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, 2024

	Page No.
I) ESTIMATES OF REVENUE 2024/2025
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 2023/2024
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		35
Statement VIII – Contingencies Fund		36
Statement IX – Local (Internal) Debt and Foreign (External) Debt		37
Notes to the Financial Statements		39

Exhibit C

JAMAICA

REVENUE ESTIMATES

2024/2025

For the Financial Year Ending

31^st March 2025

Ministry of Finance and the Public Service	As Presented to the House of
	Representatives on the
	15th day of February 2024

2024-2025 JAMAICA BUDGET

STATEMENT I

REVENUE AND LOAN RECEIPTS

SUMMARY

Head		Estimates 2022/2023 $		Estimates 2023/2024 $		Consolidated Fund Receipts 2023/2024 (December 2023) $		Estimates 2024/2025 $
I	RECURRENT REVENUE
	TAXATION
	Customs		59,246,035,025		63,514,530,000		46,338,014,311		66,452,217,066
	Income Tax		189,590,797,067		251,829,621,669		173,760,232,288		321,713,616,773
	Stamp Duties		10,081,715,475		13,074,113,729		15,469,290,005		13,141,722,225
	Motor Vehicle Licences (Motor Vehicle Act)		5,132,047,500		5,891,877,908		3,792,901,440		5,496,329,853
	Other Licences		1,546,541,196		1,268,522,157		191,390,940		361,611,939
	Travel Tax		15,799,100,000		28,674,790,000		21,079,659,436		34,138,653,119
	Betting, Gaming and Lotteries-Duties, Fees and Levies		8,023,787,100		9,661,920,940		5,823,317,936		11,306,790,046
	Education Tax		36,700,287,000		48,119,125,402		34,261,946,889		53,620,847,724
	Contractors Levy		2,540,120,700		3,118,889,465		2,051,632,594		3,137,826,800
	General Consumption Tax		237,587,065,800		279,036,663,433		201,538,292,576		300,855,855,465
	Special Consumption Tax		92,072,800,000		104,002,808,052		70,758,514,314		99,050,067,009
	Environmental Levy		5,490,770,000		6,620,368,517		4,749,945,778		6,697,555,737
	Telephone Call Tax		3,219,695,000		3,607,997,396		2,173,710,692		3,199,376,117
	Guest Accomodation Room Tax		2,577,234,700		3,592,752,403		2,524,519,202		3,979,432,867
	Minimum Business Tax		—				72,783,271		—
	Quarry Tax		75,600,000		110,054,579		23,840,538		91,592,770
	Import Licences-Trade Board		323,848,704		327,036,504		258,130,334		551,338,417
	Telecommunication Licences		1,528,653,600		1,844,736,282		202,079,651		581,452,110
	TOTAL		671,536,098,867		824,295,808,438		585,070,202,196		924,376,286,036
II	NON-TAX REVENUE		65,398,700,000		65,228,522,019		50,927,074,456		103,701,082,853
	MISCELLANEOUS RECEIPTS (UNCLASSIFIED)		—				—		—
	TOTAL RECURRENT REVENUE		736,934,798,867		889,524,330,457		635,997,276,652		1,028,077,368,888
III	CAPITAL REVENUE
	Land Sales		—		—		—		—
	Loan Repayments		1,477,000,000		168,331,257		—		—
	Extraordinary Receipts: Miscelleanous		32,514,600,000		15,826,200,000		5,865,973,895		14,502,700,000
	TOTAL CAPITAL REVENUE		33,991,600,000		15,994,531,257		5,865,973,895		14,502,700,000
	TOTAL RECURRENT AND CAPITAL REVENUE		770,926,398,867		905,518,861,714		641,863,250,547		1,042,580,068,888
IV	GRANTS
(I)	TRANSFER FROM CAPITAL DEVELOPMENT FUND
	Transfers to Current Account		4,908,300,000		1,283,400,000		—		887,500,000
	Transfers to Capital Account		—		—		—		—
	Other		—		—		—		—
(II)	EXTERNAL GRANTS
	Grants from the European Union		—		—		—		—
	Miscellaneous Grants		6,459,981,000		—		15,502,151,476		—
	Other Grants		—		6,591,107,000		88,180		4,629,700,000
	TOTAL GRANTS		11,368,281,000		7,874,507,000		15,502,239,656		5,517,200,000
V	LOAN RECEIPTS
	Loan receipts		124,130,100,000		139,472,470,766		99,543,688,810		191,440,400,000
	TOTAL LOAN RECEIPTS		124,130,100,000		139,472,470,766		99,543,688,810		191,440,400,000
	TOTAL REVENUE AND LOAN RECEIPTS		906,424,779,867		1,052,865,839,480		756,909,179,014		1,239,537,668,888

The Consolidated Fund Receipts are subject to change

1

2024/2025 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Estimates 2022/2023 (‘1)		Estimates 2023/2024 (‘2)		Fund Receipts 2023/2024 (as at Dec-23) (‘3)		Estimates 2024/2025 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
TAX REVENUE
Import Duties		59,246,035,025		63,514,530,000		46,338,014,311		66,452,217,066		2,937,687,066
Income Tax-Companies		77,522,678,567		97,019,483,421		47,245,860,413		121,411,278,260		24,391,794,839
Income Tax- Individuals		88,989,286,500		124,213,346,504		99,063,024,203		159,292,838,434		35,079,491,930
Tax on Interest/Dividend		23,078,832,000		30,596,791,743		27,451,347,672		41,009,500,079		10,412,708,336
Stamp Duties (local)		6,490,290,800		8,655,713,729		10,350,379,624		8,690,229,871		34,516,142
Stamp Duties (import)		3,591,424,675		4,418,400,000		5,118,910,381		4,451,492,355		33,092,355
Motor Vehicle Licences		5,132,047,500		5,891,877,908		3,792,901,440		5,496,329,853		-395,548,055
Customs Brokers		2,866,369		2,350,928		785,000		3,780,766		1,429,837
Gaming Machines		1,273,249,173		1,044,289,051		150,595,805		1,127,088,434		82,799,383
Tourist Shop Licence		38,799,400		31,822,356		6,187,659		51,176,749		19,354,393
Tourist Shop Operators Licence		63,608,233		52,169,978		10,757,740		83,899,818		31,729,840
Hotel Licence Duty		23,774,187		19,499,029		4,726,240		31,358,361		11,859,332
Other Licences		144,243,835		118,390,815		18,338,497		191,396,245		73,005,430
Travel Tax		11,485,945,700		20,846,572,330		14,344,000,096		24,818,800,817		3,972,228,487
Passenger Levy		4,313,154,300		7,828,217,670		6,735,659,340		9,319,852,301		1,491,634,631
Betting, Gaming and Lotteries		8,023,787,100		9,661,920,940		5,823,317,936		10,179,701,612		517,780,671
Education Tax		36,700,287,000		48,119,125,402		34,261,946,889		53,620,847,724		5,501,722,321
Contractors Levy		2,540,120,700		3,118,889,465		2,051,632,594		3,137,826,800		18,937,335
General Consumption Tax		119,622,219,900		156,438,503,433		88,038,204,834		172,902,646,791		16,464,143,358
General Consumption Tax		117,964,845,900		122,598,160,000		113,500,087,742		127,953,208,674		5,355,048,674
Special Consumption Tax		29,777,600,000		30,631,243,667		54,218,390,212		24,832,869,573		-5,798,374,094
Special Consumption Tax		62,295,200,000		73,371,564,386		16,540,124,102		74,217,197,437		845,633,051
Environmental Levy		731,000,000		752,164,738		4,145,332,979		862,368,909		110,204,171
Environmental Levy		4,759,770,000		5,868,203,779		604,612,799		5,835,186,828		-33,016,951
Telephone Call Tax		3,219,695,000		3,607,997,396		2,173,710,692		3,199,376,117		-408,621,279
Guest Accomodation Room Tax		2,577,234,700		3,592,752,403		2,524,519,202		3,979,432,867		386,680,463
Minimum Business Tax				—		72,783,271		—		—
Quarry Tax		75,600,000		110,054,579		23,840,538		91,592,770		-18,461,809
Import Licences-Trade Board		323,848,704		327,036,504		258,130,334		551,338,417		224,301,913
Telecommunication Licences		1,528,653,600		1,844,736,282		202,079,651		581,452,110		-1,263,284,172
TOTAL TAX REVENUE		671,536,098,867		824,295,808,438		585,070,202,196		924,376,286,036		100,080,477,598
HIS EXCELLENCY THE GOVERNOR GENERAL AND STAFF						—		—
Processing Fees						—
Miscelleanous Receipts		—		4,371		—		4,371		—
TOTAL- HIS EXCELLENCY THE GOVERNOR GENERAL AND STAFF		—		4,371		—		4,371		—
HOUSE OF PARLIAMENT										—
Miscelleanous Fees (Food & Beverage)		5,600,000		5,600,000		226,275		5,600,000		—
TOTAL- HOUSE OF PARLIAMENT		5,600,000		5,600,000		226,275		5,600,000		—
INDECOM		12,000
PUBLIC PROCUREMENT COMMISSION (PPC)										—
Registration Fees		6,000,000		7,350,000		2,765,000				-7,350,000
TOTAL- PUBLIC PROCUREMENT COMMISSION		6,000,000		7,350,000		2,765,000		—		-7,350,000
AUDITOR GENERAL’S DEPARTMENT
Audit Fees		5,000,000								—
Miscelleanous Fees		3,000		3,000		24,840		5,000		-2,000
TOTAL- AUDITOR GENERAL’S DEPARTMENT		5,003,000		3,000		24,840		5,000		-2,000
OFFICE OF THE SERVICES COMMISSIONS
Processing Fees		7,000		7,400		—		7,500		100
Miscelleanous Fees		63,000		67,000		4,340		5,000		-62,000
TOTAL-OFFICE OF THE SERVICES COMMISSIONS		70,000		74,400		4,340		12,500		-61,900
OFFICE OF THE PRIME MINISTER
Rental Charges		900,000		2,200,000		1,125,000		2,400,000		200,000
Irrevocable Order		10,000		10,000		—		15,000
Miscelleanous Receipts		485,000		485,000		14,418,143		2,000,000		1,515,000
TOTAL-OFFICE OF THE PRIME MINISTER		1,395,000		2,695,000		15,543,143		4,415,000		1,515,000
ELECTORAL COMMISSION
Registration and ID Card Service		—				—				—

