Jamaica - Public finance

Debt servicing accounts for about 62% of the fiscal budget, which limits economic expansion. Privatization of public entities has been one of the strategies used by the government to reduce the budget deficit. In 2001, the government raised $3.6 billion in new sovereign debt in both local and international financial markets, and used it to meet its US dollar debt obligations, quell rampant liquidity in order to maintain the exchange rate, and partially fund that current year's budget deficit.

The US Central Intelligence Agency (CIA) estimates that in 2001 Jamaica's central government took in revenues of approximately $2.2 billion and had expenditures of $3.0 billion. Overall, the government registered a deficit of approximately $770 million. External debt totaled $5.2 billion.

The following table shows an itemized breakdown of government revenues and expenditures. The percentages were calculated from data reported by the International Monetary Fund. The dollar amounts (millions) are based on the CIA estimates provided above.


Tax revenue 72.1% 1,607
Non-tax revenue 21.7% 484
Capital revenue 3.6% 81
Grants 2.6% 57
EXPENDITURES 100.0% 3,000
General public services 10.1% 303
Defense 1.6% 49
Public order and safety 7.9% 237
Education 16.0% 479
Health 6.1% 182
Social security 1.0% 29
Housing and community amenities 2.0% 61
Recreation, cultural, and religious affairs 0.2% 6
Economic affairs and services 8.3% 249
Other expenditures 8.8% 265
Interest payments 38.0% 1,141
Also read article about Jamaica from Wikipedia

User Contributions:

Report this comment as inappropriate
Jul 21, 2007 @ 4:16 pm
How much Jamaica owed in debt now,n how much the economy grown in 2006/2007,how much percent of unmployment in 2007 and how much percent of our population is below proverty line?

Comment about this article, ask questions, or add new information about this topic: