UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 18-K

For Foreign Governments and Political Subdivisions Thereof

 

ANNUAL REPORT

of

 

The Government of Jamaica

(Name of Registrant)

 

Date of end of last fiscal year: March 31, 2005

 

SECURITIES REGISTERED

(As of close of the fiscal year)

 

    Title of Issue    


 

Amounts as to which

    registration is effective    


 

Names of exchanges on

          which registered          


—*    

 

Name and address of person authorized to receive notices

and communications from the Securities and Exchange Commission:

 

CATHLEEN MCLAUGHLIN, ESQ

Allen & Overy

1221 Avenue of the Americas

New York, NY 10020


* The Government of Jamaica files Annual Reports on Form 18-K voluntarily in order for the Government of Jamaica to incorporate such Annual Reports into its shelf registration statements.

 



1. In respect of each issue of securities of the registrant registered, a brief statement as to:

 

  (a) The general effect of any material modifications, not previously reported, of the rights of the holders of such securities.

 

None.

 

  (b) The title and the material provisions of any law, decree or administrative action, not previously reported, by reason of which the security is not being serviced in accordance with the terms thereof.

 

None.

 

  (c) The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking fund or amortization installment.

 

None.

 

2. A statement as of March 31, 2005, giving the total outstanding of:

 

  (a) Internal funded debt of the registrant. (Total to be stated in the currency of the registrant. If any internal funded debt is payable in foreign currency it should not be included under this paragraph (a), but under paragraph (b) of this item.)

 

The internal funded debt of the Government of Jamaica at March 31, 2005 totalled J$401.7 billion (excluding the internal funded debt payable in foreign currency).

 

  (b) External funded debt of the registrant. (Totals to be stated in the respective currencies in which payable. No statement need be furnished as to intergovernmental debt.)

 

The external funded debt of the Government of Jamaica at March 31, 2005 totalled US$5,045.1 million (including the internal funded debt payable in foreign currency excluded from the paragraph above, translated into US$ at the exchange rate as at March 31, 2005).

 

3. A statement giving the title, date of issue, date of maturity, interest rate and amount outstanding, together with the currency or currencies in which payable, of each issue of funded debt of the registrant outstanding as of the close of the last fiscal year of the registrant.

 

See tables on pages 43 – 45 of Exhibit (d), which are hereby incorporated by reference herein.

 

4. (a) As to each issue of securities of the registrant which is registered, there should be furnished a breakdown of the total amount outstanding, as shown in Item 3, into the following:

 

  (1) Total amount held by or for the account of the registrant.

 

None.


  (2) Total estimated amount held by nationals of the registrant (or if registrant is other than a national government by the nationals of its national government); this estimate need be furnished only if it is practicable to do so.

 

Not practicable.

 

  (3) Total amount otherwise outstanding.

 

The total amount of each registered issue of securities of the registrant that is outstanding is US$1,375,000,000. Of this total amount, US$250,000,000 consists of a December 2001 offering of 11.625% notes due 2022, US$425,000,000 consists of a June 2002 and April 2004 offering of 10.625% notes due 2017, and US$700,000,000 remains on a “shelf” to be offered at a later date.

 

  (b) If a substantial amount is set forth in answer to paragraph (a)(l) above, describe briefly the method employed by the registrant to reacquire such securities.

 

Not applicable.

 

5. A statement as of the close of March 31, 2005, giving the estimated total of:

 

  (a) Internal floating indebtedness of the registrant. (Total to be stated in the currency of the registrant.)

 

At March 31, 2005, the Government of Jamaica had J$186.0 billion in internal variable-rate debt (41.4% of total internal debt).

 

  (b) External floating indebtedness of the registrant. (Total to be stated in the respective currencies in which payable.)

 

At March 31, 2005, the Government of Jamaica had US$1,200.6 million in external variable-rate debt (23.8% of total external debt).

 

6. Statements of the receipts, classified by source, and of the expenditures, classified by purpose, of the registrant for each fiscal year of the registrant ended since of the close of the latest fiscal year for which such information was previously reported. These statements should be so itemized as to be reasonably informative and should cover both ordinary and extraordinary receipts and expenditures; there should be indicated separately, if practicable, the amount of receipts pledged or otherwise specifically allocated to any issue registered, indicating the issue.

 

See “Public Finance—The Public Sector Budget”, “—Government Revenue and Expenditure”, and “— Revenue and Expenditure”, pages 30 to 31 of Exhibit (d), which is hereby incorporated by reference herein.

 

7. (a) If any foreign exchange control, not previously reported, has been established by the registrant, briefly describe such foreign exchange control.

 

Not applicable.


  (b) If any foreign exchange control previously reported has been discontinued or materially modified, briefly describe the effect on any such action, not previously reported.

 

Not applicable.

 

8. Brief statements as of a date reasonably close to the date of the filing of this report, (indicating such date) in respect of the note issue and gold reserves of the central bank of issue of the registrant, and of any further gold stocks held by the registrant.

 

Jamaica does not maintain gold reserves.

 

9. Statements of imports and exports of merchandise for each year ended since the close of the latest year for which such information was previously reported. The statement should be reasonably itemized so far as practicable as to commodities and as to countries. They should be set forth in items of value and of weight or quantity; if statistics have been established in terms of value, such will suffice.

 

See “The External Economy—Balance of Payments”, “—Foreign Trade—Exports”, “—Imports”, and “—Trading Partners”, pages 24 – 28 of Exhibit (d), which is hereby incorporated by reference herein.

 

10. The balances of international payments of the registrant for each year ended since the close of the latest year for which such information was previously reported. The statements of such balances should conform, if possible, to the nomenclature and form used in the “Statistical Handbook of the League of Nations.” (These statements need to be furnished only if the registrant has published balances of international payments.)

 

See “The External Economy—Balance of Payments”, pages 24 – 25 of Exhibit (d), which is hereby incorporated by reference herein. The statements of these balances conform to the nomenclature and form used by the International Monetary Fund.


EXHIBITS

 

The following exhibits should be filed as part of the annual report:

 

(a) Copies of any amendments or modifications, other than such have been previously filed, to all exhibits previously filed other than annual budgets. If such amendments or modifications are not in the English language, there should be furnished in additional a translation into English if the original exhibit was translated into English.

 

None.

 

(b) A copy of any law, decree, or administrative document outlined in answer to Item l(b). If such law, decree or document is not in the English language, there should be furnished in addition thereto a translation thereof into English.

 

None.

 

(c) A copy of the latest annual budget of the registrant, if not previously filed, as presented to its legislative body. This document need not be translated into English.

 

(d) The registrant may file such other exhibits as it may desire, marking them so as to indicate clearly the items to which they refer.

 

This annual report comprises:

 

(a) Pages numbered i to vi consecutively.

 

(b) The following exhibits:

 

Exhibit (a) – None

 

Exhibit (b) – None

 

Exhibit (c) – Financial Statements and Revenue Estimates for the Government of Jamaica dated April 14, 2005.

 

Exhibit (d) – Description, dated April 27, 2005, of the Government of Jamaica.

 

This annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.


SIGNATURE

 

Pursuant to the requirements of the United States Securities Exchange Act of 1934, the registrant the Government of Jamaica has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Kingston, Jamaica on April 27, 2005.

 

GOVERNMENT OF JAMAICA
By:  

/s/ Omar Davies


Name:   Omar Davies
Title:   Minister for Finance and Planning


EXHIBIT INDEX

 

  Exhibit  


  

Description    


(c)    Financial Statements and Revenue Estimates for the Government of Jamaica, dated April 14, 2005
(d)    Description, dated April 27, 2005, of the Government of Jamaica

Exhibit C

 

LOGO

 

Jamaica

 

Financial Statements

and

Revenue Estimates

2005/2006

 

For the year ending

March 31, 2006

 

Ministry of Finance and Planning      

As Presented to the

House of Representatives

14th April, 2005

 


INDEX TO FINANCIAL STATEMENTS

 

A.    SUMMARY STATEMENTS – 2005/2006 BUDGET     
     Summary of Expenditure Estimates by Ministries and Departments    (i) – (iii)
     Summary of Expenditure by Head    (iv) – (vii)
     Statutory Provisions and Provisions to be Voted    (viii) – (x)
     Summary of Total Expenditure Classified by Objects, Budget for 2005/06    (xi) – (xxv)
B.    STATEMENTS OUT-TURN 2004/2005 – POSITION AT 31ST MARCH 2005     
     Statement I        Receipts and Payments of the Consolidated Fund    1
     Statement II        Deficit Financing Account    2
     Statement III        Revenue Estimates Compared with Consolidated Fund Receipts    3 – 4
     Statement IV        Expenditure Estimates Compared with Issues from The Consolidated Fund    5 – 6
     Statement V        Consolidated Fund Balances    7
     Statement VI        Capital Development Fund    8
     Statement VII        Contingencies Fund    9
C.    STATEMENT OF OUTSTANDING PUBLIC DEBT     
     Statement VIII        Statement of Outstanding Public Debt    10 – 30
D.    STATEMENT OF FINANCING OF THE BUDGET 2005/2006     
     Statement IX        Summary of Revenue Estimates and Estimates of Expenditure 2005/2006    31 – 33
     Statement X        Statement of the Financing of the Estimates of Expenditure 2005/2006    34
     Statement XI        Statement of Consolidated Fund Charges    35 – 37
     Statement XII        Institutional Projects and Programmes – Funding of Projects    38 – 39
E.    FUNCTIONAL CLASSIFICATION – BUDGET 2005/2006     
     Statement XIII        Functional Classification of the Budget 2005/2006    40 – 45
F.    REVENUE ESTIMATES 2005/2006     
     Summary of Revenue and Loan Receipts    46 – 47
     Details of Revenue and Loan Receipts    48 – 56

 

1


LOGO    2005-2006 JAMAICA BUDGET     
               Part I Recurrent
         

Summary of Expenditure Estimates by

Ministries and Departments (Showing Gross

Estimates and Total Appropriations in Aid)

    
                                  $’000     

 

    

Estimates,

2005-2006


 

His Excellency the Governor General & Staff

   51,000.0  

Houses of Parliament

   373,000.0  

Office of the Public Defender

   38,404.0  

Office of the Contractor-General

   75,317.0  

Auditor General

   162,535.0  

Office of the Services Commissions

   87,250.0  

Office of the Prime Minister

   616,508.0  

Office of the Cabinet

   624,163.0  

Ministry of Industry and Tourism

   2,225,125.0  

Ministry of Finance and Planning

   104,437,508.0  

Ministry of National Security

   17,019,453.0  

Ministry of Justice

   1,995,862.0  

Ministry of Foreign Affairs and Foreign Trade

   1,556,000.0  

Ministry of Labour and Social Security

   1,154,311.0  

Ministry of Education, Youth and Culture

   34,000,000.0  

Ministry of Health

   13,474,728.0  

Ministry of Agriculture

   1,432,782.0  

Ministry of Commerce, Science and Technology

   1,849,666.0  

Ministry of Land and the Environment

   1,256,100.0  

Ministry of Water and Housing

   570,800.0  

Ministry of Transport and Works

   1,747,624.0  

Ministry of Local Government, Community Development and Sport

   4,380,000.0  

Gross Total Part I Recurrent

   189,128,136.0  
    

Less Appropriations-in-Aid

   (1,924,288.0 )
    

Net Total Part I Recurrent

   187,203,848.0  
    

 

2


LOGO    2005-2006 JAMAICA BUDGET     
               Part II Capital
         

Summary of Expenditure Estimates by

Ministries and Departments (Showing Gross

Estimates and Total Appropriations in Aid)

    
                                  $’000     

 

    

Estimates,

2005-2006


 

Office of the Prime Minister

   157,000.0  

Office of the Cabinet

   479,490.0  

Ministry of Industry and Tourism

   95,250.0  

Ministry of Finance and Planning

   146,415,943.0  

Ministry of National Security

   952,370.0  

Ministry of Justice

   247,000.0  

Ministry of Labour and Social Security

   900,000.0  

Ministry of Education, Youth and Culture

   3,926,680.0  

Ministry of Health

   583,800.0  

Ministry of Agriculture

   611,090.0  

Ministry of Commerce, Science and Technology

   263,130.0  

Ministry of Land and the Environment

   303,180.0  

Ministry of Water and Housing

   550,000.0  

Ministry of Transport and Works

   3,969,000.0  

Ministry of Local Government, Community Development and Sport

   787,000.0  

Gross Total Part II Capital

   160,240,933.0  
    

Less Appropriations-in-Aid

   (288,830.0 )
    

Net Total Part II Capital

   159,952,103.0  
    

 

3


LOGO    2005-2006 JAMAICA BUDGET     
          Total Capital and Recurrent
    

Summary of Expenditure Estimates by

Ministries and Departments (Showing Gross

Estimates and Total Appropriation In Aid)

    
                             $’000     

 

     Gross Total

  

Less Appropriations

in Aid


    Net Total

Recurrent

   189,128,136.0    (1,924,288.0 )   187,203,848.0

Capital

   160,240,933.0    (288,830.0 )   159,952,103.0
    
  

 

Grand Total Recurrent and Capital

   349,369,069.0    (2,213,118.0 )   347,155,951.0
    
  

 

 

4


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Estimates of Expenditure (Net of

Appropriations-in-Aid)

    
     $’000     

 

    Head No. and Title    


  

Estimates,

2005-2006


  

Revised
Estimates,

2004-2005


  

Approved
Estimates,

2004-2005


   Approved
(Provisional)
Expenditure,
2003-2004


0100

   His Excellency the Governor General & Staff    51,000.0    57,938.0    50,010.0    50,098.0
         
  
  
  

0200

   Houses of Parliament    373,000.0    373,549.0    362,631.0    349,471.0
         
  
  
  

0300

   Office of the Public Defender    38,404.0    35,785.0    35,785.0    35,095.0
         
  
  
  

0400

   Office of the Contractor-General    75,317.0    72,544.0    72,544.0    75,869.0
         
  
  
  

0500

   Auditor General    162,535.0    157,492.0    157,492.0    149,968.0
         
  
  
  

0600

   Office of the Services Commissions    87,250.0    86,862.0    86,697.0    85,769.0
         
  
  
  

1500

   Office of the Prime Minister    425,000.0    398,499.0    396,157.0    382,535.0

1510

   Jamaica Information Service    167,580.0    161,010.0    166,355.0    164,725.0
     Total Office of the Prime Minister and Departments    592,580.0    559,509.0    562,512.0    547,260.0
         
  
  
  

1600

   Office of the Cabinet    523,970.0    508,942.0    467,462.0    418,629.0

1649

   Management Institute for National Development    58,000.0    52,889.0    52,889.0    56,716.0
     Total Office of the Cabinet and Departments    581,970.0    561,831.0    520,351.0    475,345.0
         
  
  
  

1700

   Ministry of Industry and Tourism    2,200,000.0    1,980,881.0    1,851,280.0    1,809,269.0
         
  
  
  

2000

   Ministry of Finance and Planning    5,598,618.0    3,931,537.0    4,618,115.0    3,482,726.0

2011

   Accountant General    151,760.0    151,762.0    151,762.0    142,950.0

2012

   Customs Department    1,100,000.0    1,085,283.0    1,067,150.0    1,070,102.0

2015

   Inland Revenue Department    1,069,370.0    1,006,721.0    933,576.0    890,140.0

2018

   Public Debt Charges (Interest Payments)    87,578,993.0    93,636,307.0    96,300,870.0    91,623,598.0

2019

   Pensions    7,900,000.0    7,527,554.0    6,700,365.0    6,082,369.0

2041

   Taxpayer Audit and Assessment Department    770,000.0    768,086.0    794,421.0    779,158.0

2042

   Taxpayer Appeals Department    19,990.0    18,999.0    17,679.0    16,682.0

2044

   Tax Administration Services Department    248,777.0    225,882.0    225,882.0    208,019.0
     Total Ministry of Finance and Planning and Departments    104,437,508.0    108,352,131.0    110,809,820.0    104,295,744.0
         
  
  
  

2600

   Ministry of National Security    4,900,000.0    4,365,678.0    4,042,050.0    4,183,295.0

2622

   Police Department    9,500,000.0    8,995,372.0    8,895,363.0    9,111,568.0

2624

   Department of Correctional Services    2,332,353.0    2,069,295.0    1,762,968.0    1,989,641.0
     Total Ministry of National Security and Departments    16,732,353.0    15,430,345.0    14,700,381.0    15,284,504.0
         
  
  
  

2800

   Ministry of Justice    476,600.0    449,829.0    471,420.0    397,307.0

2823

   Court of Appeal    66,400.0    85,941.0    61,274.0    60,894.0

2825

   Director of Public Prosecutions    115,000.0    116,656.0    114,297.0    110,822.0

2826

   Family Courts    81,950.0    83,539.0    82,052.0    75,447.0

2827

   Resident Magistrates’ Courts    450,000.0    450,247.0    408,882.0    407,853.0

2828

   Revenue Court    4,776.0    4,776.0    4,515.0    3,818.0

2829

   Supreme Court    295,000.0    298,795.0    290,704.0    292,935.0

2830

   Administrator General    77,000.0    76,399.0    75,396.0    75,218.0

2831

   Attorney General    340,249.0    247,181.0    247,181.0    187,915.0

2832

   Trustee in Bankruptcy    19,550.0    19,967.0    18,990.0    17,401.0

2833

   Office of the Parliamentary Counsel    41,237.0    41,891.0    36,107.0    35,933.0
     Total Ministry of Justice and Departments    1,967,762.0    1,875,221.0    1,810,818.0    1,665,543.0
         
  
  
  

3000

   Ministry of Foreign Affairs and Foreign Trade    1,540,000.0    1,338,907.0    1,222,490.0    1,178,163.0
         
  
  
  

4000

   Ministry of Labour and Social Security    1,124,170.0    1,090,752.0    1,084,172.0    988,460.0
         
  
  
  

4100

   Ministry of Education, Youth and Culture    34,000,000.0    30,508,511.0    29,560,000.0    28,772,528.0
         
  
  
  

4200

   Ministry of Health    11,500,000.0    14,579,755.0    13,575,000.0    10,631,050.0

4220

   Registrar General’s Department and Island Record Office    110,000.0    110,000.0    110,000.0    98,000.0

 

5


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Estimates of Expenditure (Net of

Appropriations-in-Aid)

    
             $’000     

 

    Head No. and Title    


  

Estimates,

2005-2006


  

Revised

Estimates,

2004-2005


  

Approved

Estimates,

2004-2005


  

Approved

(Provisional)

Expenditure,

2003-2004


4234

   Bellevue Hospital    540,000.0    529,402.0    443,407.0    548,509.0

4235

   Government Chemist    14,210.0    15,152.0    15,823.0    15,463.0

4251

   Child Development Agency    850,000.0    493,394.0    550,000.0    530,529.0
     Total Ministry of Health and Departments    13,014,210.0    15,727,703.0    14,694,230.0    11,823,551.0
         
  
  
  

5100

   Ministry of Agriculture    1,300,000.0    1,340,170.0    1,233,268.0    1,237,233.0

5146

   Forestry Department    95,000.0    104,317.0    88,016.0    90,932.0
     Total Ministry of Agriculture and Departments    1,395,000.0    1,444,487.0    1,321,284.0    1,328,165.0
         
  
  
  

5200

   Ministry of Commerce, Science and Technology    692,400.0    664,760.0    697,287.0    733,865.0

5238

   The Companies Office of Jamaica (formerly Office of the Registrar of Companies)    40,000.0    38,082.0    38,834.0    38,529.0

5239

   Post & Telecommunications Department    1,030,000.0    1,277,620.0    1,000,000.0    912,294.0
     Total Ministry of Commerce, Science and Technology and Departments    1,762,400.0    1,980,462.0    1,736,121.0    1,684,688.0
         
  
  
  

5800

   Ministry of Land and the Environment    300,000.0    310,586.0    276,321.0    276,806.0

5847

   National Land Agency    450,000.0    535,254.0    394,000.0    404,223.0

5848

   National Environmental Planning Agency    285,000.0    289,724.0    286,000.0    316,906.0
         
  
  
  
     Total Ministry of Land and the Environment and Departments    1,035,000.0    1,135,564.0    956,321.0    997,935.0
         
  
  
  

6300

   Ministry of Water and Housing    570,800.0    565,555.0    562,308.0    553,262.0
         
  
  
  

6500

   Ministry of Transport and Works    645,359.0    642,609.0    659,444.0    660,379.0

6550

   National Works Agency    437,230.0    437,787.0    419,650.0    428,189.0
     Total Ministry of Transport and Works and Departments    1,082,589.0    1,080,396.0    1,079,094.0    1,088,568.0
         
  
  
  

7200

   Ministry of Local Government, Community Development and Sport    4,380,000.0    5,368,303.0    4,314,927.0    3,885,944.0
         
  
  
  
     Total Recurrent    187,203,848.0    189,784,728.0    187,551,268.0    177,125,199.0
         
  
  
  

 

6


LOGO    2005-2006 JAMAICA BUDGET     
          Capital A
    

Estimates of Expenditure (Net of

Appropriations-in-Aid)

   (Government of Jamaica Funded Projects)
     $’000     

 

    Head No. and Title    


  

Estimates,

2005-2006


  

Revised

Estimates,

2004-2005


  

Approved

Estimates,

2004-2005


  

Approved

(Provisional)

Expenditure,

2003-2004


1500A

   Office of the Prime Minister    20,000.0    20,000.0    14,000.0    19,600.0

1600A

   Office of the Cabinet    322,800.0    49,486.0    297,000.0    34,726.0

1700A

   Ministry of Industry and Tourism    78,170.0    126,812.0    87,500.0    143,352.0

2000A

   Ministry of Finance and Planning    145,964,133.0    130,289,470.0    132,849,184.0    104,543,628.0

2600A

   Ministry of National Security    300,000.0    261,082.0    100,000.0    131,830.0

2800A

   Ministry of Justice    50,000.0    65,700.0    100,000.0    32,000.0

4000A

   Ministry of Labour and Social Security    —      500.0    —      1,750.0

4100A

   Ministry of Education, Youth and Culture    3,434,780.0    238,608.0    170,800.0    152,873.0

4200A

   Ministry of Health    50,000.0    55,370.0    56,000.0    50,114.0

5100A

   Ministry of Agriculture    180,000.0    124,110.0    100,000.0    61,895.0

5200A

   Ministry of Commerce, Science and Technology    50,000.0    5,800.0    —      34,475.0

5800A

   Ministry of Land and the Environment    50,000.0    87,158.0    39,850.0    39,080.0

6300A

   Ministry of Water and Housing    150,000.0    200,250.0    200,000.0    97,433.0

6500A

   Ministry of Transport and Works    1,863,800.0    1,495,814.0    672,000.0    627,475.0

7200A

   Ministry of Local Government, Community Development and Sport    327,000.0    416,642.0    160,000.0    386,768.0
         
  
  
  
     Total Capital A    152,840,683.0    133,436,802.0    134,846,334.0    106,356,999.0
         
  
  
  

 

7


LOGO    2005-2006 JAMAICA BUDGET     
          Capital B
    

Estimates of Expenditure (Net of Appropriations-in-Aid)

   (Multilateral /Bilateral Projects)
                                                                                               $’000     

 

    Head No. and Title    


  

Estimates,

2005-2006


  

Revised

Estimates,

2004-2005


  

Approved

Estimates,

2004-2005


  

Approved

(Provisional)

Expenditure,

2003-2004


1500B

   Office of the Prime Minister    137,000.0      —      —      33,000.0

1600B

   Office of the Cabinet    156,690.0      77,903.0    158,100.0    78,303.0

1700B

   Ministry of Industry and Tourism    15,250.0      —      —      6,700.0

2000B

   Ministry of Finance and Planning    451,810.0      337,839.0    300,000.0    124,900.0

2600B

   Ministry of National Security    552,370.0      50,532.0    110,000.0    61,000.0

2800B

   Ministry of Justice    10,000.0    * 12,680.0    16,200.0    9,428.0

4000B

   Ministry of Labour and Social Security    900,000.0      1,015,478.0    1,100,000.0    479,689.0

4100B

   Ministry of Education, Youth and Culture    491,900.0      231,889.0    482,800.0    228,452.0

4200B

   Ministry of Health    533,800.0      312,198.0    531,300.0    94,709.0

5100B

   Ministry of Agriculture    431,090.0      392,700.0    262,700.0    231,786.0

5200B

   Ministry of Commerce, Science and Technology    213,130.0      55,566.0    110,000.0    83,423.0

5800B

   Ministry of Land and the Environment    253,180.0      79,249.0    282,300.0    59,186.0

6300B

   Ministry of Water and Housing    400,000.0      125,287.0    432,400.0    38,719.0

6500B

   Ministry of Transport and Works    2,105,200.0      1,906,389.0    1,670,000.0    976,377.0

7200B

  

Ministry of Local Government, Community

Development and Sport

   460,000.0      354,333.0    300,000.0    451,300.0
         
  

  
  
     Total Capital B    7,111,420.0    * 4,952,043.0    5,755,800.0    2,956,972.0
         
  

  
  
     Total Capital (A + B)    159,952,103.0      138,763,276.0    140,602,134.0    109,363,971.0
         
  

  
  
     Grand Total Recurrent and Capital    347,155,951.0      328,173,573.0    328,153,402.0    286,439,170.0
         
  

  
  

* The Capital B reduction of $2.66 million for the Ministry of Justice was inadvertently omitted from the summary figures for the 2004/2005 Second Supplementary Estimates.

 

8


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Statutory Provisions and Provisions to be Voted

    
                             $’000     

 

    Head No. and Title    


   Statutory

  

Gross

Expenditure

to be Voted


  

Appropriations

in Aid


  

Net

Expenditure

to be Voted


  

Net provisions
in Estimates

(Including

Statutory )


0100

   His Excellency the Governor General & Staff    36,008.0    14,992.0    —      14,992.0    51,000.0

0200

   Houses of Parliament    6,283.0    366,717.0    —      366,717.0    373,000.0

0300

   Office of the Public Defender    5,149.0    33,255.0    —      33,255.0    38,404.0

0400

   Office of the Contractor-General    4,407.0    70,910.0    —      70,910.0    75,317.0

0500

   Auditor General    4,116.0    158,419.0    —      158,419.0    162,535.0

0600

   Office of the Services Commissions    1,462.0    85,788.0    —      85,788.0    87,250.0

1500

   Office of the Prime Minister    —      425,000.0    —      425,000.0    425,000.0

1510

   Jamaica Information Service    —      191,508.0    23,928.0    167,580.0    167,580.0
         
  
  
  
  
     Total Office of the Prime Minister    —      616,508.0    23,928.0    592,580.0    592,580.0
         
  
  
  
  

1600

   Office of the Cabinet    —      523,970.0    —      523,970.0    523,970.0

1649

  

Management Institute for National

Development

   —      100,193.0    42,193.0    58,000.0    58,000.0
         
  
  
  
  
     Total Office of the Cabinet    —      624,163.0    42,193.0    581,970.0    581,970.0
         
  
  
  
  

1700

   Ministry of Industry and Tourism    —      2,225,125.0    25,125.0    2,200,000.0    2,200,000.0
         
  
  
  
  

2000

   Ministry of Finance and Planning    —      5,598,618.0    —      5,598,618.0    5,598,618.0

2011

   Accountant General    —      151,760.0    —      151,760.0    151,760.0

2012

   Customs Department    —      1,100,000.0    —      1,100,000.0    1,100,000.0

2015

   Inland Revenue Department    —      1,069,370.0    —      1,069,370.0    1,069,370.0

2018

   Public Debt Charges (Interest Payments)    87,578,993.0    —      —      —      87,578,993.0

2019

   Pensions    5,010,022.0    2,889,978.0    —      2,889,978.0    7,900,000.0

2041

   Taxpayer Audit and Assessment Department    —      770,000.0    —      770,000.0    770,000.0

2042

   Taxpayer Appeals Department    —      19,990.0    —      19,990.0    19,990.0

2044

   Tax Administration Services Department    —      248,777.0    —      248,777.0    248,777.0
         
  
  
  
  
     Total Ministry of Finance and Planning    92,589,015.0    11,848,493.0    —      11,848,493.0    104,437,508.0
         
  
  
  
  

2600

   Ministry of National Security    —      5,187,100.0    287,100.0    4,900,000.0    4,900,000.0

2622

   Police Department    —      9,500,000.0    —      9,500,000.0    9,500,000.0

2624

   Department of Correctional Services    —      2,332,353.0    —      2,332,353.0    2,332,353.0
         
  
  
  
  
     Total Ministry of National Security    —      17,019,453.0    287,100.0    16,732,353.0    16,732,353.0
         
  
  
  
  

2800

   Ministry of Justice    —      476,600.0    —      476,600.0    476,600.0

2823

   Court of Appeal    32,043.0    34,357.0    —      34,357.0    66,400.0

2825

   Director of Public Prosecutions    3,500.0    111,500.0    —      111,500.0    115,000.0

2826

   Family Courts    —      81,950.0    —      81,950.0    81,950.0

2827

   Resident Magistrates’ Courts    —      450,000.0    —      450,000.0    450,000.0

2828

   Revenue Court    —      4,776.0    —      4,776.0    4,776.0

2829

   Supreme Court    79,250.0    215,750.0    —      215,750.0    295,000.0

2830

   Administrator General    —      105,100.0    28,100.0    77,000.0    77,000.0

2831

   Attorney General    —      340,249.0    —      340,249.0    340,249.0

2832

   Trustee in Bankruptcy    —      19,550.0    —      19,550.0    19,550.0

2833

   Office of the Parliamentary Counsel    —      41,237.0    —      41,237.0    41,237.0
         
  
  
  
  
     Total Ministry of Justice    114,793.0    1,881,069.0    28,100.0    1,852,969.0    1,967,762.0
         
  
  
  
  

3000

   Ministry of Foreign Affairs and Foreign Trade    —      1,556,000.0    16,000.0    1,540,000.0    1,540,000.0
         
  
  
  
  

4000

   Ministry of Labour and Social Security    —      1,154,311.0    30,141.0    1,124,170.0    1,124,170.0
         
  
  
  
  

 

9


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Statutory Provisions and Provisions to be Voted

    
                             $’000     

 

    Head No. and Title    


   Statutory

  

Gross

Expenditure

to be Voted


  

Appropriations

in Aid


  

Net

Expenditure

to be Voted


  

Net provisions

in Estimates

(Including

Statutory )


4100

   Ministry of Education, Youth and Culture    —      34,000,000.0    —      34,000,000.0    34,000,000.0
         
  
  
  
  

4200

   Ministry of Health    —      11,513,000.0    13,000.0    11,500,000.0    11,500,000.0
         
  
  
  
  

4220

   Registrar General’s Department and Island Record Office    —      557,518.0    447,518.0    110,000.0    110,000.0

4234

   Bellevue Hospital    —      540,000.0    —      540,000.0    540,000.0

4235

   Government Chemist    —      14,210.0    —      14,210.0    14,210.0

4251

   Child Development Agency    —      850,000.0    —      850,000.0    850,000.0
         
  
  
  
  
     Total Ministry of Health    —      13,474,728.0    460,518.0    13,014,210.0    13,014,210.0
         
  
  
  
  

5100

   Ministry of Agriculture    —      1,330,212.0    30,212.0    1,300,000.0    1,300,000.0

5146

   Forestry Department    —      102,570.0    7,570.0    95,000.0    95,000.0
         
  
  
  
  
     Total Ministry of Agriculture    —      1,432,782.0    37,782.0    1,395,000.0    1,395,000.0
         
  
  
  
  

5200

   Ministry of Commerce, Science and Technology    —      695,100.0    2,700.0    692,400.0    692,400.0

5238

   The Companies Office of Jamaica (formerly Office of the Registrar of Companies)    —      124,566.0    84,566.0    40,000.0    40,000.0

5239

   Post & Telecommunications Department    —      1,030,000.0    —      1,030,000.0    1,030,000.0
         
  
  
  
  
     Total Ministry of Commerce, Science and Technology    —      1,849,666.0    87,266.0    1,762,400.0    1,762,400.0
         
  
  
  
  

5800

   Ministry of Land and the Environment    —      302,600.0    2,600.0    300,000.0    300,000.0

5847

   National Land Agency    —      660,000.0    210,000.0    450,000.0    450,000.0

5848

   National Environmental Planning Agency    —      293,500.0    8,500.0    285,000.0    285,000.0
         
  
  
  
  
     Total Ministry of Land and the Environment    —      1,256,100.0    221,100.0    1,035,000.0    1,035,000.0
         
  
  
  
  

6300

   Ministry of Water and Housing    2.0    570,798.0    —      570,798.0    570,800.0
         
  
  
  
  

6500

   Ministry of Transport and Works    —      1,110,394.0    465,035.0    645,359.0    645,359.0

6550

   National Works Agency    —      637,230.0    200,000.0    437,230.0    437,230.0
         
  
  
  
  
     Total Ministry of Transport and Works    —      1,747,624.0    665,035.0    1,082,589.0    1,082,589.0
         
  
  
  
  

7200

   Ministry of Local Government, Community Development and Sport    —      4,380,000.0    —      4,380,000.0    4,380,000.0
         
  
  
  
  
     Total Recurrent    92,761,235.0    96,366,901.0    1,924,288.0    94,442,613.0    187,203,848.0
         
  
  
  
  

 

10


LOGO    2005-2006 JAMAICA BUDGET     
          Capital
    

Statutory Provisions and Provisions to be Voted

    
                             $’000     

 

    Head No. and Title    


   Statutory

  

Gross

Expenditure

to be Voted


  

Appropriations

in Aid


  