2

2024/2025 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Estimates 2022/2023 (‘1)		Estimates 2023/2024 (‘2)		Fund Receipts 2023/2024 (as at Dec-23) (‘3)		Estimates 2024/2025 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
Miscelleanous Receipts		—				—				—
TOTAL- ELECTORAL COMMISSION		—		—		—		—		—
OFFICE OF THE CABINET
Irrevocable Order		5,000		8,000		—		3,000		-5,000
Miscelleanous Receipts		10,000		14,000		689,474		30,000		16,000
TOTAL- OFFICE OF THE CABINET		15,000		22,000		689,474		33,000		11,000
MINISTRY OF TOURISM
Irrevocable Order		3,000		5,000		500		4,000		-1,000
Miscelleanous Receipts		35,000		3,050,000		1,673,996		70,000		-2,980,000
De- earmarked Funds - TEF/ CHASE		5,150,363,484		8,548,357,191		7,613,167,388		8,978,850,050		430,492,859
TOTAL- MINISTRY OF TOURISM		5,150,401,484		8,551,412,191		7,614,841,883		8,978,924,050		427,511,859
MINISTRY OF ECONOMIC GROWTH AND JOB CREATION
Miscelleanous Receipts		1,501,811		970,415		205,910				-970,415
TOTAL- MINISTRY OF ECONOMIC GROWTH AND JOB CREATION		1,501,811		970,415		205,910		—		-970,415
NATIONAL LAND AGENCY
Miscellaneous Receipts (50% of Profit)						289,750,890
Assurance Fund (100% of Gross Receipts)		62,856,000		89,631,000		—		54,041,000
Rents - Crown Lands and Other Government Properties		125,924,000		178,000,000		42,272,356		167,621,000		-10,379,000
Land Settlement Properties		31,559,000		35,637,000		108,823		34,781,000		-856,000
Rental of Land-Leased properties		—		—		10,003,963				—
Attorney’s Fee/ Photocopying		—		—		—				—
Miscellaneous Receipts		274,716,000		24,849,000		—		306,000		-24,543,000
Other Receipts (Including Crown Property Sales)		216,607,000		280,318,000		—		123,560,000		-156,758,000
TOTAL NATIONAL LAND AGENCY		711,662,000		608,435,000		342,136,031		380,309,000		-192,536,000
MINISTRY OF FINANCE AND THE PUBLIC SERVICE
Fees- Banking Licence Registration (1973) - Commercial Banks		474,320,124		461,751,612		518,163,683		526,379,788		64,628,176
Profits in Government owned companies-Dividends and Financial Distribution		14,759,380,000		16,649,170,000		12,001,256,288		25,999,402,410		9,350,232,410
Sale of Unserviceable Stores		33,743,000		75,000,000		—		75,000,000		—
BOJ Profits		1,100,000,000		—		—		—		—
Sale of Gazettes		2,288,000		2,516,800		765,917		2,516,800		—
Fees-Scotia Bank Jamaica Economic Growth Fund				—		—		—		—
Provident Fund				—		—		—		—
Fees-FIA Licence Registration		1,293,365		2,774,420		—		1,537,255		-1,237,165
Fees-Building Societies		39,903,593		47,602,060		—		42,032,824		-5,569,236
Sale of Forfeited Goods-FID		28,600,000		296,550,000		44,098,494		296,550,000		—
Cash Seized and Forfeited		24,000,000		24,000,000		8,316,241		24,000,000		—
Miscelleanous Receipts		28,600,000		31,460,000		26,584,813		20,031,460,000		20,000,000,000
Forfeiture of Loan Agreement (MDB)		9,176,250		20,000,000		66,399		20,000,000		—
TOTAL- MINISTRY OF FINANCE AND THE PUBLIC SERVICE		16,501,304,332		17,610,824,892		12,599,251,834		47,018,879,077		29,408,054,185
ACCOUNTANT GENERAL’S DEPARTMENT
Interest on On Lent Loans (PCDF)		1,192,664,773		2,333,000,000		388,464,614		2,103,144,918		-229,855,082
Interest Earned on Local Currency Bank Accounts		2,781,461		2,500,190,754		1,697,889,356		2,785,479,804		285,289,050
Interest Earned on Foreign Currency Bank Accounts		322,351,405		756,587,565		1,789,034,295		2,329,064,500		1,572,476,935
Interest Earned on Loans and Advances to Public Officers		8,375,196		2,456,328		4,489,703		2,480,891		24,563
Interest on Government Deposits (MDA)		9,874,710		658,765		342,490		665,353		6,588
PDCF Interest -Global Bonds Interest		5,093,867,435		5,144,400,000		1,899,372,798		3,878,895,633		-1,265,504,367
PDCF Interest - Local Investments JUTC Interest		—		—		1,089,937,418		—		—
Pension Contributions: 5 % Contribution Scheme		5,376,502,000		5,645,327,100		7,835,209,645		12,817,343,985		7,172,016,885
Pension Contribution: Members of the Legislature				—		—		—		—

3

2024/2025 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Estimates 2022/2023 (‘1)		Estimates 2023/2024 (‘2)		Fund Receipts 2023/2024 (as at Dec-23) (‘3)		Estimates 2024/2025 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
Pension Contributions: Other Government Authorities for Seconded Officers				—		—		—		—
Recovery of Pension and Salary		15,862,046		43,521,221		49,872,876		21,760,611		-21,760,611
Chancery Fund Commission		394,992		717,932		—		725,112		7,179
Sale of Receipt Books		493,884		1,458,392		429,750		750,000		-708,392
Recovery of Prior Years’ Expenditure		474,062		27,205,143		15,818,013		27,477,195		272,051
Processing Fees- Salary Deduction		827,945		1,415,424		426,000		1,429,578		14,154
Miscelleanous Receipts		13,890,378,189		8,776,911,840		6,485,479,874		9,968,986,498		1,192,074,658
Registration of Jamaica Investment Capital Growth Funds				—		—		.
Fees on Government Guaranteed Loans				—		—		—
Executive Agency Investment Fund
Management Fees						—
TOTAL- ACCOUNTANT GENERAL’S DEPARTMENT		25,914,848,099		25,233,850,464		21,256,766,831		33,938,204,077		8,704,353,612
JAMAICA CUSTOMS AGENCY
Warehouse Fees		6,964,291		10,613,070		4,352,957		11,674,377		1,061,307
Receipts from Sale of Seized Items		121,097,455		177,391,280		209,720,446		83,373,901		-94,017,379
Penalty Payments for Breaches of Customs Act and Regulations		150,856,348		138,615,548		131,593,210		180,200,213		41,584,665
Net Service Charge for Shipping and Airline Carriers		784,633,051		850,915,664						-850,915,664
Processing 5% PAJ		140,231,050		150,603,465		24,385,496		155,121,568		4,518,103
Standard and Compliance Fees		58,020,862		69,922,074		36,533,441		73,418,178		3,496,104
Customs User/ Administration Fee		1,983,806,624		1,505,750,000		—				-1,505,750,000
Irrevocable Standing Orders		28,500		35,000		19,500		35,000		—
Miscelleanous Receipts		507,666		476,578		185,065,305		476,578		—
TOTAL- JAMAICA CUSTOMS AGENCY		3,246,145,848		2,904,322,679		591,670,355		504,299,815		-2,400,022,865
TAX ADMINISTRATION OF JAMAICA
Penalty for late and non-payment of sundry taxes and licences						4,150,310		3,600,000
Penalty for Breaches Spirit licences		200,000		276,000		—		534,600		258,600
Property Tax (2.5%)		241,700,000		263,000,000		211,789,695		258,127,700		-4,872,300
National Health Fund(NHF 2.5%)				—		—		—		—
Passport Immigration & Citizenship Agency Fee 0.5%		200,000		624,000		376,013		455,700		-168,300
Road Maintenance Fund 2.5%		56,000,000		73,000,000		325,242,936		67,070,000		-5,930,000
Special Consumption Tax 2.5%				—		—		—		—
Island Traffic Authority 20%		10,000,000		15,100,000		12,526,800		16,961,000		1,861,000
Police User Fees		346,000,000		497,000,000		364,623,950		491,045,000		-5,955,000
Trade Licence 2.5%		11,000,000		11,000,000		12,373,698		11,001,000		1,000
Miscellaneous Receipts		26,000,000		40,000,000		68,295,433		19,049,900		-20,950,100
Firearm Licensing Authority User Fees						—				—
Net Service Charge for services rendered by Excise Officers						—				—
TOTAL-TAX ADMINISTRATION OF JAMAICA		691,100,000		900,000,000		999,378,835		867,844,900		-35,755,100
MINISTRY OF HOUSING, URBAN RENEWAL, ENVIRONMENT AND CLIMATE CHANGE
Miscelleanous Receipts		342,267				—				—
TOTAL- MINISTRY OF HOUSING, URBAN RENEWAL, ENVIRONMENT AND CLIMATE CHANGE		342,267		—		—		—		—
MINISTRY OF NATIONAL SECURITY
Sale of Services- CRDC		15,000,000		15,000,000		—		15,012,000		12,000
Miscelleanous Receipts		4,000,000		4,000,000		10,207,719		4,200,000		200,000
TOTAL- MINISTRY OF NATIONAL SECURITY		19,000,000		19,000,000		10,207,719		19,212,000		212,000
JAMAICA DEFENCE FORCE
Rental of Lettings (Land and Buildings)
Soldier’s Contribution		1,000,000				—		1,000,000		1,000,000
Soldiers’ Contribution to various services		3,500,000				—		28,000,000		28,000,000
Miscellaneous Receipts JDF		15,000,000				105,006,443		4,200,000
TOTAL-JAMAICA DEFENCE FORCE		19,500,000		—		105,006,443		33,200,000		29,000,000
POLICE DEPARTMENT
Police Certificates		1,264,512,136				5,206,670
Finger Print Search						—				—

4

2024/2025 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Estimates 2022/2023 (‘1)		Estimates 2023/2024 (‘2)		Fund Receipts 2023/2024 (as at Dec-23) (‘3)		Estimates 2024/2025 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
Pension Contributions: Constabulary						—		—		—
Pension Contributions: Special Constables						—				—
Accident Report		34,871,500				—				—
Miscellaneous Receipts		38,805,481		41,038,557		1,127,010		22,400,398		-18,638,159
TOTAL-POLICE DEPARTMENT		1,338,189,118		41,038,557		6,333,680		22,400,398		-18,638,159
DEPARTMENT OF CORRECTIONAL SERVICES						—
Sundry Fines and Contribution		495,000		4,900,000		5,206,218				1,666,400
Miscellaneous Receipt (Confiscated Cash)								3,233,600
TOTAL - DEPARTMENT OF CORRECTIONAL SERVICES		495,000		4,900,000		5,206,218		3,233,600		1,666,400
MINISTRY OF JUSTICE
Traffic Fines		176,000,000		185,000,000		—		—		-185,000,000
Other Court Fines		210,738,327		221,500,000		233,196,765		324,898,000		103,398,000
Sale of Revised Laws of Jamaica to the Private Sector		424,000		445,200						-445,200
Forfeited Recognizances (Funds)				—		—		—		—
Sale of Marriage Licences		26,840,000		28,182,000		1,075,000		—		-28,182,000
Miscellaneous Receipts		441,000		463,050		15,938,097		889,500		426,450
Tender Documents				—		2,300		—
TOTAL- MINISTRY OF JUSTICE		414,443,327		435,590,250		250,212,162		325,787,500		-109,802,750
MINISTRY OF FOREIGN AFFAIRS AND FOREIGN TRADE
Visa Fees from Overseas Missions		9,440,269		11,195,612		3,711,923		11,847,840		652,228
Authentication fees		6,293,512		7,463,724		15,015,140		7,898,540		434,816
Rush fees		1,573,378		1,865,936		—		1,974,640		108,704
Consul fees		8,810,917		10,449,237		4,376,337		11,058,020		608,783
Postage fees		1,258,702		1,492,749		488,150		1,579,740		86,991
Miscellaneous Receipts		4,090,783		4,851,442		1,915,828		5,134,080		282,638
TOTAL- MINISTRY OF FOREIGN AFFAIRS AND FOREIGN TRADE		31,467,561		37,318,700		25,507,377		39,492,860		2,174,160
MINISTRY OF LABOUR AND SOCIAL SECURITY
Reimbursement - NIS		837,825,000		890,074,000		947,353,741		1,214,000,000		323,926,000
Fees - Factories Registration Act		1,000,000		2,500,000		1,693,530		2,640,000		140,000
Fees - Employment Agencies Registration Act		310,000		740,000		435,070		780,000		40,000
Fees - Recruiting of Workers Act		—		—		—		—		—
Work Permit		800,000,000		1,100,000,000		660,317,481		1,100,000,000		—
Miscellaneous Receipts		865,000		1,833,000		1,985,076		1,925,000		92,000
TOTAL-MINISTRY OF LABOUR AND SOCIAL SECURITY		1,640,000,000		1,995,147,000		1,611,784,898		2,319,345,000		324,198,000
MINISTRY OF EDUCATION, YOUTH AND CULTURE
Fees from Jamaica School Certificate
Examinations
Rental of EDDC and other Buildings		1,200,000		1,200,000		102,408		1,200,000		—
Repayment of Bonds by Teachers		3,600,000		3,000,000		—		3,000,000		—
Transcripts		7,200		1,200		—		1,200		—
Recovery of Previous years Expenditure		23,000,000		12,000,000		52,147,832		10,000,000		-2,000,000
Miscellaneous Receipts		6,000,000		9,600,000		79,467,579		234,000,000		224,400,000
TOTAL- MINISTRY OF EDUCATION, YOUTH AND CULTURE		33,807,200		25,801,200		131,717,818		248,201,200		222,400,000
MINISTRY OF HEALTH
Registration of Pharmacies and Pharmacists						—
Registration of Drugs		8,450,000		8,960,000		10,681,303		8,960,000		—
Parents Contribution toward Maintenance of Children in Children’s Home				—		—		—		—
Drug Permits		4,800,000		5,200,000		1,532,366		5,200,000		—
Miscellaneous Receipts		120,000		140,000		319,750		140,000		—

