditure for the Year 2023-2024    

$‘000

CAPITAL

REVENUE

	Estimates, 2023/2024
CAPITAL REVENUE
Land Sales		—
Loan Repayments		1,521,310,000
Extraordinary Receipts: Miscelleanous		16,882,559,066
Subt Total Capital Revenue		18,403,869,066
External Loans
(A) Multilateral
World Bank Loans		—
Inter-American Development Bank		—
USAID		—
Caribbean Development Bank		—
European Union		—
World Bank/IDB		—
IFID		—
OECF/USAID		—
OPEC		—
OECF		—
IMF		—
IBRD		—
Other		—
Total Multilateral		—
(B) Bilateral
Government of China		—
Government of Germany		—
JBIC		—
Kuwait		—
Saudi		—
PL480		—
Other		—
Total Bilateral		—
(C ) Capital Market
Total External Loans		—
Domestic Loans
(D) Benchmark Notes & Treasury Bills		90,879,295,000
(E) Other
Total Domestic Loan		90,879,295,000
Total External and Domestic Loans		90,879,295,000

EXPENDITURE

	Estimates, 2023/2024
CAPITAL EXPENDITURE
Office of the Prime Minister		3,734,943,000
Ministry of Economic Growth and Job Creation		33,012,991,000
Ministry of Finance and Public Service		12,703,152,000
Ministry of National Security		5,936,000,000
Ministry of Justice		108,776,000
Ministry of Education and Youth		1,553,336,000
Ministry of Health and Wellness		6,428,704,000
Ministry of Agriculture and Fisheries		7,215,476,000
Ministry of Industry, Investment and Commerce		810,000,000
Ministry of Science, Energy and Technology		967,174,000
Ministry of Transport and Mining		689,400,000
Ministry of Local Government and Rural Development		2,212,938,000
GROSS TOTAL		75,372,890,000
Less Appropriations-In-Aid
TOTAL CAPITAL EXPENDITURE		75,372,890,000

11

2023-2024 JAMAICA BUDGET    

STATEMENT III    

Summary of Revenue Estimates and Estimates of Expenditure for the Year 2023-2024    

$‘000

SUMMARY

REVENUE

	—
Tax and Non Tax Revenue	839,647,580,061
Capital Revenue	18,403,869,066
Transfer from Capital Development Fund	—
	90,879,295,000
Loan Funds ( Raised and to be Raised)	—
TOTAL RECEIPTS	948,930,744,127

EXPENDITURE

Recurrent Estimates	946,299,755,000
Capital Estimates	75,372,890,000
TOTAL EXPENDITURE	1,021,672,645,000

12

2023-2024 JAMAICA BUDGET

STATEMENT IV

Statement of the Financing of the Estimates of Expenditure for the Year 2023-2024

Recurrent Revenue
Taxation Revenue	774,242,652,660.34
Non-Tax Revenue	65,404,927,400.31
Transfer from the Capital Development Fund	—
TOTAL	839,647,580,060.65
Current Account Surplus
Capital Revenue
Loan Funds
(A) External Loans
(i)  Multilateral	—
(ii) Bilateral	—
(iii) Other
Total External Loans	—
(B) Domestic Loans	90,879,295,000.00
TOTAL LOAN FUNDS	90,879,295,000.00
TOTAL	930,526,875,060.65

Recurrent Expenditure
Consolidated Fund Charges	310,638,168,000
Voted Expenditure	635,661,587,000
Current Account Surplus
TOTAL	946,299,755,000
CAPITAL EXPENDITURE
Consolidated Fund Charges
Voted Expenditure	75,372,890,000
Deficit / Surplus
TOTAL	1,021,672,645,000

13

2023-2024 JAMAICA BUDGET

STATEMENT V

STATEMENT OF STATUTORY EXPENDITURE CHARGED

TO THE CONSOLIDATED FUND

Head No.	Head of Estimates	Particulars of Service	Amount		Statutory Authority
01000	His Excellency the Governor- General and Staff	Emoluments of the Governor-General and his personal staff as well as general expenditure affiliated to the office of the Governor-General		318,255,000.0	Section 12 of the Governor-General (Expenditure, Personal Staff, Tax Exemptions and Pensions) Act.
02000	Houses of Parliament	Salaries and Allowances of the Clerk and Deputy Clerk of the Senate and the House of Representatives.		19,780,000.0	Section 47 (8) of the Constitution of Jamaica.
03000	Office of the Public Defender	Salary and Allowances of the Public Defender.		22,886,000.0	Section 9 of the Public Defender Interim Act 33/1999
05000	Auditor General	Salary of the Auditor General		18,539,000.0	Section 120–122 of the Constitution of Jamaica; Section 25–36 of the Financial Administration and Audit Act.
06000	Office of the Services Commissions	Salaries and Allowances of the Chairman and members of the Public Service Commissions.		18,623,000.0	Section 124 (8) of the Constitution of Jamaica.
07000	Office of the Children’s Advocate	Salary of the Children’s Advocate		18,083,000.0	The Child Care and Protection Act, First Schedule
08000	Independent Commission of Investigations	Salary of the Commissioner		16,490,000.0	The Independent Commission of Investigations Act, First Schedule
09000	Integrity Commission	Salaries and Allowances for the Commissioners of the Integrity Commission		38,600,000.0	Section 22 of the Integrity Commission Act
10000	Independent Fiscal Commission	Salary of the Commissioner		15,792,000.0	Section 8 of the Independent Fiscal Commission Act
20017	Public Debt Servicing (Amortisation)	Payment for the amortisation of loans raised by the Government of Jamaica.		125,452,029,000.0	Section 119 of the Constitution of Jamaica
20018	Public Debt Servicing (Interest Payments)	Payment of interest, service charges and commitment fees in respect of the public debt of Jamaica.		155,157,521,000.0	Section 119 of the Constitution of Jamaica.
20019	Pensions	Public Officers Pensions, Gratuities and Monthly Allowances granted in pursuance of the provisions of the Pensions Act.		9,714,813,000.0	Section 4 of the Pensions Act.
		Jamaica Defence Force Pension		2,420,100,000.0	Defence (Retired, Pay Pensions and other Grants) Regulation, 1962
		Payment of Pensions and Gratuities to Teachers in accordance with the Pensions Act		10,331,825,000.0	The Pensions (Teachers) Act.
		Payment of Pensions, Gratuities or other allowances to Sub-Officers and Constables of the Police Force in accordance with the Constabulary Force Act		4,588,234,000.0	Constabulary Force Act.
		Payment of retiring allowances, Widows’ allowances or gratuity to legislators in accordance with the provisions of the Retiring Allowance (Legislative Service) Act, and/or The Pensions (Prime Minister) Act.		255,046,000.0	Section 12 of the Retiring Allowances (Legislative Service) Act and Section 7 of the Pensions (Prime Minister) Act.

14

2023-2024 JAMAICA BUDGET

STATEMENT V

STATEMENT OF STATUTORY EXPENDITURE CHARGED

TO THE CONSOLIDATED FUND

Head No.	Head of Estimates	Particulars of Service	Amount		Statutory Authority
		Refund of Family Benefits Contributions in accordance with the Provisions of the Pensions (Civil Service Family Benefits) Act.		53,974,000.0	Section 10 of the Pensions (Civil Service Family Benefits) Act.
		Payment of Pensions in accordance with the Provisions of the Pensions (Civil Service Family Benefits) Act.		646,511,000.0	Pensions (Civil Service Family Benefits) Act.
		Payment of Pensions to retired Parish Councillors and/or their widows in accordance with the provisions of the Retiring Allowances (Parish Councillors) Act		91,189,000.0	Parish Councillors Act 2005
		Payment of Pensions to the retired members of the Electoral Commission and their widows		69,488,000.0	The Pensions Act
		Payment of Pensions to the retired Ombudsmen and their widows.		11,000,000.0	The Ombudsman Act
		Governor-General’s Pension		22,300,000.0	Governor General Act
		Payment of Pensions to the retired Contractor General and his widow in accordance with the Contractor General Act.		12,500,000.0	The Contractor General Act
		Jamaica Agricultural Society Pensions		6,857,000.0	Provident Fund Act
		Payment of Pensions to the former employees, Jamaica Railway Corporation.		237,209,000.0	Jamaica Railway Corporation (Pensions) Regulations
		Total Pensions		28,461,046,000.0
28025	Director of Public Prosecutions	Payment of Salary to the Director of Public Prosecutions		14,600,000.0	Section 95 (2) of the Constitution of Jamaica
28058	Judiciary	Payment of Salaries to the Judges of the Court of Appeal and the Supreme Court		1,065,924,000.0	Section 107 (1) of the Constitution of Jamaica
		Total		310,638,168,000.0