Net

Expenditure

to be Voted


  

Net provisions

in Estimates

(Including

Statutory)


1500A

   Office of the Prime Minister    —      20,000.0    —      20,000.0    20,000.0

1500B

   Office of the Prime Minister    —      137,000.0    —      137,000.0    137,000.0

1600A

   Office of the Cabinet    —      322,800.0    —      322,800.0    322,800.0

1600B

   Office of the Cabinet    —      156,690.0    —      156,690.0    156,690.0

1700A

   Ministry of Industry and Tourism    —      80,000.0    1,830.0    78,170.0    78,170.0

1700B

   Ministry of Industry and Tourism    —      15,250.0    —      15,250.0    15,250.0

2000A

   Ministry of Finance and Planning    142,676,118.0    3,288,015.0    —      3,288,015.0    145,964,133.0

2000B

   Ministry of Finance and Planning    —      451,810.0    —      451,810.0    451,810.0

2600A

   Ministry of National Security    —      400,000.0    100,000.0    300,000.0    300,000.0

2600B

   Ministry of National Security    —      552,370.0    —      552,370.0    552,370.0

2800A

   Ministry of Justice    —      237,000.0    187,000.0    50,000.0    50,000.0

2800B

   Ministry of Justice    —      10,000.0    —      10,000.0    10,000.0

4000A

   Ministry of Labour and Social Security    —      —      —      —      —  

4000B

   Ministry of Labour and Social Security    —      900,000.0    —      900,000.0    900,000.0

4100A

   Ministry of Education, Youth and Culture    —      3,434,780.0    —      3,434,780.0    3,434,780.0

4100B

   Ministry of Education, Youth and Culture    —      491,900.0    —      491,900.0    491,900.0

4200A

   Ministry of Health    —      50,000.0    —      50,000.0    50,000.0

4200B

   Ministry of Health    —      533,800.0    —      533,800.0    533,800.0

5100A

   Ministry of Agriculture    —      180,000.0    —      180,000.0    180,000.0

5100B

   Ministry of Agriculture    —      431,090.0    —      431,090.0    431,090.0

5200A

   Ministry of Commerce, Science and Technology    —      50,000.0    —      50,000.0    50,000.0

5200B

   Ministry of Commerce, Science and Technology    —      213,130.0    —      213,130.0    213,130.0

5800A

   Ministry of Land and the Environment    —      50,000.0    —      50,000.0    50,000.0

5800B

   Ministry of Land and the Environment    —      253,180.0    —      253,180.0    253,180.0

6300A

   Ministry of Water and Housing    —      150,000.0    —      150,000.0    150,000.0

6300B

   Ministry of Water and Housing    —      400,000.0    —      400,000.0    400,000.0

6500A

   Ministry of Transport and Works    —      1,863,800.0    —      1,863,800.0    1,863,800.0

6500B

   Ministry of Transport and Works    —      2,105,200.0    —      2,105,200.0    2,105,200.0

7200A

   Ministry of Local Government, Community Development and Sport    —      327,000.0    —      327,000.0    327,000.0

7200B

   Ministry of Local Government, Community Development and Sport    —      460,000.0    —      460,000.0    460,000.0
         
  
  
  
  
     Total Capital    142,676,118.0    17,564,815.0    288,830.0    17,275,985.0    159,952,103.0
         
  
  
  
  
     Grand Total Recurrent and Capital    235,437,353.0    113,931,716.0    2,213,118.0    111,718,598.0    347,155,951.0
         
  
  
  
  

 

11


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Summary of Total Expenditure by Objects

    
                             $’000     

 

    Head No. and Title    


  

21

Compensation

of Employees


  

22 Travel

Expenses and

Subsistence


  

23 Rental of

Property,

Machinery and

Equipment


  

24 Public Utility

Services


  

25 Purchases of

Other Goods and

Services


0100

   His Excellency the Governor General & Staff    34,970.0    2,648.0    979.0    6,328.0    5,451.0

0200

   Houses of Parliament    282,844.0    38,635.0    —      5,532.0    8,989.0

0300

   Office of the Public Defender    26,642.0    2,632.0    1,830.0    1,350.0    1,689.0

0400

   Office of the Contractor-General    41,463.0    7,639.0    4,543.0    2,400.0    6,272.0

0500

   Auditor General    133,242.0    21,025.0    4,284.0    1,900.0    2,010.0

0600

   Office of the Services Commissions    71,086.0    8,707.0    —      790.0    5,104.0

1500

   Office of the Prime Minister    162,362.0    40,858.0    261.0    24,417.0    93,566.0

1510

   Jamaica Information Service    153,842.0    9,923.0    1,714.0    9,253.0    16,776.0
     Total Office of the Prime Minister    316,204.0    50,781.0    1,975.0    33,670.0    110,342.0
         
  
  
  
  

1600

   Office of the Cabinet    175,566.0    23,567.0    8,488.0    7,683.0    30,021.0

1649

   Management Institute for National Development    62,654.0    6,885.0    1,346.0    5,418.0    22,360.0
     Total Office of the Cabinet    238,220.0    30,452.0    9,834.0    13,101.0    52,381.0
         
  
  
  
  

1700

   Ministry of Industry and Tourism    46,435.0    16,208.0    19,405.0    3,397.0    19,909.0

2000

   Ministry of Finance and Planning    584,373.0    82,763.0    1,290.0    43,141.0    1,571,429.0

2011

   Accountant General    107,508.0    6,133.0    462.0    9,519.0    20,223.0

2012

   Customs Department    844,420.0    151,660.0    4,620.0    31,253.0    51,229.0

2015

   Inland Revenue Department    591,108.0    124,528.0    28,248.0    20,544.0    274,942.0

2018

   Public Debt Charges (Interest Payments)    —      —      —      —      —  

2019

   Pensions    —      —      —      —      —  

2041

   Taxpayer Audit and Assessment Department    561,326.0    100,000.0    16,702.0    21,600.0    51,198.0

2042

   Taxpayer Appeals Department    14,461.0    2,304.0    1,612.0    908.0    559.0

2044

   Tax Administration Services Department    126,936.0    16,260.0    14,939.0    45,996.0    44,646.0
     Total Ministry of Finance and Planning    2,830,132.0    483,648.0    67,873.0    172,961.0    2,014,226.0
         
  
  
  
  

2600

   Ministry of National Security    3,277,154.0    167,085.0    146,396.0    200,119.0    563,900.0

2622

   Police Department    7,570,263.0    463,273.0    62,212.0    402,167.0    933,011.0

2624

   Department of Correctional Services    1,831,709.0    136,540.0    14,197.0    120,918.0    223,989.0
     Total Ministry of National Security    12,679,126.0    766,898.0    222,805.0    723,204.0    1,720,900.0
         
  
  
  
  

2800

   Ministry of Justice    138,528.0    27,366.0    42,780.0    6,513.0    61,178.0

2823

   Court of Appeal    58,848.0    3,677.0    160.0    1,836.0    1,879.0

2825

   Director of Public Prosecutions    79,997.0    15,625.0    460.0    4,920.0    11,998.0

2826

   Family Courts    63,182.0    10,138.0    2,880.0    2,700.0    1,608.0

2827

   Resident Magistrates’ Courts    380,300.0    37,430.0    —      21,510.0    9,000.0

2828

   Revenue Court    4,371.0    10.0    —      120.0    275.0

2829

   Supreme Court    204,759.0    29,616.0    1,200.0    17,304.0    40,464.0

2830

   Administrator General    91,060.0    200.0    5,900.0    2,000.0    5,940.0

2831

   Attorney General    107,101.0    16,368.0    396.0    1,020.0    14,047.0

2832

   Trustee in Bankruptcy    14,789.0    960.0    2,356.0    550.0    895.0

2833

   Office of the Parliamentary Counsel    34,931.0    3,958.0    —      500.0    1,848.0
     Total Ministry of Justice    1,177,866.0    145,348.0    56,132.0    58,973.0    149,132.0
         
  
  
  
  

3000

   Ministry of Foreign Affairs and Foreign Trade    685,020.0    83,667.0    286,227.0    46,045.0    142,297.0

4000

   Ministry of Labour and Social Security    671,521.0    107,675.0    4,550.0    56,077.0    70,814.0

4100

   Ministry of Education, Youth and Culture    844,109.0    154,160.0    9,579.0    40,804.0    867,433.0

4200

   Ministry of Health    588,214.0    57,690.0    56,030.0    20,150.0    339,433.0

4220

   Registrar General’s Department and Island Record Office    287,204.0    9,971.0    12,998.0    23,559.0    150,825.0

4234

   Bellevue Hospital    402,803.0    40,515.0    50.0    12,540.0    81,142.0

 

12


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Summary of Total Expenditure by Objects

    
                             $’000     

 

    Head No. and Title    


  

21

Compensation

of Employees


  

22 Travel

Expenses and

Subsistence


  

23 Rental of

Property,

Machinery and
Equipment


  

24 Public Utility

Services


  

25 Purchases of
Other Goods and

Services


4235

   Government Chemist    12,080.0    448.0    —      544.0    1,138.0

4251

   Child Development Agency    271,006.0    40,000.0    14,000.0    15,000.0    100,000.0
     Total Ministry of Health    1,561,307.0    148,624.0    83,078.0    71,793.0    672,538.0
         
  
  
  
  

5100

   Ministry of Agriculture    520,561.0    69,567.0    196.0    31,441.0    74,826.0

5146

   Forestry Department    81,846.0    8,117.0    —      1,765.0    10,496.0
     Total Ministry of Agriculture    602,407.0    77,684.0    196.0    33,206.0    85,322.0
         
  
  
  
  

5200

   Ministry of Commerce, Science and Technology    229,557.0    36,662.0    28,458.0    9,247.0    81,522.0

5238

  

The Companies Office of Jamaica (formerly Office of the Registrar of Companies)

   87,220.0    2,079.0    6,980.0    5,326.0    15,924.0

5239

   Post & Telecommunications Department    776,014.0    19,469.0    9,150.0    48,555.0    167,690.0
     Total Ministry of Commerce, Science and Technology    1,092,791.0    58,210.0    44,588.0    63,128.0    265,136.0
         
  
  
  
  

5800

   Ministry of Land and the Environment    142,047.0    20,153.0    1,645.0    10,580.0    8,850.0

5847

   National Land Agency    385,000.0    53,000.0    3,500.0    47,000.0    161,000.0

5848

   National Environmental Planning Agency    228,680.0    28,180.0    17,490.0    9,540.0    7,680.0
     Total Ministry of Land and the Environment    755,727.0    101,333.0    22,635.0    67,120.0    177,530.0
         
  
  
  
  

6300

   Ministry of Water and Housing    148,146.0    20,564.0    43,500.0    4,875.0    11,335.0

6500

   Ministry of Transport and Works    212,134.0    42,151.0    936.0    19,329.0    64,427.0

6550

   National Works Agency    375,768.0    100,775.0    —      45,540.0    94,517.0
     Total Ministry of Transport and Works    587,902.0    142,926.0    936.0    64,869.0    158,944.0
         
  
  
  
  

7200

   Ministry of Local Government, Community Development and Sport    124,645.0    21,838.0    760.0    4,705.0    20,877.0
         
  
  
  
  
     Total Recurrent    24,951,805.0    2,491,302.0    885,709.0    1,476,228.0    6,568,631.0
         
  
  
  
  

 

13


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Summary of Total Expenditure by Objects

    
                             $’000     

 

    Head No. and Title    


  

26 Interest

Payments


  

28 Retirement

Benefits


  

29 Awards and

Indemnities


  

30 Grants and

Contributions


  

31 Purchases of

Equipment

(Capital

Goods)


0100

     His Excellency the Governor General & Staff    —      434.0    —      —      190.0

0200

     Houses of Parliament    —      300.0    —      35,570.0    1,130.0

0300

     Office of the Public Defender    —      4,251.0    —      10.0    —  

0400

     Office of the Contractor-General    —      13,000.0    —      —      —  

0500

     Auditor General    —      —      —      74.0    —  

0600

     Office of the Services Commissions    —      —      —      —      1,563.0

1500

     Office of the Prime Minister    —      —      —      98,414.0    5,122.0
           
  
  
  
  

1510

     Jamaica Information Service    —      —      —      —      —  
       Total Office of the Prime Minister    —      —      —      98,414.0    5,122.0

1600

     Office of the Cabinet    —      —      —      275,840.0    2,805.0
           
  
  
  
  

1649

     Management Institute for National Development    —      —      —      —      1,530.0
       Total Office of the Cabinet    —      —      —      275,840.0    4,335.0

1700

     Ministry of Industry and Tourism    —      —      —      2,114,130.0    5,641.0

2000

     Ministry of Finance and Planning    —      —      3.0    1,635,227.0    30,392.0

2011

     Accountant General    1,000.0    —      —      —      6,915.0

2012

     Customs Department    —      —      —      —      16,818.0

2015

     Inland Revenue Department    —      —      —      —      30,000.0

2018

     Public Debt Charges (Interest Payments)    87,578,993.0    —      —      —      —  

2019

     Pensions    —      7,849,000.0    —      51,000.0    —  

2041

     Taxpayer Audit and Assessment Department    —      —      —      —      19,174.0

2042

     Taxpayer Appeals Department    —      —      —      —      146.0

2044

     Tax Administration Services Department    —      —      —      —      —  
       Total Ministry of Finance and Planning    87,579,993.0    7,849,000.0    3.0    1,686,227.0    103,445.0
           
  
  
  
  

2600

     Ministry of National Security    —      —      —      794,226.0    37,181.0

2622

     Police Department    —      —      5,200.0    29,800.0    32,994.0

2624

     Department of Correctional Services    —      —      —      5,000.0    —  
       Total Ministry of National Security    —      —      5,200.0    829,026.0    70,175.0
           
  
  
  
  

2800

     Ministry of Justice    —      —      —      197,529.0    2,706.0

2823

     Court of Appeal    —      —      —      —      —  

2825

     Director of Public Prosecutions    —      —      1,500.0    —      500.0

2826

     Family Courts    —      —      —      —      1,442.0

2827

     Resident Magistrates’ Courts    —      —      —      —      1,760.0

2828

     Revenue Court    —      —      —      —      —  

2829

     Supreme Court    —      —      —      —      1,657.0

2830

     Administrator General    —      —      —      —      —  

2831

     Attorney General    —      —      200,000.0    —      1,317.0

2832

     Trustee in Bankruptcy    —      —      —      —      —  

2833

     Office of the Parliamentary Counsel    —      —      —      —      —  
       Total Ministry of Justice    —      —      201,500.0    197,529.0    9,382.0
           
  
  
  
  

3000

     Ministry of Foreign Affairs and Foreign Trade    —      —      —      301,308.0    11,436.0

4000

     Ministry of Labour and Social Security    —      —      —      221,448.0    22,226.0

4100

     Ministry of Education, Youth and Culture    —      2,043.0    640.0    32,080,482.0    750.0

4200

     Ministry of Health    —      —      —      10,445,373.0    6,110.0

4220

     Registrar General’s Department and Island Record Office    —      —      —      —      72,961.0

4234

     Bellevue Hospital    —      —      —      —      2,950.0

 

14


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Summary of Total Expenditure by Objects

    
                             $’000     

 

    Head No. and Title    


  

26 Interest

Payments


  

28 Retirement

Benefits


  

29 Awards and

Indemnities


  

30 Grants and

Contributions


  

31 Purchases of

Equipment

(Capital Goods)


4235

   Government Chemist    —      —      —      —      —  

4251

   Child Development Agency    —      12,000.0    —      382,940.0    15,054.0
     Total Ministry of Health    —      12,000.0    —      10,828,313.0    97,075.0
         
  
  
  
  

5100

   Ministry of Agriculture    —      —      —      620,635.0    12,986.0

5146

   Forestry Department    —      —      —      —      346.0
     Total Ministry of Agriculture    —      —      —      620,635.0    13,332.0
         
  
  
  
  

5200

   Ministry of Commerce, Science and Technology    —      —      —      301,716.0    7,938.0

5238

  

The Companies Office of Jamaica (formerly Office of the Registrar of Companies)

   368.0    —      —      —      6,669.0

5239

   Post & Telecommunications Department    —      —      80.0    3,653.0    5,389.0
     Total Ministry of Commerce, Science and Technology    368.0    —      80.0    305,369.0    19,996.0
         
  
  
  
  

5800

   Ministry of Land and the Environment    —      —      —      116,185.0    3,140.0

5847

   National Land Agency    —      —      —      —      10,500.0

5848

   National Environmental Planning Agency    —      —      —      1,380.0    550.0
     Total Ministry of Land and the Environment    —      —      —      117,565.0    14,190.0
         
  
  
  
  

6300

   Ministry of Water and Housing    —      —      —      340,020.0    2,360.0

6500

   Ministry of Transport and Works    —      —      —      752,317.0    19,100.0

6550

   National Works Agency    —      —      —      —      20,630.0
     Total Ministry of Transport and Works    —      —      —      752,317.0    39,730.0
         
  
  
  
  

7200

  

Ministry of Local Government, Community Development and Sport

   —      —      —      4,207,175.0    —  
         
  
  
  
  
     Total Recurrent    87,580,361.0    7,881,028.0    207,423.0    55,011,452.0    422,078.0
         
  
  
  
  

 

15


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Summary of Total Expenditure by Objects

    
                             $’000     

 

    Head No. and Title    


   32 Land and
Structures


   33 Financial
Investments


  

34 Purchase of

Livestock and

Other Animals


  

35 Loan

Repayments and
Sinking Fund

Contributions


   36 Loans

0100

   His Excellency the Governor General & Staff    —      —      —      —      —  

0200

   Houses of Parliament    —      —      —      —      —  

0300

   Office of the Public Defender    —      —      —      —      —  

0400

   Office of the Contractor-General    —      —      —      —      —  

0500

   Auditor General    —      —      —      —      —  

0600

   Office of the Services Commissions    —      —      —      —      —  

1500

   Office of the Prime Minister    —      —      —      —      —  

1510

   Jamaica Information Service    —      —      —      —      —  
     Total Office of the Prime Minister    —      —      —      —      —  
         
  
  
  
  

1600

   Office of the Cabinet    —      —      —      —      —  

1649

   Management Institute for National Development    —      —      —      —      —  
     Total Office of the Cabinet    —      —      —      —      —  
         
  
  
  
  

1700

   Ministry of Industry and Tourism    —      —      —      —      —  

2000

   Ministry of Finance and Planning    —      —      —      —      —  

2011

   Accountant General    —      —      —      —      —  

2012

   Customs Department    —      —      —      —      —  

2015

   Inland Revenue Department    —      —      —      —      —  

2018

   Public Debt Charges (Interest Payments)    —      —      —      —      —  

2019

   Pensions    —      —      —      —      —  

2041

   Taxpayer Audit and Assessment Department    —      —      —      —      —  

2042

   Taxpayer Appeals Department    —      —      —      —      —  

2044

   Tax Administration Services Department    —      —      —      —      —  
     Total Ministry of Finance and Planning    —      —      —      —      —  
         
  
  
  
  

2600

   Ministry of National Security    —      —      1,039.0    —      —  

2622

   Police Department    —      —      1,080.0    —      —  

2624

   Department of Correctional Services    —      —      —      —      —  
     Total Ministry of National Security    —      —      2,119.0    —      —  
         
  
  
  
  

2800

   Ministry of Justice    —      —      —      —      —  

2823

   Court of Appeal    —      —      —      —      —  

2825

   Director of Public Prosecutions    —      —      —      —      —  

2826

   Family Courts    —      —      —      —      —  

2827

   Resident Magistrates’ Courts    —      —      —      —      —  

2828

   Revenue Court    —      —      —      —      —  

2829

   Supreme Court    —      —      —      —      —  

2830

   Administrator General    —      —      —      —      —  

2831

   Attorney General    —      —      —      —      —  

2832

   Trustee in Bankruptcy    —      —      —      —      —  

2833

   Office of the Parliamentary Counsel    —      —      —      —      —  
     Total Ministry of Justice    —      —      —      —      —  
         
  
  
  
  

3000

   Ministry of Foreign Affairs and Foreign Trade    —      —      —      —      —  

4000

   Ministry of Labour and Social Security    —      —      —      —      —  

4100

   Ministry of Education, Youth and Culture    —      —      —      —      —  

4200

   Ministry of Health    —      —      —      —      —  

 

16


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Summary of Total Expenditure by Objects

    
                             $’000     

 

    Head No. and Title    


  

32 Land and

Structures


  

33 Financial

Investments


  

34 Purchase of

Livestock and

Other Animals


  

35 Loan

Repayments and
Sinking Fund

Contributions


   36 Loans

4220

  

Registrar General’s Department and Island Record Office

   —      —      —      —      —  

4234

   Bellevue Hospital    —      —      —      —      —  

4235

   Government Chemist    —      —      —      —      —  

4251

   Child Development Agency    —      —      —      —      —  
     Total Ministry of Health    —      —      —      —      —  
         
  
  
  
  

5100

   Ministry of Agriculture    —      —      —      —      —  

5146

   Forestry Department    —      —      —      —      —  
     Total Ministry of Agriculture    —      —      —      —      —  
         
  
  
  
  

5200

   Ministry of Commerce, Science and Technology    —      —      —      —      —  

5238

  

The Companies Office of Jamaica (formerly Office of the Registrar of Companies)

   —      —      —      —      —  

5239

   Post & Telecommunications Department    —      —      —      —      —  
    

Total Ministry of Commerce, Science and Technology

   —      —      —      —      —  
         
  
  
  
  

5800

   Ministry of Land and the Environment    —      —      —      —      —  

5847

   National Land Agency    —      —      —      —      —  

5848

   National Environmental Planning Agency    —      —      —      —      —  
     Total Ministry of Land and the Environment    —      —      —      —      —  
         
  
  
  
  

6300

   Ministry of Water and Housing    —      —      —      —      —  

6500

   Ministry of Transport and Works    —      —      —      —      —  

6550

   National Works Agency    —      —      —      —      —  
     Total Ministry of Transport and Works    —      —      —      —      —  
         
  
  
  
  

7200

   Ministry of Local Government, Community Development and Sport    —      —      —      —      —  
         
  
  
  
  
     Total Recurrent    —      —      2,119.0    —      —  
         
  
  
  
  

 

17


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Summary of Total Expenditure by Objects

    
                             $’000     

 

    Head No. and Title    


   99 Unclassified

   Gross Total

  

Less

Appropriations

in Aid


   Net Total

0100

   His Excellency the Governor General & Staff    —      51,000.0    —      51,000.0

0200

   Houses of Parliament    —      373,000.0    —      373,000.0

0300

   Office of the Public Defender    —      38,404.0    —      38,404.0

0400

   Office of the Contractor-General    —      75,317.0    —      75,317.0

0500

   Auditor General    —      162,535.0    —      162,535.0

0600

   Office of the Services Commissions    —      87,250.0    —      87,250.0

1500

   Office of the Prime Minister    —      425,000.0    —      425,000.0

1510

   Jamaica Information Service    —      191,508.0    23,928.0    167,580.0
     Total Office of the Prime Minister    —      616,508.0    23,928.0    592,580.0
         
  
  
  

1600

   Office of the Cabinet    —      523,970.0    —      523,970.0

1649

   Management Institute for National Development    —      100,193.0    42,193.0    58,000.0
     Total Office of the Cabinet    —      624,163.0    42,193.0    581,970.0
         
  
  
  

1700

   Ministry of Industry and Tourism    —      2,225,125.0    25,125.0    2,200,000.0

2000

   Ministry of Finance and Planning    1,650,000.0    5,598,618.0    —      5,598,618.0

2011

   Accountant General    —      151,760.0    —      151,760.0

2012

   Customs Department    —      1,100,000.0    —      1,100,000.0

2015

   Inland Revenue Department    —      1,069,370.0    —      1,069,370.0

2018

   Public Debt Charges (Interest Payments)    —      87,578,993.0    —      87,578,993.0

2019

   Pensions    —      7,900,000.0    —      7,900,000.0

2041

   Taxpayer Audit and Assessment Department    —      770,000.0    —      770,000.0

2042

   Taxpayer Appeals Department    —      19,990.0    —      19,990.0

2044

   Tax Administration Services Department    —      248,777.0    —      248,777.0
     Total Ministry of Finance and Planning    1,650,000.0    104,437,508.0    —      104,437,508.0
         
  
  
  

2600

   Ministry of National Security    —      5,187,100.0    287,100.0    4,900,000.0

2622

   Police Department    —      9,500,000.0    —      9,500,000.0

2624

   Department of Correctional Services    —      2,332,353.0    —      2,332,353.0
     Total Ministry of National Security    —      17,019,453.0    287,100.0    16,732,353.0
         
  
  
  

2800

   Ministry of Justice    —      476,600.0    —      476,600.0

2823

   Court of Appeal    —      66,400.0    —      66,400.0

2825

   Director of Public Prosecutions    —      115,000.0    —      115,000.0

2826

   Family Courts    —      81,950.0    —      81,950.0

2827

   Resident Magistrates’ Courts    —      450,000.0    —      450,000.0

2828

   Revenue Court    —      4,776.0    —      4,776.0

2829

   Supreme Court    —      295,000.0    —      295,000.0

2830

   Administrator General    —      105,100.0    28,100.0    77,000.0

2831

   Attorney General    —      340,249.0    —      340,249.0

2832

   Trustee in Bankruptcy    —      19,550.0    —      19,550.0

2833

   Office of the Parliamentary Counsel    —      41,237.0    —      41,237.0
     Total Ministry of Justice    —      1,995,862.0    28,100.0    1,967,762.0
         
  
  
  

3000

   Ministry of Foreign Affairs and Foreign Trade    —      1,556,000.0    16,000.0    1,540,000.0

4000

   Ministry of Labour and Social Security    —      1,154,311.0    30,141.0    1,124,170.0

4100

   Ministry of Education, Youth and Culture    —      34,000,000.0    —      34,000,000.0

4200

   Ministry of Health    —      11,513,000.0    13,000.0    11,500,000.0

4220

   Registrar General’s Department and Island Record Office    —      557,518.0    447,518.0    110,000.0

4234

   Bellevue Hospital    —      540,000.0    —      540,000.0

4235

   Government Chemist    —      14,210.0    —      14,210.0

4251

   Child Development Agency    —      850,000.0    —      850,000.0
     Total Ministry of Health    —      13,474,728.0    460,518.0    13,014,210.0
         
  
  
  

5100

   Ministry of Agriculture    —      1,330,212.0    30,212.0    1,300,000.0

5146

   Forestry Department    —      102,570.0    7,570.0    95,000.0
     Total Ministry of Agriculture    —      1,432,782.0    37,782.0    1,395,000.0
         
  
  
  

5200

   Ministry of Commerce, Science and Technology    —      695,100.0    2,700.0    692,400.0

5238

  

The Companies Office of Jamaica (formerly Office of the Registrar of Companies)

   —      124,566.0    84,566.0    40,000.0

 

18


LOGO    2005-2006 JAMAICA BUDGET     
          Recurrent
    

Summary of Total Expenditure by Objects

    
                             $’000     

 

    Head No. and Title    


   99 Unclassified

   Gross Total

  

Less

Appropriations

in Aid


   Net Total

5239

   Post & Telecommunications Department    —      1,030,000.0    —      1,030,000.0
     Total Ministry of Commerce, Science and Technology    —      1,849,666.0    87,266.0    1,762,400.0
         
  
  
  

5800

   Ministry of Land and the Environment    —      302,600.0    2,600.0    300,000.0

5847

   National Land Agency    —      660,000.0    210,000.0    450,000.0

5848

   National Environmental Planning Agency    —      293,500.0    8,500.0    285,000.0
     Total Ministry of Land and the Environment    —      1,256,100.0    221,100.0    1,035,000.0
         
  
  
  

6300

   Ministry of Water and Housing    —      570,800.0    —      570,800.0

6500

   Ministry of Transport and Works    —      1,110,394.0    465,035.0    645,359.0

6550

   National Works Agency    —      637,230.0    200,000.0    437,230.0
     Total Ministry of Transport and Works    —      1,747,624.0    665,035.0    1,082,589.0
         
  
  
  

7200

  

Ministry of Local Government, Community Development and Sport

   —      4,380,000.0    —      4,380,000.0
         
  
  
  
     Total Recurrent    1,650,000.0    189,128,136.0    1,924,288.0    187,203,848.0
         
  
  
  

 

19


LOGO    2005-2006 JAMAICA BUDGET     
          Capital
    

Summary of Total Expenditure by Objects

    
                             $’000     

 

    Head No. and Title    


  

21

Compensation

of Employees


  

22 Travel

Expenses and

Subsistence


  

23 Rental of

Property,

Machinery and

Equipment


  

24 Public Utility

Services


  

25 Purchases of
Other Goods and

Services


1500A

   Office of the Prime Minister    —      —      —      —      4,560.0

1500B

   Office of the Prime Minister    —      —      —      —      —  

1600A

   Office of the Cabinet    17,007.0    8,707.0    1,955.0    1,150.0    71,185.0

1600B

   Office of the Cabinet    10,104.0    256.0    58.0    738.0    135,564.0

1700A

   Ministry of Industry and Tourism    —      —      —      —      —  

1700B

   Ministry of Industry and Tourism    —      —      —      —      —  

2000A

   Ministry of Finance and Planning    —      —      —      —      161,184.0

2000B

   Ministry of Finance and Planning    —      450.0    —      —      1,160.0

2600A

   Ministry of National Security    —      —      —      —      —  

2600B

   Ministry of National Security    34,074.0    3,753.0    1,440.0    740.0    22,273.0

2800A

   Ministry of Justice    —      —      —      —      30,000.0

2800B

   Ministry of Justice    —      —      6,523.0    —      1,946.0

4000A

   Ministry of Labour and Social Security    —      —      —      —      —  

4000B

   Ministry of Labour and Social Security    23,821.0    6,996.0    369.0    554.0    39,159.0

4100A

   Ministry of Education, Youth and Culture    6,000.0    736.0    —      —      67,000.0

4100B

   Ministry of Education, Youth and Culture    68,804.0    9,473.0    1,428.0    588.0    196,104.0

4200A

   Ministry of Health    5,000.0    700.0    —      50.0    24,410.0

4200B

   Ministry of Health    68,940.0    11,560.0    —      —      416,800.0

5100A

   Ministry of Agriculture    31,228.0    14,159.0    50.0    738.0    118,909.0

5100B

   Ministry of Agriculture    134,513.0    24,474.0    —      3,442.0    109,482.0

5200A

   Ministry of Commerce, Science and Technology    —      —      —      —      —  

5200B

   Ministry of Commerce, Science and Technology    —      —      —      —      —  

5800A

   Ministry of Land and the Environment    21,945.0    2,235.0    340.0    565.0    4,955.0

5800B

   Ministry of Land and the Environment    5,879.0    3,725.0    —      300.0    103,638.0

6300A

   Ministry of Water and Housing    —      —      —      —      13,000.0

6300B

   Ministry of Water and Housing    —      —      —      —      —  

6500A

   Ministry of Transport and Works    —      —      —      —      50,000.0

6500B

   Ministry of Transport and Works    —      —      —      —      200,000.0

7200A

   Ministry of Local Government, Community Development and Sport    12,000.0    3,000.0    —      —      —  

7200B

   Ministry of Local Government, Community Development and Sport    2,000.0    —      —      —      458,000.0
         
  
  
  
  
     Total Capital    441,315.0    90,224.0    12,163.0    8,865.0    2,229,329.0
         
  
  
  
  
     Grand Total Recurrent and Capital    25,393,120.0    2,581,526.0    897,872.0    1,485,093.0    8,797,960.0
         
  
  
  
  

 

20


LOGO    2005-2006 JAMAICA BUDGET     
               Capital
         

Summary of Total Expenditure by Objects

    
                                  $’000     

 

    Head No. and Title    


   26 Interest
Payments


   28 Retirement
Benefits


   29 Awards and
Indemnities


   30 Grants and
Contributions


   31 Purchases of
Equipment
(Capital Goods)


1500A

   Office of the Prime Minister    —      —      —      8,179.0    7,261.0

1500B

   Office of the Prime Minister    —      —      —      137,000.0    —  

1600A

   Office of the Cabinet    —      —      —      5,920.0    3,876.0

1600B

   Office of the Cabinet    —      —      —      —      9,970.0

1700A

   Ministry of Industry and Tourism    —      —      —      80,000.0    —  

1700B

   Ministry of Industry and Tourism    —      —      —      15,250.0    —  

2000A

   Ministry of Finance and Planning    —      —      —      1,860,000.0    171,000.0

2000B

   Ministry of Finance and Planning    —      —      —      450,000.0    200.0

2600A

   Ministry of National Security    —      —      —      —      154,000.0

2600B

   Ministry of National Security    —      —      —      35,486.0    454,604.0

2800A

   Ministry of Justice    —      —      —      —      20,000.0

2800B

   Ministry of Justice    —      —      —      —      1,531.0

4000A

   Ministry of Labour and Social Security    —      —      —      —      —  

4000B

   Ministry of Labour and Social Security    —      —      —      827,654.0    1,447.0

4100A

   Ministry of Education, Youth and Culture    —      —      —      2,000.0    477,302.0

4100B

   Ministry of Education, Youth and Culture    —      —      —      79,551.0    10,402.0

4200A

   Ministry of Health    —      —      —      840.0    19,000.0

4200B

   Ministry of Health    —      —      —      20,000.0    14,200.0

5100A

   Ministry of Agriculture    —      —      —      —      8,941.0

5100B

   Ministry of Agriculture    —      —      —      148,590.0    —  

5200A

   Ministry of Commerce, Science and Technology    —      —      —      50,000.0    —  