5

2024/2025 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Estimates 2022/2023 (‘1)		Estimates 2023/2024 (‘2)		Fund Receipts 2023/2024 (as at Dec-23) (‘3)		Estimates 2024/2025 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
Advisory Panel on Ethics (Research Proposal)		240,000		396,000		—		396,000		—
TOTAL- MINISTRY OF HEALTH		13,610,000		14,696,000		12,533,419		14,696,000		—
GOVERNMENT CHEMIST
Fees from Laboratory analyses		1,008,000		—		511,100		1,016,000		1,016,000
TOTAL-GOVERNMENT CHEMIST		1,008,000		—		511,100		1,016,000		1,016,000
MINISTRY OF CULTURE, GENDER, ENTERTAINMENT AND SPORTS
Irrevocable Order		8,000		—		46,750		4,000		4,000
Miscelleanous Receipts		50,000				759,375		200,000		200,000
TOTAL-MINISTRY OF CULTURE, GENDER, ENTERTAINMENT AND SPORTS		58,000		—		806,125		204,000		204,000
MINISTRY OF AGRICULTURE FISHERIES AND MINING
Receipts from sundry and other receipts		—		365,000				365,000		—
Agricultural Land Management Division		365,000		—		42,400		—		—
Miscelleanous Receipts		2,101,000		2,101,000		2,198,769		2,101,000		—
Application for Export Permits						—
Library Publication						—
Receipts from issue of Sundry Permits		860,000		860,000		—		860,000		—
Laboratory Analysis - Metallic Minerals		12,000,000		4,000,000		—		4,000,000		—
Miscellaneous Receipts		9,360,000		3,350,000		2,448,670		3,350,000		350,000
Royalties-Bauxite		880,208,000		450,000,000		219,942,527		622,000,000		-100,000,000
Royalties-Limestone		22,000,000		12,000,000		13,703,311		12,000,000		13,000,000
Royalties-Marble, Quarry				—		—		—		—
Blasting Inspections		820,000		820,000		1,058,112		820,000		820,000
TOTAL- MINISTRY OF AGRICULTURE FISHERIES AND MINING		927,714,000		473,131,000		239,393,788		645,496,000		-85,830,000
MINISTRY OF INDUSTRY INVESTMENT AND COMMERCE
Miscelleanous Receipts		60,000		20,000		282,660		60,000		40,000
Receipts from sundry and Other Receipt		50,000		30,000		84,000		60,000		30,000
TOTAL- MINISTRY OF INDUSTRY INVESTMENT AND COMMERCE		110,000		50,000		366,660		120,000		70,000
OFFICE OF THE GOVERNMENT TRUSTEE
Commission on Dividend Payment		1,839,000		2,157,000		1,854,347		1,559,000		-598,000
Legal fees and charges against the Bankruptcy		4,378,500		3,443,000		1,486,311		3,716,000		273,000
Miscelleanous Receipts
TOTAL- OFFICE OF THE GOVERNMENT TRUSTEE		6,217,500		5,600,000		3,340,658		5,275,000		-325,000
OFFICE OF THE SUPERVISOR OF INSOLVENCY
Insolvency Status Verification		3,801,000		3,951,000		4,135,000		4,377,000		426,000
Trustee Application Fee		40,000		20,000		20,000		20,000		—
Trustee Licence Fee		60,000		30,000		—		30,000		—
Trustee License Renewal		19,000		13,000		—		13,000		—
Miscellaneous Receipts		25,000		10,000		51,809		10,000		—
TOTAL-OFFICE OF THE SUPERVISOR OF INSOLVENCY		3,945,000		4,024,000		4,206,809		4,450,000		426,000
TRADE BOARD
Certification Fees		323,848,704		—		5,259,202		5,489,800		5,489,800
Dealers Registration / Licensing Fees		—		5,449,000		18,310,000		—		-5,449,000
Scrap Metal		2,266,210		2,282,123		1,860,338		1,877,300		-404,823
Car Dealers Registration		66,240,000		66,861,000		19,660,000		71,261,000		4,400,000
Collateral Letter		2,898,000		2,898,000		4,040,000		4,453,725		1,555,725
Letter of Transfer		910,800		910,800		417,000		176,000		-734,800
Miscellaneous Receipts		40,705,020		44,363,626		33,913,314		44,363,626		—
TOTAL- TRADE BOARD		436,868,734		122,764,549		83,459,854		127,621,451		4,856,902

6

2024/2025 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Estimates 2022/2023 (‘1)		Estimates 2023/2024 (‘2)		Fund Receipts 2023/2024 (as at Dec-23) (‘3)		Estimates 2024/2025 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
DEPARTMENT OF COOPERATIVE AND FRIENDLY SOCIETIES
Amendment to Rules Fees		12,000		20,000		20,000		12,000		-8,000
Registration Fees - Cooperative & Friendly Society		48,000		48,000		70,500		2,448,000		2,400,000
Registration of Special Resolution		8,000								—
Arbitration		90,000		8,000		10,000		3,000		-5,000
Training				90,000		70,000		90,000		—
Registration of change in office to include registration of Branch Office with IP Societies										—
Annual Fees for IP Societies		600,000		500,000		570,000		600,000		100,000
Miscellaneous Receipts		130,000		100,000		555,400		135,000		35,000
TOTAL- DEPARTMENT OF COOPERATIVE AND FRIENDLY SOCIETIES		888,000		766,000		1,295,900		3,288,000		2,522,000
JAMAICA INTELLECTUAL PROPERTY OFFICE
Fees for Registration of Trademark		82,703,300		97,225,300		61,512,300		127,242,100		30,016,800
Patent fees		1,205,072		600,000		376,579				-600,000
Utility Models				50,000		—
Design Fees		725,000		435,000		313,000		435,000		—
Search Fees		440,000		756,000		10,572,700		840,000		84,000
Trade Mark Journal				—		15,400		—		—
Trade Mark Publication		5,005,000		8,192,000		4,879,600		8,192,000		—
Geographical Indication Registration		30,000		30,000		10,450		30,000		—
Copyright-GDA Registration		621,000		360,000		512,700				-360,000
Madrid Treaty Registration						—		8,792,000		8,792,000
Patent Corporation Treaty Registration		60,000				—				—
Miscellaneous receipts						—
TOTAL- JAMAICA INTELLECTUAL PROPERTY OFFICE		90,789,372		107,648,300		78,192,729		145,531,100		37,932,800
MINISTRY OF SCIENCE ENERGY TELECOMMUNICATION AND TRANSPORT
Fees- Electric Lighting Act		16,309,000		16,309,000		186,000		18,692,000		2,383,000
Fees -rental of property				24,461,251		—		117,048,000
Fees-Petroleum Licencing				371,000		77,500		40,153,000
Fee Maintenace of Property				77,886,201		—		158,664,000
Miscelleanous Receipts		110,016,000		593,600		45,209		480,000		-113,600
MINISTRY OF TRANSPORT (NOW 69000)
Tender Documents						—				—
Other Receipts						—				—
Miscelleanous Receipts						188,740				—
Bluefield Guest House						—				—
On and Off Trailer Plates						—				—
De- earmarked - Civil Aviation Authority		4,495,931,702		6,603,862,000		4,932,900,719		7,708,875,954		1,105,013,954
TOTAL-MINISTRY OF SCIENCE ENERGY TELECOMMUNICATION AND TRANSPORT		4,622,256,702		6,723,483,052		4,933,398,168		8,043,912,954		1,107,283,354
MINISTRY OF LOCAL GOVERNMENT AND RURAL DEVELOPMENT (FORMERLY MINISTRY OF LOCAL GOVERNMENT AND COMMUNITY DEVELOPMENT)						—
Fire Inspection Fees						—
Tender Document Fees						—				—
Repairs of Fire Hydrants						—				—
Permission to Host events						—				—
Fines						—				—
6% Pension Contribution - Councillors						—				—
Miscellaneous Receipts		69,000		69,000		88,180		69,000		—
TOTAL- MINISTRY OF LOCAL GOVERNMENT AND RURAL DEVELOPMENT		69,000		69,000		88,180		69,000		—
MISCELLEANOUS RECEIPTS (UNCLASSIFIED)						—		—

7

2024/2025 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Estimates 2022/2023 (‘1)		Estimates 2023/2024 (‘2)		Fund Receipts 2023/2024 (as at Dec-23) (‘3)		Estimates 2024/2025 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
TOTAL NON TAX REVENUE		65,398,700,000		65,228,522,019		50,927,074,456		103,701,082,853		37,424,113,084
TOTAL RECURRENT REVENUE		736,934,798,867		889,524,330,457		635,997,276,652		1,028,077,368,888		137,504,590,682
CAPITAL REVENUE LAND SALES
Crown Property Sales										—
TOTAL-LAND SALES		—		—				—		—
LOAN REPAYMENTS
Miscellaneous		1,477,000,000		168,331,257		41,305,206,530		—		-168,331,257
TOTAL LOAN REPAYMENTS		1,477,000,000		168,331,257		41,305,206,530		—		-168,331,257
EXTRAORDINARY RECEIPTS										—
Miscelleanous		17,800,000,000								—
PCDF Other Inflow		600,000,000		15,826,200,000		5,865,973,895		14,502,700,000		-1,323,500,000
Proceeds from Divestment		14,114,600,000		—		—		—		—
TOTAL-EXTRAORDINARY RECEIPTS		32,514,600,000		15,826,200,000		5,865,973,895		14,502,700,000		-1,323,500,000
TOTAL CAPITAL REVENUE		33,991,600,000		15,994,531,257		47,171,180,425		14,502,700,000		-1,491,831,257
GRANTS TRANSFER FROM CAPITAL DEVELOPMENT FUND
Transfer to Current Account		4,908,300,000		1,283,400,000				887,500,000		-395,900,000
Transfers in lieu of Income Tax from Alumina Producers										—
Others										—
TOTAL- TRANSFER TO CAPITAL ACCOUNT		4,908,300,000		1,283,400,000				887,500,000		-395,900,000
EXTERNAL GRANTS
European Union
Miscelleanous Grants		6,459,981,000		—		—		—		—
Other Grants				6,591,107,000		15,502,151,476		4,629,700,000		-1,961,407,000
TOTAL EXTERNAL GRANTS		6,459,981,000		6,591,107,000		15,502,151,476		4,629,700,000		-1,961,407,000
TOTAL GRANTS		11,368,281,000		7,874,507,000		15,502,151,476		5,517,200,000		-2,357,307,000
EXTERNAL LOANS
Multilateral
Loans to be raised under Act 39 of 1964
World Bank Loans						—		53,588,200,000		53,588,200,000
Inter-American Development Bank		4,715,400,000				652,661,000
USAID						—				—
Caribbean Development Bank										—
European Union
World Bank/IDB						3,042,845,000				—
IFID						—				—
OECF/USAID
OPEC						—				—
OECF						—				—
IMF				60,330,794,766		48,472,933,804		40,675,900,000		-19,654,894,766
IBRD						1,292,940,000				—
Other		27,367,100,000				14,506,000				—
Total Multilateral Loans		32,082,500,000		60,330,794,766		53,475,885,804		94,264,100,000		33,933,305,234
Bilateral
Government of China
Government of Germany
JBIC
Kuwait
Saudi
PL480
Other
Other Loans
Capital Market
Other				17,066,369,000		4,635,160,000		8,176,300,000		-8,890,069,000
Total Bilateral Loans		—		17,066,369,000		4,635,160,000		8,176,300,000		-8,890,069,000