15

Government of Jamaica

Financial Statements of the Consolidated Fund

Year ended March 31, 2023

For Presentation to the Houses of Parliament

16

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Year Ended March 31, 2023

Table of Contents

FOREWORD	18
STATEMENT OF RESPONSIBILITY	18
BASIS OF PREPARATION	18
STATEMENT OF COMPLIANCE	18
ACCOUNTING CONVENTION	19
REPORTING AND BUDGET PERIOD	19
REPORTING CURRENCY	19
SIGNIFICANT ACCOUNTING POLICIES	19
FOREIGN CURRENCY	19
PERFORMANCE ANALYSIS	20
Figure 1 – GOJ Consolidated Fund Receipts by Tax Types as at March 31, 2023	22
Figure 2 – GOJ Consolidated Fund Receipts Year on Year Comparative Report	23
Figure 3 – Capital Issues from the Consolidated Fund for year ended March 31, 2023	24
Figure 4 – Recurrent Issues from the Consolidated Fund for year ended March 31, 2023	25
Statement I - Receipts and Payments of the Consolidated Fund	26
Statement II - Statement of Financing	28
Statement III – Statement of Receipts of the Consolidated Fund Compared with Estimates	29
Statement IV - Statement of Expenditure Compared with Issues from the Consolidated Fund	31
Statement V - Statement of Consolidated Fund Balances	33
Statement VI - Statement of Cash Flows	34
Statement VII - Statement of Transfers from the Capital Development Fund	36
Statement VIII - Contingencies Fund	37
Statement IX – Local (Internal) and Foreign (External) Debt	38
Notes to the Financial Statements	40

17

FOREWORD

Section 114 of the Jamaica Constitution gives the authority for the establishment of a Consolidated Fund into which shall be paid all revenues of Jamaica. Section 15 (2) of the Financial Administration and Audit (FAA) Act indicates that the Accountant General shall be the custodian of this Consolidated Fund with Section 15 (4) of the Act mandating that “The Accountant General shall submit to the Minister such statements of account on the financial position of the Consolidated Fund, at such times and in such form as the Minister may require”.

The Consolidated Fund Principal Bank Account

This is the primary account to which government revenue is deposited and from which expenditure is withdrawn. Withdrawals from this account are made on the authority of a Warrant against the approved budget and all withdrawals must be authenticated by the Auditor General. The Consolidated Fund Principal Bank Account is domiciled at the Bank of Jamaica (BOJ) and is denominated in both Jamaican and United States Dollars.

The Accountant General’s Department has the responsibility for the management of Government’s cash resources through the Central Treasury Management System (CTMS), which allows for greater visibility to optimize cash, control bank accounts and manage liquidity.

STATEMENT OF RESPONSIBILITY

Under Section 15 (4) of the Financial Administration and Audit (FAA) Act, the Accountant General is responsible for submitting to the Minister, the statements of account on the financial position of the Consolidated Fund as prescribed in Section 24G of the Act.

The Financial Statements of the Consolidated Fund of Jamaica for the year ended March 31, 2023, have been prepared by the Accountant General and have been submitted to the Minister for tabling.

BASIS OF PREPARATION

The Financial Statements have been prepared by consolidating the records of all receipts and payments through the Consolidated Fund in accordance with the approved budget for the year ended March 31, 2023.

STATEMENT OF COMPLIANCE

The Financial Statements have been prepared in accordance with the Financial Administration and Audit Act and relevant Regulations.

18

ACCOUNTING CONVENTION

These Financial Statements have been prepared in accordance with the Government of Jamaica’s (GOJ’s) cash basis of accounting which recognizes transactions and events only when cash is received or paid by the Treasury. The Treasury continues to take active steps to present the Financial Statements of the Consolidated Fund in compliance with the requirements of Cash Basis International Public Sector Accounting Standards (IPSAS).

REPORTING AND BUDGET PERIOD

The reporting and budget period of these Financial Statements is the financial year ended March 31, 2023 with comparative data for the year ended March 31, 2022.

REPORTING CURRENCY

The functional and reporting currency of these Financial Statements is Jamaican dollar (J$).

SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

Revenue, which includes Government to Government transfers, is recognized at the time money is received in the Consolidated Fund. Revenue is recognized on a gross basis and any transaction costs are separately recorded. All receipts are recorded when received regardless of the period to which the transaction relates.

Expenditure Recognition

Expenditure is recognized as Warrant issues, these represent monies transferred from the Consolidated Fund.

FOREIGN CURRENCY

Foreign currency transactions are recorded at the prevailing rates of exchange at the date of the transaction, as advised by the BOJ. Cash balances of the Consolidated Fund Accounts held in foreign currency are reported using the BOJ weighted average rate at the reporting date.

19

PERFORMANCE ANALYSIS

Actual Issues of Revenue and Expenditure of the Consolidated Fund compared with Revenue and Expenditure Estimates

	Revised				Actual			Approved				Actual
	Estimates		Actual		vs. Budget			Estimates		Actual		vs. Budget
	2023		2023		2023			2022		2022		2022
	J$’000		J$’000		%			J$’000		J$’000		%
Receipts		974,675,515		959,195,948		-2	%		807,322,708		892,653,286		11	%
Taxation		771,481,782		746,357,850		3	%		572,461,289		626,358,446		9	%
Non-Taxation		67,172,025		67,252,863		0.12	%		94,185,200		92,632,981		-2	%
Capital Transfer		1,211,851		0		-100	%		148,700		0		-100	%
Treasury Bills		0		20,754,980		100	%		0		22,142,331		100	%
Capital		11,121,157		11,110,171		-0.10	%		10,221,919		13,226,305		29	%
External Loans		24,503,700		26,706,674		8	%		40,326,100		72,992,742		81	%
Domestic Loans		99,185,000		75,761,411		-31	%		89,979,500		53,652,709		-40	%
Other		0		11,251,999		100	%		0		11,647,772		100	%
Payments		1,002,555,425		991,636,838		-1.09	%		893,048,002		885,927,777		0.80	%
Statutory Recurrent		342,761,519		342,088,156		-0.20	%		325,837,165		325,698,792		-0.04	%
Recurrent		601,762,698		595,454,117		-1.06	%		513,009,519		509,397,623		-0.70	%
Capital		58,031,208		54,094,565		-7.30	%		54,201,318		50,831,362		-6.22	%
Treasury Bills		0		0		0	%		0		0		0	%

Receipts

There was a deficit of $32,489 billion between Receipts and Payments recorded for the year 2022/2023 (2022: surplus of $6.73 billion) as reflected in the Statement of Financing (Statement II). Actual receipts underperformed by -2%.

Taxation remains the largest contributor to total revenue and accounted for 78% of total receipts, followed by non-tax receipts and external loans which accounted for 7% and 3%, respectively.

Payments

The largest category of payment was recurrent expenditure which accounted for 60% of actual warrant issues made from the Consolidated Fund followed by statutory recurrent expenditure with 35%.

Actual payment issued was $992 billion compared with the Estimates of $1.002 billion.

20

Comparative Performance

Receipts

Receipts lodged to the Consolidated Fund increased by $66 billion (7%) when compared with 2021/22 financial year. This was mainly due to increases in business economic activities which positively impacted tax collection during the reporting period.

Payments

There was an increase in the issues made from the Consolidated Fund by $106 million (11%) in comparison with the 2021/22 financial year.

21

Graphical Presentations of Receipts and Payments of the Consolidated Fund

Figure 1 – GOJ Consolidated Fund Receipts by Tax Types as at March 31, 2023

22

Figure 2 – GOJ Consolidated Fund Receipts Year on Year Comparative Report

23

Figure 3 – Capital Issues from the Consolidated Fund for year ended March 31, 2023

24

Figure 4 – Recurrent Issues from the Consolidated Fund for year ended March 31, 2023

25

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement I - Receipts and Payments of the Consolidated Fund

Year Ended March 31, 2023

(Expressed in Jamaican dollars unless otherwise specified)

		2023			2022
	Notes	J$ 000			J$’000
RECEIPTS
RECURRENT REVENUE
Taxation Revenue			746,357,850			626,358,446
Non-Tax Revenue			67,252,863			92,632,981
			813,610,713			718,991,427
CAPITAL REVENUE
Loans			2,199,461			933,288
Extraordinary Receipts (incl. Grants)			5,570,287			0
Other Grants: Petrocaribe Development Fund			3,186,077			2,715,543
Other Grants			154,346			9,577,474
			11,110,171			13,226,305
DOMESTIC LOANS
Benchmark Notes			75,761,411			53,652,709
EXTERNAL LOANS
Multilateral			8,036,551			56,542,239
Bilateral			18,670,123			16,450,503
Capital Markets			0			0
			26,706,674			72,992,742
OTHER RECEIPTS
Unrealized foreign exchange gains			(398,856	)		3,157,974
Treasury Bill Issued			20,754,980			22,142,331
Surrender Balance			11,251,999			11,647,772
Other			48,417			8,520
Cash Balance as at April 1	1.1		83,408,924			73,613,988
			115,065,464			110,570,585
Total			1,042,254,433			969,433,768