5200B

   Ministry of Commerce, Science and Technology    —      —      —      213,130.0    —  

5800A

   Ministry of Land and the Environment    —      —      —      12,550.0    410.0

5800B

   Ministry of Land and the Environment    —      —      —      136,630.0    3,008.0

6300A

   Ministry of Water and Housing    —      —      —      137,000.0    —  

6300B

   Ministry of Water and Housing    —      —      —      400,000.0    —  

6500A

   Ministry of Transport and Works    —      —      —      —      —  

6500B

   Ministry of Transport and Works    —      —      —      —      —  

7200A

   Ministry of Local Government, Community Development and Sport    —      —      —      284,000.0    28,000.0

7200B

   Ministry of Local Government, Community Development and Sport    —      —      —      —      —  
         
  
  
  
  
     Total Capital    —      —      —      4,903,780.0    1,385,152.0
         
  
  
  
  
     Grand Total Recurrent and Capital    87,580,361.0    7,881,028.0    207,423.0    59,915,232.0    1,807,230.0
         
  
  
  
  

 

21


LOGO    2005-2006 JAMAICA BUDGET     
               Capital
         

Summary of Total Expenditure by Objects

    
                                  $’000     

 

    Head No. and Title    


   32 Land and
Structures


   33 Financial
Investments


   34 Purchase of
Livestock and
Other Animals


   35 Loan
Repayments and
Sinking Fund
Contributions


   36 Loans

1500A

   Office of the Prime Minister    —      —      —      —      —  

1500B

   Office of the Prime Minister    —      —      —      —      —  

1600A

   Office of the Cabinet    —      —      —      —      —  

1600B

   Office of the Cabinet    —      —      —      —      —  

1700A

   Ministry of Industry and Tourism    —      —      —      —      —  

1700B

   Ministry of Industry and Tourism    —      —      —      —      —  

2000A

   Ministry of Finance and Planning    —      374,646.0    —      142,676,118.0    691,185.0

2000B

   Ministry of Finance and Planning    —      —      —      —      —  

2600A

   Ministry of National Security    238,500.0    7,500.0    —      —      —  

2600B

   Ministry of National Security    —      —      —      —      —  

2800A

   Ministry of Justice    187,000.0    —      —      —      —  

2800B

   Ministry of Justice    —      —      —      —      —  

4000A

   Ministry of Labour and Social Security    —      —      —      —      —  

4000B

   Ministry of Labour and Social Security    —      —      —      —      —  

4100A

   Ministry of Education, Youth and Culture    2,881,742.0    —      —      —      —  

4100B

   Ministry of Education, Youth and Culture    125,550.0    —      —      —      —  

4200A

   Ministry of Health    —      —      —      —      —  

4200B

   Ministry of Health    2,300.0    —      —      —      —  

5100A

   Ministry of Agriculture    3,650.0    —      2,325.0    —      —  

5100B

   Ministry of Agriculture    10,589.0    —      —      —      —  

5200A

   Ministry of Commerce, Science and Technology    —      —      —      —      —  

5200B

   Ministry of Commerce, Science and Technology    —      —      —      —      —  

5800A

   Ministry of Land and the Environment    7,000.0    —      —      —      —  

5800B

   Ministry of Land and the Environment    —      —      —      —      —  

6300A

   Ministry of Water and Housing    —      —      —      —      —  

6300B

   Ministry of Water and Housing    —      —      —      —      —  

6500A

   Ministry of Transport and Works    1,813,800.0    —      —      —      —  

6500B

   Ministry of Transport and Works    1,905,200.0    —      —      —      —  

7200A

   Ministry of Local Government, Community Development and Sport    —      —      —      —      —  

7200B

   Ministry of Local Government, Community Development and Sport    —      —      —      —      —  
         
  
  
  
  
     Total Capital    7,175,331.0    382,146.0    2,325.0    142,676,118.0    691,185.0
         
  
  
  
  
     Grand Total Recurrent and Capital    7,175,331.0    382,146.0    4,444.0    142,676,118.0    691,185.0
         
  
  
  
  

 

22


LOGO    2005-2006 JAMAICA BUDGET     
               Capital
         

Summary of Total Expenditure by Objects

    
                                  $’000     

 

    Head No. and Title    


   99 Unclassified

   Gross Total

   Less
Appropriations
in Aid


   Net Total

1500A

   Office of the Prime Minister    —      20,000.0    —      20,000.0

1500B

   Office of the Prime Minister    —      137,000.0    —      137,000.0

1600A

   Office of the Cabinet    213,000.0    322,800.0    —      322,800.0

1600B

   Office of the Cabinet    —      156,690.0    —      156,690.0

1700A

   Ministry of Industry and Tourism    —      80,000.0    1,830.0    78,170.0

1700B

   Ministry of Industry and Tourism    —      15,250.0    —      15,250.0

2000A

   Ministry of Finance and Planning    30,000.0    145,964,133.0    —      145,964,133.0

2000B

   Ministry of Finance and Planning    —      451,810.0    —      451,810.0

2600A

   Ministry of National Security    —      400,000.0    100,000.0    300,000.0

2600B

   Ministry of National Security    —      552,370.0    —      552,370.0

2800A

   Ministry of Justice    —      237,000.0    187,000.0    50,000.0

2800B

   Ministry of Justice    —      10,000.0    —      10,000.0

4000A

   Ministry of Labour and Social Security    —      —      —      —  

4000B

   Ministry of Labour and Social Security    —      900,000.0    —      900,000.0

4100A

   Ministry of Education, Youth and Culture    —      3,434,780.0    —      3,434,780.0

4100B

   Ministry of Education, Youth and Culture    —      491,900.0    —      491,900.0

4200A

   Ministry of Health    —      50,000.0    —      50,000.0

4200B

   Ministry of Health    —      533,800.0    —      533,800.0

5100A

   Ministry of Agriculture    —      180,000.0    —      180,000.0

5100B

   Ministry of Agriculture    —      431,090.0    —      431,090.0

5200A

   Ministry of Commerce, Science and Technology    —      50,000.0    —      50,000.0

5200B

   Ministry of Commerce, Science and Technology    —      213,130.0    —      213,130.0

5800A

   Ministry of Land and the Environment    —      50,000.0    —      50,000.0

5800B

   Ministry of Land and the Environment    —      253,180.0    —      253,180.0

6300A

   Ministry of Water and Housing    —      150,000.0    —      150,000.0

6300B

   Ministry of Water and Housing    —      400,000.0    —      400,000.0

6500A

   Ministry of Transport and Works    —      1,863,800.0    —      1,863,800.0

6500B

   Ministry of Transport and Works    —      2,105,200.0    —      2,105,200.0

7200A

   Ministry of Local Government, Community Development and Sport    —      327,000.0    —      327,000.0

7200B

   Ministry of Local Government, Community Development and Sport    —      460,000.0    —      460,000.0
         
  
  
  
     Total Capital    243,000.0    160,240,933.0    288,830.0    159,952,103.0
         
  
  
  
     Grand Total Recurrent and Capital    1,893,000.0    349,369,069.0    2,213,118.0    347,155,951.0
         
  
  
  

 

23


LOGO    2005-2006 JAMAICA BUDGET     
               Recurrent
         

Summary of Total Expenditure by Objects

    
                                  $’000     

 

Object Classification


   Actual
Expenditure
2003-2004


    Pct of
Gross
Total


  

Approved
Estimates

2004-2005


    Pct of
Gross
Total


  

Revised
Estimates

2004-2005


    Pct of
Gross
Total


  

Estimates

2005-2006


    Pct of
Gross
Total


21

     Compensation of Employees    24,250,681.0     13.6    23,161,221.0     12.2    24,216,378.0     12.6    24,951,805.0     13.2

22

     Travel Expenses and Subsistence    3,014,511.0     1.7    2,158,319.0     1.1    2,164,455.0     1.1    2,491,302.0     1.3

23

     Rental of Property, Machinery and Equipment    754,337.0     0.4    757,782.0     0.4    779,430.0     0.4    885,709.0     0.5

24

     Public Utility Services    1,311,075.0     0.7    1,294,603.0     0.7    1,452,234.0     0.8    1,476,228.0     0.8

25

     Purchases of Other Goods and Services    27,183,175.0     15.2    5,872,229.0     3.1    6,490,624.0     3.4    6,568,631.0     3.5

26

     Interest Payments    91,624,898.0     51.3    96,301,870.0     50.9    93,637,307.0     48.9    87,580,361.0     46.3

28

     Retirement Benefits    6,023,074.0     3.4    6,689,021.0     3.5    7,517,187.0     3.9    7,881,028.0     4.2

29

     Awards and Indemnities    71,999.0     0.0    120,464.0     0.1    116,823.0     0.1    207,423.0     0.1

30

     Grants and Contributions    24,062,442.0     13.5    51,561,570.0     27.2    54,749,306.0     28.6    55,011,452.0     29.1

31

     Purchases of Equipment (Capital Goods)    305,080.0     0.2    306,474.0     0.2    369,563.0     0.2    422,078.0     0.2

32

     Land and Structures    1,439.0     0.0    —       —      6,000.0     0.0    —       —  

34

     Purchase of Livestock and Other Animals    1,700.0     0.0    1,000.0     0.0    1,000.0     0.0    2,119.0     0.0

99

     Unclassified    —       —      1,000,000.0     0.5    —       —      1,650,000.0     0.9
       Gross Total    178,604,411.0     100.0    189,224,553.0     100.0    191,500,307.0     100.0    189,128,136.0     100.0
       Less Appropriations-in-Aid    (1,479,212.0 )   —      (1,673,285.0 )   —      (1,715,579.0 )   —      (1,924,288.0 )   —  
       Net Total    177,125,199.0     100.0    187,551,268.0     100.0    189,784,728.0     100.0    187,203,848.0     100.0
           

 
  

 
  

 
  

 

 

24


LOGO    2005-2006 JAMAICA BUDGET     
               CAPITAL
         

SUMMARY OF TOTAL EXPENDITURE

CLASSIFIED BY OBJECTS

    
                                  $’000     

 

    Object Classification    


   Actual
Expenditure
2003-2004


    Pct of
Gross
Total


  

Approved
Estimates

2004-2005


   Pct of
Gross
Total


  

Revised
Estimates

2004-2005


    Pct of
Gross
Total


  

Estimates

2005-2006


    Pct of
Gross
Total


21

   Compensation of Employees    280,985.0     0.3    403,767.0    0.3    407,917.0     0.3    441,315.0     0.3

22

   Travel Expenses and Subsistence    56,415.0     0.1    76,018.0    0.1    47,667.0     0.0    90,224.0     0.1

23

   Rental of Property, Machinery and Equipment    4,801.0     0.0    3,113.0    0.0    2,931.0     0.0    12,163.0     0.0

24

   Public Utility Services    10,404.0     0.0    13,315.0    0.0    6,955.0     0.0    8,865.0     0.0

25

   Purchases of Other Goods and Services    1,529,742.0     1.4    1,607,417.0    1.1    1,952,649.0     1.4    2,229,329.0     1.4

29

   Awards and Indemnities    —       —      —      —      1,402.0     0.0    —       —  

30

   Grants and Contributions    1,513,093.0     1.4    2,583,677.0    1.8    3,599,422.0     2.6    4,903,780.0     3.1

31

   Purchases of Equipment (Capital Goods)    345,440.0     0.3    544,226.0    0.4    754,867.0     0.5    1,385,152.0     0.9

32

   Land and Structures    1,349,727.0     1.2    2,581,434.0    1.8    3,292,732.0     2.4    7,175,331.0     4.5

33

   Financial Investments    944,543.0     0.9    309,513.0    0.2    852,132.0     0.6    382,146.0     0.2

34

   Purchase of Livestock and Other Animals    130.0     0.0    1,870.0    0.0    —       —      2,325.0     0.0

35

   Loan Repayments and Sinking Fund Contributions    103,244,520.0     94.4    132,140,784.0    94.0    127,210,325.0     91.7    142,676,118.0     89.0

36

   Loans    75,221.0     0.1    50,000.0    0.0    624,791.0     0.5    691,185.0     0.4

99

   Unclassified    8,950.0     0.0    287,000.0    0.2    9,486.0     0.0    243,000.0     0.2
     Gross Total    109,363,971.0     100.0    140,602,134.0    100.0    138,763,276.0     100.0    160,240,933.0     100.0
     Less Appropriations-in-Aid    (50,000.0 )   —      —      —      (374,431.0 )   —      (288,830.0 )   —  
     Net Total    109,313,971.0     100.0    140,602,134.0    100.0    138,388,845.0     100.0    159,952,103.0     100.0
         

 
  
  
  

 
  

 

 

25


LOGO    2005-2006 JAMAICA BUDGET     
                
         

SUMMARY OF TOTAL EXPENDITURE

CLASSIFIED BY OBJECTS

  

TOTAL RECURRENT AND

CAPITAL

                                  $’000     

 

Object Classification


   Actual
Expenditure
2003-2004


    Pct of
Gross
Total


  

Approved
Estimates

2004-2005


    Pct of
Gross
Total


  

Revised
Estimates

2004-2005


    Pct of
Gross
Total


  

Estimates

2005-2006


    Pct of
Gross
Total


21

   Compensation of Employees    24,531,666.0     8.5    23,564,988.0     7.1    24,624,295.0     7.5    25,393,120.0     7.3

22

   Travel Expenses and Subsistence    3,070,926.0     1.1    2,234,337.0     0.7    2,212,122.0     0.7    2,581,526.0     0.7

23

   Rental of Property, Machinery and Equipment    759,138.0     0.3    760,895.0     0.2    782,361.0     0.2    897,872.0     0.3

24

   Public Utility Services    1,321,479.0     0.5    1,307,918.0     0.4    1,459,189.0     0.4    1,485,093.0     0.4

25

   Purchases of Other Goods and Services    28,712,917.0     10.0    7,479,646.0     2.3    8,443,273.0     2.6    8,797,960.0     2.5

26

   Interest Payments    91,624,898.0     31.8    96,301,870.0     29.2    93,637,307.0     28.4    87,580,361.0     25.1

28

   Retirement Benefits    6,023,074.0     2.1    6,689,021.0     2.0    7,517,187.0     2.3    7,881,028.0     2.3

29

   Awards and Indemnities    71,999.0     0.0    120,464.0     0.0    118,225.0     0.0    207,423.0     0.1

30

   Grants and Contributions    25,575,535.0     8.9    54,145,247.0     16.4    58,348,728.0     17.7    59,915,232.0     17.1

31

   Purchases of Equipment (Capital Goods)    650,520.0     0.2    850,700.0     0.3    1,124,430.0     0.3    1,807,230.0     0.5

32

   Land and Structures    1,351,166.0     0.5    2,581,434.0     0.8    3,298,732.0     10.0    7,175,331.0     2.1

33

   Financial Investments    944,543.0     0.3    309,513.0     0.1    852,132.0     0.3    382,146.0     0.1

34

   Purchase of Livestock and Other Animals    1,830.0     0.0    2,870.0     0.0    1,000.0     0.0    4,444.0     0.0

35

   Loan Repayments and Sinking Fund Contributions    103,244,520.0     35.9    132,140,784.0     40.1    127,210,325.0     38.5    142,676,118.0     40.8

36

   Loans    75,221.0     0.0    50,000.0     0.0    624,791.0     0.2    691,185.0     0.2

99

   Unclassified    8,950.0     0.0    1,287,000.0     0.4    9,486.0     0.0    1,893,000.0     0.5
     Gross Total    287,968,382.0     100.0    329,826,687.0     100.0    330,263,583.0     100.0    349,369,069.0     100.0
     Less Appropriations-in-Aid    (1,529,212.0 )   —      (1,673,285.0 )   —      (2,090,010.0 )   —      (2,213,118.0 )   —  
     Net Total    286,439,170.0     100.0    328,153,402.0     100.0    328,173,573.0     100.0    347,155,951.0     100.0
         

 
  

 
  

 
  

 

 

26


2005 - 2006 JAMAICA BUDGET

STATEMENT I

RECEIPTS AND PAYMENTS OF THE CONSOLIDATED FUND

1st APRIL, 2004 TO 31st MARCH, 2005

 

     $

   $

        $

   $

Receipts              Payments          

Recurrent Revenue

            

Recurrent Expenditure

         

Taxation Revenue

   151,195,440,494        

Statutory Expenditure

   96,876,056,733     

Non-Tax Revenue

   9,824,509,477    161,019,949,971   

Voted Expenditure

   90,903,997,547    187,780,054,280
    
            
    

Transfer from Capital Development Fund

        2,354,700,000               

Capital Revenue & Loan Receipts

            

Capital Expenditure

         

Capital Revenue

                        

Royalties

   653,008,956        

Statutory Expenditure

   129,620,661,209     

Extraordinary Receipts

   8,052,731,163        

Voted Expenditure

   10,937,743,256    140,558,404,465
                   
    

Land Sales

   16,641,142                    

Loan Repayments (Principal)

   992,268,907    9,714,650,168               
    
                   

Loan Receipts

                        

Internal Market Loans:

                        

Local Registered Stock

   15,437,847,383                    

Debenture

   52,747,172,000                    

US $ Loan

   10,640,574,526                    

Investment Bond

   26,410,187,329                    

Other

   9,051,093,787                    

External Loans:

                        

World Bank (IBRD)

   485,420,197                    

IADB

   444,725,010                    

Caribbean Development Bank

   40,061,792                    

USAID

   1,216,287                    

Euro Bonds

   34,165,237,761    149,423,536,073               
    
                   

Treasury Bills (Net) Redemption

   579,082,178                    

Other Receipts

            

Other Payments

         

Cash Balance at 1st April 2004

   10,468,715,750        

Short Issues (Previous Financial Years)

        4,672,301,000

Over Issues (Previous Financial Years)

   6,422,384,860    16,891,100,610   

Cash Balance 31st March, 2005

        6,972,259,255
    
  
            
          339,983,019,000              339,983,019,000
         
            
The figures appearing on this statement are preliminary & therefore are subject to change

 

27


2005 - 2006 JAMAICA BUDGET

STATEMENT II

DEFICIT FINANCING ACCOUNT

FINANCIAL YEAR ENDED 31ST MARCH, 2005

 

     $

   $

 

Current Account

           

Recurrent Revenue

   163,374,649,971       

Recurrent Expenditure

   187,780,054,280       
    
      

Deficit on Current Account

        (24,405,404,309 )

Capital Account

           

Capital Revenue

   9,714,650,168       

Capital Expenditure

   140,558,404,465       
    
      

Deficit on Capital Account

        (130,843,754,297 )
         

Total Deficit on Current and Capital Accounts

        (155,249,158,606 )

Treasury Bills (Net) Redemption

        579,082,178  

Financing Requirement

        (154,670,076,428 )

Shortfall financed from Loans raised in 2004/05 and Cash Balance brought forward 1st April, 2004

        154,670,076,428  
         

 

28


2005 - 2006 JAMAICA BUDGET

STATEMENT III

REVENUE ESTIMATES COMPARED WITH CONSOLIDATED FUND RECEIPTS

 

    

Approved

Estimates

2004 - 2005


  

Consolidated

Fund Receipts

2004 - 2005


     $    $

Ordinary Revenue

         

A. Taxation Revenue

         

Customs

   14,008,000,000    14,116,682,845

General Consumption Tax

   42,532,500,000    42,106,384,110

Special Consumption Tax

   14,233,400,000    12,335,699,711

Income Tax

   66,066,100,000    63,137,618,886

Environmental Levy

   192,200,000     

Stamp Duties

   6,847,100,000    9,016,817,682

Motor Vehicle Licences

   1,244,800,000    929,866,572

Other Licences

   197,500,000    160,116,999

Travel Tax

   1,549,000,000    1,162,302,244

Betting, Gaming & Lotteries-Duties, Fees, Levies

   1,607,200,000    1,038,430,737

Education Tax

   6,592,900,000    6,671,108,717

Contractors Levy

   564,100,000    520,411,990
    
  

Total Taxation Revenue

   155,634,800,000    151,195,440,494
    
  

B. Non-Tax Revenue

         

Post Office

   848,700,000    806,025,496

Loan Repayment – Interest

   424,518,000    741,005,463

Departmental and Other Miscellaneous Revenue

   8,515,374,000    8,277,478,518
    
  

Total Non-Tax Revenue

   9,788,592,000    9,824,509,477
    
  

Total Ordinary Revenue

   165,423,392,000    161,019,949,971
    
  

Transfer from Capital Development Fund

   2,354,700,000    2,354,700,000
    
  

Total Recurrent Revenue

   167,778,092,000    163,374,649,971
    
  

C. Capital Revenue

         

Royalties

   773,594,000    653,008,956

Loan Repayments (Principal)

   561,269,000    992,268,907

Extraordinary Receipts

   6,595,036,000    8,052,731,163

Land Sales

   15,900,000    16,641,142
    
  

Total Capital Revenue

   7,945,799,000    9,714,650,168
    
  

Total Recurrent And Capital Revenue

   175,723,891,000    173,089,300,139
    
  

D. Loan Receipts

         

1. External Loans

         

(a) Multilateral

   2,027,600,000    971,423,287

(b) Bilateral

   177,400,000     

(c) Others, including (Refinancing) etc

   28,525,500,000    34,165,237,761
    
  

Total External Loans

   30,730,500,000    35,136,661,048
    
  

2. Domestic Loans

         

(a) Local Registered Stock

   121,699,400,000    15,437,847,383

(b) Debenture

   52,747,172,000     

(c) Other

   0    46,101,855,642
    
  

Total Domestic Loans

   121,699,400,000    114,286,875,025
    
  

Total Loan Receipts

   152,429,900,000    149,423,536,073
    
  

Total Revenue

   328,153,792,000    322,512,836,212
    
  

 

29


2005 - 2006 JAMAICA BUDGET

STATEMENT IV

EXPENDITURE ESTIMATES COMPARED WITH ISSUES

FROM THE CONSOLIDATED FUND

 

     Approved Estimates
2004 - 2005


   Issues from the
Consolidated Fund
2004 - 2005


 
     $    $  

Recurrent Expenditure

           

Statutory Expenditure

           

Public Debt Charges

   93,636,307,000    92,168,463,733  

Other Statutory Expenditure

   5,140,673,000    4,707,593,000  
    
  

Total Statutory

   98,776,980,000    96,876,056,733  
    
  

Voted Expenditure

           

His Excellency Governor General and Staff

   14,587,000    14,587,000  

Houses of Parliament

   367,266,000    366,743,014  

Public Defender’s Office

   30,781,000    30,766,468  

Office of the Contractor General

   68,137,000    67,477,638  

Audit

   153,376,000    153,376,000  

Office of the Services Commissions

   85,400,000    85,152,198  

Office of the Prime Minister and Department

   559,509,000    559,380,304  

Office of the Cabinet and Department

   561,831,000    561,831,000  

Ministry of Industry and Tourism

   1,980,881,000    1,979,879,920  

Ministry of Finance and Planning and Departments

   9,747,229,000    9,724,325,221  

Ministry of National Security and Departments

   15,430,345,000    15,429,303,653  

Ministry of Justice and Departments

   1,767,768,000    1,766,221,287  

Ministry of Foreign Affairs and Foreign Trade

   1,338,907,000    1,338,082,000  

Ministry of Labour and Social Security

   1,090,752,000    1,090,752,000  

Ministry of Education and Culture

   30,508,511,000    30,504,126,431  

Ministry of Health and Departments

   15,727,703,000    15,719,054,724  

Ministry of Agriculture and Department

   1,444,487,000    1,440,832,240  

Ministry of Commerce, Science and Technology and Departments

   1,980,462,000    1,969,113,608  

Ministry of Land and Environment and Departments

   1,135,564,000    1,120,647,601  

Ministry of Water and Housing

   565,555,000    554,978,200  

Ministry of Transport and Works and Department

   1,080,396,000    1,060,982,993  

Ministry of Local Government, Community Development and Sport

   5,368,303,000    5,366,384,048  
    
  

Total Voted

   91,007,750,000    90,903,997,547  
    
  

Total Recurrent

   189,784,730,000    187,780,054,280  
    
  

Capital Expenditure

           

Statutory Expenditure

   127,210,325,000    129,620,661,209  
    
  

Total Statutory

   127,210,325,000    129,620,661,209  
    
  

Voted Expenditure

           

Office of the Prime Minister

   20,000,000    16,624,000  

Office of the Cabinet

   127,389,000    369,947,000 *

Ministry of Industry and Tourism

   126,812,000    111,197,000  

Ministry of Finance and Planning

   3,416,984,000    3,283,284,000  

Ministry of National Security

   311,614,000    307,400,000  

Ministry of Justice

   78,380,000    73,892,000  

Ministry of Labour and Social Security

   1,015,978,000    1,015,978,000  

Ministry of Education and Culture

   470,497,000    465,434,000  

Ministry of Health

   367,568,000    359,943,256  

Ministry of Agriculture

   516,810,000    510,146,000  

Ministry of Commerce, Science and Technology

   61,366,000    61,366,000  

Ministry of Land and Environment

   166,407,000    165,298,000  

Ministry of Water and Housing

   325,537,000    323,705,000  

Ministry of Transport and Works

   3,402,203,000    3,209,211,000  

Ministry of Local Government, Community Development and Sport

   770,975,000    664,318,000  
    
  

Total Voted

   11,178,520,000    10,937,743,256  
    
  

Total Capital

   138,388,845,000    140,558,404,465  
    
  

Total Recurrent & Capital

   328,173,575,000    328,338,458,745  
    
  


* Includes $268.114M of cash - in - transit on March 31, 2005

 

30


2005 - 2006 JAMAICA BUDGET

STATEMENT V

CONSOLIDATED FUND BALANCES

31ST MARCH, 2005

 

     $

   $

 

A. Recurrent Revenue

           

Recurrent Revenue

   163,374,649,971       

Recurrent Expenditure

   187,780,054,280       
    
      

Deficit on Recurrent Revenue

        (24,405,404,309 )

B. Capital Revenue

           

Capital Revenue

   9,714,650,168       

C. Loan Fund

           

(i) Treasury Bills (Net) Redemption

   579,082,178       

(ii) Long Term Loans:

           

(a) External Loans Raised 2004 – 2005

   35,136,661,048       

(b) Internal Market Loans Raised 2004 - 2005

   114,286,875,025       
    
      
     159,717,268,419       

Capital Expenditure 2004 – 2005

   140,558,404,465       
    
      

Surplus on Capital Revenue & Loan Receipts

        19,158,863,954  
         

Net Deficit

        (5,246,540,355 )

Add:

           

(i ) Surrender of Over Issues (Previous Financial Years)

   6,422,384,860       

(ii ) Cash Balance brought forward 1st April, 2004

   10,468,715,750    16,891,100,610  
    
  

          11,644,560,255  

Less:

           

Short Issues (Previous Financial Years)

        4,672,301,000  
         

Cash Balance 31st March, 2005

        6,972,259,255  
         

 

31


2005 - 2006 JAMAICA BUDGET

STATEMENT VI

CAPITAL DEVELOPMENT FUND

31ST MARCH, 2005

 

     $

   $

Bauxite Production Levy Received

   34,325,865,895     

Less Refund/Remissions

   630,614,273     
    
    

Net Receipts

        33,695,251,622

Add: Retained Earnings at 31st March, 2005

        2,223,121,343
         
          35,918,372,965

Less: (a) Transfers to Consolidated Fund

         

1974/75

   85,000,000     

1975/76

   125,000,000     

1976/77

   80,000,000     

1977/78

   110,000,000     

1978/79

   268,000,000     

1979/80

   232,500,000     

1980/81

   230,000,000     

1981/82

   300,000,000     

1982/83

   182,000,000     

1983/84

   140,000,000     

1984/85

   397,000,000     

1985/86

   204,000,000     

1986/87

   414,000,000     

1987/88

   269,000,000     

1988/89

   315,000,000     

1989/90

   265,000,000     

1990/91

   555,400,000     

1991/92

   1,050,000,000     

1992/93

   —       

1993/94

   2,000,000,000     

1994/95

   1,500,000,000     

1995/96

   4,256,000,000     

1996/97

   1,500,000,000     

1997/98

   3,439,000,000     

1998/99

   2,300,000,000     

1999/2000

   1,900,000,000     

2000/2001

   2,900,000,000     

2001/2002

   1,740,000,000     

2002/2003

   1,436,900,000     

2003/2004

   1,767,500,000     

2004/2005

   2,354,700,000     
    
    
     32,316,000,000     

(b) Grants

   3,124,639,400     

(c) Net Levy Written off

   153,314,561    35,593,953,961
    
  

Value of Fund at 31st March, 2005

        324,419,004
         

 

32


2005 - 2006 JAMAICA BUDGET

STATEMENT VII

CONTINGENCIES FUND

31ST MARCH, 2005

 

     $

Contingencies Fund Provision

   94,000,000
    

Balance as at 31st March, 2005

   94,000,000
    

 

33


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

    Internal Debt    


   Currency

   Balance
Outstanding


  

JA$

Equivalent


I PERPETUAL ANNUITIES               

PERPETUAL ANNUITIES

   JAM    154,833    154,833
         
  

SUB-TOTAL PERPETUAL ANNUITIES

   JAM    154,833    154,833
         
  

SUB-TOTAL CATEGORY I (PERPETUAL ANNUITIES)

   JAM    154,833    154,833
         
  

II MARKET LOANS

              

(a) Treasury Bills

   JAM    4,050,000,000    4,050,000,000
         
  

SUB-TOTAL (a) Treasury Bills

   JAM    4,050,000,000    4,050,000,000
         
  

(b) Land Bonds

              

GLB 20001 215 Stewart Castle. Trelawny

   JAM    216,000    216,000

GLB 19991 21% Stewart Castle Trelawny

   JAM    160,000    160,000

GLB 19990 21% Stewart Castle Trelawny

   JAM    105,000    105,000

GLB 20005 21% Stewart Castle Trelawny

   JAM    68,000    68,000

GLB 20009 21% Stewart Castle Trelawny

   JAM    840,000    840,000

GLB 200019 21% Stewart Castle Trelawny

   JAM    288,000    288,000

GLB 200023 21% Stewart Castle Trelawny

   JAM    76,000    76,000

GLB 19993 21% Stewart Castle Trelawny

   JAM    70,000    70,000

GLB 20003 (21.0%)-Landovery, St. Ann

   JAM    480,000    480,000

GLB 200013 (21.0%) - Landovery, St. Ann

   JAM    52,000    52,000

GLB 200014 (21.0%) - Rio Bueno, Trelawny

   JAM    66,000    66,000

GLB 200034 (21.0%) - Rio Bueno, Trelawny

   JAM    44,000    44,000

GLB 200012 (21.0%) - Braco & Lancaster Estate, Trelawny

   JAM    48,000    48,000

GLB 19992 (18.0%) - Jamaica Orange Farms, St. James

   JAM    170,000,000    170,000,000

GLB 200025 (21.0%) - Bengal, Trelawny

   JAM    56,000    56,000

GLB 200032 (21.0%) - Odeon Lands, St. Andrew

   JAM    172,500,000    172,500,000

GLB 20002 (21.0%) - Stewart Castle, Trelawny

   JAM    63,000    63,000

GLB 200029 (21.0%) - Stewart Castle, Trelawny

   JAM    42,000    42,000

GLB 20008 (21.0%) - Stewart Castle, Trelawny

   JAM    88,000    88,000

GLB 200010 (21.0%) - Stewart Castle, Trelawny

   JAM    160,000    160,000

GLB 200026 (21.0%) - Stewart Castle, Trelawny

   JAM    240,000    240,000

GLB 20007 (18.0%) - Salt Gut, St. Mary

   JAM    132,000    132,000

GLB 200024 (18.0%) - Salt Gut, St. Mary

   JAM    90,000    90,000

GLB 200028 (18.0%) - Retirement, St. Mary

   JAM    172,000    172,000

GLB 20000 (18.0%) - Bengal, St Ann

   JAM    336,600    336,600

GLB 20006 (18.0%) - Bengal, St Ann

   JAM    37,400    37,400

GLB 200017 (18.0%) - Bengal, St Ann

   JAM    488,400    488,400

GLB 200020 (18.0%) - Florence Hall, Trelawny

   JAM    120,000    120,000

GLB 20016 (18.0%) - San Diego, Rio Bueno, Trelawny

   JAM    300,000    300,000

GLB 200031(18.0%) - Tamarind Hill, Round Hill, Trelawny

   JAM    2,000,000    2,000,000

GLB 200015 (18.0%) - Holland Estate, Trelawny

   JAM    320,000    320,000

GLB 200018 (18%) - Bengal, Trelawny

   JAM    120,000    120,000

GLB 200030 (18%) - Bengal, Trelawny

   JAM    75,000    75,000

GLB 20011 (18.0%) - Rookmoor, St. Mary

   JAM    96,400    96,400

GLB 200021 (18.0%) - Tower Hill, St. Mary

   JAM    92,000    92,000

GLB 200022 (18.0%) - Tower Hill, St. Mary

   JAM    140,000    140,000

GLB 200027 (18.0%) - Tower Hill, St. Mary

   JAM    128,000    128,000

GLB 200033 (18.0%) - Windsor Castle, Portland

   JAM    68,000    68,000

GLB 200011 (18.0%) - Johnson Twn., Trelawny

   JAM    5,750,000    5,750,000

GLB 20014 (18.0%) - Success Rio Bueno, Trelawny

   JAM    259,900    259,900

GLB 20016 (18.0%) - Bogue Industrial Estate, St. James

   JAM    58,500,000    58,500,000

GLB 20017(18%) - Lundies Retreat/ Odeon Lands, St. Andrew

   JAM    29,000,000    29,000,000

GLB 20010 (18.0%) - Llandovery, St. Ann

   JAM    218,000    218,000

GLB 19994 Stewart Castle Trelawny

   JAM    215,000    215,000

GLB 200035 Braco Estate Trelawny

   JAM    680,000    680,000

GLB 20024 Salt Marsh Trelawny

   JAM    240,000    240,000

GLB 200025 Stewart Castle (Lot 231-232) Trelawny

   JAM    280,000    280,000

 

34


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

    Internal Debt    


   Currency

   Balance
Outstanding


  

JA$

Equivalent


GLB 200111 Greenside Trelawny

   JAM    125,000    125,000

GLB 200211 Stewart Castle Trelawny (Lot 74)

   JAM    250,000    250,000

GLB 200210 Stewart Castle Trelawny (Lot 5)

   JAM    70,000    70,000

GLB 200112 Bengal Estate (Lot 6) St. Ann

   JAM    53,900    53,900

GLB 20023 Stewart Castle Trelawny (Lot 3,4)

   JAM    400,000    400,000

GLB 200036 Bengal Estate (Lot 46/1) St Ann

   JAM    2,150,000    2,150,000

GLB 20029 Harmony Hall Trelawny

   JAM    93,200    93,200

GLB 20026 Flat Point Llandovery St. Ann

   JAM    52,000    52,000

GLB 200110 Braco Estate Trelawny

   JAM    294,000    294,000

GLB 200037 Florence Estate Trelawny

   JAM    180,000    180,000

GLB 20028 Beverley;s Pen St. Ann

   JAM    6,800,000    6,800,000

GLB 20019 Llandovery Estate St. Ann

   JAM    380,000    380,000

GLB 20021 (16%) FIDCO St.Catherine

   JAM    59,395,600    59,395,600

GLB 20012 (18%) Trafalgar Road Improvement Project

   JAM    6,142,500    6,142,500

GLB 20015 (18%) Trafalgar Road Improvement Project

   JAM    51,100    51,100

GLB 20013 (18%) Trafalgar Road Improvement Project

   JAM    247,000    247,000

GLB 20018 (18%) Trafalgar Road Improvement Project

   JAM    535,500    535,500

GLB 20022 (16%) Trafalgar Road Improvement Project

   JAM    2,590,900    2,590,900

GLB 20020 (16%) Trafalgar Road Improvement Project

   JAM    180,000    180,000

GLB 20023 (16%) Rice Mills Lands St. Catherine

   JAM    21,000,000    21,000,000

GLB 200038 (21%) 2020 Bengal (lot 4-3) St. Ann

   JAM    58,100.00    58,100

GLB 200039 (18%) 2020 Stewart Castle (lot 32), Trelawny

   JAM    132,000.00    132,000

GLB 20040 (16%) 2024 Buckfield Estate, St. Ann

   JAM    13,500,000.00    13,500,000

GLB 200212 (16%) 2022 Holland Estate,Trel.