8

2024/2025 JAMAICA BUDGET

STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

REVENUE ITEM DESCRIPTION	Estimates 2022/2023 (‘1)		Estimates 2023/2024 (‘2)		Fund Receipts 2023/2024 (as at Dec-23) (‘3)		Estimates 2024/2025 (‘4)		Budget Increase(+) / Decrease (-) [(4)-(2)]
	J$		J$		J$		J$		J$
TOTAL-EXTERNAL LOANS		32,082,500,000		77,397,163,766		58,111,045,804		102,440,400,000		25,043,236,234
DOMESTIC LOANS
Local Commercial Banking Sector
Benchmark Notes & Treasury Bills		92,047,600,000		62,075,307,000		27,124,826,962		89,000,000,000		26,924,693,000
Indexed Bonds & US$ Loans						—				—
other (surrenderable)						14,307,816,044				—
TOTAL- DOMESTIC LOANS		92,047,600,000		62,075,307,000		41,432,643,006		89,000,000,000		26,924,693,000
TOTAL LOANS		124,130,100,000		139,472,470,766		99,543,688,810		191,440,400,000		51,967,929,234
RECURRENT REVENUE
Tax Revenue		671,536,098,867		824,295,808,438		585,070,202,196		924,376,286,036		100,080,477,598
Non Tax Revenue		65,398,700,000		65,228,522,019		50,927,074,456		103,701,082,853		38,472,560,833
CAPITAL REVENUE		33,991,600,000		15,994,531,257		47,171,180,425		14,502,700,000		-1,491,831,257
GRANTS										—
Transfer from Capital Development
Fund		4,908,300,000		1,283,400,000		—		887,500,000		-395,900,000
External Grants		6,459,981,000		6,591,107,000		15,502,151,476		4,629,700,000		-1,961,407,000
LOANS										—
External Loans		32,082,500,000		77,397,163,766		58,111,045,804		102,440,400,000		25,043,236,234
Domestic Loans		92,047,600,000		62,075,307,000		41,432,643,006		89,000,000,000		26,924,693,000
TOTAL		906,424,779,867		1,052,865,839,480		798,214,297,364		1,239,537,668,888		186,671,829,408

9

2024-2025 JAMAICA BUDGET

STATEMENT III

Summary of Revenue Estimates and Estimates of Expenditure for the Year 2024-2025

$‘000

RECURRENT

REVENUE

	Estimates,
	2024/2025
I RECURRENT REVENUE
Customs		66,452,217,066
Income Tax		321,713,616,773
Stamp Duties		13,141,722,225
Motor Vehicle Licences(Motor Vehicle Act)		5,496,329,853
Other Licences		361,611,939
Travel Tax		34,138,653,119
Betting, Gaming and Lotteries-Duties, Fees and Levies		11,306,790,046
Education Tax		53,620,847,724
Contractors Levy		3,137,826,800
General Consumption Tax		300,855,855,465
Special Consumption Tax		99,050,067,009
Environmental Levy		6,697,555,737
Telephone Call Tax		3,199,376,117
Guest Accomodation Room Tax		3,979,432,867
Minimum Business Tax		—
Quarry Tax		91,592,770
Import Licences-Trade Board		551,338,417
Telecommunication Licences		581,452,110
TOTAL TAX REVENUE		924,376,286,036
NON-TAX REVENUE		103,701,082,853
SUBTOTAL NON TAX REVENUE		103,701,082,853
TRANSFERS FROM CAPITAL DEVELOPMENT FUND		887,500,000
TOTAL RECURRENT REVENUE		1,028,964,868,888

EXPENDITURE

	Estimates,
	2024/2025
RECURRENT EXPENDITURE
His Excellency the Governor-General and Staff		537,160,000
Houses of Parliament		2,500,536,000
Office of the Public Defender		394,357,000
Auditor General		1,367,352,000
Office of the Services Commissions		518,977,000
Office of the Children’s Advocate		386,655,000
Independent Commission of Investigations		913,299,000
Integrity Commission		1,851,371,000
Independent Fiscal Commission		273,482,000
Office of the Prime Minister		19,273,727,000
Office of the Cabinet		993,726,000
Ministry of Tourism		13,928,060,000
Ministry of Economic Growth and Job Creation		24,842,568,000
Ministry of Finance and Public Service		673,589,169,000
Ministry of National Security		139,068,917,000
Ministry of Legal and Constitutional Affairs		1,367,378,000
Ministry of Justice		16,814,125,000
Ministry of Foreign Affairs and Foreign Trade		6,751,435,000
Ministry of Labour and Social Security		20,015,027,000
Ministry of Education and Youth		165,081,129,000
Ministry of Health and Wellness		137,021,878,000
Ministry of Culture, Gender, Entertainment and Sport		6,205,640,000
Ministry of Agriculture, Fisheries and Mining		15,681,289,000
Ministry of Industry, Investment and Commerce		7,861,192,000
Ministry Science, Energy, Telecommunications and Transport		24,525,711,000
Ministry of Local Government and Community Development		24,293,384,000
GROSS TOTAL		1,306,057,544,000
Less Appropriations-In-Aid		44,992,720,000
TOTAL RECURRENT EXPENDITURE		1,261,064,824,000

10

2024-2025 JAMAICA BUDGET

STATEMENT III

Summary of Revenue Estimates and Estimates of Expenditure for the Year 2024-2025

$‘000

CAPITAL

REVENUE

	Estimates,
	2024/2025
CAPITAL REVENUE
Land Sales		—
Loan Repayments		—
Extraordinary Receipts: Miscelleanous		14,502,700,000
Subt Total Capital Revenue		14,502,700,000
External Loans
(A) Multilateral
World Bank Loans		53,588,200,000
Inter-American Development Bank		—
USAID		—
Caribbean Development Bank		—
European Union		—
World Bank/IDB		—
IFID		—
OECF/USAID		—
OPEC		—
OECF		—
IMF		40,675,900,000
IBRD		—
Other		—
Total Multilateral		94,264,100,000
(B) Bilateral
Government of China		—
Government of Germany		—
JBIC		—
Kuwait		—
Saudi		—
PL480		—
Other		8,176,300,000
Total Bilateral		8,176,300,000
(C) Capital Market
Total External Loans		102,440,400,000
Domestic Loans
(D) Benchmark Notes & Treasury Bills		89,000,000,000
(E) Other
Total Domestic Loan		89,000,000,000
Total External and Domestic Loans		191,440,400,000

EXPENDITURE

	Estimates,
	2024/2025
CAPITAL EXPENDITURE
Office of the Prime Minister		5,481,262,000
Ministry of Economic Growth and Job Creation		20,868,547,000
Ministry of Finance and Public Service		26,360,452,000
Ministry of National Security		3,616,422,000
Ministry of Justice		234,365,000
Ministry of Labour and Social Security		62,239,000
Ministry of Education and Youth		1,947,645,000
Ministry of Health and Wellness		11,532,491,000
Ministry of Agriculture, Fisheries and Mining		3,927,059,000
Ministry of Industry, Investment and Commerce		359,269,000
Ministry Science, Energy, Telecommunications and Transport		3,347,950,000
Ministry of Local Government and Community Development		2,262,299,000
GROSS TOTAL		80,000,000,000
Less Appropriations-In-Aid
TOTAL CAPITAL EXPENDITURE		80,000,000,000

11

2024-2025 JAMAICA BUDGET

STATEMENT III

Summary of Revenue Estimates and Estimates of Expenditure for the Year 2024-2025

$‘000

SUMMARY

REVENUE

Tax and Non Tax Revenue	1,028,077,368,888
Capital Revenue	14,502,700,000
Transfer from Capital Development Fund	887,500,000
Loan Funds ( Raised and to be Raised)	191,440,400,000
Grants	4,629,700,000
TOTAL RECEIPTS	1,239,537,668,888

EXPENDITURE

Recurrent Estimates	1,261,064,824,000
Capital Estimates	80,000,000,000
TOTAL EXPENDITURE	1,341,064,824,000

12

2024-2025 JAMAICA BUDGET

STATEMENT IV

Statement of the Financing of the Estimates of Expenditure for the Year 2024-2025

Recurrent Revenue

Taxation Revenue	924,376,286,035.88
Non-Tax Revenue	103,701,082,852.52
Transfer from the Capital Development Fund	887,500,000.00
TOTAL	1,028,964,868,888.40
Current Account Surplus
Capital Revenue	14,502,700,000.00
Grants	4,629,700,000.00
Loan Funds
(A) External Loans
(i) Multilateral	94,264,100,000.00
(ii) Bilateral	8,176,300,000.00
(iii) Other
Total External Loans	102,440,400,000.00
(B) Domestic Loans	89,000,000,000.00
TOTAL LOAN FUNDS	191,440,400,000.00
(C) Utilization of (Prior Year ) Cash Balances	101,527,155,111.60
TOTAL	1,341,064,824,000.00

Recurrent Expenditure

Consolidated Fund Charges	523,799,582,000
Voted Expenditure	737,265,242,000
Current Account Surplus
TOTAL	1,261,064,824,000
CAPITAL EXPENDITURE
Consolidated Fund Charges
Voted Expenditure	80,000,000,000
Deficit / Surplus
TOTAL	1,341,064,824,000

13

2024-2025 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		383,188,000.0	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.		26,673,000.0	Section 47 (8) of the Constitution of Jamaica.
03000	Office of the Public Defender	Salary and Allowances of the Public Defender.		27,251,000.0	Section 9 of the Public Defender Interim Act 33/1999
05000	Auditor General	Salary of the Auditor General		23,513,000.0	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		27,483,000.0	The Child Care and Protection Act, First Schedule
08000	Independent Commission of Investigations	Salary of the Commissioner		28,165,000.0	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.		317,339,634,000.0	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.		173,828,719,000.0	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.		9,706,958,000.0	Section 4 of the Pensions Act.
		Jamaica Defence Force Pension		3,191,440,000.0	Defence (Retired, Pay Pensions and other Grants) Regulation, 1962
		Payment of Pensions and Gratuities to Teachers in accordance with the Pensions Act		10,806,730,000.0	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		4,688,482,000.0	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.		285,000,000.0	Section 12 of the Retiring Allowances (Legislative Service) Act and Section 7 of the Pensions (Prime Minister) Act.

14

2024-2025 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.		761,447,000.0	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.		27,132,000.0	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		289,569,000.0	Parish Councillors Act 2005
		Payment of Pensions to the retired members of the Electoral Commission and their widows		65,180,000.0	The Pensions Act
		Payment of Pensions to the retired Ombudsmen and their widows.		11,000,000.0	The Ombudsman Act
		Governor-General’s Pension		40,749,000.0	Governor General Act
		Payment of Pensions to the retired Contractor General and his widow in accordance with the Contractor General Act.		15,500,000.0	The Contractor General Act
		Jamaica Agricultural Society Pensions		4,046,000.0	Provident Fund Act
		Payment of Pensions to the former employees, Jamaica Railway Corporation.		250,391,000.0	Jamaica Railway Corporation (Pensions) Regulations
		Total Pensions		30,143,624,000.0
28025	Director of Public Prosecutions	Payment of Salary to the Director of Public Prosecutions		21,070,000.0	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		1,877,247,000.0	Section 107 (1) of the Constitution of Jamaica
		Total		523,799,582,000.0

15

Government of Jamaica

Financial Statements of the Consolidated Fund

Year ended March 31, 2024

For Presentation to the Houses of Parliament

16

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Year Ended March 31, 2024

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, 2024	22
Figure 2 – GOJ Consolidated Fund Receipts Year on Year Comparative Report	23
Figure 3 – Capital Issues from the Consolidated Fund Year Ended March 31, 2024	24
Figure 4 – Recurrent Issues from the Consolidated Fund Year Ended March 31, 2024	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 of the Consolidated Fund Compared with Estimates	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	35
Statement VIII - Contingencies Fund	36
Statement IX –Local (Internal) and Foreign (External) Debt	37
Notes to the Financial Statements	39

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 the Consolidated Fund.

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). The CTMS is a set of processes and procedures, supported by automation which enables the efficient management of the cash functions and resources of Government.

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, 2024, 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, 2024.

STATEMENT OF COMPLIANCE

The Financial Statements have been prepared in accordance with the Financial Administration and Audit (FAA) 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 Accountant General’s Department. The Department continues to take active steps for the adoption of Cash Basis International Public Sector Accounting Standards (IPSAS) for the Financial Statements of the Consolidated Fund.

REPORTING AND BUDGET PERIOD

The reporting and budget period of these Financial Statements is the financial year ended March 31, 2024, with comparative data for the year ended March 31, 2023.