26

Statement I – Receipts and Payments of the Consolidated Fund (Cont’d)

		2023		2022
	Notes	$’000		J$’000
RECURRENT EXPENDITURE
Statutory Expenditure			342,088,156		325,698,792
Voted Expenditure			595,454,117		509,397,623
			937,542,273		835,096,415
CAPITAL EXPENDITURE
Voted Expenditure			54,094,565		50,831,362
			54,094,565		50,831,362
OTHER PAYMENTS
Other Payments			48,306		5
Refund from Consolidated Fund	1.3		1,868		97,062
Cash Balance as at March 31	1.2		50,567,421		83,408,924
			50,617,595		83,505,991
Total			1,042,254,433		969,433,768

Anya Jones, FCCA

Accountant General

27

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement II - Statement of Financing

Year Ended March 31, 2023

(Expressed in Jamaican dollars unless otherwise specified)

		2023			2022
	Notes	$’000			$’000
RECURRENT ACCOUNT
Recurrent Revenue			813,610,713			718,991,427
Recurrent Expenditure			(937,542,273	)		(814,242,118	)
			(123,931,560	)		(95,250,691	)
Miscellaneous Charges			(8,071	)		(6	)
Balances Surrendered			11,251,999			11,647,772
(Deficit)/Surplus			(112,687,632	)		(83,602,925	)
CAPITAL ACCOUNT
Capital Revenue			11,110,171			13,226,305
Capital Transfers			0			0
Capital Expenditure			(54,094,565	)		(50,831,362	)
Deficit			(42,984,394	)		(37,605,057	)
Net (Deficit)			(155,672,026	)		(121,207,982	)
Net Treasury Bills Issued			20,754,980			1,288,035
Financing Requirement			(134,917,046	)		(119,919,947	)
Financing
Domestic Notes			75,761,411			53,652,709
External Borrowing			26,706,674			72,992,742
			102,468,085			126,645,451
Net Surplus/(Deficit)	2.1		(32,448,961	)		6,725,504
Financed From:
Opening Cash Balance at April 1	1.1		83,408,924			73,613,988
Refund from Consolidated Fund	1.3		(1,868	)		(97,062	)
Refund from the Central Payment Account	1.4		(40,235	)		0
Other			48,417			8,520
Unrealized foreign exchange gains			(398,856	)		3,157,974
Closing Cash Balance at March 31	1.2		50,567,421			83,408,924

28

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement III – Statement of Receipts of the Consolidated Fund Compared with Estimates

Year Ended March 31, 2023

(Expressed in Jamaican dollars unless otherwise specified)

		Revised
		Estimates		Receipt		Estimates		Receipt
		2023		2023		2022		2022
	Notes	$’000		$’000		$’000		$’000
Tax Revenue:
Customs			62,866,353		60,650,103		47,200,479		52,169,363
Income Tax			229,908,837		244,884,739		166,511,867		188,866,039
Stamp Duties			12,002,796		11,810,043		7,453,052		9,407,197
Motor Vehicle Licences			5,708,570		5,364,076		4,745,651		5,306,224
Other Licences			3,268,800		708,799		610,748		62,267
Travel Tax			25,872,237		25,134,914		4,880,720		15,432,824
Betting, Gaming and Lotteries			8,556,256		11,391,577		7,333,722		8,125,668
Education Tax			43,467,683		40,338,126		34,219,754		34,122,884
Contractors Levy			2,773,320		14,176,756		2,119,444		2,083,405
General Consumption Tax			264,005,201		220,191,936		203,317,337		211,413,948
Special Consumption Tax			100,019,036		94,793,535		83,987,786		84,894,768
Environmental Levy			6,425,036		6,692,610		4,214,402		5,332,784
Telephone Call Tax			3,197,756		3,200,484		3,354,651		3,432,115
Guest Accommodation Room Tax			3,206,608		3,057,723		645,600		2,229,490
Minimum Business Tax			97,346		130,382		0		142,016
Quarry Tax			105,947		110,066		84,186		86,359
Import Licences-Trade Board			0		341,463		304,930		310,048
Telecommunication Licences			0		3,370,816		1,476,960		2,931,911
Hotel Licence Duty			0		9,702		0		9,136
Total Tax Revenue	3.1		771,481,782		746,357,850		572,461,289		626,358,446
Non-Tax Revenue	3.2		67,172,025		67,252,863		94,185,200		92,632,981
TOTAL RECURRENT REVENUE			838,653,807		813,610,713		666,646,489		718,991,427

29

Statement III – Statement of Receipts of the Consolidated Fund Compared with Estimates (Cont’d)

		Revised
		Estimates		Receipt		Estimates		Receipt
		2023		2023		2022		2022
	Notes	$’000		$’000		$’000		$’000
Capital Revenue
Loan Repayments			190,258		2,199,461		96,419		933,288
Grants			0		5,570,287		2,816,000		9,577,474
Other Grants-Petrocaribe Development Fund			4,134,300		3,340,423		4,348,700		2,715,543
Miscellaneous Grants			6,796,599		0		2,960,800		0
Total Capital Revenue	3.3		11,121,157		11,110,171		10,221,919		13,226,305
Capital Transfers			1,211,851		0		148,700		0
Total Capital and Recurrent Revenue			850,986,815		824,720,884		677,017,108		732,217,732
LOAN RECEIPTS
External Loans:
Multilateral			24,503,700		8,036,551		22,302,000		56,542,239
Bilateral			0		18,670,123		18,024,100		16,450,503
Total External Loan Receipts	3.4		24,503,700		26,706,674		40,326,100		72,992,742
Domestic Loans:
Local Commercial Banking Sector:
Benchmark Notes			99,185,000		75,761,411		89,979,500		53,652,709
Treasury Bills			0		20,754,980		0		22,142,331
Total Domestic Loans	3.5		99,185,000		96,516,391		89,979,500		75,795,040
Total Loan Receipts			123,688,700		123,223,065		130,305,600		148,787,782
Surrendered Balances	3.6		0		11,251,999		0		11,647,772
TOTAL REVENUE			974,675,515		959,195,948		807,322,708		892,653,286

30

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement IV - Statement of Expenditure Compared with Issues from the Consolidated Fund

Year Ended March 31, 2023

(Expressed in Jamaican dollars unless otherwise specified)

		Estimates		Issues		Estimates		Issues
		2023		2023		2022		2022
	Notes	$’000		$’000		$’000		$’000
RECURRENT EXPENDITURE
Statutory Recurrent Expenditure
Public Debt Charges			151,194,816		151,194,816		136,422,552		136,422,552
Public Debt Servicing (Amortization)			162,622,556		161,973,315		161,285,603		161,285,603
Other Statutory Expenditure			28,944,147		28,920,025		28,129,010		27,990,637
Total Statutory Recurrent	4.1		342,761,519		342,088,156		325,837,165		325,698,792
Voted Expenditure
His Excellency the Governor-General & Staff			124,788		121,180		100,567		88,604
Houses of Parliament			1,428,632		1,339,379		1,310,063		1,196,800
Office of the Public Defender			278,688		266,726		143,642		143,642
Auditor General			1,179,492		1,164,111		946,886		920,364
Office of the Services Commissions			497,406		420,152		362,660		334,673
Office of the Children’s Advocate			308,203		267,411		211,855		199,665
Independent Commission of Investigations			846,464		720,195		533,835		525,802
Integrity Commission			1,475,946		1,260,314		1,131,354		915,507
Office of The Prime Minister			10,851,399		10,770,585		8,149,002		8,109,785
Office of The Cabinet			1,013,293		1,008,975		779,598		708,135
Ministry of Tourism			12,247,680		12,247,680		11,085,774		11,038,210
Ministry of Economic Growth and Job Creation			19,795,952		19,177,122		14,397,113		13,807,053
Ministry of Finance and the Public Service			61,054,442		58,800,687		76,703,361		75,908,741
Ministry of Housing, Urban Renewal, Environment and Climate Change			0		0		2,387,535		2,387,535
Ministry of National Security			115,564,349		114,973,707		88,230,320		88,214,150
Ministry of Legal and Constitutional Affairs			728,558		636,277		90,837		90,837
Ministry of Justice			11,246,546		10,789,819		8,978,520		8,772,175
Ministry of Foreign Affairs and Foreign Trade			5,607,550		5,607,550		4,518,457		4,518,457

31

Statement IV - Statement of Expenditure Compared with Issues from the Consolidated Fund (Cont’d)