   JAM    150,000.00    150,000

GLB 20032 (16%) 2023 Norwood & Paradise Pens, St. James

   JAM    160,000.00    160,000

GLB 20031 (16%) 2023 Harmony Hall &Lancaster Est., Trel.

   JAM    480,000.00    480,000

GLB 20041 (16%) 2024 Bedford, St.Andrew

   JAM    3,500,000.00    3,500,000
         
  

SUB-TOTAL (b) Land Bonds

   JAM    564,491,500    564,491,500
         
  

(c) Local Registered Stock

              

LRS FIXED RATE 10% 2007E Tr.A-F

   JAM    140,518,307    140,518,307

LRS FIXED RATE 13.875% 2005AH

   JAM    400,000,000    400,000,000

LRS FIXED RATE 13.875% 2005AJ

   JAM    300,000,000    300,000,000

LRS FIXED RATE 13.875% 2005AK

   JAM    600,000,000    600,000,000

LRS FIXED RATE 13.875% 2005AL

   JAM    400,000,000    400,000,000

LRS FIXED RATE 14.0% 2007AG

   JAM    500,000,000    500,000,000

LRS FIXED RATE 14.0% 2007AH

   JAM    400,000,000    400,000,000

LRS FIXED RATE 14.0% 2013AD

   JAM    700,000,000    700,000,000

LRS FIXED RATE 14.0% 2013AE

   JAM    600,000,000    600,000,000

LRS FIXED RATE 14.0% 2021A

   JAM    1,300,000,000    1,300,000,000

LRS FIXED RATE 14.125% 2008AK

   JAM    400,000,000    400,000,000

LRS FIXED RATE 14.125% 2010AD

   JAM    500,000,000    500,000,000

LRS FIXED RATE 14.25% 2005

   JAM    182,738,800    182,738,800

LRS FIXED RATE 14.25% 2007C

   JAM    500,000,000    500,000,000

LRS FIXED RATE 14.25% 2007D

   JAM    100,000,000    100,000,000

LRS FIXED RATE 14.25% 2008AG

   JAM    700,000,000    700,000,000

LRS FIXED RATE 14.25% 2009AD

   JAM    500,000,000    500,000,000

LRS FIXED RATE 14.25% 2009AE

   JAM    700,000,000    700,000,000

LRS FIXED RATE 14.25% 2009AF

   JAM    1,980,652,046    1,980,652,046

LRS FIXED RATE 14.25% 2009AG

   JAM    500,000,000    500,000,000

LRS FIXED RATE 14.25% 2009AH

   JAM    1,063,306,542    1,063,306,542

LRS FIXED RATE 14.25% 2013AC

   JAM    500,000,000    500,000,000

LRS FIXED RATE 14.375% 2006AF

   JAM    700,000,000    700,000,000

LRS FIXED RATE 14.375% 2011AC

   JAM    700,000,000    700,000,000

LRS FIXED RATE 14.375% 2011AD

   JAM    511,816,000    511,816,000

LRS FIXED RATE 14.375% 2012AB

   JAM    300,000,000    300,000,000

LRS FIXED RATE 14.375% 2012AC

   JAM    400,000,000    400,000,000

LRS FIXED RATE 14.375% 2014AC

   JAM    600,000,000    600,000,000

LRS FIXED RATE 14.375% 2014AD

   JAM    700,000,000    700,000,000

LRS FIXED RATE 14.375% 2014AE

   JAM    600,000,000    600,000,000

 

35


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

    Internal Debt    


   Currency

   Balance
Outstanding


  

JA$

Equivalent


LRS FIXED RATE 14.375% 2014AF

   JAM    400,000,000    400,000,000

LRS FIXED RATE 14.375% 2014AG

   JAM    1,798,724,154    1,798,724,154

LRS FIXED RATE 14.5% 2006AJ

   JAM    700,000,000    700,000,000

LRS FIXED RATE 14.5% 2007AF

   JAM    400,000,000    400,000,000

LRS FIXED RATE 14.5% 2008AF

   JAM    700,000,000    700,000,000

LRS FIXED RATE 14.5% 2008AH

   JAM    700,000,000    700,000,000

LRS FIXED RATE 14.5% 2008AJ

   JAM    400,000,000    400,000,000

LRS FIXED RATE 14.5% 2013AA

   JAM    200,000,000    200,000,000

LRS FIXED RATE 14.5% 2013AB

   JAM    400,000,000    400,000,000

LRS FIXED RATE 14.5% 2017AA

   JAM    300,000,000    300,000,000

LRS FIXED RATE 14.5% 2017AB

   JAM    400,000,000    400,000,000

LRS FIXED RATE 14.625% 2005AF

   JAM    500,000,000    500,000,000

LRS FIXED RATE 14.625% 2005AG

   JAM    500,000,000    500,000,000

LRS FIXED RATE 14.625% 2014AB

   JAM    500,000,000    500,000,000

LRS FIXED RATE 14.75% 2008AE

   JAM    800,000,000    800,000,000

LRS FIXED RATE 14.75% 2009AK

   JAM    400,021,000    400,021,000

LRS FIXED RATE 14.75% 2011AB

   JAM    500,000,000    500,000,000

LRS FIXED RATE 14.75% 2012 AD

   JAM    300,000,000    300,000,000

LRS FIXED RATE 14.75% 2014AA

   JAM    400,000,000    400,000,000

LRS FIXED RATE 14.875% 2007AJ

   JAM    500,000,000    500,000,000

LRS FIXED RATE 14.875% 2009AC

   JAM    700,000,000    700,000,000

LRS FIXED RATE 15% 2032AB

   JAM    300,000,000    300,000,000

LRS FIXED RATE 15.0% 2005

   JAM    149,500,000    149,500,000

LRS FIXED RATE 15.0% 2006AE

   JAM    800,000,000    800,000,000

LRS FIXED RATE 15.0% 2008

   JAM    200,000,000    200,000,000

LRS FIXED RATE 15.0% 2009AB

   JAM    600,000,000    600,000,000

LRS FIXED RATE 15.0% 2010AA

   JAM    400,000,000    400,000,000

LRS FIXED RATE 15.0% 2010AB

   JAM    400,000,000    400,000,000

LRS FIXED RATE 15.0% 2010AC

   JAM    400,000,000    400,000,000

LRS FIXED RATE 15.0% 2011

   JAM    300,000,000    300,000,000

LRS FIXED RATE 15.0% 2011AA

   JAM    500,000,000    500,000,000

LRS FIXED RATE 15.0% 2011B (Tr. C - K)

   JAM    327,840,152    327,840,152

LRS FIXED RATE 15.0% 2016

   JAM    30,322,246    30,322,246

LRS FIXED RATE 15.0% 2021

   JAM    605,294,217    605,294,217

LRS FIXED RATE 15.0% 2032AA

   JAM    300,000,000    300,000,000

LRS FIXED RATE 15.125% 2012AA

   JAM    600,000,000    600,000,000

LRS FIXED RATE 15.25% 2008AD

   JAM    800,000,000    800,000,000

LRS FIXED RATE 15.25% 2009 AJ

   JAM    300,000,000    300,000,000

LRS FIXED RATE 15.5% 2006AD

   JAM    800,000,000    800,000,000

LRS FIXED RATE 15.5% 2008AA

   JAM    600,000,000    600,000,000

LRS FIXED RATE 15.5% 2008AB

   JAM    600,000,000    600,000,000

LRS FIXED RATE 15.5% 2008AC

   JAM    600,000,000    600,000,000

LRS FIXED RATE 15.5% 2009AA

   JAM    600,000,000    600,000,000

LRS FIXED RATE 15.69% 2009

   JAM    3,078,200,000    3,078,200,000

LRS FIXED RATE 15.75% 2006AB

   JAM    400,000,000    400,000,000

LRS FIXED RATE 15.75% 2006AC

   JAM    600,000,000    600,000,000

LRS FIXED RATE 15.75% 2007

   JAM    300,000,000    300,000,000

LRS FIXED RATE 15.75% 2007AC

   JAM    600,000,000    600,000,000

LRS FIXED RATE 15.75% 2007AD

   JAM    600,000,000    600,000,000

LRS FIXED RATE 15.75% 2011

   JAM    200,000,000    200,000,000

LRS FIXED RATE 15.75% 2019

   JAM    100,000,000    100,000,000

LRS FIXED RATE 15.8% 2017

   JAM    600,000,000    600,000,000

LRS FIXED RATE 15.875% 2012

   JAM    250,000,000    250,000,000

LRS FIXED RATE 16.0% 2006AA

   JAM    600,000,000    600,000,000

LRS FIXED RATE 16.0% 2007AA

   JAM    400,000,000    400,000,000

LRS FIXED RATE 16.0% 2007AB

   JAM    400,000,000    400,000,000

LRS FIXED RATE 16.0% 2009

   JAM    1,084,000,000    1,084,000,000

LRS FIXED RATE 16.0% 2010

   JAM    250,000,000    250,000,000

LRS FIXED RATE 16.0% 2013

   JAM    300,000,000    300,000,000

LRS FIXED RATE 16.0% 2017

   JAM    300,000,000    300,000,000

LRS FIXED RATE 16.0% 2022

   JAM    500,000,000    500,000,000

 

36


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

    Internal Debt    


   Currency

   Balance
Outstanding


  

JA$

Equivalent


LRS FIXED RATE 16.0% 2032

   JAM    100,000,000    100,000,000

LRS FIXED RATE 16.125% 2032

   JAM    530,000,000    530,000,000

LRS FIXED RATE 16.15% 2022

   JAM    400,000,000    400,000,000

LRS FIXED RATE 16.15% 2022A

   JAM    800,000,000    800,000,000

LRS FIXED RATE 16.25% 2006

   JAM    500,000,000    500,000,000

LRS FIXED RATE 16.25% 2006 A

   JAM    737,657,735    737,657,735

LRS FIXED RATE 16.25% 2007AE

   JAM    400,000,000    400,000,000

LRS FIXED RATE 16.25% 2022

   JAM    1,000,000,000    1,000,000,000

LRS FIXED RATE 16.25% 2027

   JAM    200,000,000    200,000,000

LRS FIXED RATE 16.25% 2027A

   JAM    500,000,000    500,000,000

LRS FIXED RATE 16.25% 2032

   JAM    250,000,000    250,000,000

LRS FIXED RATE 16.25% 2032A

   JAM    1,221,874,813    1,221,874,813

LRS FIXED RATE 16.5% 2005AE

   JAM    600,000,000    600,000,000

LRS FIXED RATE 16.5% 2006

   JAM    600,000,000    600,000,000

LRS FIXED RATE 16.5% 2009

   JAM    500,000,000    500,000,000

LRS FIXED RATE 16.5% 2020

   JAM    150,000,000    150,000,000

LRS FIXED RATE 16.5% 2027

   JAM    257,006,180    257,006,180

LRS FIXED RATE 16.75% 2005AA

   JAM    400,000,000    400,000,000

LRS FIXED RATE 16.75% 2005AB

   JAM    650,000,000    650,000,000

LRS FIXED RATE 16.75% 2005AC

   JAM    650,000,000    650,000,000

LRS FIXED RATE 16.75% 2005AD

   JAM    450,000,000    450,000,000

LRS FIXED RATE 16.75% 2008

   JAM    400,000,000    400,000,000

LRS FIXED RATE 17.1% 2007

   JAM    1,000,000,000    1,000,000,000

LRS FIXED RATE 17.25% 2006

   JAM    250,000,000    250,000,000

LRS FIXED RATE 17.25% 2019

   JAM    360,000,000    360,000,000

LRS FIXED RATE 17.5% 2005

   JAM    205,497,354    205,497,354

LRS FIXED RATE 17.65% 2019

   JAM    300,000,000    300,000,000

LRS FIXED RATE 17.90% 2011 A

   JAM    400,000,000    400,000,000

LRS FIXED RATE 17.90% 2011 Tr. A-C

   JAM    745,000,000    745,000,000

LRS FIXED RATE 17.95% 2029

   JAM    550,000,000    550,000,000

LRS FIXED RATE 23.25% 2005AQ

   JAM    800,000,000    800,000,000

LRS FIXED RATE 23.875% 2006AH

   JAM    500,000,000    500,000,000

LRS FIXED RATE 25% 2005 B

   JAM    250,000,000    250,000,000

LRS FIXED RATE 25.0% 2005

   JAM    610,000,000    610,000,000

LRS FIXED RATE 26.125% 2006AG

   JAM    2,000,000,000    2,000,000,000

LRS FIXED RATE 27.75% 2008AL

   JAM    663,079,000    663,079,000

LRS FIXED RATE 29.25% 2005AN

   JAM    1,000,000,000    1,000,000,000

LRS FIXED RATE 33.5% 2005

   JAM    100,000,000    100,000,000

LRS FIXED RATE 34.25% 2005

   JAM    500,000,000    500,000,000

LRS FIXED RATE 34.25% 2005A

   JAM    565,000,000    565,000,000

LRS VARIABLE RATE 1999-2006 (A - D)

   JAM    403,942,691    403,942,691

LRS VARIABLE RATE 1999-2006 (Tr. E)

   JAM    325,000,000    325,000,000

LRS VARIABLE RATE 1999-2008 (P-V)

   JAM    16,800,000    16,800,000

LRS VARIABLE RATE 2001/2006 (TRANCHE D)

   JAM    39,958,059    39,958,059

LRS VARIABLE RATE 2001/2006 (TRANCHE E)

   JAM    13,122,918    13,122,918

LRS VARIABLE RATE 2001/2006 (TRANCHE F)

   JAM    5,530,971    5,530,971

LRS VARIABLE RATE 2001/2006 (TRANCHE G)

   JAM    5,139,967    5,139,967

LRS VARIABLE RATE 2001/2006 (TRANCHE L)

   JAM    325,000,000    325,000,000

LRS VARIABLE RATE 2001/2008 (TRANCHE A-D)

   JAM    1,477,319,101    1,477,319,101

LRS VARIABLE RATE 2003/2009 A-J

   JAM    2,000,000,000    2,000,000,000

LRS VARIABLE RATE 2004/2008 TR. C-K (Deferred Financing)

   JAM    929,106,220    929,106,220

LRS VARIABLE RATE 2005/2006

   JAM    2,464,240,000    2,464,240,000

LRS VARIABLE RATE 2005/2006A

   JAM    108,007,000    108,007,000

LRS VARIABLE RATE 2005/2006C

   JAM    250,000,000    250,000,000

LRS VARIABLE RATE 2005/2006D

   JAM    60,152,181    60,152,181

LRS VARIABLE RATE 2005/2006E

   JAM    128,245,492    128,245,492

LRS VARIABLE RATE 2005/2006F (Tranche B)

   JAM    500,000,000    500,000,000

LRS VARIABLE RATE 2005/2006G

   JAM    1,000,000,000    1,000,000,000

LRS VARIABLE RATE 2005/2006H

   JAM    1,000,000,000    1,000,000,000

LRS VARIABLE RATE 2005/2006J

   JAM    400,000,000    400,000,000

LRS VARIABLE RATE 2005/2006K

   JAM    100,000,000    100,000,000

 

37


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

    Internal Debt    


   Currency

   Balance
Outstanding


  

JA$

Equivalent


LRS VARIABLE RATE 2005A

   JAM    104,240,677    104,240,677

LRS VARIABLE RATE 2006

   JAM    2,827,892,000    2,827,892,000

LRS VARIABLE RATE 2006/2007

   JAM    300,000,000    300,000,000

LRS VARIABLE RATE 2006/2007A (TRANCHE D-E)

   JAM    444,833,600    444,833,600

LRS VARIABLE RATE 2006/2007B

   JAM    800,000,000    800,000,000

LRS VARIABLE RATE 2006/2007C

   JAM    100,000,000    100,000,000

LRS VARIABLE RATE 2006A

   JAM    1,161,723,000    1,161,723,000

LRS VARIABLE RATE 2006B

   JAM    2,304,177,000    2,304,177,000

LRS VARIABLE RATE 2006C

   JAM    913,509,000    913,509,000

LRS VARIABLE RATE 2007

   JAM    3,536,313,000    3,536,313,000

LRS VARIABLE RATE 2007/2008

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2007/2008A

   JAM    3,000,000,000    3,000,000,000

LRS VARIABLE RATE 2007/2008B

   JAM    500,000,000    500,000,000

LRS VARIABLE RATE 2007/2008C

   JAM    974,704,242    974,704,242

LRS VARIABLE RATE 2007A

   JAM    2,241,034,000    2,241,034,000

LRS VARIABLE RATE 2007B

   JAM    600,000,000    600,000,000

LRS VARIABLE RATE 2008

   JAM    372,529,000    372,529,000

LRS VARIABLE RATE 2008/2009

   JAM    300,000,000    300,000,000

LRS VARIABLE RATE 2008/2009A

   JAM    1,831,000,000    1,831,000,000

LRS VARIABLE RATE 2008/2009B

   JAM    300,000,000    300,000,000

LRS VARIABLE RATE 2008/2009C

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2008/2009D

   JAM    500,000,000    500,000,000

LRS VARIABLE RATE 2008/2009E

   JAM    500,000,000    500,000,000

LRS VARIABLE RATE 2008/2009F

   JAM    400,000,000    400,000,000

LRS VARIABLE RATE 2008/2016 (Tranche A - H)

   JAM    20,926,166,427    20,926,166,427

LRS VARIABLE RATE 2009

   JAM    2,500,000,000    2,500,000,000

LRS VARIABLE RATE 2009/2010

   JAM    175,000,000    175,000,000

LRS VARIABLE RATE 2009/2010 A

   JAM    600,000,000    600,000,000

LRS VARIABLE RATE 2009/2010 B

   JAM    400,000,000    400,000,000

LRS VARIABLE RATE 2009/2010 C

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2009/2010 D

   JAM    300,000,000    300,000,000

LRS VARIABLE RATE 2009/2010 E

   JAM    300,000,000    300,000,000

LRS VARIABLE RATE 2009/2010 F

   JAM    300,000,000    300,000,000

LRS VARIABLE RATE 2009/2010 G

   JAM    1,000,000,000    1,000,000,000

LRS VARIABLE RATE 2009/2010 H

   JAM    300,000,000    300,000,000

LRS VARIABLE RATE 2009/2010 TR. A-B

   JAM    300,000,000    300,000,000

LRS VARIABLE RATE 2009A

   JAM    114,117,728    114,117,728

LRS VARIABLE RATE 2009B

   JAM    2,100,000,000    2,100,000,000

LRS VARIABLE RATE 2009C

   JAM    230,586,967    230,586,967

LRS VARIABLE RATE 2010

   JAM    2,450,722,466    2,450,722,466

LRS VARIABLE RATE 2010/2011

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2010/2011A

   JAM    1,400,000,000    1,400,000,000

LRS VARIABLE RATE 2010/2011B

   JAM    500,000,000    500,000,000

LRS VARIABLE RATE 2010/2011C

   JAM    2,050,000,000    2,050,000,000

LRS VARIABLE RATE 2010/2011D

   JAM    300,000,000    300,000,000

LRS VARIABLE RATE 2010/2011E

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2010/2011F

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2010/2011G

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2010/2011H

   JAM    300,000,000    300,000,000

LRS VARIABLE RATE 2011/2012

   JAM    400,000,000    400,000,000

LRS VARIABLE RATE 2011/2012A

   JAM    500,000,000    500,000,000

LRS VARIABLE RATE 2011/2012B

   JAM    3,500,000,000    3,500,000,000

LRS VARIABLE RATE 2011/2012C

   JAM    850,000,000    850,000,000

LRS VARIABLE RATE 2011/2012D

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2011/2012E

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2012/2013

   JAM    3,931,988,191    3,931,988,191

LRS VARIABLE RATE 2012/2013 K

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2012/2013A

   JAM    150,000,000    150,000,000

LRS VARIABLE RATE 2012/2013B

   JAM    357,717,545    357,717,545

LRS VARIABLE RATE 2012/2013C

   JAM    1,000,000,000    1,000,000,000

LRS VARIABLE RATE 2012/2013D

   JAM    1,700,000,000    1,700,000,000

 

38


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

    Internal Debt    


   Currency

   Balance
Outstanding


   JA$ Equivalent

LRS VARIABLE RATE 2012/2013E

   JAM    1,000,000,000    1,000,000,000

LRS VARIABLE RATE 2012/2013F (Tr. 1 - 3)

   JAM    2,500,000,000    2,500,000,000

LRS VARIABLE RATE 2012/2013G

   JAM    500,000,000    500,000,000

LRS VARIABLE RATE 2012/2013H

   JAM    350,000,000    350,000,000

LRS VARIABLE RATE 2012/2013J

   JAM    1,000,000,000    1,000,000,000

LRS VARIABLE RATE 2012/2015 (Tr. A - D)

   JAM    4,357,642,475    4,357,642,475

LRS VARIABLE RATE 2013/2014

   JAM    1,977,150,580    1,977,150,580

LRS VARIABLE RATE 2013/2015 (Tr. A-E)

   JAM    3,960,006,730    3,960,006,730

LRS VARIABLE RATE 2014/2015

   JAM    600,000,000    600,000,000

LRS VARIABLE RATE 2014/2015 A

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2014/2015 B

   JAM    150,000,000    150,000,000

LRS VARIABLE RATE 2014/2016 (Tr. A-C)

   JAM    5,378,348,836    5,378,348,836

LRS VARIABLE RATE 2014/2018 (Tr. A-E)

   JAM    1,154,579,576    1,154,579,576

LRS VARIABLE RATE 2015/2016

   JAM    2,904,204,347    2,904,204,347

LRS VARIABLE RATE 2015/2016A

   JAM    340,000,000    340,000,000

LRS VARIABLE RATE 2016/2017

   JAM    600,000,000    600,000,000

LRS VARIABLE RATE 2016/2017 A

   JAM    100,000,000    100,000,000

LRS VARIABLE RATE 2017/2018 (Deferred Financing)

   JAM    137,433,291    137,433,291

LRS VARIABLE RATE 2017/2018A

   JAM    300,000,000    300,000,000

LRS VARIABLE RATE 2017/2018B

   JAM    500,000,000    500,000,000

LRS VARIABLE RATE 2017/2018C (Deferred Financing)

   JAM    137,755,369    137,755,369

LRS VARIABLE RATE 2017/2018D

   JAM    122,022,326    122,022,326

LRS VARIABLE RATE 2018/2019

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2018/2019A

   JAM    150,000,000    150,000,000

LRS VARIABLE RATE 2018/2019B

   JAM    100,000,000    100,000,000

LRS VARIABLE RATE 2018/2021 (Tr. A-D)

   JAM    6,241,227,545    6,241,227,545

LRS VARIABLE RATE 2019/2020

   JAM    250,000,000    250,000,000

LRS VARIABLE RATE 2019/2020 A TR. A

   JAM    577,000,000    577,000,000

LRS VARIABLE RATE 2019/2020B

   JAM    500,000,000    500,000,000

LRS VARIABLE RATE 2019/2022 (Tr. A-D)

   JAM    5,260,086,941    5,260,086,941

LRS VARIABLE RATE 2022/2023

   JAM    750,000,000    750,000,000

LRS VARIABLE RATE 2022/2023A

   JAM    600,000,000    600,000,000

LRS VARIABLE RATE 2022/2023B

   JAM    610,000,000    610,000,000

LRS VARIABLE RATE 2022/2023C

   JAM    100,000,000    100,000,000

LRS VARIABLE RATE 2022/2023D

   JAM    1,150,000,000    1,150,000,000

LRS VARIABLE RATE 2022/2027 (Tr. A-F)

   JAM    5,469,422,145    5,469,422,145

LRS VARIABLE RATE 2023/2024

   JAM    200,000,000    200,000,000

LRS VARIABLE RATE 2023/2024A

   JAM    150,000,000    150,000,000

LRS VARIABLE RATE 2023/2028 (Tr. A-F)

   JAM    5,725,347,701    5,725,347,701

LRS VARIABLE RATE 2024/2025

   JAM    150,000,000    150,000,000

LRS VARIABLE RATE 2024/2025A

   JAM    534,900,000    534,900,000

LRS VARIABLE RATE 2027/2028

   JAM    125,000,000    125,000,000

LRS VARIABLE RATE 2027/2028A

   JAM    1,075,000,000    1,075,000,000

LRS VARIABLE RATE 2030/2031

   JAM    150,000,000    150,000,000

LRS VARIABLE RATE 2031/2032

   JAM    1,000,000,000    1,000,000,000

LRS VARIABLE RATE 2032/2033

   JAM    275,000,000    275,000,000

LRS VARIABLE RATE 2032/2033A TR1

   JAM    202,576,641    202,576,641

LRS VARIABLE RATE 2032/2033A TR2

   JAM    250,000,000    250,000,000
         
  

SUB-TOTAL (c) Local Registered Stock

   JAM         218,412,572,492
              

(d) US$ Indexed Bonds

              

GOJ FIXED RATE US DOLLAR INDEXED BOND - 11% DUE 2005

   US$    14,564,885.00    900,262,824

GOJ FIXED RATE US DOLLAR INDEXED BOND - 11.625% DUE 2005A

   US$    51,465,100.00    3,184,264,647

GOJ FIXED RATE US DOLLAR INDEXED BOND - 11.625% DUE 2005

   US$    46,709,800.00    2,892,930,405

GOJ FIXED RATE US DOLLAR INDEXED BOND - 11.25% DUE 2005

   US$    19,180,600.00    1,186,748,039

GOJ FIXED RATE US DOLLAR INDEXED BOND - 11.625% DUE 2006

   US$    83,811,700.00    5,206,345,298

GOJ FIXED RATE US DOLLAR INDEXED BOND - 12% DUE 2006

   US$    24,625,800.00    1,529,743,676

GOJ FIXED RATE US DOLLAR INDEXED BOND - 11.0% DUE 2006

   US$    3,091,242.31    192,026,589

GOJ FIXED RATE US DOLLAR INDEXED BOND - 10.5% DUE 2007 A

   US$    109,445,832.00    6,764,901,599

GOJ FIXED RATE US DOLLAR INDEXED BOND - 10.5% DUE 2007

   US$    82,604,900.00    5,131,379,422

 

39


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

    Internal Debt    


   Currency

  

Balance

Outstanding


  

JA$

Equivalent


GOJ FIXED RATE US DOLLAR INDEXED BOND - 10.5% DUE 2008

   US$    61,767,700.00    3,836,981,883

GOJ FIXED RATE US DOLLAR INDEXED BOND - 10.125% DUE 2009

   US$    47,368,000.00    2,936,623,283

GOJ FIXED RATE US DOLLAR INDEXED BOND - 10.125% DUE 2010

   US$    55,285,200.00    3,427,457,472
         
  

SUB-TOTAL (d) US$ Indexed Bonds

   JAM         37,189,665,138
              

(e) US$ Denominated Bonds

              

GOJ FIXED RATE LOCAL US$17.2mn 9.25% LOAN DUE 2012

   US    15,682,353    965,151,593

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 9.625% DUE 2005

   US    476,459    29,323,075

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 12.0% DUE 2005

   US    100,000,000    6,154,380,000

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 9.75% DUE 2005

   US    7,420,094    456,660,781

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 11.25% DUE 2005

   US    10,000,000    615,438,000

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 11.25% DUE 2005A

   US    3,000,033    184,633,431

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 7.0% DUE 2005

   US    14,312,726    880,859,531

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 9.0% DUE 2005

   US    83,924,619    5,165,039,967

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 11.25% DUE 2005

   US    20,063,000    1,234,753,259

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 9.625% DUE 2006

   US    115,857    7,130,257

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 10.5% DUE 2006

   US    5,700,000    350,799,660

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 9.625% DUE 2006

   US    50,478    3,106,615

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 9.625% DUE 2006

   US    82,593    5,083,074

GOJ FIXED RATE US$ DENOMINATED BOND ISSUE - 11.75% DUE 2006

   US    176,926,000    10,888,698,359

GOJ FIXED RATE US$ DENOMINATED BOND ISSUE - 11.875% DUE 2006

   US    100,000,000    6,154,380,000

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 11.125% DUE 2022

   US    10,000,000    615,438,000

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 10.5% DUE 2009

   US    115,843,000    7,129,418,423

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 10.5% 2010A

   US    18,855,000    1,160,408,349

GOJ VARIABLE RATE LOCAL US DOLLAR BOND ISSUE - DUE 2005

   US    64,821    3,989,338

GOJ FIXED RATE LOCAL US DOLLAR BOND ISSUE - 9.9% DUE 2010

   US    86,069,000    5,297,013,322

LEASE AGREEMENT US$4.1M-(Police Fleet Vehicles)-11.5% DUE 2005

   US    13,449    827,727

US$12mn 10.75% SEWERAGE INFRASTRUCTURE LOAN

   US    3,750,000    230,789,250
         
  

SUB-TOTAL (e) US$ Denominated Bonds

   JAM         47,533,322,012
              

(f) Euro Denominated Loan

              

FR EURO 3.85mn 9.25% LOAN DUE 2012

   EURO    3,850,000    303,925,160
         
  

SUB-TOTAL (f) Euro Denominated Loan

   JAM         303,925,160
              

(g) Investment Debenture

              

GOJ INVESTMENT DEBENTURE 16.25% 2006 SERIES Am

   JAM    7,144,844,389.00    7,144,844,389

GOJ INVESTMENT DEBENTURE 17.00% 2006 SERIES Ah

   JAM    1,650,819,000.00    1,650,819,000

GOJ INVESTMENT DEBENTURE 16.575% 2005 SERIES Ap

   JAM    11,897,978,270.81    11,897,978,271

GOJ INVESTMENT DEBENTURE 17.005% 2005 SERIES Af

   JAM    13,334,218,208.00    13,334,218,208

GOJ INVESTMENT DEBENTURE 15.75% 2007 SERIES Ar

   JAM    6,062,675,219.00    6,062,675,219

GOJ Investment Debenture 16.75% 2005 SERIES Ak

   JAM    2,356,295,000.00    2,356,295,000

GOJ Investment Debenture 16.875% 2006 SERIES Aj

   JAM    3,271,264,000.00    3,271,264,000

GOJ Investment Debenture 16.50% 2007 SERIES Aq

   JAM    3,935,895,000.00    3,935,895,000

GOJ Investment Debenture 16.625% 2007 SERIES An

   JAM    5,202,998,000.00    5,202,998,000

GOJ Investment Debenture 15.00% 2009 SERIES As

   JAM    1,364,556,000.00    1,364,556,000

GOJ Investment Debenture 17% 2005 SERIES Ag.