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 the 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 Estimates 2024 J$’000		Actual 2024 J$’000		Actual vs. Budget 2024 %			Revised Estimates 2023 J$’000		Actual 2023 J$’000		Actual vs. Budget 2023 %
Receipts		1,176,242,291		1,157,068,972		-2	%		974,675,515		959,195,948		-2	%
Taxation		856,372,354		827,304,708		-4	%		771,481,782		746,357,850		3	%
Non-Taxation		82,395,097		83,780,778		2	%		67,172,025		67,252,863		0.12	%
Capital Transfer		1,342,431		0		-100	%		1,211,851		0		-100	%
Domestic Loans		62,075,307		57,985,894		-7.1	%		99,185,000		96,516,391		-2.8	%
Capital		29,680,243		32,166,303		7.7	%		11,121,157		11,110,171		-0.10	%
External Loans		144,376,859		140,202,370		-3	%		24,503,700		26,706,674		8	%
Other		0		15,628,919		100	%		0		11,251,999		100	%
Payments		1,091,838,076		1,082,993,404		-0.81	%		1,002,555,425		991,636,838		-1.09	%
Statutory Recurrent		343,084,242		342,268,706		-0.24	%		342,761,519		342,088,156		-0.20	%
Recurrent		689,726,521		684,500,774		-0.76	%		601,762,698		595,454,117		-1.06	%
Capital		59,027,313		56,223,924		-5	%		58,031,208		54,094,565		-7.30	%

Receipts

Actual receipts underperformed Estimates by -2%. Taxation remains the largest contributor to total revenue and accounted for 72% of total receipts, followed by non-tax receipts and external loans which accounted for 7% and 12%, respectively.

Payments

The largest category of payment was recurrent expenditure which accounted for 63% of actual Warrant issued from the Consolidated Fund followed by statutory recurrent expenditure with 32%.

Actual payment issued was $1.083 billion compared with the Estimates of $1.092 billion.

20

Comparative Performance

Receipts

Receipts lodged to the Consolidated Fund increased by $197 billion (21%) when compared with the 2022/23 financial year. This was mainly due to increased cash inflows during the reporting period.

Payments

There was an increase in the issues made from the Consolidated Fund by $91 million (9%) in comparison with the 2022/23 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, 2024

22

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

23

Figure 3 – Capital Issues from the Consolidated Fund year ended March 31, 2024

24

Figure 4 – Recurrent Issues from the Consolidated Fund year ended March 31, 2024

25

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement I - Receipts and Payments of the Consolidated Fund

Year Ended March 31, 2024

(Expressed in Jamaican dollars unless otherwise specified)

	Notes		2024 J$’000		2023 J$’000
RECEIPTS
RECURRENT REVENUE
Taxation Revenue				827,304,708		746,357,850
Non-Tax Revenue				83,780,778		67,252,863
				911,085,486		813,610,713
CAPITAL REVENUE
Loans				2,452,250		2,199,461
Extraordinary Receipts (incl. Grants)				8,137,501		5,570,287
Other Grants: Petrocaribe Development Fund				21,576,552		3,186,077
Other Grants				0		154,346
				32,166,303		11,110,171
DOMESTIC LOANS
Benchmark Notes				36,276,333		75,761,411
EXTERNAL LOANS
Multilateral				135,567,210		8,036,551
Bilateral				4,635,160		18,670,123
			140,202,370		26,706,674
OTHER RECEIPTS
Unrealized Foreign Exchange Gains				967,411		(398,856	)
Treasury Bill Issued				21,709,561		20,754,980
Surrender Balance				15,628,919		11,251,999
Other				12,918		48,417
Cash Balance as at April 1		1.1		50,567,421		83,408,924
				88,886,230		115,065,464
Total				1,208,616,722		1,042,254,433

26

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

	Notes		2024 J$’000		2023 J$’000
RECURRENT EXPENDITURE
Statutory Expenditure				342,268,706		342,088,156
Voted Expenditure				684,500,774		595,454,117
			1,026,769,480		937,542,273
CAPITAL EXPENDITURE
Voted Expenditure				56,223,924		54,094,565
			56,223,924		54,094,565
OTHER PAYMENTS
Other Payments				13,050		48,306
Refund from Consolidated Fund/Central Payment Account		1.3		13		1,868
Cash Balance as at March 31		1.2		125,610,255		50,567,421
				125,623,318		50,617,595
Total				1,208,616,722		1,042,254,433

Anya Jones, FCCA

Accountant General

27

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement II - Statement of Financing

Year Ended March 31, 2024

(Expressed in Jamaican dollars unless otherwise specified)

	Notes		2024 $’000			2023 $’000
RECURRENT ACCOUNT
Recurrent Revenue				911,085,486			813,610,713
Recurrent Expenditure				(1,026,769,480	)		(937,542,273	)
				(115,683,994	)		(123,931,560	)
Miscellaneous Charges				(13,050	)		(8,071	)
Balances Surrendered				15,628,919			11,251,999
(Deficit)/Surplus				(100,068,125	)		(112,687,632	)
CAPITAL ACCOUNT
Capital Revenue				32,166,303			11,110,171
Capital Expenditure				(56,223,924	)		(54,094,565	)
Deficit				(24,057,621	)		(42,984,394	)
Net (Deficit)				(124,125,746	)		(155,672,026	)
Net Treasury Bills Issued				21,709,561			20,754,980
Financing Requirement				(102,416,185	)		(134,917,046	)
Financing
Domestic Notes				36,276,333			75,761,411
External Borrowing				140,202,370			26,706,674
				176,478,703			102,468,085
Net Surplus/(Deficit)		2.1		74,062,518			(32,448,961	)
Financed From:
Opening Cash Balance at April 1		1.1		50,567,421			83,408,924
Refund from Consolidated Fund/Central
Payment Account		1.3		(13	)		(42,103	)
Other				12,918			48,417
Unrealized Foreign Exchange Gains				967,411			(398,856	)
Closing Cash Balance at March 31		1.2		125,610,255			50,567,421

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, 2024

(Expressed in Jamaican dollars unless otherwise specified)

	Notes		Revised Estimates 2024 $’000		Receipt 2024 $’000		Revised Estimates 2023 $’000		Receipt 2023 $’000
Tax Revenue:
Customs				63,811,079		62,686,237		62,866,353		60,650,103
Income Tax				289,841,031		274,126,158		229,908,837		244,884,739
Stamp Duties				12,189,167		10,937,186		12,002,796		11,810,043
Motor Vehicle Licences				5,399,145		5,220,807		5,708,570		5,364,076
Other Licences				2,575,138		233,174		3,268,800		708,799
Travel Tax				30,755,544		28,838,773		25,872,237		25,134,914
Betting, Gaming and Lotteries				9,271,131		8,424,550		8,556,256		11,391,577
Education Tax				48,662,392		47,878,060		43,467,683		40,338,126
Contractors Levy				2,876,556		2,784,169		2,773,320		14,176,756
General Consumption Tax				280,607,560		281,015,164		264,005,201		220,191,936
Special Consumption Tax				97,076,509		91,329,503		100,019,036		94,793,535
Environmental Levy				6,388,667		6,288,238		6,425,036		6,692,610
Telephone Call Tax				3,142,806		2,891,806		3,197,756		3,200,484
Guest Accommodation Room Tax				3,630,055		3,448,586		3,206,608		3,057,723
Minimum Business Tax				55,601		98,537		97,346		130,382
Quarry Tax				89,973		37,145		105,947		110,066
Import Licences-Trade Board				0		347,268		0		341,463
Telecommunication Licences				0		711,220		0		3,370,816
Hotel Licence Duty				0		8,127		0		9,702
Total Tax Revenue		3.1		856,372,354		827,304,708		771,481,782		746,357,850
Non-Tax Revenue		3.2		82,395,097		83,780,778		67,172,025		67,252,863
TOTAL RECURRENT REVENUE				938,767,451		911,085,486		838,653,807		813,610,713

29

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

	Notes		Revised Estimates 2024 $’000		Receipt 2024 $’000		Revised Estimates 2023 $’000		Receipt 2023 $’000
Capital Revenue
Loan Repayments				0		2,452,250		190,258		2,199,461
Grants				7,556,431		8,137,501		6,796,599		5,570,287
Other Grants-Petrocaribe Development Fund				22,123,812		21,576,552		4,134,300		3,340,423
Total Capital Revenue		3.3		29,680,243		32,166,303		11,121,157		11,110,171
Capital Transfers				1,342,431		0		1,211,851		0
Total Capital and Recurrent Revenue				969,790,125		943,251,789		850,986,815		824,720,884
LOAN RECEIPTS
External Loans:
Multilateral				144,376,859		135,567,210		24,503,700		8,036,551
Bilateral				0		4,635,160		0		18,670,123
Total External Loan Receipts		3.4		144,376,859		140,202,370		24,503,700		26,706,674
Domestic Loans:
Local Commercial Banking Sector:
Benchmark Notes				62,075,307		36,276,333		99,185,000		75,761,411
Treasury Bills				0		21,709,561		0		20,754,980
Total Domestic Loans		3.5		62,075,307		57,985,894		99,185,000		96,516,391
Total Loan Receipts				206,452,166		198,188,264		123,688,700		123,223,065
Surrendered Balances		3.6		0		15,628,919		0		11,251,999
TOTAL REVENUE				1,176,242,291		1,157,068,972		974,675,515		959,195,948

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, 2024

(Expressed in Jamaican dollars unless otherwise specified)

	Notes		Revised Estimates 2024 $’000		Issues* 2024 $’000		Revised Estimates 2023 $’000		Issues* 2023 $’000
RECURRENT EXPENDITURE
Statutory Recurrent Expenditure
Public Debt Charges				172,727,667		172,727,667		151,194,816		151,194,816
Public Debt Servicing (Amortization)				138,627,099		138,627,099		162,622,556		161,973,315
Other Statutory Expenditure				31,729,476		30,913,940		28,944,147		28,920,025
Total Statutory Recurrent		4.1		343,084,242		342,268,706		342,761,519		342,088,156
Voted Expenditure
His Excellency the Governor-General & Staff				126,150		122,848		124,788		121,180
Houses of Parliament				2,855,768		2,782,817		1,428,632		1,339,379
Office of the Public Defender				338,266		292,607		278,688		266,726
Auditor General				1,341,772		1,336,105		1,179,492		1,164,111
Office of the Services Commissions				472,597		461,782		497,406		420,152
Office of the Children’s Advocate				331,094		320,965		308,203		267,411
Independent Commission of Investigations				794,390		768,615		846,464		720,195
Integrity Commission				1,491,968		1,404,819		1,475,946		1,260,314
Independent Fiscal Commission				3,087		3,087		0		0
Office of the Prime Minister				14,547,616		14,411,558		10,851,399		10,770,585
Office of the Cabinet				918,738		912,043		1,013,293		1,008,975
Ministry of Tourism				12,707,080		12,707,080		12,247,680		12,247,680
Ministry of Economic Growth and Job Creation				18,995,678		18,958,908		19,795,952		19,177,122
Ministry of Finance and the Public Service				85,305,363		82,054,903		61,054,442		58,800,687
Ministry of National Security				134,022,567		133,857,646		115,564,349		114,973,707
Ministry of Legal and Constitutional Affairs				1,035,340		916,481		728,558		636,277
Ministry of Justice				11,984,202		11,700,589		11,246,546		10,789,819
Ministry of Foreign Affairs and Foreign Trade				8,449,793		8,449,793		5,607,550		5,607,550