		Estimates		Issues		Estimates		Issues
		2023		2023		2022		2022
	Notes					$’000		$’000
Ministry of Labour and Social Security			19,024,278		18,614,146		18,657,458		18,415,329
Ministry of Education and Youth			144,642,669		144,436,295		121,156,751		121,124,083
Ministry of Health & Wellness			121,111,869		120,989,724		100,333,883		100,306,327
Ministry of Culture, Gender, Entertainment and Sport			5,447,125		5,169,665		3,882,947		3,762,449
Ministry of Agriculture and Fisheries			12,066,885		12,066,885		8,906,943		8,906,943
Ministry of Industry, Investment & Commerce			5,501,932		5,484,312		3,777,891		3,539,205
Ministry of Science, Energy & Technology			9,393,925		9,026,517		5,583,039		5,261,945
Post and Telecommunication Dept.			3,118,626		3,093,712		2,399,520		2,258,131
Ministry of Transport and Mining			15,823,286		15,940,128		11,908,610		11,885,114
Ministry of Local Govt. and Rural
Development			21,382,715		21,060,863		16,341,098		16,057,962
Total Voted Recurrent	4.2		601,762,698		595,454,117		513,009,519		509,397,623
Total Recurrent			944,524,217		937,542,273		838,846,684		835,096,415
Voted Capital Expenditure
Office of The Prime Minister			3,629,806		3,138,305		4,970,247		4,622,875
Ministry of Economic Growth and Job Creation			34,268,494		33,467,665		28,308,109		27,412,156
Ministry of Finance and the Public Service			3,481,527		3,305,581		4,186,615		3,868,391
Ministry of Housing, Urban Renewal, Environment and Climate Change			0		0		117,072		117,072
Ministry of National Security			3,841,153		3,504,257		8,003,269		7,833,324
Ministry of Justice			146,500		146,500		560,000		552,180
Ministry of Labour and Social Security			0		0		169,930		168,031
Ministry of Education and Youth			414,765		365,490		768,403		401,243
Ministry of Health & Wellness			3,866,579		3,335,098		2,217,624		2,031,134
Ministry of Agriculture and Fisheries			4,332,122		3,477,202		1,503,542		1,012,505
Ministry of Industry, Investment and Commerce			710,230		596,576		349,697		266,333
Ministry of Science, Energy and Technology			378,282		238,390		741,460		543,142
Ministry of Transport & Mining			1,178,912		807,000		0		0
Ministry of Local Government and Rural Development			1,782,838		1,712,501		2,305,350		2,002,976
Total Voted	4.3		58,031,208		54,094,565		54,201,318		50,831,362
Total Capital			58,031,208		54,094,565		54,201,318		50,831,362
Total Issues from the Consolidated Fund			1,002,555,425		991,636,838		893,048,002		885,927,777

32

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement V - Statement of Consolidated Fund Balances

Year Ended March 31, 2023

(Expressed in Jamaican dollars unless otherwise specified)

		2023			2023			2022			2022
	Notes	$’000			$’000			$’000			$’000
GENERAL REVENUE BALANCES
A. RECURRENT REVENUE
Recurrent Revenue			813,610,713						718,991,427
Recurrent Expenditure			(937,542,273	)					(814,242,118	)
Net Recurrent Revenue						(123,931,560	)					(95,250,691	)
B. CAPITAL REVENUE
Capital Revenue			11,110,171						13,226,305
Capital Transfers			0						0
			11,110,171						13,226,305
C. LOAN FUND BALANCES
(i) Long Term Loans:
(a) External Loans Raised			26,706,674						72,992,742
(b) Internal Loans Raised			75,761,411						53,652,709
			102,468,085						126,645,451
Capital Revenue & Loan Fund Balances (B+C)			113,578,256						139,871,756
Capital Expenditure			(54,094,565	)					(50,831,362	)
Deficit on Capital Transactions & Loan Receipt						59,483,691						89,040,394
Total Deficit Capital + Recurrent						(64,447,869	)					(6,210,297	)
Add:
(i) Net Treasury Bills Issued			20,754,980						1,288,035
(ii) Opening Cash Balance			83,408,924						73,613,988
(iii) Other payments			(42,103	)					(6	)
(iv) Other receipts			48,417						8,520
(v) Unrealized foreign exchange gains			(398,856	)					3,157,974
(vi) Refund from the Central Payment Account			(8,071	)					(97,062	)
(vii) Surrendered Balances			11,251,999						11,647,772
						115,015,290						89,619,221
Cash Balance in Consolidated Fund						50,567,421						83,408,924
Adjusted Cash Balance March 31, 2023	5					50,567,421						83,408,924

33

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement VI - Statement of Cash Flows

Year Ended March 31, 2023

(Expressed in Jamaican dollars unless otherwise specified)

		2023			2022
	Notes	J$ 000			J$’000
Cash Flows from Operating Activities:
Receipts:
Taxation Revenue			746,357,850			626,358,446
Non-Tax Revenue			67,252,863			92,632,981
Grants			5,570,287			12,293,017
Surrendered Balances			11,251,999			11,647,772
Other			48,417			8,521
Total Receipts from Operating Activities			830,481,416			742,940,737
Payments:
Employee Costs Salaries			343,050,523			243,255,767
Employee Costs Travelling			9,497,449			21,849,687
Superannuation			41,281,415			39,013,045
Suppliers			88,053,036			70,484,977
Interest Paid			151,550,811			136,422,573
Grants, Contributions and Subsidies			99,099,551			99,744,352
Capital Goods Purchases			46,029,149			47,521,283
Other Payments			49,916,129			66,350,490
Total Payments			828,478,063			724,642,174
Net Cash from Operating Activities			2,003,353			18,298,563
Cash Flows from Financing Activities
Proceeds from Borrowings			26,706,674			72,992,742
Repayment of Borrowings			(161,973,315	)		(140,431,306	)
Repayment of Other Loans			(1,185,460	)
Repayment of GOJ Guaranteed Loan			5,539,884			933,288
Domestic Benchmark Notes			75,761,411			53,652,709
Treasury Bills Issued			20,754,980			22,142,331
Treasury Bills Redeemed			(0	)		(20,854,297	)
Other			(50,174	)		(97,068	)
Net cash from Financing Activities			(34,446,000	)		(11,661,601	)

34

Statement VI - Statement of Cash Flows (Cont’d)

		2023			2022
	Notes	J$ 000			J$’000
Net increase/(decrease) in Cash			(32,442,647	)		6,636,962
Cash at Beginning of Period			83,408,924			73,613,988
Add adjustment to opening Balance April 1			(398,856	)		3,157,974
Net Ending Cash Balance March 31, 2023	6		50,567,421			83,408,924

35

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement VII - Statement of Transfers from the Capital Development Fund

As at March 31, 2023

(Expressed in Jamaican dollars unless otherwise specified)

	Notes	$’000			$’000
Bauxite Production Levy Received			67,810,074
Less: Refund/Remissions			(630,614	)
Net Receipts						67,179,460
Add: Retained Earnings						3,026,104
						70,205,564
Less:
(a) Transfers to Consolidated Fund as at March 31, 2016			53,606,653
(b) Grants			11,522,431
(c) Net Levy Written off			153,314
						65,282,398
Value of Fund at 31st March, 2023	7					4,923,166
Value of Fund at 31st March, 2022						3,805,594

Source: Development Bank of Jamaica

36

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement VIII - Contingencies Fund

Year Ended March 31, 2023

(Expressed in Jamaican dollars unless otherwise specified)

		2023			2022
	Notes	$’000			$’000
Opening Balance			4,917,659			4,004,189
Increase in Contingencies Fund			200,000			400,000
Interest Earned			194,689			41,222
Transfer to Miscellaneous Revenue			(180,631	)		(27,752	)
Disbursement of advances from the Contingencies Fund			(2,809,947	)		0
Recoveries of advances to Contingencies Fund			2,809,947			500,000
Balance at Year End	8		5,131,717			4,917,659

37

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement IX – Local (Internal) and Foreign (External) Debt

As at March 31, 2023

(Expressed in Jamaican dollars unless otherwise specified)

		2023		2022
	Notes	$’000		$’000
LOCAL DEBT
I Perpetual Annuities			155		155
II Market Loans:
Treasury Bills			10,300,000		10,300,000
J$ Benchmark Investment Notes			725,614,458		741,076,082
CPI-Indexed Investment Notes			63,398,650		58,713,502
Total Market Loans			799,313,108		810,089,584
Total Local Debt	9.1		799,313,263		810,089,739
EXTERNAL DEBT
I Currency Obligations to Commercial Enterprises:
Bond Holders			745,640,232		756,535,657
Total Currency Obligations to Commercial Enterprises			745,640,232		756,535,657
II Foreign Government & Government Agencies
USAID			23,235		26,814
US Department of Agriculture			99,712		339,241
China			91,881,708		88,217,701
Federal Republic of Germany			992,500		1,145,448
Japan			455,287		317,079
Netherlands Investment Bank			58,604		69,924
Kingdom of Belgium			269,760		334,394
Venezuela			14,449,661		15,609,852
Total Foreign Government & Government Agencies			108,230,467		106,060,453
III International & Multilateral Institutions:
Inter -American Development Bank			239,555,527		253,928,711
Caribbean Development Bank			22,493,689		26,017,171
Int’l Bank for Reconstruction & Development			155,352,479		162,131,403

38

Statement IX –Local (Internal) and Foreign (External) Debt (Cont’d)

		2023		2022
	Notes	$’000		$’000
OPEC Fund for Int’l Development			1,263,755		1,575,824
European Economic Community Commission			2,796,005		3,156,805
European Investment Bank			0		14,043
NORDIC Development Fund			572,208		647,735
International Monetary Fund			29,592,663		36,247,729
Total International & Multilateral Institutions			451,626,326		483,719,421
Total Foreign Debt	9.2		1,305,497,025		1,346,315,531
Total Local Debt			799,313,263		810,089,739
TOTAL LOCAL & FOREIGN DEBT			2,104,810,288		2,156,405,270

39

Notes to the Financial Statements

1 Statement of Receipts and Payments of the Consolidated Fund

This Statement is a summary of receipts and payments of the Consolidated Fund Accounts.