   JAM    9,458,358,581.00    9,458,358,581

GOJ Investment Debenture FR 25% 2005 SERIES Ad

   JAM    6,289,746,094.75    6,289,746,095

GOJ Variable Rate Investment Bond 2005/2006 SERIES “C “

   JAM    1,186,347,000.00    1,186,347,000

GOJ Variable Rate Investment Bond 2005/2006 SERIES “D “

   JAM    3,168,686,000.00    3,168,686,000

GOJ Investment Debenture FR 18.625% 2006 SERIES “Y”

   JAM    3,150,142,000.00    3,150,142,000

GOJ Investment Debenture FR 22.125% 2006 SERIES Ae

   JAM    2,746,494,918.50    2,746,494,919

GOJ Investment Debenture FR 28.25% 2006 SERIES Ab

   JAM    3,020,542,500.00    3,020,542,500

GOJ Investment Debenture FR 24.25% 2006 SERIES Ac

   JAM    12,594,657,833.35    12,594,657,833

GOJ Variable Rate Investment Bond 2006/2007 SERIES “B “

   JAM    2,940,689,000.00    2,940,689,000

GOJ Investment Debenture VR 2006/2007 SERIES “T”

   JAM    350,000,000.00    350,000,000

GOJ Variable Rate Investment Bond 2006/2007 SERIES “A “

   JAM    6,004,064,000.00    6,004,064,000

GOJ Variable Rate Investment Bond 2006/2007 SERIES “F “

   JAM    2,001,263,000.00    2,001,263,000

GOJ Variable Rate Investment Bond 2007/2008 SERIES “G “

   JAM    2,705,446,800.00    2,705,446,800

 

40


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

    Internal Debt    


   Currency

  

Balance

Outstanding


  

JA$

Equivalent


GOJ Variable Rate Investment Bond 2009/2010 SERIES “J ”

   JAM    1,113,957,000.00    1,113,957,000

GOJ Variable Rate Investment Bond 2007/2008 SERIES “K ”

   JAM    2,816,043,000.00    2,816,043,000

GOJ Variable Rate Investment Bond 2008/2009 SERIES “L

   JAM    2,492,434,000.00    2,492,434,000

GOJ Variable Rate Investment Bond 2007/2008 SERIES “E

   JAM    2,712,776,046.00    2,712,776,046

GOJ Fixed Rate 16.85% REGISTERED BOND 2006 SERIES “C”

   JAM    583,688,000.00    583,688,000

GOJ Fixed Rate 16.125% REGISTERED BOND 2009 SERIES “D”

   JAM    4,205,522,000.00    4,205,522,000

GOJ Fixed Rate 14.875% REGISTERED BOND 2009 SERIES “E”

   JAM    1,719,280,000.00    1,719,280,000

GOJ Fixed Rate 17.125% REGISTERED BOND 2002010 SERIES “A

   JAM    895,009,000.00    895,009,000

GOJ Fixed Rate 17.00% REGISTERED BOND 2014 SERIES “B”

   JAM    597,496,000.00    597,496,000
         
  

SUB-TOTAL (g) Investment Debenture

   JAM    128,974,185,860.41    128,974,185,860
         
  

SUB-TOTAL CATEGORY II (MARKET LOANS)

   JAM         437,028,162,162
              

III INSTITUTIONAL LOANS (LOCAL)

              

(a) COMMERCIAL BANKS

              

Bank of Nova Scotia Jamaica Limited ($2,769.13mn Credit Facility to UWI/UHWI)

   JAM    1,107,652,800    1,107,652,800

Bank of Nova Scotia Jamaica Limited - ($2.971bn Credit Facility to UHWI/UWI)

   JAM    2,310,983,112    2,310,983,112

Bank of Nova Scotia Jamaica Limited - (WIHCON - $3.85bn Infrastructure) (Deferred Financing)

   JAM    3,467,442,729    3,467,442,729
         
  

SUB-TOTAL BANK OF NOVA SCOTIA JA. LTD.

   JAM    6,886,078,641    6,886,078,641
         
  

National Commercial Bank (UWI/UHWI $2.7bn)

   JAM    2,475,000,000    2,475,000,000

National Commercial Bank (NORTHERN JA.DEV. PROJECT - $197.46mn)(Deferred Financing)

   JAM    72,749,441    72,749,441

National Commercial Bank (NORTHERN JA. DEV. PROJECT - $115.92mn)(Deferred Financing)

   JAM    42,706,109    42,706,109

National Commercial Bank (TRAFFIC MGT.-TRAFALGAR RD - $269.87mn)(Deferred Financing)

   JAM    80,959,645    80,959,645

National Commercial Bank (TRAFFIC MGT. - WASHINGTON BLVD - $306.64mn)(Deferred Financing)

   JAM    112,971,475    112,971,475

National Commercial Bank (JUTC - $498.12mn)

   JAM    268,219,494    268,219,494

National Commercial Bank (NWC - Collaborative Programme - $165.0mn)

   JAM    116,875,000    116,875,000

National Commercial Bank (NWC - Collaborative Programme - $405.0mn)

   JAM    286,875,000    286,875,000
         
  

SUB-TOTAL NATIONAL COMMERCIAL BANK JA. LTD.

   JAM    3,456,356,164    3,456,356,164
         
  

FIRST CARIBBEAN INTERNATIONAL BANK (Budgetary Support)

   JAM    1,000,000,000    1,000,000,000
         
  

SUB-TOTAL FIRST CARIBBEAN INTERNATIONAL BANK

   JAM    1,000,000,000    1,000,000,000
         
  

SUB-TOTAL (a) COMMERCIAL BANKS

   JAM    11,342,434,805    11,342,434,805
         
  

(b) PUBLIC SECTOR ENTITIES

              

PAJ - PROMISSORY NOTE $38.507Mn - DUE 2006 ( Re. Settlement of Head Tax )

   JAM    15,403,151    15,403,151
         
  

SUB-TOTAL PORT AUTHORITY OF JAMAICA

   JAM    15,403,151    15,403,151
         
  

N.I.F. - Promissory Note $153.2Mn Due 2007 (Re: Tax on Int earned)

   JAM    30,645,090    30,645,090

N.I.F. - Promissory Note $134.29Mn Due 2019 (Re: W/H Tax on LRS)

   JAM    75,207,805    75,207,805
         
  

SUB-TOTAL NATIONAL INSURANCE FUND (NIF)

   JAM    105,852,895    105,852,895
         
  

NATIONAL HOUSING TRUST (Stadium Gardens)

   JAM    1,427,176    1,427,176

NATIONAL HOUSING TRUST (JDF Housing Stock)

   JAM    19,392,064    19,392,064

 

41


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

    Internal Debt    


   Currency

   Balance
Outstanding


  

JA$

Equivalent


SUB-TOTAL NATIONAL HOUSING TRUST

   JAM    20,819,240    20,819,240
         
  

DEVELOPMENT BANK OF JAMAICA (Set-off of debts)

   JAM    108,623,805.36    108,623,805
         
  

SUB-TOTAL DEVELOPMENT BANK OF JAMAICA

   JAM    108,623,805.36    108,623,805
         
  

JAMAICA NATIONAL INVESTMENT CO. (NIBJ)

   JAM    180,000    180,000
         
  

SUB-TOTAL JAMAICA NATIONAL INVESTMENT CO.

   JAM    180,000    180,000
         
  

SUB-TOTAL (b) PUBLIC SECTOR ENTITIES

   JAM    250,879,091    250,879,091
         
  

(c) OTHER LOCAL FINANCIAL INSTITUTIONS

              

International Trust & Merchant Bank - $250.0mn (NWC - Collaborative Programme )

   JAM    83,333,333    83,333,333

International Trust & Merchant Bank - $350.0mn (NWC - Collaborative Programme )

   JAM    116,666,667    116,666,667
         
  

SUB-TOTAL INTERNATIONAL TRUST & MERCHANT BANK LTD.

   JAM    200,000,000    200,000,000
         
  

Pan Caribbean Merchant Bank Ltd. (Northern Ja. Dev. Project) (Deferred Financing)

   JAM    149,299,310    149,299,310
         
  

SUB-TOTAL PAN CARIBBEAN MERCHANT BANK LTD

   JAM    149,299,310    149,299,310
         
  

Prime Life Ass. Co Ltd (Nurses Accommodation) (Deferred Financing)

   JAM    28,377,753    28,377,753
         
  

SUB-TOTAL PRIME LIFE ASS. CO LTD

   JAM    28,377,753    28,377,753
         
  

Guardian Assets Management Ltd (Eastern & Portmore Bus Depots W/Shop Const.)

   JAM    180,000,000    180,000,000

Guardian Assets Management Ltd (Eastern & Portmore Bus Depots W/Shop Const.)

   JAM    68,280,101    68,280,101
         
  

SUB-TOTAL GUARDIAN ASSETS MANAGEMENT LTD

   JAM    248,280,101    248,280,101
         
  

SUB-TOTAL (c) OTHER LOCAL FINANCIAL INSTITUTIONS

   JAM    625,957,164    625,957,164
         
  

SUB-TOTAL CATEGORY III (INSTITUTIONAL LOANS - LOCAL)

   JAM         12,219,271,061
              

TOTAL INTERNAL DEBT

   JAM         449,247,588,056.04
              

 

42


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

             Currency

   Balance
Outstanding


  

JA$

Equivalent


External Debt

              
I FOREIGN CURRENCY OBLIGATIONS TO COMMERCIAL ENTERPRISES               
   

      1)

 

BANQUE PARIBAS

              
       

PURCHASE OF 4 HELICOPTERS

   US    43,689    2,688,621
       

NWC/GOJ - BUYER’S CREDIT

   EURO    8,959,757    715,167,804
       

NWC/GOJ-TRANCHE A

   EURO    5,152,114    411,241,739
       

NWC/GOJ - TRANCHE B

   US    2,544,699    156,600,776
                      
       

TOTAL BANQUE PARIBAS

             1,285,698,941
                      
   

2)

 

MEXICO

              
       

BANCO NACIONAL DE COMERCIO EXTERIOR SNC 150 MERCEDED BENZ BUSES

   US    3,918,081    241,118,705
   

3)

 

PANAMA

              
       

ITOCHU LATIN AMERICA SA

              
       

PURCHASE OF MERCEDES BENZ BUS AND PARTS

   US    96,539    5,941,010
       

PURCHASE OF 110 BUSES AND SPARE PARTS

   US    6,060,401    372,957,078
       

PURCHASE OF 9 BUSES AND SPARE PARTS

   US    2,448,173    150,660,566
                      
       

TOTAL - PANAMA

             529,558,654
                      
   

4)

 

UNITED STATES EXPORT IMPORT BANK

              
       

R-174 1991/92 PARIS CLUB RESCHEDULING

   US    868,004    53,416,966
       

R-192 1992/95 PARIS CLUB RESCHEDULING

   US    7,750,117    476,942,200
                      
       

TOTAL - UNITED STATES EXPORT IMPORT BANK

             530,359,166
                      
   

5)

 

BOND HOLDERS

              
       

US250M EUROBOND (10.875%)

   US    250,000,000    15,385,000,000
       

US225M BOND (12.75%)2007

   US    225,000,000    13,846,500,000
       

US400M BOND (11.75%) 2011

   US    400,000,000    24,616,000,000
       

US250M BOND (11.625%) 2022

   US    250,000,000    15,385,000,000
       

US300M BOND ( 10.625%) 2017

   US    425,000,000    26,154,500,000
       

US50M BOND ( 9%) 2008

   US    50,000,000    3,077,000,000
       

US50M BOND ( 9.5%) 2008

   US    50,000,000    3,077,000,000
       

EURO 200M BOND (10.5%) 2009

   EURO    200,000,000    15,964,000,000
       

EURO 200M BOND 11% 2012

   EURO    200,000,000    15,964,000,000
       

EURO150M BOND 10.50% 2014

   EURO    150,000,000    11,973,000,000
                      
       

TOTAL - BOND HOLDERS

             145,442,000,000
                      
   

6)

 

CITIBANK N.A.

              
       

PURCHASE OF VOLVO BUS CHASIS

   SEK    24,252,493    211,239,214
       

STEEL BRIDGES AND FLYOVERS

   UK    140,000    16,128,000
       

PURCHASE OF STEEL BRIDGES & FLYOVERS (GUARANTEED)

   UK    9,075,000    1,045,440,000
                      
       

TOTAL - CITIBANK N.A

             1,272,807,214
                      
   

7)

 

HSBC

              
       

HSBC - RURAL BRIDGE PROGRAM

   UK    5,250,000    604,800,000
       

HSBC - RURAL BRIDGE PROGRAM ECDG GUARANTEE

   UK    2,173,643    250,403,674
                      
       

TOTAL HSBC

             855,203,674
                      
   

8)

 

ING BANK

              
       

ING BANK - 3 DAMEN OFFSHORE VESSELS-JDF COAST GUARD

   USD    5,930,720    364,976,509
                 
  
   

TOTAL FOREIGN CURRENCY OBLIGATIONS TO COMMERCIAL ENTERPRISES

             150,521,722,862
                      

 

43


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

             Currency

  

Balance

Outstanding


  

JA$

Equivalent


External Debt

              

II FOREIGN GOVERNMENT AND GOVERNMENT AGENCIES

              
   

      a)

 

UNITED STATES

              
   

      1.

 

U.S. AGENCY FOR INTERNATIONAL DEVELOPMENT

              
       

532-V-009 RURAL EDUCATION

   US    1,145,247    70,478,500
       

532-W-016B ENERGY SECTOR ASSISTANCE

   US    98,168    6,041,259
       

532-V-024B BASIC SKILLS TRAINING

   US    430,414    26,487,678
       

532-V-023B TAX REFORM PROGRAMME

   US    100,543    6,187,416
       

532-T-027 AGRICULTURAL EDUCATION PROJECT

   US    2,634,282    162,113,714
       

532-T-027A AGRICULTURAL EDUCATION PROJECT

   US    421,688    25,950,680
       

532-T-046 CROP DIVERSIFICATION & IRRIGATION PROJ.

   US    239,719    14,752,307
       

532-T-046A CROP DIVERSIFICATION & IRRIGATION PROJ.

   US    2,061,582    126,869,756
       

532-T-046B CROP DIVERSIFICATION & IRRIGATION PROJ.

   US    1,492,658    91,858,173
       

532-T-046D CROP DIVERSIFICATION & IRRIGATION PROJ.

   US    451,154    27,764,017
       

532-102R-109R USAID 91/92 RESCHEDULING LOANS

   US    20,872,307    1,284,481,773
       

532-121R-154W 1992/95 PARIS CLUB RESCHEDULING

   US    88,100,414    5,421,699,478
       

532-1-113 USAID DEBT REDUCTION

   US    16,126,494    992,424,441
       

532-W-055 INNER KINGSTON DEVELOPMENT

   US    3,751,823    230,887,187
                      
       

TOTAL - U.S. AGENCY FOR INTERNATIONAL DEVELOPMENT

             8,487,996,379
                      
   

      2.

 

FEDERAL HOME LOAN BANK OF BOSTON

              
       

532-HG-010 HOUSING PROJECTS LONG TERM FINANCE

   US    2,735,773    168,359,470
       

532-HG-011 FINANCE FOR HOUSING PROJECTS

   US    7,500,000    461,550,000
       

532-HG-012 AO2 FINANCE FOR HOUSING PROJECT

   US    5,000,000    307,700,000
       

532-HG-012-AO3 FINANCE FOR HOUSING PROJECT

   US    7,800,000    480,012,000
       

532-HG-013-AO1 FINANCE FOR HOUSING PROJECT

   US    13,550,362    833,889,277
       

532-HG-014 FINANCING - SHELTER FOR LOW INCOME FAMILY

   US    15,847,450    975,252,073
       

532-HR-008 DEBT CONSOLIDATION

   US    1,330,095    81,854,046
       

532-HR-009 DEBT CONSOLIDATION

   US    8,769,892    539,699,154
                      
       

TOTAL - FEDERAL HOME LOAN

             3,848,316,021
                      
   

      3.

 

COMMODITY CREDIT CORPORATION

              
       

CCC 1991/92 RESCHEDULING

   US    4,008,781    246,700,383
       

CCC 1992/95 RESCHEDULING

   US    8,176,286    503,168,640
                      
       

TOTAL - COMMODITY CREDIT CORPORATION

             749,869,023
                      
       

4. UNITED STATES DEPT. OF AGRICULTURE

              
       

90 JMI PL480 AGREEMENT 27.59M - 1990 DELIVERIES

   US    17,833,589    1,097,479,067
       

91 JMI USDA PL480 - 1991 DELIVERIES

   US    12,108,070    745,130,628
       

91 JMI PL480 AGREEMENT 4.66M - 1990 DELIVERIES

   US    2,979,444    183,354,984
       

91 JMI PURCHASE OF FOOD CALENDAR YEAR 1991

   US    6,711,148    413,004,048
       

93 JMI GOJ/CCC PL480 AGREEMENT 20.76M - 1992 DELIVERIES

   US    14,946,597    919,813,579
       

93 JMI GOJ/CCC PL480 AGREEMENT 27.16M - 1993 DELIVERIES

   US    20,505,428    1,261,904,039
       

93 JMI GOJ/CCC PL480 AGREEMENT 2.47M

   US    1,779,926    109,536,646
       

93 JMI PL480 PURCHASE OF FOOD - 1994 DELIVERIES

   US    11,020,760    678,217,570
       

PL 480 FOR CALENDAR YEAR 1996 DELIVERIES

   US    11,159,818    686,775,200
       

PL 480 FOR CALENDAR YEAR 1998 DELIVERIES

   US    4,374,807    269,225,623
       

99 JMI PL480 FOR 1999 DELIVERIES

   US    8,387,274    516,152,842
       

PL 480 FOR CALENDER YEAR 2000 DELIVERIES

   US    3,194,762    196,605,653
       

91 JMI PL480 8.39M

   US    5,708,125    351,278,013
                      
       

TOTAL - UNITED STATES DEPT. OF AGRICULTURE

             7,428,477,892
                      
   

      5.

 

FEDERAL FINANCING BANK

              
       

JM-929D FFB 1991/92 RESCHEDULING (EXT. PERIOD)

   US    44,491    2,737,976
       

JM-928D FFB 91/92 RESCHEDULING (CONSOL. PERIOD)

   US    132,403    8,148,081
       

JM-947D FFB 1992/95 RESCHEDULING

   US    293,319    18,050,851

 

44


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

             Currency

   Balance
Outstanding


  

JA$

Equivalent


External Debt

              
       

JM-948D FFB 1992/95 RESCHEDULING

   US    142,121    8,746,126
       

JM-949D FFB 1992/95 RESCHEDULING

   US    179,486    11,045,568
                      
       

TOTAL - FEDERAL FINANCING BANK

             48,728,603
                      
   

      b)

 

CANADA

              
   

      1.

 

CANADIAN WHEAT BOARD

              
       

1991/92 PARIS CLUB RESCHEDULE (PRINCIPAL)

   CAD    420,096    21,378,685
       

CAWB 92/95 DEBT RESCHEDULING

   CAD    1,288,822    65,588,152
                      
       

TOTAL - CANADIAN WHEAT BOARD

             86,966,837
                      
   

      2.

 

EXPORT DEVELOPMENT CORPORATION

              
       

890-JAM-5249 EDC 91/92 RESCHEDULING

   CAD    253,464    12,898,783
       

890-JAM-5249 EDC 91/92 US$ AFFECTED DEBT

   US    514,972    31,691,377
       

890-JAM-5767 EDC 92/95 DEBT RESCHEDULING

   US    1,939,668    119,367,169
       

890-JAM-5767 EDC 92/95 CDN$ AFFECTED AMOUNTS

   CAD    447,278    22,761,977
       

880-JAM-7140 PURCHASE OF RADAR EQUIP. & RELATED GDS.

   US    6,712,239    413,071,188
       

880-JAM-7798 / 3 BELL MODEL SEARCH & RESCUE HELICOPTER

   US    3,538,767    217,775,721
       

890-JAM-8038 PURCHASE OF GOODS AND SERVICES

   US    477,121    29,362,026
       

880-JAM-24714 PUR.OF GOODS AND SERVICES ( NETBALL FAC)

   US    2,799,746    172,296,369
       

890-JAM-11888 PURCHASE OF GOODS AND SERVICES

   CAD    3,205,200    197,248,008
                      
       

TOTAL - EXPORT DEVELOPMENT CORPORATION

             1,216,472,618
                      
   

      c)

 

CHINA

              
       

EXIM BANK OF CHINA

              
       

EQUIPMENT/SUPPLIES FOR JAMAICA WATER SYSTEM REBABILITATION

   CNY    91,666,667    675,583,336
       

REPUBLIC OF CHINA

              
   

      d)

 

UNITED KINGDOM

              
   

      1.

 

COMMONWEALTH DEVELOPMENT CORPORATION

              
       

EXPANSION OF COMMERCIAL FORESTRY( 1238102)

   UK    829,000    95,500,800
       

PINE PLANTATION EXPANSION PROJECT (( 1238101)

   UK    1,316,176    151,623,475
                 
  
       

TOTAL - COMMONWEALTH DEVELOPMENT CORPORATION

        4,009,154    247,124,275
                 
  
   

      2.

 

EXPORT CREDIT GUARANTEE DEPT.

              
       

ECGD PREV. RESCH. PRINCIPAL 1991/92 # 6A

   UK    103,511    11,924,467
       

ECGD 91/92 PREV. RESCH. INTEREST # 6B

   UK    52,385    6,034,752
       

ECGD 91/92 PREV. RESCH. PRINCIPAL # 6C

   UK    38,285    4,410,432
       

ECGD 91/92 EXTENSION AFFECTED INTEREST # 6D

   UK    14,188    1,634,458
       

ECGD 92/95 AFFECTED PRINCIPAL # 7A

   UK    660,690    76,111,488
       

ECGD 92/95 AFFECTED INTEREST # 7B

   UK    94,819    10,923,149
                      
       

TOTAL - EXPORT CREDIT GUARANTEE DEPT.

             111,038,746
                      
   

      3.

 

UNITED KINGDOM GOVERNMENT

              
       

1981 PURCHASE OF GOODS & SERVICES

   UK    271,200    31,242,240
       

1981 #2 PURCHASE OF GOODS & SERVICES

   UK    338,300    38,972,160
       

1987 PURCHASE OF GOODS & SERVICES

   UK    1,081,600    124,600,320
       

UKG 92/95 RESCHEDULING

   UK    16,117,838    1,856,774,938
                      
       

TOTAL - UNITED KINGDOM GOVERNMENT

             2,051,589,658
                      
   

      e)

 

FEDERAL REPUBLIC OF GERMANY

              
   

      1.

 

KREDITANSTALT FUR WIEDERAUFBAU

              
       

72-65-812 FINANCE OF INVESTMENT PROJECTS

   EURO    66,424    5,301,964

 

45


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

             Currency

   Balance
Outstanding


  

JA$

Equivalent


External Debt

              
       

74-66-030 FISHERY PORT KINGSTON

   EURO    249,510    19,915,888
       

81-65-037 GENERAL COMMODITY AID II

   EURO    1,143,249    91,254,135
       

85-67-711 GENERAL COMMODITY AID VII

   EURO    511,292    40,811,327
       

87-66-024 GENERAL COMMODITY AID VIII

   EURO    1,533,876    122,433,982
       

88-66-477 HURRICANE RECONSTRUCTION ASSISTANCE 1

   EURO    1,366,172    109,047,849
       

89-65-121 HURRICANE RECONSTRUCTION ASSISTANCE 2

   EURO    9,133,820    729,061,512
       

89-65-857 HURRICANE RECONSTRUCTION ASSISTANCE III

   EURO    13,277,251    1,059,790,175
       

90-65-277 AGRICULTURAL SECTOR ADJUSTMENT PROGRAM

   EURO    4,951,073    395,194,647
       

92-65-992 KFW 91/92 RESCHEDULING

   EURO    4,816,499    384,452,950
       

94-65-253 KFW 92/95 DEBT RESCHEDULING

   EURO    12,942,264    1,033,051,512
       

93-65-941 SUPPLIES AND SERVICES

   EURO    5,082,468    405,682,596
       

94-65-345 REHABILITATION OF 2 HOSPITALS

   EURO    3,345,562    267,042,759
                      
       

TOTAL - KREDITANSTALT FUR WIEDERAUFBAU

   EURO         4,663,041,297
                      
    f)  

JAPAN

              
    1.  

OVERSEAS ECONOMIC CORPORATION FUND

              
       

JM-C1 COMMODITY LOAN

   YEN    222,060,000    126,574,200
       

JM-P1 BARGE MOUNTED DIESEL POWER PLANT PROJECT

   YEN    2,045,112,000    1,165,713,840
       

JM-P2 BLUE MOUNTAIN COFFEE DEVELOPMENT PROJECT

   YEN    1,272,960,000    725,587,200
       

JM-P3 MONTEGO BAY WATER SUPPLY PROJECT

   YEN    2,936,752,000    1,673,948,640
       

JM-P4 TELECOMMUNICATION NETWORK EXPANSION PROJ.

   YEN    5,568,836,000    3,174,236,520
       

JM-C2 RECONSTRUCTION LOAN

   YEN    1,216,060,000    693,154,200
       

JM-C3 AGRICULTURAL SECTOR ADJUSTMENT

   YEN    2,052,876,000    1,170,139,320
       

JM-P5 NORTH COAST DEVELOPMENT PROJECT

   YEN    5,576,424,000    3,178,561,680
       

JM-R6 OECF 1991/92 DEBT RESCHEDULING

   YEN    158,200,000    90,174,000
       

JM-R7 JAPAN OECF 92/95 RESCHEDULING

   YEN    644,580,000    367,410,600
       

JM-P6 KGN WATER SUPPLY PROJECT

   YEN    905,093,277    515,903,168
                      
       

TOTAL - OVERSEAS ECONOMIC CORPORATION FUND

             12,881,403,368
                      
    2.  

JAPAN - EXIM BANK UNITED LOAN - AIPORT REFORM + IMPORT

   YEN    1,296,964,615    739,269,831
    g)  

NETHERLAND INVESTMENT BANK

              
    1.  

1976 PURCHASE OF GOODS

   EURO    434,086    34,648,745
       

1975 PURCHASE OF GOODS

   EURO    236,873    18,907,203
       

1977.01 PURCHASE OF GOODS

   EURO    769,608    61,430,111
       

1978.02 PURCHASE OF GOODS

   EURO    2,359,657    188,347,822
       

1978.03 PURCHASE OF GOODS

   EURO    1,009,625    80,588,268
       

1979.02 PURCHASE OF GOODS

   EURO    986,972    78,780,105
       

1979 PURCHASE OF GOODS

   EURO    1,479,324    118,079,642
       

1980 PURCHASE OF GOODS

   EURO    5,826,853    465,099,406
       

1980.02 CONSOLIDATION OF INTEREST AMOUNTS

   EURO    317,331    25,329,360
       

1981 PURCHASE OF GOODS & SERVICES

   EURO    1,933,617    154,341,309
       

1982 DEVELOPMENT - GOODS & SERVICES

   EURO    2,236,405    178,509,847
       

1985 NETHERLANDS 1985/86 RESCHEDULING

   EURO    984,363    78,571,855
       

1987.01 RESCHEDULING OF DEBT AGREEMENT 1987/88

   EURO    5,583,841    445,702,189
       

1989.01 NETHERLANDS 88/89 RESCHEDULING

   EURO    6,134,535    489,658,584
                      
       

TOTAL - NETHERLAND INVESTMENT BANK

             2,417,994,444
                      
    h)  

VENEZUELA

              
    1.  

VENEZUELA INVESTMENT FUND

              
       

PR-JAM-19-260 CULTURAL & SPORTING PROJECTS

   US    5,572,678    342,942,604
    i)  

FRANCE

              
    1.  

BANQUE FRANCAISE DU COMMERCE EXTERIEUR

              
       

1991/92 PARIS CLUB RESCHEDULING

   EURO    116,515    9,300,227

 

46


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

         Currency

   Balance
Outstanding


  

JA$

Equivalent


   

External Debt

              
   

1991/92 PARIS CLUB RESCHEDULING

   EURO    621,131    49,578,676
   

1992/95 PARIS CLUB RESCHEDULING

   EURO    655,373    52,311,873
   

1992/95 PARIS CLUB RESCHEDULING

   EURO    1,753,879    139,994,622
                  
   

TOTAL - BANQUE FRANCAISE DU COMMERCE EXTERIEUR

             251,185,398
                  

      2.

 

FRENCH CREDITS - COFACE GUARANTEED

              
   

1991/92 PARIS CLUB RESCHEDULING

   EURO    337,475    26,937,255
   

1992/95 PARIS CLUB RESCHEDULING

   EURO    822,198    65,627,844
                  
   

TOTAL - FRENCH CREDITS - COFACE GUARANTEED

             92,565,099
                  

      3.

 

FRENCH TREASURY

              
   

210-OA1 & 210-IAI PURCHASE OF GOODS & SERVICES

   EURO    302,525    24,147,546
   

299-OAI PURCHASE OF GOODS & SERVICES

   EURO    2,343,146    187,029,914
   

599-OBI-OCI-OAI-ODI-OEI PURCHASE OF GDS & SERVICES

   EURO    665,777    53,142,320
   

750-OAI PURCHASE OF GOODS & SERVICES

   EURO    2,384,292    190,314,187
   

556-OBI-OCI PURCHASE OF GOODS

   EURO    614,531    49,051,864
                  
   

TOTAL - FRENCH TREASURY

             503,685,831
                  

      j)

 

IRAQI FUND FOR EXTERNAL DEVELOPMENT

              
   

SOUTH MANCHESTER ALUMINA PLANT PROJECT

   US    14,710,000    905,253,400
   

US$10M BALANCE OF PAYMENT

   US    5,880,000    361,855,200
                  
   

TOTAL - IRAQI FUND

             1,267,108,600
                  

      k)

 

BELGIUM

              

      1.

 

GOVT. OF THE KINGDOM OF BELGIUM

              
   

PURCHASE OF GOODS AND SERVICES

   EURO    495,750    39,570,765
   

PURCHASE OF TRANSFORMERS

   EURO    99,150    7,914,153
   

UPGRADE LIGHTING AT SANGSTER INT’L AIRPORT

   EURO    282,578    22,555,376
   

MODERNISATION OF KINGSTON MUNICIPALITY

   EURO    6,444,752    514,420,105
                  
   

TOTAL - GOVT. OF THE KINGDOM OF BELGIUM

             584,460,399
                  

      2.

 

JONCKHEERE BUS & COACH NV

              
   

10 JONCKHEERE/VOLVO BUSES FOR PUBLIC TRANSPORT

   EURO    198,508    15,844,909
   

15 STANDARD CITY BUS SUPERSTRUCTURE # 1099A

   EURO    530,429    42,338,843
   

34 JONCKHEERE BUSES # 1116

   EURO    7,362,438    587,669,801
   

30 VOLVO TRANSIT BUSES # 1124A

   EURO    6,264,731    500,050,828
   

30 JONCKHEERE BUSES # 1124B

   EURO    5,110,705    407,936,473
   

20 MISTRAIL COACHES ( 1122)

   US    2,169,587    173,176,434
   

85 STD CITY BUSES

   US    3,182,585    195,856,281
                  
   

TOTAL - JONCKHEERE BUS & COACH NV

             1,922,873,569
                  

      3.

 

TRANSPORT CONSULTANT

              
   

REHABILITION OF LYNDHURST ROAD BUS DEPOT # 1111

   US    289,566    17,819,892
   

CONSTRUCTION OF SPANISH TOWN BUS DEPOT # 1115

   US    1,760,462    108,338,831
                  
   

TOTAL - TRANSPORT CONSULTANT

             126,158,723
                  

      l)

 

ITALY

              

      1.

 

SEZIONE ASSIWRAZIONE DEL CREDITO ESPORTAZIONE

              
   

1991/92 PARIS CLUB GRIT. RESCH. PRINCIPAL

   US    659,799    40,604,030
   

1992/95 PARIS CLUB RESCHEDULING

   US    2,206,680    135,799,087
                  
   

TOTAL - GOVERNMENT OF THE REPUBLIC OF ITALY

             176,403,118
                  

      2.

 

MEDIOCREDITO CENTRALE

              

 

47


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

         Currency

   Balance
Outstanding


  

JA$

Equivalent


External Debt

              
   

REPLACEMENT OF SUBMARINE PIPELINE

   US    274,368    16,884,607
   

WATER WORKS PROJECT (4.358)

   EURO    723,314    57,734,923
   

GOODS & SERVICES FOR HYDRO PROJECT (4.865)

   EURO    932,464    74,429,276
   

COMPLETION OF BUSTAMANTE CHILDREN’S HOSPITAL

   US    5,029,400    309,509,276
   

ITALIAN LINE OF CREDIT 97.803)

   EURO    1,560,755    96,048,863
   

1991/1992 RESCHEDULING

   US    517,436    31,843,011
   

1992/1995 RESCHEDULING

   US    202,180    12,442,157
             
  
   

TOTAL - MEDIOCREDITO CENTRALE

        9,731,754    598,892,114
             
  

      m)

 

NORWAY

              
   

GOVERNMENT OF THE KINGDOM OF NORWAY

              
   

BA6-AM NORWAY 91/92 RESCHEDULING

   US    213,555    13,142,175
   

BA6-AM NORWAY 91/92 RESCHEDULING

   NOK    7,173,567    69,583,600
   

BA7-AM NORWAY 92/95 RESCHEDULING

   US    670,831    41,282,940
   

BA7-AM NORWAY 92/95 RESCHEDULING

   NOK    26,660,233    258,604,260
                  
   

TOTAL - GOVERNMENT OF THE KINGDOM OF NORWAY

             382,612,974
                  

      n)

 

KUWAIT

              
   

KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT

              
   

BUSHY PARK SANDY BAY ROAD PROJECT # 472& 591

   KWD    4,550,000    936,663,000
   

ROADS REHABILITATION PROJECT #616

   KWD    1,959,863    403,457,397
                  
   

TOTAL - KUWAIT

             1,340,120,397
                  

      o)

 

BRAZIL

              
   

AGENCIA ESPECIAL DE FINANCIAMENTO IND.