31

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

	Notes		Revised Estimates 2024 $’000		Issues* 2024 $’000			Revised Estimates 2023 $’000		Issues* 2023 $’000
Ministry of Labour and Social Security				16,836,591		16,643,238			19,024,278		18,614,146
Ministry of Education and Youth				168,096,453		168,096,453			144,642,669		144,436,295
Ministry of Health & Wellness				130,857,701		130,855,961			121,111,869		120,989,724
Ministry of Culture, Gender, Entertainment and Sport				5,865,887		5,830,361			5,447,125		5,169,665
Ministry of Agriculture, Fisheries & Mining				13,647,076		13,647,076			12,066,885		12,066,885
Ministry of Industry, Investment & Commerce				6,048,868		6,048,868			5,501,932		5,484,312
Ministry of Science, Energy & Technology				714,014		714,014			9,393,925		9,026,517
Post and Telecommunication Dept.				3,437,887		3,437,887			3,118,626		3,093,712
Ministry of Transport and Mining				2,861,523		2,861,523			15,823,286		15,940,128
Ministry of Science, Energy, Telecommunications and Transport				19,613,524		19,178,175			0		0
Ministry of Local Govt. and Community Development				26,025,528		25,724,572			21,382,715		21,060,863
Total Voted Recurrent		4.2		689,726,521		684,500,774			601,762,698		595,454,117
Total Recurrent				1,032,810,763		1,026,769,480			944,524,217		937,542,273
Voted Capital Expenditure
Office of the Prime Minister				2,969,993		2,311,928			3,629,806		3,138,305
Ministry of Economic Growth and Job Creation				31,686,453		31,106,580			34,268,494		33,467,665
Ministry of Finance and the Public Service				4,051,336		3,731,746			3,481,527		3,305,581
Ministry of National Security				5,110,400		4,975,304			3,841,153		3,504,257
Ministry of Justice				35,000		35,000			146,500		146,500
Ministry of Education and Youth				768,646		724,874			414,765		365,490
Ministry of Health & Wellness				6,050,331		5,828,978			3,866,579		3,335,098
Ministry of Agriculture, Fisheries & Mining				5,449,275		4,849,050			4,332,122		3,477,202
Ministry of Industry, Investment and Commerce				801,384		769,752			710,230		596,576
Ministry of Science, Energy and Technology				10,437		10,437			378,282		238,390
Ministry of Transport & Mining				417,894		417,894			1,178,912		807,000
Ministry of Science, Energy, Telecommunications & Transport				1,089,799		879,728			0		0
Ministry of Local Government and Community Development				586,365		582,653			1,782,838		1,712,501
Total Voted Capital		4.3		59,027,313		56,223,924			58,031,208		54,094,565
Total Capital				59,027,313		56,223,924			58,031,208		54,094,565
Total Issues from the Consolidated Fund				1,091,838,076		1,082,993,404			1,002,555,425		991,636,838
*   Issues represents “Warrant” amounts transferred from the Consolidated Fund

32

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement V - Statement of Consolidated Fund Balances

Year Ended March 31, 2024

(Expressed in Jamaican dollars unless otherwise specified)

	Notes		2024 $’000			2024 $’000			2023 $’000			2023 $’000
GENERAL REVENUE BALANCES
A. RECURRENT REVENUE
Recurrent Revenue				911,085,486						813,610,713
Recurrent Expenditure				(1,026,769,480	)					(937,542,273	)
Net Recurrent Revenue							(115,636,894	)					(123,931,560	)
B. CAPITAL REVENUE
Capital Revenue				32,166,303						11,110,171
C. LOAN FUND BALANCES
(i) Long Term Loans:
(a) External Loans Raised				140,202,370						26,706,674
(b) Internal Loans Raised				36,276,333						75,761,411
				176,478,703						102,468,085
Capital Revenue & Loan Fund Balances (B+C)				208,645,006						113,578,256
Capital Expenditure				(56,223,924	)					(54,094,565	)
Deficit on Capital Transactions & Loan Receipt							152,373,982						59,483,691
Total Deficit Capital + Recurrent							36,737,088						(64,447,869	)
Add:
(i) Net Treasury Bills Issued				21,709,561						20,754,980
(ii) Opening Cash Balance				50,567,421						83,408,924
(iii) Other Payments				(13,050	)					(42,103	)
(iv) Other Receipts				12,918						48,417
(v) Unrealized Foreign Exchange Gains				967,411						(398,856	)
(vi) Refund from the Central Payment Account				(13	)					(8,071	)
(vii) Surrendered Balances				15,628,919						11,251,999
							88,873,167						115,015,290
Cash Balance in Consolidated Fund							125,610,255						50,567,421
Adjusted Cash Balance March 31, 2024		5					125,610,255						50,567,421

33

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement VI - Statement of Cash Flows

Year Ended March 31, 2024

(Expressed in Jamaican dollars unless otherwise specified)

	Notes		2024 J$’ 000			2023 J$’000
Cash Flows from Operating Activities:
Receipts:
Taxation Revenue				827,304,708			746,357,850
Non-Tax Revenue				83,780,778			67,252,863
Grants				8,137,501			5,570,287
Surrendered Balances				15,628,919			11,251,999
Other				12,918			48,417
Total Receipts from Operating Activities				934,864,824			830,481,416
Payments:
Employee Costs Salaries				401,271,464			343,050,523
Employee Costs Travelling				10,457,553			9,497,449
Superannuation				42,356,663			41,281,415
Suppliers				86,045,250			88,053,036
Interest Paid				172,727,667			151,550,811
Grants, Contributions and Subsidies				104,666,366			99,099,551
Capital Goods Purchases				59,039,862			46,029,149
Other Payments				67,801,480			49,916,129
Total Payments				944,366,305			828,478,063
Net Cash from Operating Activities				(9,501,481	)		2,003,353
Cash Flows from Financing Activities
Proceeds from Borrowings				140,202,370			26,706,674
Repayment of Borrowings				(138,627,099	)		(161,973,315	)
Repayment of Other Loans				(0	)		(1,185,460	)
Repayment of GOJ Guaranteed Loan				24,028,802			5,539,884
Domestic Benchmark Notes				36,276,333			75,761,411
Treasury Bills Issued				21,709,561			20,754,980
Other				(13,063	)		(50,174	)
Net Cash from Financing Activities				83,576,904			(34,446,000	)
Net increase/(decrease) in Cash				74,075,423			(32,442,647	)
Cash at Beginning of Period				50,567,421			83,408,924
Add adjustment to opening Balance April 1				967,411			(398,856	)
Net Ending Cash Balance March 31, 2024		6		125,610,255			50,567,421

34

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement VII - Statement of Transfers from the Capital Development Fund

Year Ended March 31, 2024

(Expressed in Jamaican dollars unless otherwise specified)

	Notes		$’000			$’000
Bauxite Production Levy Received				69,585,304
Less: Refund/Remissions				(630,614	)
Net Receipts							68,954,690
Add: Retained Earnings							3,291,177
							72,245,867
Less:
(a) Transfers to Consolidated Fund to date				53,606,653
(b) Grants				11,807,371
(c) Net Levy Written off				153,315
							65,567,339
Value of Fund at 31st March, 2024		7					6,678,528
Value of Fund at 31st March, 2023							4,923,166

Source: Development Bank of Jamaica

35

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

Statement VIII - Contingencies Fund

Year Ended March 31, 2024

(Expressed in Jamaican dollars unless otherwise specified)

			2024			2023
	Notes		$’000			$’000
Opening Balance				5,131,717			4,917,659
Increase in Contingencies Fund				200,000			200,000
Interest Earned				325,352			194,689
Transfer to Miscellaneous Revenue				(325,004	)		(180,631	)
Disbursement of Advances from the Contingencies Fund				(0	)		(2,809,947	)
Recoveries of Advances to Contingencies Fund				0			2,809,947
Balance at Year End		8		5,332,065			5,131,717

36

GOVERNMENT OF JAMAICA

FINANCIAL STATEMENTS OF THE CONSOLIDATED FUND

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

As at March 31, 2024

(Expressed in Jamaican dollars unless otherwise specified)

	Notes		2024 J$ Equivalent $’000		2023 J$ Equivalent $’000
LOCAL DEBT
I Perpetual Annuities				155		155
II Market Loans
Treasury Bills				10,300,000		10,300,000
J$ Benchmark Investment Notes				753,436,730		725,614,458
CPI-Indexed Investment Notes				67,759,249		63,398,650
Total Market Loans				831,495,979		799,313,108
Total Local Debt		9.1		831,496,134		799,313,263
EXTERNAL DEBT
I Currency Obligations to Commercial Enterprises:
Bond Holders				757,808,853		745,640,232
Total Currency Obligations to Commercial Enterprises				757,808,853		745,640,232
II Foreign Government & Government Agencies
USAID				20,370		23,235
US Department of Agriculture				0		99,712
China				87,793,192		91,881,708
Federal Republic of Germany				860,200		992,500
Japan				464,954		455,287
Netherlands Investment Bank				50,054		58,604
Kingdom of Belgium				218,144		269,760
Venezuela				13,605,972		14,449,661
Total Foreign Government & Government Agencies				103,012,886		108,230,467
III International & Multilateral Institutions:
Inter -American Development Bank				230,788,183		239,555,527
Caribbean Development Bank				20,117,813		22,493,689
Int’l Bank for Reconstruction & Development				152,536,467		155,352,479

37

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

	Notes		2024 J$ Equivalent $’000		2023 J$ Equivalent $’000
OPEC Fund for Int’l Development				1,020,896		1,263,755
European Economic Community Commission				2,540,496		2,796,005
NORDIC Development Fund				527,034		572,208
International Monetary Fund				129,025,938		29,592,663
Total International & Multilateral Institutions				536,556,827		451,626,326
Total Foreign Debt		9.2		1,397,378,566		1,305,497,025
Total Local Debt				831,496,134		799,313,263
TOTAL LOCAL & FOREIGN DEBT				2,228,874,700		2,104,810,288

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

38

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 $33.074 billion; United States Dollar Consolidated Fund Bank Account (US$115.418 million @ J$151.5654) $17.493 billion, aggregate of $50.567 billion as of April 1, 2023.

1.2 The Consolidated Fund - Closing

The Consolidated Fund accounts are comprised of: Jamaican Dollar Consolidated Fund Bank Account $58.760 billion; US$ Consolidated Fund Bank Account (US$431.898 million @ J$154.7836) $66.850 billion, aggregate of $125.610 billion as of March 31, 2024.

1.3 Refunds from the Consolidated Fund Account/Central Payments Account

Refunds recovered from erroneous transfers made to the Consolidated Fund Accounts upon the requisite approvals. Negative Warrant amounts refunded from the Central Payment Account.

2. Statement of Financing

This Statement shows receipts and payments from the Consolidated Fund for the year ended March 31, 2024 and how the surplus was used or how the deficit was financed.

2.1 Net Surplus/ (Deficit)

There was a surplus of $74.063 million for the year in comparison to a deficit of $32.449 million for 2023.

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 $83.781 billion. The main revenue components include Miscellaneous Revenue, De-earmarked Receipts, Financial Distributions and Loan Interest. Dividends and Other Miscellaneous Revenue from public bodies are also included.

39

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 amounts to $36.276 billion for the financial year (2023: $75.761 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 (warrants) from the Consolidated Fund Principal Bank Account. Total issues from the Consolidated Fund for the year was $1,082.993 billion (2023: $991.637 billion) compared with total Estimates of $1,091.838 billion (2023: $1,002.555 billion).

4.1 Recurrent Statutory Expenditure

Statutory Recurrent Expenditure details public debt charges and expenditure to 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 $56.223 billion (2023: $54.094 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.

40

Notes to the Financial Statements (Cont’d)

6. Statement of Cash Flows

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

7. Capital Development Fund

The Capital Development Fund is funded by Bauxite Levy. There were no transfers to the Consolidated Fund in financial year 2023/2024.

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, 2024 was $5.332 billion (2023: $5.132 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, 2024.