1.1 The Consolidated Fund - Opening

The Consolidated Fund Accounts are comprised of: Jamaican Dollar Consolidated Fund Bank Account $60.365 billion; United States Dollar Consolidated Fund Bank Account (US$149.512 million @ J$ 154.1286) $23.044 billion, aggregate of $83.409 billion as of April 1, 2022.

1.2 The Consolidated Fund - Closing

The Consolidated Fund Accounts are comprised of: Jamaican Dollar Consolidated Fund Bank Account $33.074 billion; US$ Consolidated Fund Bank Account (US$115.418 million @ J$151.5654) $17.493 billion, aggregate of $50.567 billion as of March 31, 2023.

1.3 Refunds from the Consolidated Fund Account

Refunds recovered in the amount of $1.868 million which were erroneously transferred to the Consolidated Fund Account. Upon the requisite approvals, the amounts were subsequently refunded.

1.4 Refunds from the Central Payment Account

Negative Warrant in the amount of $40.235 million, was subsequently refunded to the Consolidated Fund Account.

2 Statement of Financing

This Statement shows receipts and payments from the Consolidated Fund for the year ended March 31, 2023 and how the surplus was used or how the deficit was financed.

2.1 Net Surplus/ (Deficit)

There was a deficit of $32.449 billion for the year in comparison to a surplus of $6.726 billion for 2022.

3 Statement of Receipts of the Consolidated Fund Compared with Estimates

This Statement includes Revenue Estimates and Actual Receipts, as well as, comparative data from the previous year.

3.1 Tax Revenue Recurrent

These are receipts generated from taxes. Included in this statement are the amounts that were transferred to the Consolidated Fund by the Principal Receivers of Revenue (PRRs). All revenues generated by the PRRs are required to be transferred to the Consolidated Fund.

3.2 Non-Tax Revenue Recurrent

Total receipts recorded for the year in the Consolidated Fund for this revenue category is $67.253 billion. The main revenue components are Miscellaneous Revenue, De-earmarked Receipts, Financial Distributions and Loan Interest. Dividends and Other Miscellaneous Revenue from public bodies are also included.

40

Notes to the Financial Statements (Cont’d)

3.3 Capital Revenue

This includes revenue raised through grants and loan repayments.

3.4 External Loans

These are receipts recorded in the Consolidated Fund Principal Bank Accounts for funds raised from multilateral and bilateral loans.

3.5 Domestic Loans

These receipts include benchmark notes and treasury bills received in the Consolidated Fund Principal Bank Account. Benchmark notes amount to $75.761 billion for the financial year (2022: $53.653 billion).

3.6 Surrendered Balances

These receipts represent unexpended warrant cash balances returned to the Consolidated Fund Principal Bank Account.

4 Statement of Expenditure of the Consolidated Fund Compared with Estimates

This statement details issues from the Consolidated Fund Principal Bank Account. Total Issues from the Consolidated Fund for the year was $991.637 billion (2022: 885.928 billion) compared with total Estimates of $1,002.555 billion. (2022: $893.048 billion)

4.1 Recurrent Statutory Expenditure

Statutory Recurrent Expenditure details public debt charges and expenditure to certain statutory heads such as Pensions, His Excellency Governor General and the Auditor General.

4.2 Recurrent Voted Expenditure

Voted Recurrent Expenditure are issues from the Consolidated Fund Principal Bank Account for Ministries, Departments and Agencies displayed by Head.

4.3 Voted Capital Expenditure

An amount of $54.094 billion (2022: $50.831 billion) was issued for Voted Capital Expenditure.

5 Statement of Consolidated Fund Balances

This Statement summarizes the receipts and payments recorded in the Consolidated Fund Principal Bank Account and how both relate to the opening and closing cash balances in the Consolidated Fund Principal Bank Account.

6 Statement of Cash Flows

The Statement of Cash Flows classifies the flow of funds for the period by operating, investing and financing activities.

41

Notes to the Financial Statements (Cont’d)

7 Capital Development Fund

The Capital Development Fund Account is funded by Bauxite Levy. These were no transfers to the Consolidated Fund in financial year 2022/2023.

8 Contingencies Fund

The Contingencies Fund is established pursuant to Section 118 of the Constitution and further guided by Section 13 of the FAA Act. The balance of the Contingencies Fund as at March 31, 2023 was $5.132 billion (2022: $4.918 billion). There was an approved increase of $0.200 billion to the Contingencies Fund for the reporting period.

9 Statement of Local (Internal) and Foreign (External) Debt

This statement details outstanding local and foreign debt as at March 31, 2023.

42

Notes to the Financial Statements (Cont’d)

NOTE 9.1

GOVERNMENT OF JAMAICA

STATEMENT IX

STATEMENT OF OUTSTANDING PUBLIC DEBT (LOCAL)

AS AT MARCH 31, 2023

INTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
I PERPETUAL ANNUITIES
PERPETUAL ANNUITIES	JAM		154,832.69		154,832.69
SUB-TOTAL PERPETUAL ANNUITIES	JAM		154,833.00		154,832.69
SUB-TOTAL CATEGORY I (PERPETUAL ANNUITIES)	JAM				154,832.69
II MARKET LOANS
(a) TREASURY BILLS
Treasury Bills Issue - 8.20% Due -Apr-2023	JAM		800,000,000.00		800,000,000.00
Treasury Bills Issue - 8.15% Due -April-2023	JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.09% Due -April-2023	JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.42% Due -May-2023	JAM		800,000,000.00		800,000,000.00
Treasury Bills Issue - 8.09% Due -May-2023	JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.27% Due -May 2023	JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.21% Due -June-2023	JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.18% Due -June-2023	JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.30% Due -July-2023	JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.41% Due -July- 2023	JAM		800,000,000.00		800,000,000.00
Treasury Bills Issue - 8.44% Due -August-2023	JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.45% Due -August -2023	JAM		800,000,000.00		800,000,000.00
Treasury Bills Issue - 8.31% Due -September-2023	JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.41% Due -November - 2023	JAM		800,000,000.00		800,000,000.00
SUB-TOTAL (a) Treasury Bills	JAM				10,300,000,000.00