              
   

PURCHASE OF 93 BUSES FROM FINAME

   US    2,306,836    141,962,687
   

PURCHASE OF 52 VOLVO BUSES

   US    2,567,357    157,995,150
   

PURCHASE OF 56 VOLVO BUSES

   US    1,600,833    98,515,263
                  
   

TOTAL - BRAZIL

             398,473,100
                  

TOTAL FOREIGN GOVERNMENT & GOVERNMENT AGENCIES

             48,978,312,957
                  

      III

 

INTERNATIONAL & MULTILATERAL INSTITUTIONS

              

      a)

 

INTER-AMERICAN DEVELOPMENT BANK

              
   

359/SF-JA SELF SUPPORTING FARMER DEV. PROGRAM

   US    744,809    45,835,546
   

376/SF-JA CONSTRUCTION OF PARISH COUNCIL ROADS

   US    1,800,000    110,772,000
   

444-0/SF/JA RURAL ELECTRIFICATION PROGRAMME

   US    1,055,911    64,980,763
   

444-0/SF/JA RURAL ELECTRIFICATION PROGRAMME

   CAD    397,277    20,217,427
   

444-0/SF/JA RURAL ELECTRIFICATION PROGRAMME

   VEB    189,508    7,012
   

444-0/SF/JA RURAL ELECTRIFICATION PROGRAMME

   EURO    21,608    1,724,751
   

444-0/SF/JA RURAL ELECTRIFICATION PROGRAMME

   UK    37,270    4,293,504
   

466/SF-JA STUDENTS LOAN FUND

   CAN    541,857    27,575,103
   

466/SF-JA STUDENTS LOAN FUND

   US    186,333    11,466,933
   

451/SF-JA EXPANSION OF WATER SUPPLY SYSTEM

   US    912,674    56,165,958
   

451/SF-JA EXPANSION OF WATER SUPPLY SYSTEM

   CAD    108,316    5,512,201
   

451/SF-JA EXPANSION OF WATER SUPPLY SYSTEM

   EURO    49,764    3,972,162
   

451/SF-JA EXPANSION OF WATER SUPPLY SYSTEM

   VEB    7,191    266
   

516/SF SELF SUPPORTING FARMERS DEV. PROGRAMME

   US    536,871    33,039,041
   

516/SF SELF SUPPORTING FARMERS DEV. PROGRAMME

   CAD    837,275    42,608,925
   

516/SF SELF SUPPORTING FARMERS DEV. PROGRAMME

   EURO    307,789    24,567,718
   

538-0-SF/JA DRAINAGE & IRRIGATION PROJECT

   US    2,172,822    133,715,466
   

538-0-SF/JA DRAINAGE & IRRIGATION PROJECT

   CAD    415,760    21,158,026
   

538-0-SF/JA DRAINAGE & IRRIGATION PROJECT

   EURO    893,086    71,286,125
   

512/SF-JA RURAL ELECTRIFICATION PROGRAMME

   US    253,973    15,629,498
   

512/SF-JA RURAL ELECTRIFICATION PROGRAMME

   EURO    69,906    4,302,015
   

512/SF-JA RURAL ELECTRIFICATION PROGRAMME

   CAD    291,904    14,854,995
   

581/SF RURAL ELECTRIFICATION PROGRAMME

   US    1,838,403    113,135,321

 

48


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

         Currency

   Balance
Outstanding


  

JA$

Equivalent


External Debt               
   

581/SF RURAL ELECTRIFICATION PROGRAMME

   CAD    368,354    18,745,535
   

581/SF RURAL ELECTRIFICATION PROGRAMME

   EURO    409,920    32,719,814
   

581/SF RURAL ELECTRIFICATION PROGRAMME

   YEN    43,071,528    24,550,771
   

580/SF-JA AGRICULTURAL RESEARCH PROJECT

   US    2,096,810    129,037,687
   

580/SF-JA AGRICULTURAL RESEARCH PROJECT

   YEN    9,374,417    5,343,418
   

573-0/SF-JA IMPROVEMENT OF WATER SUPPLY SYSTEM

   US    2,552,655    157,090,389
   

573-0/SF-JA IMPROVEMENT OF WATER SUPPLY SYSTEM

   EURO    405,744    32,386,486
   

573-0/SF-JA IMPROVEMENT OF WATER SUPPLY SYSTEM

   YEN    106,444,411    60,673,314
   

573-0/SF-JA IMPROVEMENT OF WATER SUPPLY SYSTEM

   VEB    565,019    20,906
   

573-0/SF-JA IMPROVEMENT OF WATER SUPPLY SYSTEM

   UK    39,154    4,510,541
   

573-0/SF-JA IMPROVEMENT OF WATER SUPPLY SYSTEM

   CAD    42,256    2,150,408
   

573-0/SF-JA IMPROVEMENT OF WATER SUPPLY SYSTEM

   DKK    387,270    4,147,662
   

588/SF-JA PARISH MARKET PROGRAMME

   US    2,431,892    149,658,634
   

588/SF-JA PARISH MARKET PROGRAMME

   CAD    31,188    1,587,157
   

588/SF-JA PARISH MARKET PROGRAMME

   EURO    276,423    22,064,084
   

638/SF-JA HYDROCARBON EXPLORATION PROJECT

   US    5,173,928    318,403,529
   

638/SF-JA HYDROCARBON EXPLORATION PROJECT

   CAD    1,019,000    51,856,910
   

638/SF-JA HYDROCARBON EXPLORATION PROJECT

   DKK    7,042,522    75,425,411
   

638/SF-JA HYDROCARBON EXPLORATION PROJECT

   EURO    1,946,083    155,336,345
   

638/SF-JA HYDROCARBON EXPLORATION PROJECT

   YEN    102,074,640    58,182,545
   

638/SF-JA HYDROCARBON EXPLORATION PROJECT

   CHF    341,535    2,974,770
   

714/SF-JA AGRICULTURAL DEVELOPMENT PROGRAMME

   US    3,094,310    190,423,837
   

714/SF-JA AGRICULTURAL DEVELOPMENT PROGRAMME

   VEB    6,807,590    251,881
   

714/SF-JA AGRICULTURAL DEVELOPMENT PROGRAMME

   EURO    262,451    20,948,839
   

714/SF-JA AGRICULTURAL DEVELOPMENT PROGRAMME

   UK    209,826    24,171,955
   

714/SF-JA AGRICULTURAL DEVELOPMENT PROGRAMME

   YEN    121,394,660    69,194,956
   

765/SF-JA IMPROVEMENT & MAINT. RURAL ROADS

   US    4,674,337    287,658,699
   

765/SF-JA IMPROVEMENT & MAINT. RURAL ROADS

   UK    390,575    44,994,240
   

765/SF-JA IMPROVEMENT & MAINT. RURAL ROADS

   VEB    11,490,784    425,159
   

765/SF-JA IMPROVEMENT & MAINT. RURAL ROADS

   EURO    294,874    23,536,843
   

765/SF-JA IMPROVEMENT & MAINT. RURAL ROADS

   CAD    696,451    35,442,391
   

765/SF-JA IMPROVEMENT & MAINT. RURAL ROADS

   NOK    848,312    8,228,626
   

787/SF-JA WEST KINGSTON RE-DEVELOPMENT PROJECT

   US    1,446,955    14,035,464
   

787/SF-JA WEST KINGSTON RE-DEVELOPMENT PROJECT

   VEB    2,830,139    104,715
   

787/SF-JA WEST KINGSTON RE-DEVELOPMENT PROJECT

   YEN    8,142,349    4,641,139
   

787/SF-JA WEST KINGSTON RE-DEVELOPMENT PROJECT

   EURO    25,138    2,006,515
   

787/SF-JA WEST KINGSTON RE-DEVELOPMENT PROJECT

   CAD    77,429    3,940,362
   

448/OC-JA IMPROVEMENT OF PRIMARY EDUCATION

   UAO    4,989,391    474,042,039
   

198/OC-JA WEST KINGSTON REDEVELOPMENT PROJECT

   UAO    2,480,694    235,690,737
   

212/IC-JA GLOBAL AGRICULTURAL CREDIT PROGRAMME

   UAO    1,254,306    119,171,613
   

522/OC-JA TOWNSHIP DEVELOPMENT PROGRAMME STG 2

   UAO    5,045,941    479,414,854
   

523/OC-JA TOWNSHIP DEVELOPMENT PROGRAMME STG 2

   UAO    2,225,522    211,446,845
   

519/OC-JA LAND TITLING PROJECT

   UAO    2,816,758    267,620,178
   

611/OC-JA LAND TITLING PROJECT

   UAO    13,510,017    1,283,586,715
   

579/OC-JA HEALTH SERVICES PROJECT

   UAO    35,571,250    3,379,624,463
   

582/OC-JA RURAL ROADS REHAB IMPROVEMENT/MAINT.

   UAO    6,952,117    660,520,636
   

581/OC-JA RURAL ROADS REHAB MAINTENANCE

   UAO    419,372    39,844,534
   

630/OC-JA TRADE, FINANCE, INVESTMENT SECTOR PROG.

   UAO    23,770,489    2,258,434,160
   

654/OC-JA RURAL TOWNSHIP DEVELOPMENT PROG. 3

   UAO    3,830,464    363,932,385
   

655/OC-JA RURAL TOWNSHIP DEVELOPMENT PROG. 3

   UAO    13,300,636    1,263,693,426
   

697/OC-JA PRIMARY EDUCATION IMPROVEMENT PROG. 2

   UAO    13,036,066    1,238,556,631
   

738/OC-JA PRIVATE SECTOR ENERGY DEVELOPMENT PROG

   UOA    20,298,229    1,928,534,737
   

605/OC-JA ELECTRICITY REHAB. & IMPROVEMENT

   UOA    28,028,812    2,663,017,428
   

1344/OC-CITIZEN, SECURITY & JUSTICE

   US    2,487,537    153,083,027
   

1197/OC-JA PARISH INFRASTRUCTURE

   US    9,784,422    602,133,330
   

1264/OC-JA PRIMARY EDUCATION

   US    6,393,384    393,448,851
   

1360/OC-JA RURAL WATER

   US    1,002,943    61,721,112
   

1219/OC-JA LAND ADMINISTRATION

   US    2,596,822    159,808,426
   

835/OC-JA MULTISECTORAL PREINVESTMENT PROGRAM

   US    5,248,485    322,991,767
   

887/OC-JA AIRPORT REFORM & IMPROVEMENT PROGRAM

   US    16,520,968    1,016,700,371
   

1005/OC-JA JAMAICA SOCIAL INVESTMENT FUND

   US    8,544,788    525,846,254

 

49


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

         Currency

   Balance
Outstanding


  

JA$

Equivalent


External Debt               
   

1028/OC-JA HEALTH SECTOR REFORM PROGRAM

   US    6,835,182    420,637,100
   

972/OC-JA NORTHERN COASTAL HIGHWAY PROJECT

   US    37,016,860    2,278,017,564
   

1268/OC-JA FINANCIAL SECTOR REFORM PROGRAM

   US    150,000,000    9,231,000,000
   

1185/OC-JA SOLID WASTE MANAGEMENT PROGRAM

   US    3,400,492    209,266,278
   

1283/OC-AGRICULTURAL SECTOR SERVICES PROGRAM

   US    5,487,233    337,684,319
   

1419/OC-JA EMERGENCY RECONSTRUCTION

   US    8,539,650    525,530,061
   

1355/OC-JA SOCIAL SAFETY NET

   US    60,000,000    3,692,400,000
   

721/SF-JA RURAL TOWNSHIP

   US    1,011,125    62,224,633
   

731/OC-JA PRIMARY EDUCATION

   US    583,774    35,925,452
   

812/SF-JA LAND TITLING PROJECT

   US    1,181,475    72,707,972
   

1363/OC-JA -NATIONAL ROAD IMPROVEMENT

   US    1,346,261    82,848,902
             
  
   

TOTAL - INTER-AMERICAN DEVELOPMENT BANK

        645,487,767    39,723,317,164
             
  

      b)

 

CARIBBEAN DEVELOPMENT BANK

              
   

01/OR-JAM -MORTGAGE FINANCE

   JAM    181,042    181,042
   

04/SFR-JAM -SECOND WATER PROJECT

   US    2,286,567    140,715,333
   

05/SFR-OR-JAM ROAD MAINTENANCE

   US    9,283,216    571,289,113
   

06/SFR JAM -ROAD IMPROVEMENT

   US    1,769,449    108,891,891
   

06/SFR -OR-JAM -AGRICULTURAL CREDIT

   EURO    6,379    509,172
   

06/SFR -OR-JAM -AGRICULTURAL CREDIT

   US    293,477    18,060,575
   

06/SFR-R WISCO JAMAICA

   EURO    1,105,608    88,249,631
   

08/SFR-OR-JAM -RURAL ELECTRIFICATION

   US    7,256,697    446,577,133
   

08/SFR-OR-JAM -RURAL ELECTRIFICATION

   CAD    41,118    2,092,495
   

08/SFR-OR-JAM - AGRICULTURAL LINE OF CREDIT

   US    1,752,782    107,866,204
   

08/SFR-OR-JAM - AGRICULTURAL LINE OF CREDIT

   EURO    235,040    18,760,893
   

08/SFR-OR-JAM - AGRICULTURAL LINE OF CREDIT

   CAD    186,667    9,499,484
   

09/SFR-JAM - INST.STRENG.MARITIME

   US    570,055    35,081,185
   

09/SFR-JAM - INST.STRENG.MARITIME

   EURO    36,271    2,895,151
   

10/SFR-JAM - UTECH CENTRE

   US    2,619,231    161,187,476
   

10/SFR-OR-JAM -SOCIAL INVESTMENT FUND

   US    12,910,088    794,486,816
   

11/SFR-OR-JAM -CITRUS REPLANTING

   US    2,351,031    144,682,448
   

11/SFR-JAM -ENGINEERING DESIGNS IRRIG.

   US    892,261    54,909,742
   

12/SFR-JAM -REGIONAL TOURISM EMERGENCY

   US    680,694    41,889,909
   

12/SFR-OR-JAM -FINANCIAL SECTOR REFORM

   US    25,000,000    1,538,500,000
   

13/SR-OR-JAM -ENHANCEMENT OF BASIC SCHOOL

   US    323,776    19,925,175
   

14/SFR-OR-JAM -IRRIGATION DEV.PROJ

   US    2,053,041    126,344,143
   

14/OR-JAM -3RD-AGR.LINE CRDT.

   EURO    6,488    517,872
   

15/SFR-OR-JAM -REHAB. OF FLOOD DAMAGE

   US    20,536,181    1,263,796,579
   

21/OR-JAM -MONTEGO BAY EXPANSION

   US    40,737    2,506,955
   

25/OR-JAM -CARIBBEAN COURT OF APPEAL

   US    27,982,500    1,722,043,050
   

24/OR-JAM -SUGAR INDUST. SUPPORT

   US    9,822,741    604,491,481
             
  
   

TOTAL - CARIBBEAN DEVELOPMENT BANK

        130,418,442    8,025,950,946
             
  

      c)

 

INT’L BANK FOR RECONSTRUCTION & DEVELOPMENT

              
   

3111-JM SOCIAL SECTORS DEVELOPMENT PROJECT

   US EQ    3,750,000    230,775,000
   

3062-JM CLARENDON ALUMINA PRODUCTION PROJECT

   US EQ    1,123,887    69,164,006
   

3174-JM AGRICULTURAL SECTOR ADJUSTMENT LOAN

   US EQ    5,240,000    322,469,600
   

3275-JM ROAD INFRASTRUCTURE PLANNING & MAINT.

   US EQ    8,720,000    536,628,800
   

3303-JM SECOND TRADE & FINANCIAL SECTOR ADJUST.

   US EQ    8,750,000    538,475,000
   

3386-JM FINANCIAL IMPROVEMENT PROGRAMME

   US EQ    2,831,451    174,247,495
   

3502 JM ENERGY DEREGULATION & PRIVATISATION

   US EQ    5,857,855    360,492,397
   

3622-JM PRIVATE SECTOR DEVELOPMENT ADJUSTMENT

   US EQ    34,375,000    2,115,437,500
   

3580-JM REFORM OF SECONDARY EDUCATION ROSE

   US EQ    5,772,179    355,219,896
   

3758-JM TAX ADMINISTRATION REFORM PROJECT

   US EQ    1,777,688    109,398,920
   

3720-JM PRIVATE INVESTMENT & EXPORT DEV. PROJECT

   US    10,495,886    645,916,824
   

3944-JM GENERATION RECOVERY & IMPROVEMENT PROJ.

   US    8,331,479    512,719,218
   

4070-JM STUDENT’S LOAN PROJECT 28.5M

   US    20,170,000    1,241,261,800
   

4083-JM PUBLIC SECTOR MODERNIZATION

   US    17,686,082    1,088,401,486
   

4088-JM SOCIAL INVESTMENT FUND PROJECT

   US    13,755,539    846,515,870

 

50


2005/2006 JAMAICA BUDGET

STATEMENT VIII

STATEMENT OF OUTSTANDING CENTRAL GOVERNMENT DEBT

AS AT MARCH 31, 2005

 

             Currency

  

Balance

Outstanding


  

JA$

Equivalent


External Debt

              
       

3386A-JM FINANCIAL IMPROVEMENT PROGRAMME

   US    503,538    30,987,729
       

3502A-JM SCL ENERGY SECTOR DEREGULATION PROJECT

   US    15,846,768    975,210,103
       

3758A-JM SINGLE CURRENCY LOAN TAX ADMINISTRATION

   US    5,372,191    330,604,634
       

3580A-JM REFORM OF SECONDARY EDUCATION

   US    8,133,293    500,522,851
       

7036-JM DEBT MANAGEMENT PROGRAM

   US    75,000,000    4,615,500,000
       

7095-JM EMERGENCY ECONOMIC REHAB.

   US    75,000,000    4,615,500,000
       

7076-JM SOCIAL SAFET NET

   US    11,501,698    707,814,495
       

7148-JM NATIONAL COMMUNITY DEVELOPMENT

   US    3,381,054    208,070,063
       

7149-REFORM OF SECONDARY EDUCATION

   US    1,435,297    88,328,177
       

7112-JM HIV/AIDS PROJECT

   US    2,846,100    175,148,994
       

7150-JM DEBT MANAGEMENT

   US    75,000,000    4,615,500,000
                 
  
       

TOTAL - INT’L BANK FOR RECONSTRUCTION & DEV.

        422,656,985    26,010,310,857
                 
  
   

d)

 

INT’L FUND FOR AGRICULTURAL DEVELOPMENT

              
       

217-JA HILLSIDE FARMERS SUPPORT PROJECT

   XDR    141,997    12,448,877
   

e)

 

OPEC FUND FOR INT’L DEVELOPMENT

              
       

469-P HOUSING EMERGENCY REHAB. PROJECT

   US    266,190    16,381,333
       

525-P RURAL ROADS REHAB. PROJECT

   US    950,060    58,466,692
       

586-P PRIMARY EDUCATION IMPROVEMENT PROJ. II

   US    1,458,380    89,748,705
       

685-P JAMAICA SOCIAL INVESTMENT FUND PROJECT

   US    1,500,020    92,311,231
       

645-P BUSHY PARK/SANDY BAY ROAD PROJECT

   US    2,375,000    146,157,500
       

795-P PARISH INFRASTRUCTURE DEV.

   US    1,579,670    97,212,892
       

906-P-RURAL ROAD REHABILITATION

   US    1,813,653    111,612,206
                      
       

TOTAL - OPEC FUND FOR INT’L DEVELOPMENT

             500,278,353
                      
   

f)

 

EUROPEAN ECONOMIC COMMUNITY COMMISSION

              
       

LN #8.0006 2000 ACRES BANANA PLANT

   EURO    1,228,572    98,064,617
       

LN #8.0008 SUPPLY OF EQUIP FOR MICRODAMS & IRRIGAT.

   EURO    1,146,547    91,517,382
       

LN #7.0307 ENHANCEMENT OF SHARE CAPITAL OF NDB JA.

   EURO    945,000    75,429,900
       

LN #8.0163 RURAL ELECTRIFICATION

   EURO    1,716,178    136,985,328
       

LN #8.0347 SANGSTERS AIRPORT MAIN TERMINAL

   EURO    6,377,220    509,029,700
       

LN #8.0371 CAST & CTC STUDENT ACCOMMODATION

   EURO    1,186,407    94,699,007
       

LN #8.0383 NEGRIL OCHO-RIOS WASTE WATER PROJECT

   EURO    24,468,079    1,953,042,066
       

LN #8.0388 CREDIT SCH. FOR MICRO & SMALL ENTERPRISES

   EURO    5,924,930    472,927,913
       

LN #8.0395 MORANT/YALLAHS AGRICULTURAL DEV. PROJ.

   EURO    1,017,057    81,181,490
       

LN #8.0032 JECIC

   EURO    504,100    40,237,262
                      
       

TOTAL - EUROPEAN ECONOMIC COMMUNITY COMMISSION

             3,553,114,664
                      
   

g)

 

EUROPEAN INVESTMENT BANK

              
       

1.6530 JPS POWER TRANSMISSION PROJECT

   UK    575,331    66,278,131
       

1.6530 JPS POWER TRANSMISSION PROJECT

   YEN    13,029,620    7,426,883
       

1.6530 JPS POWER TRANSMISSION PROJECT

   US    2,005,431    123,414,224
                 
  
       

TOTAL - EUROPEAN INVESTMENT BANK

        3,203,108    197,119,238
                 
  
   

h)

 

NORDIC DEVELOPMENT FUND

              
       

NDF #81 PRIMARY EDUCATION IMPROVEMENT PROG.

   XDR    1,920,000    168,326,400
       

NDF #120 MULTI-SECTORAL PRE-INVESTMENT PROJECT

   XDR    1,821,700    159,708,439
       

NDF #165 AIRPORT REFORM & IMPROVEMENT PROGRAM

   XDR    2,000,000    175,340,000
                      
       

TOTAL - NORDIC DEVELOPMENT FUND

             503,374,839
                      
       

TOTAL INTERNATIONAL & MULTINATIONAL INSTITUTIONS

             78,525,914,938
                      

TOTAL EXTERNAL DEBT

             278,025,950,757
                      

GRAND TOTAL FOREIGN & LOCAL

             727,273,538,813
                      

 

51


ESTIMATES, JAMAICA 2005-06

STATEMENT IX

Summary of Revenue Estimates and Estimates of Expenditure for the Year 2005-06

$’000

 

Recurrent  

Revenue


    

Expenditure


 
     Estimates,
2005/06


          Estimates,
2005/06


 

Taxation Revenue

                  

Customs

   15,555,600     

His Excellency the Governor General and Staff

   51,000  

General Consumption Tax

   50,042,600     

Houses of Parliament

   373,000  

Special Consumption Tax

   13,745,000     

Office of the Public Defender

   38,404  

Income Tax

   70,263,800     

Office of the Contractor General

   75,317  

Land and Property Tax

   0     

Auditor General

   162,535  

Stamp Duties

   8,094,600     

Office of the Services Commissions

   87,250  

Motor Vehicle Licences

   1,057,700     

Office of the Prime Minister

   616,508  

Other Licences

   177,500     

Office of the Cabinet

   624,163  

Travel Tax

   1,864,400     

Ministry of Industry & Tourism

   2,225,125  

Betting, Gaming and Lotteries - Duty, Fees, Levies

   1,181,200     

Ministry of Finance & Planning

   104,437,508  

Education Tax

   7,394,800     

Ministry of National Security

   17,019,453  

Contractors Levy

   592,000     

Ministry of Justice

   1,995,862  

Environmental Levy

   192,000     

Ministry of Foreign Affairs and Foreign Trade

   1,556,000  

Ministry of Labour and Social Security

   1,154,311     

Ministry of Education, Youth and Culture

   34,000,000  
    
             

Subtotal Taxation

   170,161,200     

Ministry of Health

   13,474,728  
    
             
           

Ministry of Agriculture

   1,432,782  
           

Ministry of Commerce, Science & Technology

   1,849,666  

Non Tax Revenue

         

Ministry of Land and Environment

   1,256,100  

Post Office

   819,929     

Ministry of Water & Housing

   570,800  

Interest

   535,136     

Ministry of Transport and Works

   1,747,624  

Departmental and Other Miscellaneous Revenue

   8,575,634     

Ministry of Local Govt., Community Dev. & Sport

   4,380,000  
    
         

Subtotal Non-Tax Revenue

   9,930,699     

Gross Total

   189,128,136  
    
         

Transfers from Capital Development Fund

   2,996,600     

Less Appropriations-In-Aid

   (1,924,288 )
    
         

Total Recurrent Revenue

   183,088,499     

Net Total

   187,203,848  
    
         

 

52


ESTIMATES, JAMAICA 2005-06

STATEMENT IX

Summary of Revenue Estimates and Estimates of Expenditure for the Year 2005-06

$’000

 

CAPITAL

Revenue


  

Expenditure


Capital Revenue

        Office of the Prime Minister    157,000

Royalties

   831,804    Office of the Cabinet    479,490

Loan Repayments

   1,260,600    Ministry of Industry & Tourism    95,250

Extraordinary Receipts

   9,943,900    Ministry of Finance & Planning    146,415,943

Land Sales

   0    Ministry of National Security    952,370
          Ministry of Justice    247,000

Subtotal Capital Revenue

   12,036,304    Ministry of Labour and Social Security    900,000

1. External Loans

        Ministry of Education, Youth and Culture    3,926,680
          Ministry of Health    583,800

(A) Multilateral

        Ministry of Agriculture    611,090
          Ministry of Commerce, Science & Technology    263,130

International Bank for Reconstruction & Devlpmt

   763,700    Ministry of Land and Environment    303,180

Inter-American Development Bank

   979,720    Ministry of Water & Housing    550,000

European Union

   470,000    Ministry of Transport and Works    3,969,000

World Bank/IDB

   315,000   

Ministry of Local Govt., Community Dev. & Sport

   787,000
              

OECF

   0    Gross Total    160,240,933
              

OPEC

   0          

Caribbean Development Bank

   98,900    Less Appropriations-In-Aid    -288,830

Other

   0          
    
       

Total (A) Multilateral

   2,627,320    Net Total    159,952,103
    
       
(B) Bilateral               

PL480

              

Kuwait

   55,000          

VIF

   93,160          

Netherlands

              

Japan

   35,960          

Britain

              
    
         

Total (B) Bilateral

   184,120          
    
         

(C) Capital Market

   31,865,000          
    
         

Total External Loans

   34,676,440          
    
         

(E) Local Registered Stocks & Debentures

   107,999,700          

(F) Other

   0          
    
         

Total Domestic Loans

   107,999,700          
    
         

GRAND TOTAL EXTERNAL AND DOMESTIC LOANS

   142,676,140          
    
         

 

53


ESTIMATES, JAMAICA 2005-06

STATEMENT IX

Summary of Revenue Estimates and Estimates of Expenditure for the Year 2005-06

$’000

 

SUMMARY

 

Revenue


    

Expenditure


Tax and Non Tax Revenue

   180,091,899      Recurrent Estimates    187,203,848

Capital Revenue

   12,036,304      Capital Estimates    159,952,103

Transfer from the Capital Development Fund

   2,996,600      Grand Total    347,155,951

Loan Funds (Raised and to be raised)

   142,676,140            

Total Receipts

   337,800,943            

 

54


ESTIMATES, JAMAICA 2005-06

STATEMENT X

Statement of the Financing of the Estimates of Expenditure for the Year 2005-06

 

Recurrent Revenue


        

Recurrent Expenditure


      

Taxation Reveune

   170,161,200     Consolidated Fund Charges    92,761,235  

Non-Tax Revenue

   9,930,699     Voted Expenditure    94,442,613  

Transfer from the Capital Development Fund

   2,996,600     Current Account Surplus    (4,115,349 )
    

      

Total

   183,088,499     Total    183,088,499  
    

      

Current Account Surplus

   (4,115,349 )           

Capital Revenue

   12,036,304             
Loan Funds          Capital Expenditure       

(a) External Loans

                 

(i) Multilateral

   2,627,320     Consolidated Fund Charges    142,676,118  

(ii) Bilateral

   184,120     Voted Expenditure    17,275,985  

(iii) Other

   31,865,000     Surplus    (9,355,008 )
    

          
     34,676,440             
    

          

(b) Domestic Loans

   107,999,700             
    

          

Total Loan Funds

   142,676,140             
    

      

Total

   150,597,095     Total    150,597,095  
    

      

 

55


2005-2006 Jamaica Budget

Statement XI

Statement of Consolidated Fund Charges

 

    

Head of Estimates


  

Particulars of Service


  

Amount

$’000


  

Statutory Authority


0100    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.    36,008.0    Section 12 of the Governor General (Expenditure, Personal Staff, Tax Exemptions and Pensions) Act.
0200    Houses of Parliament    Salaries and Allowances of the Clerk and Deputy Clerk of the Senate and the House of Representatives.    6,283.0    Section 47 (8) of the Constitution of Jamaica.
0300    Office of the Public Defender (formerly Office of the Parliamentary Ombudsman)    Salary and Allowances of the Public Defender.    5,149.0    Section 9 of the Public Defender Interim Act 33/1999
0400    Office of the Contractor General    Salary and Allowances of the Contractor General.    4,407.0    Section 11 (1) and (3) of the Contractor General Act, (Act 15 of 1983).
0500    Audit    Salary of the Auditor General    4,116.0   

Section 120 – 122 of the Constitution of Jamaica;

Section 25 – 36 of the Financial Administration and Audit Act.

0600    Office of the Services Commissions    Salaries and Allowances of the Chairman and members of the Public Service Commissions.    1,462.0    Section 124 (8) of the Constitution of Jamaica.
2018    Public Debt Charges    Payment of interest, service charges and commitment fees in respect of the public debt of Jamaica.    87,578,993.0    Section 119 of the Constitution of Jamaica.
2019    Pensions    Public Officers Pensions, gratuities and monthly allowances granted in pursuance of the provisions of the Pensions Act.    2,640,000.0    Section 4 of the Pensions Act.
          Jamaica Defence Force Pension    144,000.0    Defence (Retired, Pay Pensions and other Grants) Regulation, 1962
          Local Forces Pension    10.0    Local Forces Act
          National Heroes Widows’ Pensions    7.0    National Heroes (Widows’ Pensions) Act, 1974 (Act 11 of 1974).
          Payment of Pensions and gratuities to Teachers in accordance with the Pensions Act    1,200,000.0    The Pensions (Teachers) Act.
          Refund of Contributions by Police Sub-Officers and Men    35.0    Constabulary Force Act
          Payment of Pensions, Gratuities or other allowances to sub-officers and constables of the Police Force in accordance with the Constabulary Force Act.    756,000.0    Section 59 of the Constabulary Force Act.
          Special Constabulary Pensions and Gratuities    120,000.0    Constables (Special) Act
          Refund of Contributions by Men of the Special Constabulary    4.0    Constables (Special) 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.    70,000.0    Section 12 of the Retiring Allowances (Legislative Service) Act and Section 7 of the Pensions (Prime Minister) Act.

 

56


     Head of Estimates

  

Particulars of Service


  

Amount

$’000


  

Statutory Authority


          Payment of Pensions in accordance with the Provisions of the Pensions (Civil Service Family Benefits) Act.    17,200.0   

The Pensions (Civil Service Family Benefits) Act.

Section 10 of the Pensions (Civil Service Family Benefits) Act.