41

Notes to the Financial Statements (Cont’d)

NOTE 9.1

GOVERNMENT OF JAMAICA

STATEMENT VIII

STATEMENT OF OUTSTANDING PUBLIC DEBT (LOCAL)

AS AT MARCH 31, 2024

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 - 8.42% Due -Apr-2024		JAM		800,000,000.00		800,000,000.00
Treasury Bills Issue – 7.79% Due -April-2024		JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.39% Due -April-2024		JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 9.00% Due -May-2024		JAM		800,000,000.00		800,000,000.00
Treasury Bills Issue - 8.42% Due -May-2024		JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.35% Due -May 2024		JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.46% Due -June-2024		JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.03% Due -June-2024		JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.42% Due -July-2024		JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.30% Due -August- 2024		JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.43% Due -August-2024		JAM		800,000,000.00		800,000,000.00
Treasury Bills Issue - 8.11% Due - September -2024		JAM		700,000,000.00		700,000,000.00
Treasury Bills Issue - 8.72% Due - October-2024		JAM		800,000,000.00		800,000,000.00
Treasury Bills Issue - 8.62% Due -November - 2024		JAM		800,000,000.00		800,000,000.00
SUB-TOTAL (a) Treasury Bills		JAM				10,300,000,000.00

42

Notes to the Financial Statements (Cont’d)

INTERNAL DEBT	CURRENCY		BALANCE OUTSTANDING		JA$ EQUIVALENT
(b) Jamaica Dollar Benchmark Investment Notes
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		132,931,529,233.81		132,931,529,233.81
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		52,040,800,900.00		52,040,800,900.00
GOJ FIXED RATE 11.25% BENCHMARK INVESTMENT NOTES - Due 2046		JAM		33,463,057,000.00		33,463,057,000.00
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		29,086,150,000.00		29,086,150,000.00
GOJ FIXED RATE 10.00% BENCHMARK INVESTMENT NOTES - Due 2037		JAM		59,628,726,800.00		59,628,726,800.00
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		20,836,667,000.00		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		37,500,000,000.00		37,500,000,000.00
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				753,436,730,349.81

43

Notes to the Financial Statements (Cont’d)

INTERNAL DEBT	CURRENCY		BALANCE OUTSTANDING		JA$ EQUIVALENT
(c) CPI-Indexed Investment Notes
CPI -INDEXED INVESTMENT NOTES - Due 2025		JAM		7,626,184,886.00		14,080,605,396.60
CPI -INDEXED INVESTMENT NOTES - Due 2033		JAM		19,496,712,060.00		35,997,751,582.44
CPI -INDEXED INVESTMENT NOTES - Due 2040		JAM		9,576,133,182.00		17,608,892,159.93
SUB-TOTAL (c) CPI-Indexed Investment Notes		JAM				67,759,249,138.97
SUB-TOTAL CATEGORY II (MARKET LOANS)		JAM				831,495,979,488.78
TOTAL INTERNAL DEBT		JAM				831,496,134,321.47

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

44

Notes to the Financial Statements (Cont’d)

NOTE 9.2

GOVERNMENT OF JAMAICA

STATEMENT VIII

STATEMENT OF OUTSTANDING PUBLIC DEBT (FOREIGN)

AS AT MARCH 31, 2024

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		69,956,000.00		10,828,041,521.60
US$250M 8.5% BOND 2036		US		199,430,000.00		30,868,493,348.00
US$500M 8 % BOND 2039		US		1,117,678,000.00		172,998,224,480.80
US$800M 7.625% Bond due 2025		US		183,191,226.00		28,354,997,448.69
US$1,350M 6.75% Bond due 2028		US		1,223,304,000.00		189,347,397,014.40
US$650M 7.975% BOND DUE 2045		US		1,801,300,000.00		278,811,698,680.00
US$300M BOND DUE 2030		US		300,000,000.00		46,600,000,000.00
TOTAL - BOND HOLDERS						757,808,852,493.49
II FOREIGN GOVERNMENT AND GOVERNMENT AGENCIES
a) UNITED STATES
1. U.S. AGENCY FOR INTERNATIONAL DEVELOPMENT
532-T-046D CROP DIVERSIFICATION & IRRIGATION PROJ.		US		131,605.10		20,370,311.16
TOTAL - U.S. AGENCY FOR INTERNATIONAL DEVELOPMENT						20,370,311.16

45

Notes to the Financial Statements (Cont’d)

EXTERNAL DEBT	CURRENCY		BALANCE OUTSTANDING		JA$ EQUIVALENT
b) CHINA
1. EXIM BANK OF CHINA
JAMAICA CRICKET STADIUM PROJECT		CNY		22,617,886.80		484,309,346.15
MONTEGO BAY CONVENTION CENTER		CNY		90,322,580.60		1,934,047,611.94
PALISADOES SHORELINE PROTECTION REHABILITATION WORKS PROJECT		USD		9,296,000.00		1,438,868,345.60
JAMAICA ECONOMIC HOUSING PROJECT		CNY		204,098,687.20		4,370,297,836.45
JAMAICA ROAD IMPROVEMENT & REHABILITATION WORKS PROJECT		USD		51,000,000.00		7,893,963,600.00
MAJOR INFRASTRUCTURE DEVELOPMENT PROGRAMME		USD		150,197,782.40		23,248,153,471.89
JAMAICA SOUTHERN COASTAL HIGHWAY IMPROVEMENT PROJECT		USD		310,080,000.00		47,995,298,688.00
TOTAL EXIM BANK OF CHINA						87,364,938,900.03
2. PEOPLE’S REPUBLIC OF CHINA 20.0MN YUAN
AGREEMENT ON ECONOMIC AND TECHNICAL CO-OPERTION 20.0M YUAN		CNY		20,000,000.00		428,253,400.00
TOTAL PEOPLE’S REPUBLIC OF CHINA						428,253,400.00
TOTAL CHINA						87,793,192,300.03

46

Notes to the Financial Statements (Cont’d)

EXTERNAL DEBT	CURRENCY		BALANCE OUTSTANDING		JA$ EQUIVALENT
FEDERAL REPUBLIC OF GERMANY
1. KREDITANSTALT FUR WIEDERAUFBAU
89-65-121 HURRICANE RECONSTRUCTION ASSISTANCE 2		EURO		1,845,915.30		312,380,185.21
89-65-857 HURRICANE RECONSTRUCTION ASSISTANCE III		EURO		2,013,139.10		340,679,100.99
93-65-941 REHAB OF 5 SMALL HYDROPOWER PLANTS		EURO		1,224,032.60		207,140,344.03
TOTAL - KREDITANSTALT FUR WIEDERAUFBAU						860,199,630.23
JAPAN
2. JAPAN INTERNATIONAL CO-OPERATION AGENCY
ENERGY MANAGEMENT AND EFFICIENCY PROGRAMME		USD		3,003,897.80		464,954,115.52
TOTAL-JAPAN INTERNATIONAL CO-OPERATION AGENCY
TOTAL - JAPAN						464,954,115.52
NETHERLAND INVESTMENT BANK
1978.03 CONSOLIDATION OF INTEREST AMOUNTS		EURO		210,329.70		35,593,632.41
1980.02 CONSOLIDATION OF INTEREST AMOUNTS		EURO		85,446.10		14,459,855.52
TOTAL - NETHERLAND INVESTMENT BANK						50,053,487.93

47

Notes to the Financial Statements (Cont’d)

EXTERNAL DEBT	CURRENCY		BALANCE OUTSTANDING		JA$ EQUIVALENT
BELGIUM
GOVT. OF THE KINGDOM OF BELGIUM
MODERNIZATION OF KINGSTON MUNICIPALITY		EURO		1,289,055.60		218,144,043.27
TOTAL - GOVT. OF THE KINGDOM OF BELGIUM						218,144,043.27
VENEZUELA
VENEZUELA ENERGY AGREEMENT		US		87,903,188.00		13,605,971,890.12
TOTAL VENEZUELA						13,605,971,890.12
TOTAL FOREIGN GOVERNMENT & GOVERNMENT AGENCIES						103,012,885,778.26
III INTERNATIONAL & MULTILATERAL INSTITUTIONS
INTER-AMERICAN DEVELOPMENT BANK
1185/OC-JA SOLID WASTE MANAGEMENT PROGRAM		US		90,303.60		13,977,516.30
1197/OC-JA PARISH INFRASTRUCTURE		US		292,384.20		45,256,279.06
1264/OC-JA PRIMARY EDUCATION SUPPORT PRG.		US		2,996,618.80		463,827,445.69
1283/OC-JA AGRICULTURAL SUPPORT SERVICES PROJECT		US		1,845,744.50		285,690,978.39
1344/OC-CITIZEN, SECURITY & JUSTICE		US		1,777,347.90		275,104,306.41
1360/OC-JA-RURAL WATER		US		1,136,324.20		175,884,350.44
1419/OC-JA EMERGENCY RECONSTRUCTION		US		2,608,628.80		403,772,956.73
1438/OC/JA -RE INFORMATION AND COMM. TECH PROJECT		US		1,987,634.60		307,653,238.87
1559/OC/JA-1- SOCIAL PROTECTION SUPPORT FOR FOOD PRICE CRISIS		US		4,875,000.00		754,570,050.00
1562/OC-JA - NATIONAL IRRIGATION DEVELOPMENT PROGRAM		US		1,266,800.90		196,080,003.79

48

Notes to the Financial Statements (Cont’d)

EXTERNAL DEBT	CURRENCY		BALANCE OUTSTANDING		JA$ EQUIVALENT
1959/OC/JA - EMERGENCY ASSIST. - 2007 ATLANTIC HURRICANE SEASON		US		4,999,901.80		696,511,000.25
1972/OC/JA - COMPETITIVENESS ENHANCEMENT PROGRAM		US		9,000,000.00		1,393,052,400.00
2026/OC/JA - TRANSPORTATION INFRASTRUCTURE REHAB. PROGRAMME		US		25,209,164.90		3,901,965,296.22
2039/OC/JA - YOUTH DEVELOPMENT PROGRAM PHASE 1		US		4,827,958.60		747,288,812.76
2058/OC/JA - PUBLIC FINANCIAL & PERFORMANCE MANAGEMENT		US		20,000,000.00		3,095,672,000.00
2074/OC/JA - EDUCATION REFORM PROGRAM		US		10,000,000.00		1,547,836,000.00
2100/OC/JA - SUPPLEMENTAL LOAN TO FINANCE THE PESP ACTIVITIES		US		5,809,649.80		899,238,510.78
2272/OC/JA - CITIZEN SECURITY AND JUSTICE PROGRAM 11		US		10,999,999.90		1,702,619,584.52
2276/OC/JA - ROAD IMPROVEMENT PROGRAM		US		5,377,280.20		832,314,787.56
2297/OC/JA - COMPETITIVE ENHANCEMENT PROGRAM		US		24,000,000.00		3,714,806,400.00
2298/OC/JA - PUBLIC FINANCIAL & PERFORMANCE MGMT PROG. 11		US		24,000,000.00		3,714,806,400.00
2299/OC/JA - HUMAN CAPITAL AND PROTECTION PROGRAM		US		19,999,999.90		3,095,671,984.52
2300/OC/JA - SUPPORT FOR EDUCATION SECTOR REFORM 11 (PBL)		US		12,000,000.00		1,857,403,200.00
2301/OC/JA - SUPPORT FOR EDUCATION SECTOR REFORM 11 (Investment)		US		4,828,171.50		747,321,766.19
2359/OC/JA - FISCAL CONSOLIDATION PG FIRST PROG OPERATION		US		86,666,666.60		13,414,578,656.35
2444/OC-JA - AGRICULTURAL COMPETITIVENESS PROGRAMME		US		9,213,166.30		1,426,047,047.31
2502/OC/JA - FISCAL CONSOLIDATION PROGRAMME 11		US		93,333,333.30		14,446,469,328.17
2519/OC/JA - HUMAN CAPITAL AND PROTECTION PROGRAMME 11		US		23,333,333.30		3,611,617,328.17
2521/OC-JA - PUBLIC FINANCIAL & PERFORMANCE MANAGEMENT PROGRAMME III		US		40,000,000.00		6,191,344,000.00
2629/OC/JA - ENERGY EFFICIENCY & CONSERVATION PROGRAMME		US		2,299,183.30		355,875,868.23
2658/OC/JA - FISCAL ADMINISTRATION & MODERNIZATION PROGRAMME		US		28,900,477.90		4,473,320,011.08
2889/OC-JA - INTEGRATED SOCIAL PROTECTION AND LABOUR PROGRAMME		US		21,002,829.80		3,250,893,606.63
3121/OC-JA - PUBLIC SECTOR EFFIENCY PROGRAMME (PSE)		US		5,973,364.20		924,578,814.99
3122/OC-JA - PUBLIC SECTOR EFFIENCY PROGRAMME (PSE) CHINA CO-FINANCING		US		4,119,603.80		637,647,106.74
3147/OC-JA - COMPETITIVENESS ENHANCEMENT PROGRAMME III		US		40,000,000.00		6,191,344,000.00
3148/OC-JA - FISCAL STRUCTURAL PROGRAMME FOR ECONOMIC GROWTH		US		53,333,333.30		8,255,125,328.17
3191/OC-JA - CITIZEN SECURITY JUSTICE PROGRAMME III		US		16,025,140.10		2,480,428,875.18
3381/SX-JA- ADAPT PRG &FIN MECH FOR THE PILOT PRG FOR PPCR JAM		US		8,707,100.00		1,347,716,283.56