43

INTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
(b) Jamaica Dollar Benchmark Investment Notes
GOJ FIXED RATE 12.875% BENCHMARK INVESTMENT NOTES - Due 2024	JAM		65,791,000.00		65,791,000.00
GOJ FIXED RATE 13.25% BENCHMARK INVESTMENT NOTES - Due 2040	JAM		7,431,000.00		7,431,000.00
GOJ FIXED RATE 11.00% BENCHMARK INVESTMENT NOTES - Due 2024	JAM		23,704,500,427.00		23,704,500,427.00
GOJ FIXED RATE STEP UP INVESTMENT NOTES - Due 2024 “FR24B”	JAM		4,946,293,367.00		4,946,293,367.00
GOJ FIXED RATE STEP UP INVESTMENT NOTES - Due 2024 “FR24C”	JAM		8,700,929,000.00		8,700,929,000.00
GOJ FIXED RATE ACCRETING INVESTMENT NOTES - Due 2028	JAM		130,043,466,018.41		130,043,466,018.41
GOJ FIXED RATE 11.875% BENCHMARK INVESTMENT NOTES - Due 2030	JAM		24,128,232,715.00		24,128,232,715.00
GOJ FIXED RATE 11.25% BENCHMARK INVESTMENT NOTES - Due 2046	JAM		2,896,758,593.00		2,896,758,593.00
GOJ FIXED RATE 12.25% BENCHMARK INVESTMENT NOTES - Due 2050	JAM		51,040,800,900.00		51,040,800,900.00
GOJ FIXED RATE 11.25% BENCHMARK INVESTMENT NOTES - Due 2046	JAM		31,463,057,000.00		31,463,057,000.00
GOJ FIXED RATE 9.50 % BENCHMARK INVESTMENT NOTES - Due 2026	JAM		18,626,573,000.00		18,626,573,000.00
GOJ FIXED RATE 9.625% BENCHMARK INVESTMENT NOTES - Due 2031	JAM		24,086,150,000.00		24,086,150,000.00
GOJ FIXED RATE 10.00% BENCHMARK INVESTMENT NOTES - Due 2037	JAM		58,628,726,800.00		58,628,726,800.00
GOJ FIXED RATE 5.675% BENCHMARK INVESTMENT NOTES - Due 2029	JAM		48,048,736,000.00		48,048,736,000.00
GOJ FIXED RATE 6.25% BENCHMARK INVESTMENT NOTES - Due 2048	JAM		20,836,667,000		20,836,667,000.00
GOJ FIXED RATE 4.25% BENCHMARK INVESTMENT NOTES - Due 2024	JAM		5,023,534,000.00		5,023,534,000.00
GOJ FIXED RATE 5.80% BENCHMARK INVESTMENT NOTES - Due 2034	JAM		54,707,288,500.00		54,707,288,500.00
GOJ FIXED RATE 4.50% BENCHMARK INVESTMENT NOTES- Due 2025	JAM		37,824,000,000.00		37,824,000,000.00
GOJ FIXED RATE 8.50% BENCHMARK INVESTMENT NOTES- Due 2061	JAM		5,800,000,000.00		5,800,000,000.00
GOJ FIXED RATE 11.75% BENCHMARK INVESTMENT NOTES - DUE 2053	JAM		10,921,000,000.00		10,921,000,000.00
GOJ FIXED RATE 10.00% BENCHMARK INVESTMENT NOTES - DUE 2028	JAM		21,500,000,000.00		21,500,000,000.00
GOJ VARIABLE RATE BENCHMARK INVESTMENT NOTE - DUE 2027	JAM		2,000,000.00		2,000,000.00
GOJ VARIABLE RATE STEP UP BENCHMARK INVESTMENT NOTE - Due 2025	JAM		91,922,865,518.00		91,922,865,518.00
GOJ VARIABLE RATE STEP UP BENCHMARK INVESTMENT NOTE - Due 2035	JAM		50,689,657,296.00		50,689,657,296.00
SUB-TOTAL (b) Jamaica Dollar Benchmark Investment Notes	JAM				725,614,458,134.41

44

INTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
(c) CPI-Indexed Investment Notes
CPI -INDEXED INVESTMENT NOTES - Due 2025	JAM		7,626,184,886.00		13,174,457,914.04
CPI -INDEXED INVESTMENT NOTES - Due 2033	JAM		19,496,712,060.00		33,681,141,532.28
CPI -INDEXED INVESTMENT NOTES - Due 2040	JAM		9,576,133,182.00		16,543,050,748.37
SUB-TOTAL (c) CPI-Indexed Investment Notes	JAM				63,398,650,194.69
SUB-TOTAL CATEGORY II (MARKET LOANS)	JAM				799,313,108,329.10
TOTAL INTERNAL DEBT	JAM				799,313,263,161.79

Source: Debt Management Branch, Ministry of Finance and the Public Service

45

Notes to the Financial Statements (Cont’d)

NOTE 9.2

GOVERNMENT OF JAMAICA

STATEMENT IX

STATEMENT OF OUTSTANDING PUBLIC DEBT (FOREIGN)

AS AT MARCH 31, 2023

EXTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
I FOREIGN CURRENCY OBLIGATIONS TO COMMERCIAL ENTERPRISES
1) BOND HOLDERS
US$250M 9.25% NOTES DUE 2025	US		80,125,000.00		12,144,177,675.00
US$250M 8.5% BOND 2036	US		199,430,000.00		30,226,687,722.00
US$500M 8 % BOND 2039	US		1,117,678,000.00		169,401,313,141.20
US$800M 7.625% Bond due 2025	US		361,606,000.00		54,806,958,032.40
US$1,350M 6.75% Bond due 2028	US		1,359,455,000.00		206,046,340,857.00
US$650M 7.975% BOND DUE 2045	US		1,801,300,000.00		273,014,755,020.00
TOTAL - BOND HOLDERS					745,640,232,447.60
II FOREIGN GOVERNMENT AND GOVERNMENT AGENCIES
a) UNITED STATES
1. U.S. AGENCY FOR INTERNATIONAL DEVELOPMENT
532-T-046D CROP DIVERSIFICATION & IRRIGATION PROJ.	US		153,302.70		23,235,385.05
TOTAL - U.S. AGENCY FOR INTERNATIONAL DEVELOPMENT					23,235,385.05
2. UNITED STATES DEPARTMENT OF AGRICULTURE
04 JMA PL 480 RESCHEDULED	US		657,880.70		99,711,951.45

46

EXTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
TOTAL - UNITED STATES DEPT. OF AGRICULTURE					99,711,951.45
b) CHINA
1. EXIM BANK OF CHINA
JAMAICA CRICKET STADIUM PROJECT	CNY		38,746,919.00		853,824,782.27
MONTEGO BAY CONVENTION CENTER	CNY		112,903.225.80		2,487,928,709.54
PALISADOES SHORELINE PROTECTION REHABILITATION WORKS PROJECT	USD		13.944,000.00		2,113,427,937.60
JAMAICA ECONOMIC HOUSING PROJECT	CNY		235,498,485.20		5,189,430,489.96
JAMAICA ROAD IMPROVEMENT & REHABILITATION WORKS PROJECT	USD		85,000,000.00		12,883,059,000.00
MAJOR INFRASTRUCTURE DEVELOPMENT PROGRAMME	USD		177,506,466.40		26,903,838,582.50
JAMAICA SOUTHERN COASTAL HIGHWAY IMPROVEMENT PROJECT	USD		270,572,834.20		41,009,479,844.66
TOTAL EXIM BANK OF CHINA					91,440,989,346.53
2. PEOPLE’S REPUBLIC OF CHINA 20.0MN YUAN
AGREEMENT ON ECONOMIC AND TECHNICAL CO-OPERTION 20.0M YUAN	CNY		20,000,000.00		440,718,800.00
TOTAL PEOPLE’S REPUBLIC OF CHINA					440,718,800.00
TOTAL CHINA					91,881,708,146.53

47

EXTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
FEDERAL REPUBLIC OF GERMANY
1. KREDITANSTALT FUR WIEDERAUFBAU
89-65-121 HURRICANE RECONSTRUCTION ASSISTANCE 2	EURO		2,181,118.30		365,153,665.09
89-65-857 HURRICANE RECONSTRUCTION ASSISTANCE III	EURO		2,348,342.10		393,149,571.35
93-65-941 REHAB OF 5 SMALL HYDROPOWER PLANTS	EURO		1,398,894.50		234,197,041.83
TOTAL - KREDITANSTALT FUR WIEDERAUFBAU					992,500,278.27
JAPAN
2. JAPAN INTERNATIONAL CO-OPERATION AGENCY
ENERGY MANAGEMENT AND EFFICIENCY PROGRAMME	USD		3,003,897.80		455,286,971.62
TOTAL-JAPAN INTERNATIONAL CO-OPERATION AGENCY
TOTAL - JAPAN					455,286,971.62
NETHERLAND INVESTMENT BANK
1978.03 CONSOLIDATION OF INTEREST AMOUNTS	EURO		252,395.10		42,254,927.58
1980.02 CONSOLIDATION OF INTEREST AMOUNTS	EURO		97,652.90		16,348,638.38
TOTAL - NETHERLAND INVESTMENT BANK					58,603,565.96

48

EXTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
BELGIUM
GOVT. OF THE KINGDOM OF BELGIUM
MODERNIZATION OF KINGSTON MUNICIPALITY	EURO		1,611,316.60		269,759,857.64
TOTAL - GOVT. OF THE KINGDOM OF BELGIUM					269,759,857.64
VENEZUELA
MONTEGO BAY SPORTS COMPLEX PH 3 (21-294)	US		772,078.00		117,020,310.90
PORT MARIA CIVIC CENTRE PH 2 (20-293)	US		165,467.50		25,079,147.82
VENEZUELA ENERGY AGREEMENT	US		94,398,601.00		14,307,561,720.01
TOTAL VENEZUELA					14,449,661,178.73
TOTAL FOREIGN GOVERNMENT & GOVERNMENT AGENCIES					108,230,467,335.25
III INTERNATIONAL & MULTILATERAL INSTITUTIONS
INTER-AMERICAN DEVELOPMENT BANK
812/SF-JA LAND TITLING PROJECT	US		32,818.70		4,974,179.39
1185/OC-JA SOLID WASTE MANAGEMENT PROGRAM	US		270,911.40		41,060,794.71
1197/OC-JA PARISH INFRASTRUCTURE	US		877,152.10		132,945,908.90
1264/OC-JA PRIMARY EDUCATION SUPPORT PRG.	US		4,494,932.10		681,276,181.71
1283/OC-JA AGRICULTURAL SUPPORT SERVICES PROJECT	US		2,768,616.80		419,626,512.74
1344/OC-CITIZEN, SECURITY & JUSTICE	US		2,488,284.30		377,137,805.24
1360/OC-JA-RURAL WATER			1,515,098.80		229,636,555.66
1419/OC-JA EMERGENCY RECONSTRUCTION	US		3,353,951.40		508,342,985.52
1438/OC/JA -RE INFORMATION AND COMM. TECH PROJECT	US		2,429,331.20		368,202,555.06
1559/OC/JA-1- SOCIAL PROTECTION SUPPORT FOR FOOD PRICE CRISIS	US		5,625,000.00		852,555,375.00
1562/OC-JA - NATIONAL IRRIGATION DEVELOPMENT PROGRAM	US		2,111,330.00		320,004,575.98