          Payment of Pensions to the retired Ombudsmen and their widows.    3,070.0    The Ombudsman Act
          Payment of Pensions to the retired Contractor General and his widow in accordance with the Contractor General Act.    2,000.0    The Contractor General Act
          JAS Pensions    6,696.0    Provident Fund Act
          Payment of Pensions to the former employees, Jamaica Railway Corporation.    51,000.0    Jamaica Railway Corporation (Pensions) Regulations
         

Total Pensions

   5,010,022.0     
2823    Court of
Appeal
   Payment of Salaries to the judges of the Court of Appeal    32,043.0    Section 107 (1) of the Constitution of Jamaica
2825    Director of
Public
Prosecutions
   Payment of Salary to the Director of Public Prosecutions    3,500.0    Section 95 (2) of the Constitution of Jamaica
2829    Supreme
Court
   Payment of Salaries to the judges of the Supreme Court    79,250.0    Section 101 (2) of the Constitution of Jamaica
6300    Ministry of
Water and
Housing
   Payment into the funds of the Black River Drainage and Irrigation Board.    2.0    Section 18 of the Black River (Upper Morass) Reclamation Law, Cap 43 of the 1973 Revised Laws of Jamaica
          Total Recurrent    92,761,235.0     
2000A    Ministry of
Finance and
Planning
   II. Capital          
          Internal Debt    110,354,555.0    }
                    } Section 119 of the
          External Debt    32,321,563.0    }Constitution of Jamaica
         

Total Capital

   142,676,118.0     
          Grand Total Recurrent and Capital    235,437,353.0     

 

57


2005-2006 Jamaica Budget

Statement XII

Institutional Projects and Programmes

 

(Statement Showing the Works to which Institutional Loans are Applied)

$’000

 

Service


   Head of
Estimates
(Activity shown
in brackets)


    Revised
Estimates
2004-2005
$’000


  

Estimates 2005-2006

$’000


        Government
of Jamaica


   External

   Total

Agriculture

                              

Eastern Jamaica Agricultural Support Project

   5100B    (9212 )   4,500.0    3,000.0    54,590.0    57,590.0

Citrus Replanting Project

   5100B    (9217 )   9,424.0    2,900.0    18,700.0    21,600.0

National Irrigation Plan (CDB)

   6300B    (9213 )   39,537.0    34,000.0    36,000.0    70,000.0

Trees for Tomorrow (CIDA)

   5100B    (9021 )   8,239.0    6,000.0    19,900.0    25,900.0

Land Administration and Management Programme (IDB)

   5800B    (9192 )   48,849.0    39,630.0    76,920.0    116,550.0

Agricultural Support Services Project

   5100B    (9218 )   52,415.0    19,550.0    65,450.0    85,000.0

Eradication of New World Screwworm Project (International Atomic Energy Agency)

   5100B    (9196 )   316,315.0    150,000.0    —      150,000.0

Sustainable Fisheries Management

   5100B    (9267 )   1,807.0    —      —      —  

Banana Support Project

   5100B    (9293 )   —      —      91,000.0    91,000.0
               
  
  
  

Total Agriculture

              481,086.0    255,080.0    362,560.0    617,640.0
               
  
  
  

Education

                              

Primary Education Support Project (IDB)

   4100B    (9220 )   117,443.0    18,489.0    221,511.0    240,000.0

Reform of Secondary Education - ROSE (IBRD)

   4100B    (9106 )   4,635.0    —      —      —  

Enhancement of Basic Schools (CDB)

   4100B    (9232 )   26,529.0    16,700.0    38,300.0    55,000.0

New Horizons for Primary Schools (USAID)

   4100B    (9199 )   14,714.0    4,500.0    6,500.0    11,000.0

Reform of Secondary Education Project - ROSE (Phase 2) IBRD

   4100B    (9231 )   67,318.0    35,000.0    140,000.0    175,000.0

Improvement and Expansion of Primary Education Phase II (IADB)

   4100B    (9039 )   1,250.0    1,000.0    —      1,000.0
               
  
  
  

Total Education

              231,889.0    75,689.0    406,311.0    482,000.0
               
  
  
  

Health

                              

Health Sector Reform Programme (IDB)

   4200B    (9198 )   5,300.0    —      —      —  

HIV/AIDS Treatment, Prevention and Control Programme in Jamaica (Global Fund)

   4200B    (9285 )   172,898.0    —      221,500.0    221,500.0

Policy Advocacy Special Care and Protection

   4200B    (9183 )   5,000.0    189.0    10,311.0    10,500.0

AIDS/STD (USAID)

   4200B    (9058 )   6,000.0    —      97,000.0    97,000.0

Enhanced Caribbean Response to HIV/AIDS (USAID)

   4200B    (9286 )   8,100.0    1,560.0    103,240.0    104,800.0

Improved Reproductive Health of Youth

   4200B    (9215 )   7,000.0    10,000.0    —      10,000.0

Social Sector Development Project (IBRD/UNDP)

   4100B    (9037 )        9,900.0    —      9,900.0

Jamaica HIV/AIDS Prevention and Control Project (IBRD)

   4200B    (9226 )   103,900.0    9,000.0    81,000.0    90,000.0

Integrated Drug Abuse Prevention Project

   4200B    (9222 )   1,500.0    —      —      —  

Public Health Laboratory (EEC/EDF)

   4200B    (9059 )   2,500.0    —      —      —  
               
  
  
  

Total Health

              312,198.0    30,649.0    513,051.0    543,700.0
               
  
  
  

Transport and Communication

                              

Flood Damage Rehabilitation Project (May/June Floods) (IDB)

   6500B    (9243 )   260,000.0    50,000.0    —      50,000.0

Northern Jamaica Development Project (OECF/IADB/EU/GOJ)

   5800B    (9031 )   1,000.00    —      —      —  

Jamaica Highway Maintenance Project (Urban Road Improvement Project) Saudi Fund for Development

   6500B    (9227 )   6,000.0    —      —      —  

 

58


Service


   Head of
Estimates
(Activity shown
in brackets)


    Revised
Estimates
2004-2005
$’000


  

Estimates 2005-2006

$’000


        Government
of Jamaica


   External

   Total

Old Harbour By-Pass Road (OPEC)

   6500B    (9168 )   105,000.0    —      —      —  

Road Rehabilitation Project (Kuwaiti Fund for Arab Economic Development)

   6500B    (9235 )   100,000.0    26,000.0    74,000.0    100,000.0

National Road Services Improvement Programme and Institutional Strengthening (IDB)

   6500B    (9240 )   200,000.0    60,000.0    140,000.0    200,000.0

Northern Jamaica Development Project (OECF/IADB/EU/GOJ)

   6500B    (9031 )   1,128,389.0    488,200.    01,267,000.0    1,755,200.0

Flood Damage Rehabilitation Project (CDB)

   6500B    (9241 )   107,000.0    —      —      —  
               
  
  
  

Total Transport and Communication

              1,907,389.0    624,200.0    1,481,000.0    02,105,200.0
               
  
  
  

Water and Sewerage

                              

Rural Water Supply Project (IDB)

   6300B    (9261 )   70,000.0    35,000.0    106,000.0    141,000.0

Kingston Metropolitan Area (KMA) Water Supply Project (OECF)

   6300B    (9184 )   15,750.0    26,000.0    36,000.0    62,000.0

Major Rural Water Supply (EEC)

   6300B    (9114 )   —      —      23,000.0    23,000.0

Kingston Water and Sanitation Project

   6300B    (9275 )   —      6,000.0    17,000.0    23,000.0

Port Antonio Water Sewerage and Drainage Project (EIB)

   6300B    (9272 )   —      16,000.0    65,000.0    81,000.0

Minor Water Supply

   7200B    (1744 )        160,000.0         160,000.0
               
  
  
  

Total Water and Sewerage

              85,750.0    243,000.0    247,000.0    490,000.0
               
  
  
  

Mining and Energy

                              

Rural Electrification Programme

   5200B    (9148 )   48,800.0    —      —      —  
               
  
  
  

Total Mining and Energy

              48,800.0    —      —      —  
               
  
  
  

Environment

                              

Environmental Action Plan for Jamaica (CIDA)

   5800B    (9161 )   10,000.0    11,290.0    12,000.0    23,290.0

Montreal Protocol for the Phasing out of Ozone Depleting Substances (UNEP)

   5800B    (9188 )   3,000.0    1,000.0    2,000.0    3,000.0

Ridge to Reef Watershed Project

   5800B    (9216 )   8,200.0    2,100.0    61,340.0    63,440.0

Environment Management of Kingston Harbour

   5800B    (9265 )   5,000.0    2,500.0    18,000.0    20,500.0
               
  
  
  

Total Environment

              26,200.0    16,890.0    93,340.0    110,230.0
               
  
  
  

Other

                              

Global Legal Information Network (GLIN CARIBE) IDB

   2000B    (9296 )   —      1,020.0    790.0    1,810.0

Agro Industrial Development Project (OAS/IACD)

   5200B    (9279 )   2,000.0    12,900.0    500.0    13,400.0

Coastal Water Quality Improvement Project (USAID)

   5800B    (9194 )   3,200.0    1,400.0    25,000.0    26,400.0

National Solid Waste Management Project

   7200B    (9201 )   38,064.0    27,000.0    63,000.0    90,000.0

Purchase of Surveillance Vessels for the Jamaica Defence Force

   2600B    (9294 )        —      354,770.0    354,770.0

Industry Modernization Project

   1700B    (9295 )        4,570.0    10,680.0    15,250.0

Parish Infrastructure Project

   7200B    (9173 )   70,869.0    15,000.0    35,000.0    50,000.0

Citizens Security and Justice Project (IDB)

   2600B    (9223 )   50,532.0    30,519.0    167,081.0    197,600.0

Development of Sport and Recreational Facilities (Venezuela Investment Fund)

   1500B    (9145 )        43,840.0    93,160.0    137,000.0

Citizens Security and Justice Project (IDB)

   2800B    (9223 )   12,680.0    6,523.0    3,477.0    10,000.0

Public Sector Modernization Programme (IDB, IBRD, DFID, UNDP, CIDA)

   1600B    (9263 )   54,049.0    14,158.0    115,722.0    129,880.0

Jamaica Social Investment Fund

   2000B    (9178 )   337,839.0    135,000.0    315,000.0    450,000.0

Social Safety Net - Programme of Advancement Through Health and Education (PATH) (IBRD)

   4000B    (9225 )   1,015,478.0    395,723.0    504,277.0    900,000.0

Strengthening of Jamaica’s National Quality Infrastructure

   5200B    (9203 )   3,766.0    3,500.0    7,000.0    10,500.0

 

59


Service


   Head of
Estimates
(Activity shown
in brackets)


    Revised
Estimates
2004-2005
$’000


  

Estimates 2005-2006

$’000


        Government
of Jamaica


   External

   Total

Flood Damage Rehabilitation

   7200B    (637 )   245,400.0    —      160,000.0    160,000.0

Capacity Building in Competition Policy

   5200B    (9287 )        2,640.0    61,000.0    63,640.0

Information and Communications Technology Project

   5200B    (9278 )   500.0    20,880.0    48,710.0    69,590.0

Jamaica Social Policy Evaluation Project (JASPEV) DFID

   1600B    (9262 )   23,854.0    4,891.0    21,919.0    26,810.0

Jamaica Implementation of Quality, Environmental and Food Safety Systems (IDB)

   5200B    (9277 )   500.0    28,000.0    28,000.0    56,000.0
               
  
  
  

Total Other

              1,858,731.0    747,564.0    2,015,086.0    2,762,650.0
               
  
  
  

GRAND Total

              4,952,043.0    1,833,072.0    5,118,348.0    7,111,420.0
               
  
  
  

 

60


2005-2006 JAMAICA BUDGET
Statement XIII
Functional Classification of Expenditure
For the Year 2005-2006 As Presented to the House of Representatives

 

(Capital)

 

         

Actual
Estimates

2003-2004


  

Approved
Estimates

2004-2005


  

Revised
Estimates

2004-2005


  

Estimates

2005-2006


1

   General Government Services                    

1

   Executive and Legislative Services    2,000.0    3,560.0    5,681.0    4,910.0

2

   Economic and Fiscal Policies and Management    1,118,580.0    587,513.0    1,159,467.0    584,958.0

3

   Personnel Management    16,885.0    27,053.0    27,053.0    39,168.0

5

   Economic Planning and Statistical Services    —      10,000.0    5,000.0    300.0

6

   Public Works    80,301.0    57,687.0    72,687.0    121,572.0

7

   Other General Government Services    219,094.0    478,047.0    435,689.0    626,949.0
         
  
  
  
     Total General Government Services    1,436,860.0    1,163,860.0    1,705,577.0    1,377,857.0
         
  
  
  

2

   Defence Affairs and Services                    
     Total Defence Affairs and Services    —      —      34,400.0    396,770.0
         
  
  
  

3

   Public Order and Safety Services                    

1

   Police    205,480.0    205,000.0    552,832.0    471,100.0

2

   Justice    45,928.0    116,200.0    136,111.0    247,000.0

3

   Correctional Services    32,850.0    5,000.0    41,082.0    84,500.0
         
  
  
  
     Total Public Order and Safety Services    284,258.0    326,200.0    730,025.0    802,600.0
         
  
  
  

4

   Public Debt Management Services                    

1

   Internal Debt    86,630,273.0    102,135,356.0    98,079,478.0    110,354,555.0

2

   External Debt    16,614,247.0    30,005,428.0    29,130,847.0    32,321,563.0
         
  
  
  
     Total Public Debt Management Services    103,244,520.0    132,140,784.0    127,210,325.0    142,676,118.0
         
  
  
  

5

   Social Security and Welfare Services                    
     Total Social Security and Welfare Services    487,139.0    1,115,500.0    1,029,978.0    918,500.0
         
  
  
  

6

   Education Affairs and Services                    
     Total Education Affairs and Services    452,778.0    650,600.0    460,497.0    3,923,680.0
         
  
  
  

7

   Health Affairs and Services                    
     Total Health Affairs and Services    132,123.0    564,800.0    346,568.0    558,300.0
         
  
  
  

8

   Information and Broadcasting                    
     Total Information and Broadcasting    —      —      —      2,000.0
         
  
  
  

9

   Housing                    
     Total Housing    51,160.0    5,703.0    15,784.0    19,771.0
         
  
  
  

10

   Community Amenity Services                    

1

   Community Development    383,675.0    143,500.0    447,700.0    302,700.0

2

   Water Supply Services    85,532.0    529,400.0    248,548.0    466,950.0

3

   Refuse, Sewerage and Sanitation Services    45,300.0    75,000.0    38,064.0    90,000.0
         
  
  
  
     Total Community Amenity Services    514,507.0    747,900.0    734,312.0    859,650.0
         
  
  
  

11

   Art and Culture                    
     Total Art and Culture    3,000.0    3,000.0    3,000.0    1,000.0
         
  
  
  

 

61


2005-2006 JAMAICA BUDGET
Statement XIII
Functional Classification of Expenditure
For the Year 2005-2006 As Presented to the House of Representatives

(Capital)

 

         

Actual
Estimates

2003-2004


  

Approved
Estimates

2004-2005


  

Revised
Estimates

2004-2005


  

Estimates

2005-2006


12

   Other Social and Community Services                    

1

   Sporting and Recreational Services    3,000.0    —      552,991.0    677,443.0

3

   Youth Development Services    900.0    —      —      7,000.0

4

   Other Services    —      —      —      5,920.0
         
  
  
  
     Total Other Social and Community Services    3,900.0    —      552,991.0    690,363.0
         
  
  
  

13

   Industry and Commerce                    
     Total Industry and Commerce    25,598.0    46,000.0    11,766.0    218,204.0
         
  
  
  

14

   Agriculture                    
     Total Agriculture    415,712.0    634,700.0    1,557,196.0    837,332.0
         
  
  
  

15

   Mining                    
     Total Mining    3,111.0    5,000.0    5,000.0    5,500.0
         
  
  
  

16

   Energy                    
     Total Energy    101,098.0    53,300.0    48,800.0    72,853.0
         
  
  
  

17

   Tourism                    
     Total Tourism    126,954.0    87,500.0    119,812.0    76,776.0
         
  
  
  

18

   Roads                    
     Total Roads    1,825,476.0    2,438,200.0    3,563,281.0    4,129,000.0
         
  
  
  

19

   Physical Planning and Development                    
     Total Physical Planning and Development    36,560.0    3,350.0    3,350.0    166,600.0
         
  
  
  

20

   Scientific and Technological Services                    
     Total Scientific and Technological Services    4,300.0    11,700.0    3,000.0    14,400.0
         
  
  
  

21

   Environmental Protection and Conservation                    
     Total Environmental Protection and Conservation    25,488.0    190,300.0    35,400.0    145,480.0
         
  
  
  

23

   Transport and Communication Services                    

3

   Road Transport    6,379.0    —      14,522.0    —  

4

   Civil Aviation    66,000.0    42,000.0    445,000.0    1,860,000.0

5

   Postal Services    10,000.0    —      5,800.0    —  

6

   Communication Services    24,700.0    —      21,800.0    —  
         
  
  
  
     Total Transport and Communication Services    107,079.0    42,000.0    487,122.0    1,860,000.0
         
  
  
  

25

   Local Government Administration                    
     Total Local Government Administration    64,800.0    77,000.0    87,869.0    237,000.0
         
  
  
  

99

   Unallocated                    
     Total Unallocated    17,550.0    294,737.0    17,223.0    251,179.0
         
  
  
  
     Gross Total    109,363,971.0    140,602,134.0    138,763,276.0    160,240,933.0
     Less Appropriations-in-Aid    50,000.0    —      374,431.0    288,830.0
         
  
  
  
     Net Total    109,313,971.0    140,602,134.0    138,388,845.0    159,952,103.0
         
  
  
  

 

62


2005-2006 JAMAICA BUDGET
Statement XIII
Functional Classification of Expenditure
For the Year 2005-2006 As Presented to the House of Representatives

 

(Recurrent)

 

         

Actual

Estimates

2003-2004


  

Approved

Estimates

2004-2005


  

Revised

Estimates

2004-2005


  

Estimates

2005-2006


1    General Government Services                    
1    Executive and Legislative Services    835,413.0    858,241.0    920,909.0    889,232.0
2    Economic and Fiscal Policies and Management    4,181,354.0    4,405,467.0    4,492,421.0    4,676,680.0
3    Personnel Management    1,226,403.0    1,848,274.0    1,848,439.0    1,613,117.0
4    Foreign Affairs    1,188,163.0    1,227,490.0    1,348,743.0    1,556,000.0
5    Economic Planning and Statistical Services    535,938.0    588,017.0    588,017.0    599,637.0
6    Public Works    290,876.0    254,343.0    312,297.0    281,955.0
7    Other General Government Services    7,066,101.0    7,780,221.0    8,589,408.0    9,232,356.0
         
  
  
  
     Total General Government Services    15,324,248.0    16,962,053.0    18,100,234.0    18,848,977.0
         
  
  
  
2    Defence Affairs and Services                    
     Total Defence Affairs and Services    3,243,943.0    3,010,579.0    3,334,207.0    3,513,585.0
         
  
  
  
3    Public Order and Safety Services                    
1    Police    9,816,153.0    9,697,357.0    9,797,366.0    10,427,706.0
2    Justice    1,685,346.0    1,855,443.0    1,919,846.0    2,015,862.0
3    Correctional Services    1,989,641.0    1,762,968.0    2,069,295.0    2,332,353.0
         
  
  
  
     Total Public Order and Safety Services    13,491,140.0    13,315,768.0    13,786,507.0    14,775,921.0
         
  
  
  
4    Public Debt Management Services                    
1    Internal Debt    76,557,694.0    73,691,721.0    72,537,442.0    64,398,419.0
2    External Debt    15,065,904.0    22,609,149.0    21,098,865.0    23,180,574.0
         
  
  
  
     Total Public Debt Management Services    91,623,598.0    96,300,870.0    93,636,307.0    87,578,993.0
         
  
  
  
5    Social Security and Welfare Services                    
     Total Social Security and Welfare Services    1,264,847.0    1,358,954.0    1,328,968.0    1,714,636.0
         
  
  
  
6    Education Affairs and Services                    
     Total Education Affairs and Services    27,856,992.0    28,617,528.0    29,562,038.0    32,814,345.0
         
  
  
  
7    Health Affairs and Services                    
     Total Health Affairs and Services    11,630,800.0    14,438,564.0    15,528,603.0    12,593,449.0
         
  
  
  
8    Information and Broadcasting                    
     Total Information and Broadcasting    274,238.0    288,196.0    282,851.0    317,833.0
         
  
  
  
9    Housing                    
     Total Housing    89,421.0    167,782.0    196,329.0    206,381.0
         
  
  
  
10    Community Amenity Services                    
1    Community Development    2,199,821.0    2,447,714.0    3,095,248.0    2,327,068.0
2    Water Supply Services    229,311.0    219,630.0    223,204.0    233,617.0
         
  
  
  
     Total Community Amenity Services    2,429,132.0    2,667,344.0    3,318,452.0    2,560,685.0
         
  
  
  
11    Art and Culture                    
     Total Art and Culture    551,998.0    556,069.0    560,070.0    666,462.0
         
  
  
  
12    Other Social and Community Services                    
1    Sporting and Recreational Services    90,057.0    100,281.0    107,281.0    116,595.0
3    Youth Development Services    223,735.0    236,223.0    244,278.0    329,189.0
4    Other Services    —      —      300,000.0    485,000.0
         
  
  
  
     Total Other Social and Community Services    313,792.0    336,504.0    651,559.0    930,784.0
         
  
  
  

 

63


2005-2006 JAMAICA BUDGET
Statement XIII

 

Functional Classification of Expenditure

For the Year 2005-2006 As Presented to the House of Representatives

 

(Recurrent)

 

         

Actual

Estimates

2003-2004


  

Approved

Estimates

2004-2005


  

Revised

Estimates

2004-2005


  

Estimates

2005-2006


13

   Industry and Commerce                    
     Total Industry and Commerce    882,034.0    925,778.0    921,131.0    959,272.0
         
  
  
  

14

   Agriculture                    
     Total Agriculture    2,306,132.0    2,286,310.0    2,542,666.0    2,454,299.0
         
  
  
  

15

   Mining                    
     Total Mining    114,974.0    117,000.0    121,050.0    107,685.0
         
  
  
  

16

   Energy                    
     Total Energy    762,423.0    64,991.0    59,064.0    59,618.0
         
  
  
  

17

   Tourism                    
     Total Tourism    1,714,024.0    1,767,623.0    1,897,224.0    2,115,737.0
         
  
  
  

18

   Roads                    
     Total Roads    296,418.0    349,612.0    307,224.0    373,612.0
         
  
  
  

19

   Physical Planning and Development                    
     Total Physical Planning and Development    50,680.0    54,290.0    58,766.0    52,375.0
         
  
  
  

20

   Scientific and Technological Services                    
     Total Scientific and Technological Services    251,663.0    217,548.0    226,628.0    230,708.0
         
  
  
  

21

   Environmental Protection and Conservation                    
     Total Environmental Protection and Conservation    332,684.0    305,661.0    310,366.0    304,100.0
         
  
  
  

22

   Labour Relations and Employment Services                    
     Total Labour Relations and Employment Services    456,407.0    504,628.0    489,628.0    510,984.0
         
  
  
  

23

   Transport and Communication Services                    

1

   Rail Transport    104,957.0    60,531.0    60,531.0    51,000.0

2

   Shipping, Ports and Light Houses    161,659.0    194,337.0    194,337.0    201,914.0

3

   Road Transport    111,292.0    90,515.0    94,253.0    101,278.0

4

   Civil Aviation    506,600.0    533,635.0    533,635.0    530,861.0

5

   Postal Services    916,500.0    1,019,049.0    1,290,869.0    1,033,530.0
         
  
  
  
     Total Transport and Communication Services    1,801,008.0    1,898,067.0    2,173,625.0    1,918,583.0
         
  
  
  

25

   Local Government Administration                    
     Total Local Government Administration    1,541,815.0    1,712,834.0    2,106,810.0    1,869,112.0
         
  
  
  

99

   Unallocated                    
     Total Unallocated    —      1,000,000.0    —      1,650,000.0
         
  
  
  
     Gross Total    178,604,411.0    189,224,553.0    191,500,307.0    189,128,136.0
     Less Apropriations-in-Aid    1,479,212.0    1,673,285.0    1,715,579.0    1,924,288.0
         
  
  
  
     Net Total    177,125,199.0    187,551,268.0    189,784,728.0    187,203,848.0
         
  
  
  

 

64


2005-2006 JAMAICA BUDGET

Statement XIII

 

Functional Classification of Expenditure

For the Year 2005-2006 As Presented to the House of Representatives

 

(Total Recurrent and Capital)

 

         

Actual
Estimates

2003-2004


  

Approved
Estimates

2004-2005


  

Revised
Estimates

2004-2005


  

Estimates

2005-2006


1

   General Government Services                    

1

  

Executive and Legislative Services

   837,413.0    861,801.0    926,590.0    894,142.0

2

  

Economic and Fiscal Policies and Management

   5,299,934.0    4,992,980.0    5,651,888.0    5,261,638.0

3

  

Personnel Management

   1,243,288.0    1,875,327.0    1,875,492.0    1,652,285.0

4

  

Foreign Affairs

   1,188,163.0    1,227,490.0    1,348,743.0    1,556,000.0

5

  

Economic Planning and Statistical Services

   535,938.0    598,017.0    593,017.0    599,937.0

6

  

Public Works

   371,177.0    312,030.0    384,984.0    403,527.0

7

  

Other General Government Services

   7,285,195.0    8,258,268.0    9,025,097.0    9,859,305.0
         
  
  
  
    

Total General Government Services

   16,761,108.0    18,125,913.0    19,805,811.0    20,226,834.0
         
  
  
  

2

   Defence Affairs and Services                    
     Total Defence Affairs and Services    3,243,943.0    3,010,579.0    3,368,607.0    3,910,355.0
         
  
  
  

3

   Public Order and Safety Services                    

1

  

Police

   10,021,633.0    9,902,357.0    10,350,198.0    10,898,806.0

2

  

Justice

   1,731,274.0    1,971,643.0    2,055,957.0    2,262,862.0

3

  

Correctional Services

   2,022,491.0    1,767,968.0    2,110,377.0    2,416,853.0
         
  
  
  
     Total Public Order and Safety Services    13,775,398.0    13,641,968.0    14,516,532.0    15,578,521.0
         
  
  
  

4

   Public Debt Management Services                    

1

  

Internal Debt

   163,187,967.0    175,827,077.0    170,616,920.0    174,752,974.0

2

  

External Debt

   31,680,151.0    52,614,577.0    50,229,712.0    55,502,137.0
         
  
  
  
     Total Public Debt Management Services    194,868,118.0    228,441,654.0    220,846,632.0    230,255,111.0
         
  
  
  

5

   Social Security and Welfare Services                    
     Total Social Security and Welfare Services    1,751,986.0    2,474,454.0    2,358,946.0    2,633,136.0
         
  
  
  

6

   Education Affairs and Services                    
     Total Education Affairs and Services    28,309,770.0    29,268,128.0    30,022,535.0    36,738,025.0
         
  
  
  

7

   Health Affairs and Services                    
     Total Health Affairs and Services    11,762,923.0    15,003,364.0    15,875,171.0    13,151,749.0
         
  
  
  

8

   Information and Broadcasting                    
     Total Information and Broadcasting    274,238.0    288,196.0    282,851.0    319,833.0
         
  
  
  

9

   Housing                    
     Total Housing    140,581.0    173,485.0    212,113.0    226,152.0
         
  
  
  

10

   Community Amenity Services                    

1

  

Community Development

   2,583,496.0    2,591,214.0    3,542,948.0    2,629,768.0

2

  

Water Supply Services

   314,843.0    749,030.0    471,752.0    700,567.0

3

  

Refuse, Sewerage and Sanitation Services

   45,300.0    75,000.0    38,064.0    90,000.0
         
  
  
  
     Total Community Amenity Services    2,943,639.0    3,415,244.0    4,052,764.0    3,420,335.0
         
  
  
  

11

   Art and Culture                    
     Total Art and Culture    554,998.0    559,069.0    563,070.0    667,462.0
         
  
  
  

 

65


2005-2006 JAMAICA BUDGET

Statement XIII

 

Functional Classification of Expenditure

For the Year 2005-2006 As Presented to the House of Representatives

 

(Total Recurrent and Capital)

 

          Actual
Estimates
2003-2004


   Approved
Estimates
2004-2005


   Revised
Estimates
2004-2005


   Estimates
2005-2006


12

   Other Social and Community Services                    

1

  

Sporting and Recreational Services

   93,057.0    100,281.0    660,272.0    794,038.0

3

  

Youth Development Services

   224,635.0    236,223.0    244,278.0    336,189.0

4

  

Other Services

   —      —      300,000.0    490,920.0
         
  
  
  
     Total Other Social and Community Services    317,692.0    336,504.0    1,204,550.0    1,621,147.0
         
  
  
  

13

   Industry and Commerce                    
     Total Industry and Commerce    907,632.0    971,778.0    932,897.0    1,177,476.0
         
  
  
  

14

   Agriculture                    
     Total Agriculture    2,721,844.0    2,921,010.0    4,099,862.0    3,291,631.0
         
  
  
  

15

   Mining                    
     Total Mining    118,085.0    122,000.0    126,050.0    113,185.0
         
  
  
  

16

   Energy                    
     Total Energy    863,521.0    118,291.0    107,864.0    132,471.0
         
  
  
  

17

   Tourism                    
     Total Tourism    1,840,978.0    1,855,123.0    2,017,036.0    2,192,513.0
         
  
  
  

18

   Roads                    
     Total Roads    2,121,894.0    2,787,812.0    3,870,505.0    4,502,612.0
         
  
  
  

19

   Physical Planning and Development                    
     Total Physical Planning and Development    87,240.0    57,640.0    62,116.0    218,975.0
         
  
  
  

20

   Scientific and Technological Services                    
     Total Scientific and Technological Services    255,963.0    229,248.0    229,628.0    245,108.0
         
  
  
  

21

   Environmental Protection and Conservation                    
     Total Environmental Protection and Conservation    358,172.0    495,961.0    345,766.0    449,580.0
         
  
  
  

22

   Labour Relations and Employment Services                    
     Total Labour Relations and Employment Services    456,407.0    504,628.0    489,628.0    510,984.0
         
  
  
  

23

   Transport and Communication Services                    

1

  

Rail Transport

   104,957.0    60,531.0    60,531.0    51,000.0

2

  

Shipping, Ports and Light Houses

   161,659.0    194,337.0    194,337.0    201,914.0

3

  

Road Transport

   117,671.0    90,515.0    108,775.0    101,278.0

4

  

Civil Aviation

   572,600.0    575,635.0    978,635.0    2,390,861.0

5

  

Postal Services

   926,500.0    1,019,049.0    1,296,669.0    1,033,530.0

6

  

Communication Services

   24,700.0    —      21,800.0    —  
         
  
  
  
     Total Transport and Communication Services    1,908,087.0    1,940,067.0    2,660,747.0    3,778,583.0
         
  
  
  

25

   Local Government Administration                    
     Total Local Government Administration    1,606,615.0    1,789,834.0    2,194,679.0    2,106,112.0
         
  
  
  

 

66


2005-2006 JAMAICA BUDGET

Statement XIII

 

Functional Classification of Expenditure

For the Year 2005-2006 As Presented to the House of Representatives

 

(Total Recurrent and Capital)

 

         

Actual
Estimates

2003-2004


  

Approved
Estimates

2004-2005


  

Revised
Estimates

2004-2005


  

Estimates

2005-2006


99

   Unallocated                    
     Total Unallocated    17,550.0    1,294,737.0    17,223.0    1,901,179.0
         
  
  
  
     Gross Total    287,968,382.0    329,826,687.0    330,263,583.0    349,369,069.0
     Less Appropriations-in-Aid    1,529,212.0    1,673,285.0    2,090,010.0    2,213,118.0
         
  
  
  
     Net Total    286,439,170.0    328,153,402.0    328,173,573.0    347,155,951.0
         
  
  
  

 

67


ESTIMATES, JAMAICA 2005-06

REVENUE AND LOAN RECEIPTS

 

Summary

 

HEAD


   Accounts
2003/2004 (1)


  

Estimates

2004/2005 (2)


  

Consolidated

Fund Receipts

2004/2005 (3)


     J$

I-RECURRENT REVENUE

              

TAXATION

              

1 Customs

   12,223,397,206    14,116,682,844    15,555,600,000

4 Income Tax

   55,379,582,652    63,137,618,886    70,263,800,000

5 Land and Property Tax

              

7 Stamp Duties

   5,715,060,667    9,016,817,681    8,094,600,000

8 Motor Vehicle Licences

   1,076,517,071    929,866,572    1,057,700,000

9 Other Licences

   173,595,046    160,116,998    177,500,000

11 Travel Tax

   955,612,073    1,162,302,244    1,864,400,000

12 Betting, Gaming and Lotteries-Duties, Fees, Levies

   1,117,459,433    1,038,430,737    1,181,200,000

14 Retail Sales Tax

              

16 Education Tax

   5,826,263,591    6,671,108,717    7,394,800,000

17 Contractors Levy

   506,291,685    520,411,990    592,000,000

18 General Consumption Tax

   36,128,163,005    42,106,384,110    50,042,600,000

19 Special Consumption Tax

   12,259,491,174    12,335,699,711    13,745,000,000

20 Environmental Levy

   192,000,000          
    
  
  

Total

   131,361,433,603    151,195,440,490    170,161,200,000
    
  
  

NON-TAX REVENUE

              

22 Post Office

   633,273,068    806,025,496    819,929,000

23 Interest

   456,278,644    741,005,463    535,135,711

24 Departmental and other Miscellaneous Revenue

   7,954,509,085    8,277,478,518    8,575,634,221
    
  
  

Total

   9,044,060,797    9,824,509,477    9,930,698,932
    
  
  

TOTAL RECURRENT REVENUE

   140,405,494,400    161,019,949,967    180,091,898,932
    
  
  

II-CAPITAL REVENUE

              

25 Royalties

   703,267,600    653,008,956    831,804,000

26 Land Sales

   15,760,803    16,641,142     

27 Loan Repayments

   510,244,851    992,268,907    1,260,600,000

28 Extraordinary Receipts

   7,886,238,275    8,052,731,162    9,943,900,000
    
  
  

Total Capital Revenue

   9,115,511,529    9,714,650,168    12,036,304,000
    
  
  

TOTAL RECURRENT AND CAPITAL REVENUE

   149,521,005,929    170,734,600,135    192,128,202,932
    
  
  

III-TRANSFERS FROM CAPITAL DEVELOPMENT FUND

              

29 Transfers to Current Account

   1,767,500,000    2,354,700,000    2,996,600,000

30 Transfers to Capital Account

              
    
  
  

Total

   1,767,500,000    2,354,700,000    2,996,600,000
    
  
  

IV-LOAN RECEIPTS

              

31 Loan receipts

   132,224,273,818    149,423,536,073    142,676,140,000
    
  
  

Total Loan Receipts

   132,224,273,818    149,423,536,073    142,676,140,000
    
  
  

TOTAL REVENUE AND LOAN RECEIPTS

   283,512,779,747    322,512,836,208    337,800,942,932
    
  
  

 