49

Notes to the Financial Statements (Cont’d)

EXTERNAL DEBT	CURRENCY		BALANCE OUTSTANDING		JA$ EQUIVALENT
3511/OC-JA - FISCAL STRUCTURAL PROGRAMME FOR ECONOMIC GROWTH II		US		99,666,666.70		15,426,765,471.83
3560/OC-JA - EDUCATION SECTOR REFORM III		US		20,000,000.00		3,095,672,000.00
3565/OC-JA - INTEGRATED SUPPORT TO JAMAICA SOCIAL PROTECTION STRATEGY		US		21,284,613.78		3,294,509,145.48
3565/OC-JA - INTEGRATED SUPPORT TO JAMAICA SOCIAL PROTECTION STRATEGY		JMD		2,971,382,187.50		2,971,382,187.50
3704/OC-JA - FINANCIAL SYSYTEM REFORM SUPPORT PROGRAMME		US		83,333,333.35		12,898,633,335.91
3880/OC-JA- FISCAL STRUCTURALPROGRAMME FOR ECONOMIC GROWTH III		JMD		4,412,137,503.16		4,412,137,503.16
3877/OC-JA - ENERGY MANAGEMENT AND EFFICIENCY PROGRAMME		US		4,429,747.00		685,652,187.75
4115/OC-JA - CREDIT ENHANCING PROGRAMME FOR MICRO, SMALL AND MEDIUM ENTERPRISES		US		18,501,455.00		2,863,720,262.30
4373/OC-JA - SUPPORT TO THE PUBLIC SECTOR TRANSFORMATION PROJECT (POLICY-BASED)		US		102,666,666.70		15,891,116,271.83
4374/OC-JA - SUPPORT TO THE PUBLIC SECTOR TRANSFORMATION PROJECT (INVESTMENT)		US		50,000,000.00		7,739,180,000.00
4400/OC-JA - SECURITY STRENGTHENING PROJECT		US		12,882,721.50		1,994,034,011.57
4437/OC-JA - IMPLEMENTATION OF THE NATIONAL IDENTIFICATION SYSTEM (NIDS)FOR ECONOMIC GROWTH		US		36,918,880.30		5,714,437,200.80
4645/OC-JA- SKILLS DEVELOPMENT GLOBAL SKILLS IN JAMAICA		US		13,901,820.00		2,151,773,746.15
4668/OC-JA- SUPPORT FOR THE HEALTH SYSTEMS STRENGTHENING FOR THE PREVENTION AND CARE MANAGEMENT FOR NON- COMMUNICABLE DISEASES PROGRAMME		US		13,488,843.10		2,087,851,694.85
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		11,035,854.80		1,708,169,335.02
5110/OC-JA SUPPORT FOR THE HEALTH SYSTEMS STRENGTHENING FOR THE PREVENTION AND CARE MANAGEMENT FOR NON-COMMUNICABLE DISEASES		US		100,000,000.00		15,478,360,000.00
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		11,608,770,000.00
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		15,478,360,000.00
TOTAL - INTER-AMERICAN DEVELOPMENT BANK						230,788,183,377.21

50

Notes to the Financial Statements (Cont’d)

EXTERNAL DEBT	CURRENCY		BALANCE OUTSTANDING		JA$ EQUIVALENT
CARIBBEAN DEVELOPMENT BANK
08/SFR-JAM - RURAL ELECTRIFICATION		US		179,784.50		27,827,692.13
10/SFR-OR-JAM - SOCIAL INVESTMENT FUND		US		2,364,187.50		365,937,452.33
13/SFR OR JAM - ENHANCEMENT OF BASIC SCHOOL		US		1,579,254.20		244,442,650.39
15/SFR-OR-JAM - REHAB. OF FLOOD DAMAGE		US		66,667.00		10,318,958.26
16/SFR-OR-JAM - WASHINGTON BOULEVARD IMPROVEMENT		US		5,456,739.50		844,613,784.07
17/SFR-OR -JAM - HURRICANE DEAN REHAB WORKS		US		3,993,751.50		618,167,234.68
17/SFR-OR -JAM 1 - HURRICANE DEAN REHAB WORKS		US		2,760,084.00		427,215,737.82
18/SFR-OR-JAM - UTECH ENHANCEMENT PROJECT		US		7,744,182.90		1,198,672,508.32
19/SFR-JAM COMMUNITY INVESTMENT PROJECT		US		7,588,244.30		1,174,535,770.43
19/SFR-OR-JAM - POLICY BASED LOAN		US		37,166,666.50		5,752,790,440.87
20/SFR-JM- AGRICULTURAL SUPPORT		US		6,045,000.00		935,666,862.00
20/SFR-OR-JAM- NATURAL DISASTER GUSTAV MANAGEMENT		US		16,880,633.40		2,612,845,207.93
23/SFR-OR JAM- FISCAL CONSOLIDATION, GROWTH AND SOCIAL STABILITY LOAN		US		25,437,500.00		3,937,307,825.00
28/OR-JAM- COASTAL HIGHWAY IMPROVEMENT #4		US		12,711,108.80		1,967,471,180.06
TOTAL - CARIBBEAN DEVELOPMENT BANK						20,117,813,304.29
INT’L BANK FOR RECONSTRUCTION & DEVELOPMENT
4878-JM HURRICANE DEAN EMERGENCY RECOVERY		US		866,865.70		134,176,593.76
7554-JM EARLY CHILDHOOD DEVELOPMENT PROJECT		US		8,709,893.50		1,348,148,671.55
7555-JM SOCIAL PROTECTION PROJECT		US		23,244,480.90		3,597,864,433.83
7556-JM SECOND HIV/AIDS PROJECT		US		5,612,307.80		868,693,205.59
7653-JM FISCAL AND DEBT SUSTAINABLILITY DEV POLICY		US		58,000,000.00		8,977,448,800.00
7769-JM RURAL ECONOMIC DEVELOPMENT PROGRAM		US		9,524,054.00		1,474,167,364.71
7856-JM FIRST PROGRAM FISCAL SUST. DEVELOP. POLICY LOAN		US		130,640,000.00		20,220,929,504.00
7815-JM EDUCATION TRANSFORMATION CAPACITY BLDG. PROJECT		US		11,626,701.40		1,799,622,698.82

51

Notes to the Financial Statements (Cont’d)

EXTERNAL DEBT	CURRENCY		BALANCE OUTSTANDING		JA$ EQUIVALENT
8007-JM ENERGY SECURITY & EFFICIENCY ENHANCEMENT PROJECT		US		10,085,445.90		1,561,061,624.01
8084-JM 2ND PROGRAMATIC FISCAL SUSTAINABILITY DEVELOPMENT		US		58,000,000.00		8,977,448,800.00
8317-JM ECONOMIC STABILITY AND FOUNDATION FOR GROWTH DEVELOPMENT		US		107,848,000.00		16,693,101,692.80
8329 ADDITIONAL FINANCING FOR SOCIAL PROTECTION PROGRAMME		US		33,183,999.80		5,136,338,951.44
8334-JM JAMAICA EARLY CHILDHOOD DEVELOPMENT PROJECT		US		9,572,962.20		1,481,737,551.98
8356-JM JAMAICA INTEGRATED COMMUNITY DEVELOPMENT PROJECT		US		34,056,966.80		5,271,459,926.38
8405-JM JAMAICA YOUTH EMPLOYMENT IN DIGITAL AND ANIMATION INDUSTRIES		US		9,727,902.70		1,505,719,800.36
8406-JM JAMAICA STRATEGIC PUBLIC SECTOR TRANSFORMATION		US		29,038,416.30		4,494,670,613.21
8408-JM FOUNDATIONS FOR COMPETITIVENESS AND GROWTH PROJECT		US		41,334,739.80		6,397,939,831.31
8470-JM FIRST COMPETITIVENESS & FISCAL MANAGEMENT PROGAMMATIC DPL		US		70,507,500.00		10,913,404,677.00
8759- JM SECOND COMPETITIVENESS & FISCAL MANAGEMENT PROGAMMATIC DPF		US		64,750,000.00		10,022,238,100.00
8581- JM JAMAICA DISASTER VULNERABILITY REDUCTION PROJECT		US		26,705,970.60		4,133,646,270.96
8822-JM ACCESS TO FINANCE FOR MICRO, SMALL AND MEDIUM ENTERPRISE PROJECT		US		9,859,821.90		1,526,138,729.04
9017- JM SECOND RURAL ECONOMIC DEVELOPMENT INITIATIVE		US		7,251,255.80		1,122,375,477.24
9053-JM JAMAICA FIRST ECONOMIC RESILIENCE		US		70,000,000.00		10,834,852,000.00
9216-JM JAMAICA COVID-19 RESPONSE AND RECOVERY DEVELOPMENT POLICY FINANCING		US		150,000,000.00		23,217,540,000.00
9203-JM ADDITIONAL FINANCING FOR THE FOUNDATION FOR COMPETITIVENESS AND GROWTH PROJECT		US		5,259,811.00		814,132,481.90
9658-JM JAMAICA EDUCATION PROJECT		US		75,000.00		11,608,770.00
TOTAL - INT’L BANK FOR RECONSTRUCTION & DEV.						152,536,466,569.89
OPEC FUND FOR INT’L DEVELOPMENT
1007-P NATIONAL COMMUNITY DEV. PROJECT		US		333,520.00		51,623,426.27
1152-P RURAL ROAD REHABILITATION PHASE 2		US		275,977.00		42,716,713.58
1238-P BOGUE ROAD IMPROVEMENT PROJECT		US		5,986,137.60		926,555,927.82
TOTAL - OPEC FUND FOR INT’L DEVELOPMENT						1,020,896,067.67

52

Notes to the Financial Statements (Cont’d)

EXTERNAL DEBT	CURRENCY		BALANCE OUTSTANDING		JA$ EQUIVALENT
EUROPEAN ECONOMIC COMMUNITY COMMISSION
LN #8.0163 RURAL ELECTRIFICATION		EURO		48,452.70		8,199,543.83
LN #8.0223 EXPAND COFFEE PRODUCTION		EURO		179,587.00		30,391,112.92
LN #8.0347 SANGSTERS AIRPORT MAIN TERMINAL		EURO		1,979,480.00		334,983,045.54
LN #8.0371 CAST & CTC STUDENT ACCOMMODATION		EURO		418,132.30		70,759,609.24
LN #8.0383 NEGRIL OCHO-RIOS WASTE WATER PROJECT		EURO		9,546,944.50		1,615,608,414.46
LN #8.0388 CREDIT SCH. FOR MICRO & SMALL ENTERPRISES		EURO		2,239,918.90		379,056,547.63
LN #8.0395 MORANT/YALLAHS AGRICULTURAL DEV. PROJ.		EURO		599,769.90		101,497,740.68
TOTAL-EUROPEAN ECONOMIC COMMUNITY COMMISSION						2,540,496,014.30
NORDIC DEVELOPMENT FUND
NDF #81 PRIMARY EDUCATION IMPROVEMENT PROG.		XDR		720,000.00		147,488,452.42
NDF #120 MULTI-SECTORAL PRE-INVESTMENT PROJECT		XDR		772,842.40		158,312,957.70
NDF #165 AIRPORT REFORM & IMPROVEMENT PROGRAM		XDR		1,080,000.00		221,232,678.63
TOTAL - NORDIC DEVELOPMENT FUND						527,034,088.75
INTERNATIONAL MONETARY FUND
BUDGETARY SUPPORT TO THE GOVERNMENT OF JAMAICA		XDR		7,658,340.70		1,568,773,358.28
BUDGETARY SUPPORT TO THE GOVERNMENT OF JAMAICA-RFI		XDR		239,312,500.00		49,021,986,486.47
BUDGETARY SUPPORT TO THE GOVERNMENT OF JAMAICA-RSF		XDR		382,900,000.00		78,435,178,378.35
TOTAL - INTERNATIONAL MONETARY FUND						129,025,938,223.10
TOTAL INTERNATIONAL & MULTINATIONAL INSTITUTIONS						536,556,827,645.21
TOTAL EXTERNAL DEBT						1,397,378,565,916.96
GRAND TOTAL FOREIGN & LOCAL						2,228,874,700,238.43

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

53