49

EXTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
1959/OC/JA - EMERGENCY ASSIST. - 2007 ATLANTIC HURRICANE SEASON	US		4,999,890.40		757,810,388.43
1972/OC/JA - COMPETITIVENESS ENHANCEMENT PROGRAM	US		11,000,000.00		1,667,219,400.00
2026/OC/JA - TRANSPORTATION INFRASTRUCTURE REHAB. PROGRAMME	US		27,730,081.40		4,202,920,879.42
2039/OC/JA - YOUTH DEVELOPMENT PROGRAM PHASE 1	US		5,310,754.40		804,926,614.94
2058/OC/JA - PUBLIC FINANCIAL & PERFORMANCE MANAGEMENT	US		24,000,000.00		3,637,569,600.00
2074/OC/JA - EDUCATION REFORM PROGRAM	US		12,000,000.00		1,818,784,800.00
2100/OC/JA - SUPPLEMENTAL LOAN TO FINANCE THE PESP ACTIVITIES	US		6,390,614.70		968,596,073.25
2272/OC/JA - CITIZEN SECURITY AND JUSTICE PROGRAM 11	US		11,999,999.90		1,818,784,784.84
2276/OC/JA - ROAD IMPROVEMENT PROGRAM	US		5,866,123.90		889,101,415.35
2297/OC/JA - COMPETITIVE ENHANCEMENT PROGRAM	US		28,000,000.00		4,243,831,200.00
2298/OC/JA - PUBLIC FINANCIAL & PERFORMANCE MGMT PROG. 11	US		28,000,000.00		4,243,831,200.00
2299/OC/JA - HUMAN CAPITAL AND PROTECTION PROGRAM	US		23,333,333.30		3,536,525,994.95
2300/OC/JA - SUPPORT FOR EDUCATION SECTOR REFORM 11 (PBL)	US		14,000,000.00		2,121,915,600.00
2301/OC/JA - SUPPORT FOR EDUCATION SECTOR REFORM 11 (Investment)	US		5,632,866.80		853,747,709.69
2359/OC/JA - FISCAL CONSOLIDATION PG FIRST PROG OPERATION	US		100,000,000.00		15,156,540,000.00
2444/OC-JA - AGRICULTURAL COMPETITIVENESS PROGRAMME	US		9,980,930.20		1,512,763,678.14
2502/OC/JA - FISCAL CONSOLIDATION PROGRAMME 11	US		106,666,666.60		16,166,975,989.90
2519/OC/JA - HUMAN CAPITAL AND PROTECTION PROGRAMME 11	US		26,666,666.60		4,041,743,989.90
2521/OC-JA - PUBLIC FINANCIAL & PERFORMANCE MANAGEMENT PROGRAMME III	US		44,000,000.00		6,668,877,600.00
2629/OC/JA - ENERGY EFFICIENCY & CONSERVATION PROGRAMME	US		2,586,581.20		392,036,214.21
2658/OC/JA - FISCAL ADMINISTRATION & MODERNIZATION PROGRAMME	US		32,513,037.60		4,927,851,549.06
2889/OC-JA - INTEGRATED SOCIAL PROTECTION AND LABOUR PROGRAMME	US		22,503,031.90		3,410,681,031.14
3121/OC-JA - PUBLIC SECTOR EFFIENCY PROGRAMME (PSE)	US		6,371,588.80		965,712,405.11
3122/OC-JA - PUBLIC SECTOR EFFIENCY PROGRAMME (PSE) CHINA CO-FINANCING	US		4,394,244.10		666,015,364.71
3147/OC-JA - COMPETITIVENESS ENHANCEMENT PROGRAMME III	US		44,000,000.00		6,668,877,600.00
3148/OC-JA - FISCAL STRUCTURAL PROGRAMME FOR ECONOMIC GROWTH	US		58,666,666.70		8,891,836,805.05
3191/OC-JA - CITIZEN SECURITY JUSTICE PROGRAMME III	US		17,026,711.30		2,580,660,308.87
3381/SX-JAADAPT PRG &FIN MECH FOR THE PILOT PRG FOR PPCR JAM	US		8,707,100.00		1,319,695,094.34
3511/OC-JA - FISCAL STRUCTURAL PROGRAMME FOR ECONOMIC GROWTH II	US		108,333,333.30		16,419,584,994.95
3560/OC-JA - EDUCATION SECTOR REFORM III	US		21,666,666.70		3,283,917,005.05

50

EXTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
3565/OC-JA - INTEGRATED SUPPORT TO JAMAICA SOCIAL PROTECTION STRATEGY	US		22,536,649.89		3,415,776,354.52
3565/OC-JA - INTEGRATED SUPPORT TO JAMAICA SOCIAL PROTECTION STRATEGY	JMD		3,146,169,375.00		3,146,169,375.00
3704/OC-JA - FINANCIAL SYSYTEM REFORM SUPPORT PROGRAMME	US		90,000,000.00		13,640,886,000.00
3880/OC-JA-FISCAL STRUCTURALPROGRAMME FOR ECONOMIC GROWTH III	JMD		5,392,612,501.60		5,392,612,501.60
3877/OC-JA - ENERGY MANAGEMENT AND EFFICIENCY PROGRAMME	US		4,429,747.00		671,396,375.95
4115/OC-JA - CREDIT ENHANCING PROGRAMME FOR MICRO, SMALL AND MEDIUM ENTERPRISES	US		19,451,768.90		2,948,215,134.04
4373/OC-JA - SUPPORT TO THE PUBLIC SECTOR TRANSFORMATION PROJECT (POLICY-BASED)	US		110,000,000.00		16,672,194,000.00
4374/OC-JA - SUPPORT TO THE PUBLIC SECTOR TRANSFORMATION PROJECT (INVESTMENT)	US		37,309,546.20		5,654,836,293.62
4400/OC-JA - SECURITY STRENGTHENING PROJECT	US		9,986,979.60		1,513,680,557.87
4437/OC-JA - IMPLEMENTATION OF THE NATIONAL IDENTIFICATION SYSTEM (NIDS)FOR ECONOMIC GROWTH	US		32,835,278.30		4,976,692,089.65
4645/OC-JA SKILLS DEVELOPMENT GLOBAL SKILLS IN JAMAICA	US		8,786,820.00		1,331,777,888.03
4668/OC-JA SUPPORT FOR THE HEALTH SYSTEMS STRENGTHENING FOR THE PREVENTION AND CARE MANAGEMENT FOR NON-COMMUNICABLE DISEASES PROGRAMME	US		11,282,793.70		1,710,081,140.26
4669/OC-JA - SUPPORT FOR THE HEALTH SYSTEMS STRENGTHENING FOR THE PREVENTION AND CARE MANAGEMENT FOR NON-COMMUNICABLE DISEASES PROGRAMME	JMD		7,412,347,500.00		7,412,347,500.00
4860-JM – BOOSTING INNOVATION, GROWTH, AND ENTREPRENEUSHIP ECOSYSTEM PROGRAMME	US		5,365,854.80		813,277,929.10
5110/OC-JA SUPPORT FOR THE HEALTH SYSTEMS STRENGTHENING FOR THE PREVENTION AND CARE MANAGEMENT FOR NON-COMMUNICABLE DISEASES	US		100,000,000.00		15,156,540,000.00
5236/OC-JA- STRENGTHENING FISCAL POLICY AND MANAGEMENT PROGRAMME TO RESPOND TO THE HEALTH CRISIS AND ECONOMIC EFFECTS OF COVID-19 IN JAMAICA	US		75,000,000.00		11,367,405,000.00
5499/OC-JA-STRENGTHENING FISACAL POLICY AND MANAGEMENT PROGRAMME TO RESPOND TO THE HEALTH CRISIS AND ECONOMIC EFECTS OF COVID -19 IN JAMAICA II (POLICY BASED LOAN)	US		100,000,000.00		15,156,540,000.00
TOTAL - INTER-AMERICAN DEVELOPMENT BANK					239,555,526,860.85

51

EXTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
CARIBBEAN DEVELOPMENT BANK
08/SFR-JAM - RURAL ELECTRIFICATION	US		560,695.80		84,982,083.21
10/SFR-OR-JAM - SOCIAL INVESTMENT FUND	US		2,714,437.50		411,414,805.46
13/SFR OR JAM - ENHANCEMENT OF BASIC SCHOOL	US		2,419,390.40		366,695,873.73
14/SFR-OR-JAM - 001 IRRIGATION DEV.PROJ	US		27,257.90		4,131,354.52
15/SFR-OR-JAM - REHAB. OF FLOOD DAMAGE ADDITIONAL LOAN	US		199,987.20		30,311,139.96
16/SFR-OR-JAM - WASHINGTON BOULEVARD IMPROVEMENT	US		6,294,863.10		954,083,443.70
17/SFR-OR -JAM - HURRICANE DEAN REHAB WORKS	US		4,585,418.30		694,990,758.81
17/SFR-OR -JAM 1 - HURRICANE DEAN REHAB WORKS	US		3,168,985.30		480,308,524.59
18/SFR-OR-JAM - UTECH ENHANCEMENT PROJECT	US		8,799,438.10		1,333,690,355.40
19/SFR-JAM COMMUNITY INVESTMENT PROJECT	US		8,062,509.60		1,221,997,492.53
19/SFR-OR-JAM - POLICY BASED LOAN	US		43,333,333.20		6,567,833,979.79
20/SFR-JM AGRICULTURAL SUPPORT	US		6,435,000.00		975,323,349.00
20/SFR-OR-JAM NATURAL DISASTER GUSTAV MANAGEMENT	US		18,231,457.00		2,763,258,072.79
23/SFR-OR JAM FISCAL CONSOLIDATION, GROWTH AND SOCIAL STABILITY LOAN	US		27,687,500.00		4,196,467,012.50
28/OR-JAM COASTAL HIGHWAY IMPROVEMENT #4	US		15,888,855.40		2,408,200,724.24
TOTAL - CARIBBEAN DEVELOPMENT BANK					22,493,688,970.23
INT’L BANK FOR RECONSTRUCTION & DEVELOPMENT
4878-JM HURRICANE DEAN EMERGENCY RECOVERY	US		1,693,875.40		256,732,902.55
7554-JM EARLY CHILDHOOD DEVELOPMENT PROJECT	US		9,310,459.80		1,411,143,563.77
7555-JM SOCIAL PROTECTION PROJECT	US		24,847,444.50		3,766,012,864.62
7556-JM SECOND HIV/AIDS PROJECT	US		5,999,328.90		909,290,684.46
7653-JM FISCAL AND DEBT SUSTAINABLILITY DEV POLICY	US		62,000,000.00		9,397,054,800.00
7769-JM RURAL ECONOMIC DEVELOPMENT PROGRAM	US		10,138,021.30		1,536,573,253.54
7856-JM FIRST PROGRAM FISCAL SUST. DEVELOP. POLICY LOAN	US		138,800,000.00		21,037,277,520.00
7815-JM EDUCATION TRANSFORMATION CAPACITY BLDG. PROJECT	US		12,386,055.40		1,877,297,441.12

52

EXTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
8007-JM ENERGY SECURITY & EFFICIENCY ENHANCEMENT PROJECT	US		10,678,298.10		1,618,460,522.85
8084-JM 2ND PROGRAMATIC FISCAL SUSTAINABILITY DEVELOPMENT	US		78,000,000.00		11,822,101,200.00
8317-JM ECONOMIC STABILITY AND FOUNDATION FOR GROWTH DEVELOPMENT	US		113,386,000.00		17,185,394,444.40
8329 ADDITIONAL FINANCING FOR SOCIAL PROTECTION PROGRAMME	US		34,887,999.90		5,287,813,660.04
8334-JM JAMAICA EARLY CHILDHOOD DEVELOPMENT PROJECT	US		10,064,534.30		1,525,435,166.99
8356-JM JAMAICA INTEGRATED COMMUNITY DEVELOPMENT PROJECT	US		35,799,881.20		5,426,023,314.03
8405-JM JAMAICA YOUT EMPLOYMENT IN DIGITAL AND AMINATION INDUSTRIES	US		10,225,743.50		1,549,868,903.87
8406-JM JAMAICA STRATEGIC PUBLIC SECTOR TRANSFORMATION	US		30,524,267.90		4,626,422,873.97
8408-JM FOUNDATIONS FOR COMPETITIVENESS AND GROWTH PROJECT	US		40,723,441.20		6,172,264,654.85
8470-JM FIRST COMPETITIVENESS & FISCAL MANAGEMENT PROGAMMATIC DPL	US		71,505,000.00		10,837,683,927.00
8759-JM JAMAICA DISASTER VULNERABILITY REDUCTION PROJECT	US		68,250,000.00		10,344,338,550.00
8581-JM SECOND COMPETITIVENESS & FISCAL MANAGEMENT PROGAMMATIC DPF	US		22,742,870.00		3,447,032,188.70
8822-JM ACCESS TO FINANCE FOR MICRO, SMALL AND MEDIUM ENTERPRISE PROJECT	US		8,922,640.90		1,352,363,637.06
9017- JM SECOND RURAL ECONOMIC DEVELOPMENT INITIATIVE			3,313,044.70		502,142,945.17
9053-JM JAMAICA FIRST ECONOMIC RESILIENCE	US		70,000,000.00		10,609,578,000.00
9216-JM JAMAICA COVID-19 RESPONSE AND RECOVERY DEVELOPMENT POLICY FINANCING	US		150,000,000.00		22,734,810,000.00
9203-JM ADDITIONAL FINANCING FOR THE FOUNDATION FOR COMPETITIVENESS AND GROWTH PROJECT	US		787,525.00		119,361,541.64
TOTAL - INT’L BANK FOR RECONSTRUCTION & DEV.					155,352,478,560.63
OPEC FUND FOR INT’L DEVELOPMENT
1007-P NATIONAL COMMUNITY DEV. PROJECT	US		666,840.00		101,069,871.34
1152-P RURAL ROAD REHABILITATION PHASE 2	US		354,817.00		53,777,980.53
1238-P BOGUE ROAD IMPROVEMENT PROJECT	US		7,316,357.60		1,108,906,666.19
TOTAL - OPEC FUND FOR INT’L DEVELOPMENT					1,263,754,518.06

53

EXTERNAL DEBT	CURRENCY	BALANCE OUTSTANDING		JA$ EQUIVALENT
EUROPEAN ECONOMIC COMMUNITY COMMISSION
LN #8.0163 RURAL ELECTRIFICATION	EURO		144,102.70		24,125,068.80
LN #8.0223 EXPAND COFFEE PRODUCTION	EURO		362,003.10		60,605,038.59
LN #8.0347 SANGSTERS AIRPORT MAIN TERMINAL	EURO		2,232,240.00		373,712,245.39
LN #8.0371 CAST & CTC STUDENT ACCOMMODATION	EURO		463,077.10		77,526,423.16
LN #8.0383 NEGRIL OCHO-RIOS WASTE WATER PROJECT	EURO		10,403,339.70		1,741,683,438.55
LN #8.0388 CREDIT SCH. FOR MICRO & SMALL ENTERPRISES	EURO		2,451,588.90		410,434,716.96
LN #8.0395 MORANT/YALLAHS AGRICULTURAL DEV. PROJ.	EURO		644,613.80		107,918,535.02
TOTAL-EUROPEAN ECONOMIC COMMUNITY COMMISSION					2,796,005,466.47
NORDIC DEVELOPMENT FUND
NDF #81 PRIMARY EDUCATION IMPROVEMENT PROG.	XDR		880,000.00		163,112,325.41
NDF #120 MULTI-SECTORAL PRE-INVESTMENT PROJECT	XDR		846,446.50		172,582,321.18
NDF #165 AIRPORT REFORM & IMPROVEMENT PROGRAM	XDR		1,160,000.00		236,512,871.84
TOTAL - NORDIC DEVELOPMENT FUND					572,207,518.43
INTERNATIONAL MONETARY FUND
BUDGETARY SUPPORT TO THE GOVERNMENT OF JAMAICA	XDR		27,808,339.40		5,669,853,631.51
BUDGETARY SUPPORT TO THE GOVERNMENT OF JAMAICA-RFI	XDR		117,331,709.00		23,922,809,873.55
TOTAL - INTERNATIONAL MONETARY FUND					29,592,663,505.06
TOTAL INTERNATIONAL & MULTINATIONAL INSTITUTIONS					451,626,325,399.73
TOTAL EXTERNAL DEBT					1,305,497,025,182.58
GRAND TOTAL FOREIGN & LOCAL					2,104,810,288,344.37

Source: Debt Management Branch, Ministry of Finance and the Public Service

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