The Consolidated Fund receipts are subject to change

 

68


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


  

Consolidated
Fund Receipts

2004/2005 (3)


   Estimates
2005/2006 (4)


  

Increase (+) /
Decrease (-)

[(4)-(2)]


 
     J$  

I-RECURRENT REVENUE

                          

Head 1-Customs

                          

1 Import Duties

   12,223,397,206    14,008,000,000    14,116,682,844    15,555,600,000    1,547,600,000  

2 Warehouse Fees

                          
    
  
  
  
  

Total Head 1

   12,223,397,206    14,008,000,000    14,116,682,844    15,555,600,000    1,547,600,000  
    
  
  
  
  

Head 4-Income Tax

                          

1 Income Tax-Companies

   9,968,324,877    13,877,600,000    10,728,952,996    14,141,800,000    264,200,000  

2 Income Tax-Individuals

   29,904,974,632    34,981,000,000    37,105,672,351    40,409,800,000    5,428,800,000  

3 Excess Profit Tax

                          

4 Tax on Interest/Dividend

   15,506,283,143    17,207,500,000    15,302,993,539    15,712,200,000    -1,495,300,000  
    
  
  
  
  

Total Head 4

   55,379,582,652    66,066,100,000    63,137,618,886    70,263,800,000    (1,495,300,000 )
    
  
  
  
  

Head 7-Stamp Duties

   5,715,060,667    6,847,100,000    9,016,817,681    8,094,600,000    1,247,500,000  
    
  
  
  
  

Total Head 7

   5,715,060,667    6,847,100,000    9,016,817,681    8,094,600,000    1,247,500,000  
    
  
  
  
  

Head 8-Motor Vehicle Licences

   1,076,517,071    1,244,800,000    929,866,572    1,057,700,000    -187,100,000  

(Road Traffic Act)

                          
    
  
  
  
  

Total Head 8

   1,076,517,071    1,244,800,000    929,866,572    1,057,700,000    -187,100,000  
    
  
  
  
  

Head 9-Other Licences

                          

1. Customs Brokers

   1,735,950    1,975,000    2,572,120    2,938,133    963,133  

2. Gaming Machines

   32,983,059    37,525,000    34,163,500    39,024,966    1,499,966  

3. Tourist Shop Licence

   26,039,257    29,625,000    21,454,143    24,507,068    -5,117,932  

4. Hotel Licence Duty

   8,679,752    9,875,000    7,714,670    8,812,468    -1,062,532  

5. Other

   104,157,028    118,500,000    94,212,565    102,217,366    -16,282,634  
    
  
  
  
  

Total Head 9

   173,595,046    197,500,000    160,116,998    177,500,000    -20,000,000  
    
  
  
  
  

Head 11-Travel Tax

   955,612,073    1,549,000,000    1,162,302,244    1,864,400,000    315,400,000  
    
  
  
  
  

Total Head 11

   955,612,073    1,549,000,000    1,162,302,244    1,864,400,000    315,400,000  
    
  
  
  
  

Head 12-Betting, Gaming and Lotteries

                          

1. Duties, Fees, Levies

   1,117,459,433    1,607,200,000    1,038,430,737    1,181,200,000    -426,000,000  
    
  
  
  
  

Total Head 12

   1,117,459,433    1,607,200,000    1,038,430,737    1,181,200,000    -426,000,000  
    
  
  
  
  

Head 16-Education Tax

   5,826,263,591    6,592,900,000    6,671,108,717    7,394,800,000    801,900,000  
    
  
  
  
  

Total Head 16

   5,826,263,591    6,592,900,000    6,671,108,717    7,394,800,000    801,900,000  
    
  
  
  
  

 

69


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


  

Consolidated

Fund Receipts

2004/2005 (3)


   Estimates
2005/2006 (4)


  

Increase (+) /
Decrease (-)

[(4)-(2)]


 

Head 17-Contractors Levy

   506,291,685    564,100,000    520,411,990    592,000,000    27,900,000  
    
  
  
  
  

Total Head 17

   506,291,685    564,100,000    520,411,990    592,000,000    27,900,000  
    
  
  
  
  

Head 18-General Consumption Tax

   36,128,163,005    42,532,500,000    42,106,384,110    50,042,600,000    7,510,100,000  
    
  
  
  
  

Total Head 18

   36,128,163,005    42,532,500,000    42,106,384,110    50,042,600,000    7,510,100,000  
    
  
  
  
  

Head 19-Special Consumption Tax

   12,259,491,174    14,233,400,000    12,335,699,711    13,745,000,000    -488,400,000  
    
  
  
  
  

Total Head 19

   12,259,491,174    14,233,400,000    12,335,699,711    13,745,000,000    -488,400,000  
    
  
  
  
  

Head 20-Environmental Levy

   0    192,200,000    0    192,000,000    -200,000  
    
  
  
  
  

Total Head 20

   0    192,200,000    0    192,000,000    -200,000  
    
  
  
  
  

TOTAL TAX REVENUE    131,361,433,603    155,634,800,000    151,195,440,490    170,161,200,000    14,526,400,000  
    
  
  
  
  

Head 22-Post Office

                          

(A) POSTAL REVENUE

                          

1 Sales of Stamps

   162,033,420    290,000,000    242,827,696    220,000,000    (70,000,000 )

2 Postage, Prepayment

   302,670,578    396,000,000    499,126,620    440,000,000    44,000,000  

3 Commission on Money Order and Postal Orders

   4,661,908    —      303,010    100,000    100,000  

4 C.O.D. and Customs Clearance Fees on Parcels

   2,193,268    5,000,000    1,723,878    3,000,000    (2,000,000 )

5 Shares of Postage on Parcels

   200,000    10,000,000    5,000,000    10,000,000    —    
    
  
  
  
  

6 Other Postal Business

   133,514,573    110,500,000    48,652,992    111,629,000    1,129,000  
    
  
  
  
  

TOTAL (A) POSTAL REVENUE

   605,273,747    811,500,000    797,634,196    784,729,000    (26,771,000 )
    
  
  
  
  

(B) COMMISSION FEES

                          

7 Commission fees from Jamaica National Small Business

   788,625    7,000,000    3,153,451    4,500,000    (2,500,000 )

8 Commission fees from Ministry of labour and Social Security for handling welfare payments

   27,136,178    30,000,000    4,827,588    30,000,000    —    

9 Commission on the sale of Ministry of Water & Housing Water tanks and Water Coupons

   74,518    200,000    410,261    700,000    500,000  
    
  
  
  
  

TOTAL (B) REIMBURSEMENT

   27,999,321    37,200,000    8,391,300    35,200,000    (2,000,000 )
    
  
  
  
  

Total Head 22

   633,273,068    848,700,000    806,025,496    819,929,000    (28,771,000 )
    
  
  
  
  

Head 23-Interest

                          

1.Interest on On-lent loans

   296,137,977    301,048,000    575,445,000    393,410,000    92,362,000  

2.Interest Earned on Local Currency Bank Accounts

   152,383,014    111,970,000    142,718,083    113,937,000    1,967,000  

3 Interest Earned on Foreign Currency Bank Accounts

   1,314,586    5,000,000    4,619,493    5,701,000    701,000  

4. Interest Earned on Loans and Advances to Public Officers

   6,443,067    6,500,000    18,222,886    22,087,711    15,587,711  
    
  
  
  
  

Total Head 23

   456,278,644    424,518,000    741,005,463    535,135,711    110,617,711  
    
  
  
  
  

 

70


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


  

Consolidated

Fund Receipts

2004/2005 (3)


   Estimates
2005/2006 (4)


  

Increase (+) /
Decrease (-) 

[(4)-(2)]


 
     J$  

Head 24 - Departmental and other Miscellaneous Revenue

                          
AUDITOR GENERAL’S DEPARTMENT                           

1. Audit fees

   176,796    300,000    204,251    300,000    —    
    
  
  
  
  

TOTAL - AUDITOR GENERAL’S DEPARTMENT

   176,796    300,000    204,251    300,000    —    
    
  
  
  
  

OFFICE OF THE CONTRACTOR GENERAL                           

1. Contractor’s Registration fees

   7,066,000    6,000,000    8,978,880    8,400,000    2,400,000  
    
  
  
  
  

TOTAL - OFFICE OF THE CONTRACTOR GENERAL

   7,066,000    6,000,000    8,978,880    8,400,000    2,400,000  
    
  
  
  
  

OFFICE OF THE PRIME MINISTER

                          

1. Miscellaneous Receipts

   1,050,229    12,343,000    1,193,445    1,500,000    (10,843,000 )
    
  
  
  
  

TOTAL - OFFICE OF THE PRIME MINISTER

   1,050,229    12,343,000    1,193,445    1,500,000    (10,843,000 )
    
  
  
  
  

JAMAICA INFORMATION SERVICE

                          

1. Sales of Publications and Advertising (50% of Gross Receipts)

   6,609,725    23,800,000    5,237,395    12,238,000    (11,562,000 )

2. Public Relation Fees (50% of Gross Receipts)

   —      7,500,000    —      3,437,000    (4,063,000 )

3. Printing services (50% of Gross Receipts)

   —      3,750,000    —      2,337,000    (1,413,000 )

4. Radio and Television Programmes (50% of Gross Receipts)

   —      7,000,000    —      3,025,000    (3,975,000 )

5. Editorial Revenue (50% of Gross Receipts)

   —      1,250,000    —      —      (1,250,000 )

6. Research Services (50% of Gross Receipts)

   —      1,250,000    —      —      (1,250,000 )

7. Computer Services (50% of Gross Receipts)

   —      1,750,000    —      1,237,000    (513,000 )

8. Computer Services and Research Services (50% of Gross Receipts)

   —      —      —      —      —    

9. Regional Services (50% of Gross Receipts)

   —      2,750,000    —      688,000    (2,062,000 )

10. Photography Services (50% of Gross Receipts)

   —      2,250,000    —      963,000    (1,287,000 )
    
  
  
  
  

TOTAL - JAMAICA INFORMATION SERVICE DEPT

   6,609,725    51,300,000    5,237,395    23,925,000    (27,375,000 )
    
  
  
  
  

TOTAL - OFFICE OF THE PRIME MINISTER & DEPT.

   7,659,954    63,643,000    6,430,840    25,425,000    (38,218,000 )
    
  
  
  
  

OFFICE OF THE CABINET

                          

1. Forfeiture of loan Agreement (MDB)

   7,628,519    8,166,000    8,151,436    11,000,000    2,834,000  

2. Miscellaneous Receipts

   357,780    —      4,512,222    —      —    
    
  
  
  
  

TOTAL - OFFICE OF THE CABINET

   7,986,299    8,166,000    12,663,658    11,000,000    2,834,000  
    
  
  
  
  

MANAGEMENT INSTITUTE FOR NATIONAL DEVELOPMENT

                          

1. Dean’s Office ( 50% of Gross Receipts)

   15,493,304    9,168,500    7,000,000    10,050,047    881,547  

2. Management Studies and organisational Div. ( 50% of Gross Receipts)

   —      9,304,500    —      10,080,393    775,893  

3. Finance and Accounts Div. ( 50% of Gross Receipts)

   —      9,763,000    —      10,633,440    870,440  

4. Professionals Trainig Centre ( 50% of Gross Receipts)

   —      3,549,000    —      4,115,023    566,023  

5. Mandeville Office ( 50% of Gross Receipts)

   —      6,339,000    —      7,048,336    709,336  

 

71


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


   Consolidated
Fund Receipts
2004/2005 (3)


   Estimates
2005/2006 (4)


   Increase (+) /
Decrease (-)
[(4)-(2)]


 
     J$  

6. Facilities Rental ( 50% of Gross Receipts)

   788,502    162,500    —      266,500    104,000  
    
  
  
  
  

TOTAL - MANAGEMENT INSTITTUTE FOR NATIONAL DEV.

   16,281,806    38,286,500    7,000,000    42,193,739    3,907,239  
    
  
  
  
  

TOTAL - OFFICE OF THE CABINET & DEPT.

   24,268,105    46,452,500    19,663,658    53,193,739    6,741,239  
    
  
  
  
  

MINISTRY OF INDUSTRY AND TOURISM

                          

1. Fees - Travel Agencies Registration Act

   143,132    —      62,500    —      —    

2. Fees - Registration of Clubs Act

   651,500    —      628,350    —      —    

3. Miscellaneous Receipts

   7,482    15,765,000    49,575    —      (15,765,000 )
    
  
  
  
  

TOTAL - MINISTRY OF INDUSTRY AND TOURISM

   802,114    15,765,000    740,425    —      (15,765,000 )
    
  
  
  
  

MINISTRY OF FINANCE AND PLANNING

                          

1. Fees - Banking Licence Registration 1973

   66,261,662    67,192,000    75,661,986    73,524,000    6,332,000  

2. Profits on Government owned Co’s. - dividends

   324,460,249    86,000,000    20,034,130    90,300,000    4,300,000  

3. BOJ Profits

   —      —      —      —      —    

4. Sale of Unserviceable Stores

   12,384,031    16,000,000    12,277,738    16,800,000    800,000  

5. Sale of Gazettes

   1,196,133    6,000,000    5,826,600    6,300,000    300,000  

6. Fees - Scotia Bank Jamaica Economic Growth Fund

   12,635,741    —      2,618,258    3,665,000    3,665,000  

7. Provident Fund

   374,380,875    —      330,177,426    328,000,000    328,000,000  

8. Fees - FIA Licence Registration

   —      8,321,000    —      9,388,000    1,067,000  

9. Fees - Building Societies

   —      12,880,000    —      7,663,000    (5,217,000 )

10. Sale of Forfeited goods - F I D

   —      —      —      —      —    

11. Miscellaneous Receipts

   23,052,097    34,000,000    7,646,594    35,700,000    1,700,000  
    
  
  
  
  

TOTAL - MINISTRY OF FINANCE AND PLANNING

   814,370,788    230,393,000    454,242,732    571,340,000    340,947,000  
    
  
  
  
  

ACCOUNTANT GENERAL’S DEPARTMENT

                          

1. Pension Contributions: Widows and Orphans

   380,646,984    386,197,139    501,960,163    520,000,000    133,802,861  

2. Pension Contributions: Members of the Legislature

   7,382,567    11,100,000    14,731,466    15,990,000    4,890,000  

3. Pension Contributions: Other Government Authorities for Seconded Officers

   2,792,096    2,680,553    9,598,469    9,880,000    7,199,447  

4. Registration of Jamaica Investment Capital Growth Funds

   —      —      1,572    2,100    2,100  

5. Fees on Government Guaranteed Loans

   —      —      24,000    32,000    32,000  

6. Recovery of Pension

   18,457,537    18,000,000    7,310,358    6,259,500    (11,740,500 )

7. Chancery Fund Commission

   1,899,889    1,400,000    765,600    891,000    (509,000 )

8. Sale of Receipt books

   655,800    620,000    839,550    889,300    269,300  

9. Executive Agency Investment Fund Management Fees

   3,589,168    594,000    —      600,000    6,000  

10. Recovery of Prior Years’ Expenditure

   6,626,086    1,000,000    —      1,000,000    —    

11. Processing Fees - salary deduction

   —      6,000    868,585    6,000    —    

12. Miscellaneous Receipts

   2,173,293    1,000,000    4,334,969    1,663,000    663,000  
    
  
  
  
  

TOTAL - ACCOUNTANT GENERAL’S DEPARTMENT

   424,223,420    422,597,692    540,434,731    557,212,900    134,615,208  
    
  
  
  
  

 

72


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


   Consolidated
Fund Receipts
2004/2005 (3)


   Estimates
2005/2006 (4)


  

Increase (+) /
Decrease (-)

[(4)-(2)]


 
     J$  

CUSTOMS DEPARTMENT

                          

1. Receipts from Sale of Siezed Items

   38,799,723    65,403,000    14,338,808    76,986,000    11,583,000  

2. Penalty Payments for Breaches of Customs Act and Regulations

   59,738,820    48,631,000    108,503,411    37,475,000    (11,156,000 )

3. Net Service Charge for Shipping and Airline Carriers

   18,664,553    129,903,000    —      125,025,000    (4,878,000 )

4. Processing fees

   683,510,077    727,150,000    666,763,517    671,000,000    (56,150,000 )

5. Standard and Compliance Fees

   217,590,876    285,374,000    10,820,556    8,460,000    (276,914,000 )

6. Customs User fee

   3,328,313,017    3,794,330,000    4,183,492,709    4,148,000,000    353,670,000  

7.Excise Tax 2.5%

   467,996    17,740,000    894,567    447,500    (17,292,500 )

8.Special Consumption Tax 2.5%

   —      —      11,125,781    8,307,000    8,307,000  

9.Irrevocable Standing Orders

   —      —      —      36,000    36,000  

10. Miscellaneous Receipts

   —      —      —      144,000    144,000  
    
  
  
  
  

TOTAL - CUSTOMS DEPARTMENT

   4,347,085,062    5,068,531,000    4,995,939,350    5,075,880,500    7,349,500  
    
  
  
  
  

INLAND REVENUE DEPARTMENT

                          

1. Penalty for late and non-payment of sundry taxes and licences

   14,080,158    525,000    416,904    550,000    25,000  

2. Penalty for Breaches of Spirit Licences

   201,035    330,000    —      346,000    16,000  

3. Property Tax (2.5%)

   24,948,308    37,300,000    34,704,011    39,100,000    1,800,000  

4. National Health Fund (NHF) 2.5%

   —      24,200,000    20,869,968    25,400,000    1,200,000  

5. Road Maintenance Fund 2.5%

   —      11,630,000    3,798,410    12,200,000    570,000  

6. Annual Charge on Assets of Corporate Bodies

   27,571,561    —      —      —      —    

7. Special Consumption Tax 2.5%

   —      —      —      6,300,000    6,300,000  

8. Trade Licence Tax 2.5%

   —      —      —      599,000    599,000  

9. Miscellaneous Receipts

   30,356    —      7,219,945    —      —    
    
  
  
  
  

TOTAL - INLAND REVENUE DEPARTMENT

   66,831,418    73,985,000    67,009,237    84,495,000    10,510,000  
    
  
  
  
  

TAXPAYER AUDIT & ASSESSMENT DEPARTMENT

                          

1. Net Service Charge for services rendered by Excise Officers

   4,551,522    7,572,000    3,233,286    9,621,000    2,049,000  

2. Miscellaneous Receipts

   4,155,211    —      25,652,778    —      —    
    
  
  
  
  

TOTAL - TAXPAYER AUDIT & ASSESSMENT DEPARTMENT

   8,706,733    7,572,000    28,886,064    9,621,000       
    
  
  
  
  

OFFICE OF THE SERVICES COMMISSIONS

                          

1. Processing Fees

   —      —      —      6,000    6,000  

2. Miscellaneous Receipts

   —      —      —      200,000    200,000  
    
  
  
  
  

TOTAL - TAXPAYER AUDIT & ASSESSMENT DEPARTMENT

   —      —      —      206,000    206,000  
    
  
  
  
  

TOTAL - MINISTRY OF FINANCE & PLANNING & DEPTS.

   5,661,217,421    5,803,078,692    6,086,512,114    6,298,755,400    495,676,708  
    
  
  
  
  

MINISTRY OF NATIONAL SECURITY

                          

1. Rental of Lettings (Land and Buildings)

   82,526    —      —      —      —    

2. Sale of Used and Obsolete Items

   —      50,000    —      50,000    —    

 

73


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


   Consolidated
Fund Receipts
2004/2005 (3)


   Estimates
2005/2006 (4)


  

Increase (+) /
Decrease (-)

[(4)-(2)]


 
     J$  

3. Soldiers’ Contributions to Various Services

   —      500,000    —      700,000    200,000  

4. Sale of Various Items to Officers

   —      1,000,000    —      1,000,000    —    

5. Naturalisation Fees

   773,155    —      205,000    —      —    

6. Issue of Passports

   168,535,541    386,145,000    192,671,024    159,550,000    (226,595,000 )

7. Sale of Services

   —      3,000,000    —      3,500,000    500,000  

8. Sale of Services

   —      —      —      40,000,000    40,000,000  

9. Miscellaneous Receipts

   166,291,700    1,000,000    8,000    1,200,000    200,000  
    
  
  
  
  

TOTAL - MINISTRY OF NATIONAL SECURITY

   335,682,922    391,695,000    192,884,024    206,000,000    (185,695,000 )
    
  
  
  
  

POLICE DEPARTMENT

                          

1. Sale of Unclaimed and Confiscated Items (Sale of stores)

   30,084    —      62,430    —      —    

2. Band Receipts

   7,700    20,000    8,750    14,000    (6,000 )

3. Police Certificates

   35,002,570    45,000,000    63,291,836    60,000,000    15,000,000  

4. Finger Print Search (Formerly User Service Fees)

   14,038,000    18,000,000    29,143,039    27,000,000    9,000,000  

5. Pension Contributions: Constabulary

   47,295,458    65,000,000    49,321,657    65,000,000    —    

6. Pension Contributions: Special Constables

   18,522,102    9,000,000    13,109,097    9,000,000    —    

7. Accident Report

   6,248,980    7,000,000    7,782,400    7,000,000    —    

8. Miscellaneous Receipts

   10,844,175    6,780,000    7,159,032    6,780,000    —    
    
  
  
  
  

TOTAL - POLICE DEPARTMENT

   131,989,069    150,800,000    169,878,242    174,794,000    23,994,000  
    
  
  
  
  

ELECTORAL OFFICE

                          

Registration & ID Card Services

   2,320,365    12,000,000    6,580,951    12,000,000    —    

Sale of Software Licence

   —      —      132,711    —      —    
    
  
  
  
  

TOTAL - ELECTORAL OFFICE

   2,320,365    12,000,000    6,713,663    12,000,000    —    
    
  
  
  
  

TOTAL - MINISTRY OF NATIONAL SECURITY AND DEPT.

   469,992,356    554,495,000    369,475,929    392,794,000    (161,701,000 )
    
  
  
  
  

MINISTRY OF JUSTICE

                          

1. Traffic Fines

   229,356,434    121,700,000    49,050,758    92,000,000    (29,700,000 )

2. Other Court Fines

   108,096,687    160,000,000    87,500,062    134,398,000    (25,602,000 )

3. Sale of Revised Laws of Jamaica to the Private Sector

   —      60,000    —      60,000    —    

4. Forfeited Recognizances

   4,500,000    —      —      —      —    

5. Miscellaneous Receipts

   76,295,550    150,000,000    1,544,590    1,694,000    (148,306,000 )
    
  
  
  
  

TOTAL - MINISTRY OF JUSTICE

   418,248,671    431,760,000    138,095,411    228,152,000    (203,608,000 )
    
  
  
  
  

DEPARTMENT OF CORRECTIONAL SERVICES

                          

1. Sundry Fines and Contributions

   537,084    300,000    226,296    468,000    168,000  
    
  
  
  
  

TOTAL - DEPARTMENT OF CORRECTIONAL SERVICES

   537,084    300,000    226,296    468,000    168,000  
    
  
  
  
  

ADMINISTRATOR GENERAL’S DEPARTMENT

                          

1. Charges for Administering Intestate Estate (50% of Gross Receipts)

   36,006,393    46,250,000    22,469,836    28,100,000    (18,150,000 )
    
  
  
  
  

TOTAL - ADMINISTRATOR GENERAL’S DEPARTMENT

   36,006,393    46,250,000    22,469,836    28,100,000    (18,150,000 )
    
  
  
  
  

 

74


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


   Consolidated
Fund Receipts
2004/2005 (3)


   Estimates
2005/2006 (4)


  

Increase (+) /
Decrease (-)

[(4)-(2)]


 
     J$  

BANKRUPTCY DEPARTMENT

                          

1. Fees and Charges against the Bankrupt

   3,324,884    4,800,000    2,988,925    2,391,000    (2,409,000 )

TOTAL - BANKRUPTCY

   3,324,884    4,800,000    2,988,925    2,391,000    (2,409,000 )
    
  
  
  
  

TOTAL - MINISTRY OF JUSTICE & DEPTS

   458,117,032    483,110,000    163,780,468    259,111,000    (223,999,000 )
    
  
  
  
  

MINISTRY OF FOREIGN AFFAIRS AND FOREIGN TRADE

                          

1. Visa Fees from Overseas Missions

   9,599,448    17,141,045    12,260,621    16,261,330    (879,715 )

2. Authentication fees

   3,006,781    6,615,082    1,934,602    1,819,306    (4,795,776 )

3. Rush fees

   236,150    15,564,899    1,198,016    425,451    (15,139,448 )

4. Consul fees

   1,510,643    3,900,953    9,347,148    4,923,833    1,022,880  

5. Postage fees

   —      972,806    141,466    163,305    (809,501 )

6. MIscellaneous Receipts

   41,457,192    2,345,630    18,644,609    23,259,954    20,914,324  
    
  
  
  
  

TOTAL - MINISTRY OF FOREIGN AFFAIRS AND FOR.TRADE

   55,810,214    46,540,415    43,526,463    46,853,179    312,764  
    
  
  
  
  

MINISTRY OF LABOUR AND SOCIAL SECURITY

                          

1. Reimbursement - N.I.S.

   219,369,476    224,000,000    197,706,454    252,000,000    28,000,000  

2. Fees - Factories Registration Act

   8,466    10,000    10,875    5,000    (5,000 )

3. Fees - Employment Agencies Registration Act

   490    50,000    188    1,080    (48,920 )

4. Fees - Recruiting of Workers Act

   —      —      —      —      —    

5. Work Permit

   —      59,167,000    75,022,000    149,859,000       

6. Miscellaneous Receipts

   764,647    800,000    247,826    300,000    (500,000 )
    
  
  
  
  

TOTAL - MINISTRY OF LABOUR AND SOCIAL SECURITY

   220,143,079    284,027,000    272,987,342    402,165,080    118,138,080  
    
  
  
  
  

MINISTRY OF EDUCATION, YOUTH AND CULTURE

                          

1. Fees from Jamaica School Certificate Examinations

   235,512    500,000    8,154    350,000    (150,000 )

2. Rental of EDDC and other Buildings

   7,778,671    7,500,000    5,444,171    8,000,000    500,000  

3. Repayment of Bonds by Teachers

   12,521,170    10,500,000    8,226,366    12,500,000    2,000,000  

4. Transcripts

   5,011    10,000    1,794    10,000    —    

5. Recovery of Previous years Expenditure

   41,394,517    25,000,000    130,042,435    35,000,000    10,000,000  

6. Miscellaneous Receipts

   1,264,016    1,500,000    2,776,977    1,200,000    (300,000 )
    
  
  
  
  

TOTAL - MINISTRY OF EDUCATION, YOUTH & CULTURE

   63,198,897    45,010,000    146,499,897    57,060,000    12,050,000  
    
  
  
  
  

MINISTRY OF HEALTH

                          

1. Registration of Pharmacies and Pharmacists

   —      —      —      —      —    

2. Registration of Drugs

   2,093,176    2,000,000    2,038,988    2,000,000    —    

3. Parents Contribution toward Maintenance of Children in Children’s Home

   —      —      —      —      —    

4. Drug Permits

   1,960,200    3,000,000    2,089,405    2,500,000    (500,000 )

5. Miscellaneous Receipts

   8,006,137    1,500,000    2,445,934    1,500,000    —    
    
  
  
  
  

TOTAL - MINISTRY OF HEALTH

   12,059,513    6,500,000    6,574,327    6,000,000    (500,000 )
    
  
  
  
  

 

75


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


  

Consolidated

Fund Receipts

2004/2005 (3)


   Estimates
2005/2006 (4)


  

Increase (+) /
Decrease (-)

[(4)-(2)]


 
     J$  

GOVERNMENT CHEMIST

                          

1. Fees from Laboratory analyses

   269,100    520,000    89,367    250,000    (270,000 )
    
  
  
  
  

TOTAL - GOVERNMENT CHEMIST

   269,100    520,000    89,367    250,000    (270,000 )
    
  
  
  
  

REGISTRAR GENERAL’S DEPT. AND ISLAND RECORD OFFICE

                          

1. Registration of Births, Deaths and Marriages (50% of Gross Receipts)

   118,750,000    408,168,000    73,958,333    125,000,000    (283,168,000 )

2. Island Record Office (50% of Gross Receipts)

   —      42,527,000    —      52,951,000    10,424,000  
    
  
  
  
  

TOTAL - REGISTRAR GENERAL’S DEPT. & ISLAND RECORD OFFICE

   118,750,000    450,695,000    73,958,333    177,951,000    (272,744,000 )
    
  
  
  
  

TOTAL - MINISTRY OF HEALTH

   131,078,613    457,715,000    80,622,028    184,201,000    (273,514,000 )
    
  
  
  
  

MINISTRY OF AGRICULTURE

                          

1. Sale of livestock

   —      —      —      —      —    

2. Sale of Pigs

   —      —      —      —      —    

3. Sale of Milk

   —      —      —      —      —    

4. Other Receipts from Agricultural Stations

   2,502,305    1,287,166    1,572,239    2,570,000    1,282,834  

5. Veterinary Fees and Supplies

   —      —      —      —      —    

6. Quarantine Fees

   819,600    720,000    592,200    720,000    —    

7. Import Permits

   10,177,588    8,200,000    10,894,666    10,000,000    1,800,000  

8. Receipts from Zoo

   838,520    983,990    736,710    984,380    390  

9. Sale of Fish

   —      50,000    —      —      (50,000 )

10. Sale of Seedlings

   —      —      —      —      —    

11. Sale of Fingerlings

   —      —      —      317,600    317,600  

12. Receipts from sundry and other receipts

   564,756    —      993,788    300,000    300,000  

13.Rural Physical Planning

   753,919    200,000    437,575    250,000    50,000  

14. Hope Gardens

   741,724    —      692,475    597,000    597,000  

15. Fisheries

   684,104    591,500    594,945    146,500    (445,000 )
    
  
  
  
  

TOTAL - MINISTRY OF AGRICULTURE

   17,082,516    12,032,656    16,514,598    15,885,480    3,852,824  
    
  
  
  
  

FORESTRY DEPARTMENT

                          

1. Timber Sales

   3,414,323    2,030,000    1,393,898    890,000    (1,140,000 )

2. Sale of Seedlings

   229,610    120,000    650,526    300,000    180,000  

3. Miscellaneous Receipts

   78,914    50,000    302,000    120,000    70,000  
    
  
  
  
  

TOTAL - FORESTRY DEPARTMENT

   3,722,847    2,200,000    2,346,424    1,310,000    (890,000 )
    
  
  
  
  

TOTAL - MINISTRY OF AGRICULTURE AND DEPT.

   20,805,363    14,232,656    18,861,022    17,195,480    2,962,824  
    
  
  
  
  

MINISTRY OF COMMERCE, SCIENCE AND TECHNOLOGY

                          

1. Miscellaneous Receipts

   12,000    —      1,811,014    —      —    
    
  
  
  
  

TOTAL - MINISTRY OF COMMERCE, SCIENCE AND TECHNOLOGY

   12,000    —      1,811,014    —      —    
    
  
  
  
  

 

76


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


   Consolidated
Fund Receipts
2004/2005 (3)


   Estimates
2005/2006 (4)


   Increase (+) /
Decrease (-)
[(4)-(2)]


 
     J$  

TRADE BOARD

                          

1. Trade Board - Fees for Import Licences

   45,246,667    34,000,000    30,561,200    31,055,343    (2,944,657 )

2. Miscellaneous Receipts

   —      4,000,000    —      2,700,000    (1,300,000 )
    
  
  
  
  

TOTAL - TRADE BOARD

   45,246,667    38,000,000    30,561,200    33,755,343    (4,244,657 )
    
  
  
  
  

FOOD STORAGE AND PREVENTION OF INFESTATION DIV

                          

1. Sundry Fees

   4,438,581    5,500,000    5,038,351    6,500,000    1,000,000  
    
  
  
  
  

FOOD STORAGE AND PREVENTION OF INFESTATION DIV

   4,438,581    5,500,000    5,038,351    6,500,000    1,000,000  
    
  
  
  
  

ELECTRICITY AUTHORITY

                          

1. Fees - Electric Lighting Act

   14,655,691    80,000,000    8,940,086    12,000,000    (68,000,000 )
    
  
  
  
  

TOTAL - ELECTRICITY AUTHORITY

   14,655,691    80,000,000    8,940,086    12,000,000    (68,000,000 )
    
  
  
  
  

MOTOR VEHICLE POLICY UNIT

                          

1. Registration of New Car Dealers

   —      443,000    —      1,260,000    817,000  

2. Registration of Used Car Used Car Dealers

   1,020,000    7,897,000    30,640,000    6,960,000    (937,000 )
    
  
  
  
  

TOTAL - MOTOR VEHICLE POLICY UNIT

   1,020,000    8,340,000    30,640,000    8,220,000    (120,000 )
    
  
  
  
  

DEPT. OF CO-OPERATIVE AND FRIENDLY SOCIETY

                          

1. Ammendment to Rules Fees

   10,930    60,000    22,835    30,000    (30,000 )

2. Registration Fees - Cooperative & Friendly Society

   62,850    60,000    40,500    40,000    (20,000 )

3. Registration of Special Resolution

   11,200    65,500    5,500    30,000    (35,500 )

4. Arbitration

   —      —      —      160,000    160,000  
    
  
  
  
  

5. Miscellaneous Receipts

   28,335    12,000    181,515    66,000    54,000  
    
  
  
  
  

TOTAL - DEPT. OF CO-OPERATIVE AND FRIENDLY SOCIETY

   113,315    197,500    250,350    326,000    128,500  
    
  
  
  
  

TOTAL - MINISTRY OF COMMERCE SCIENCE & TECHNOLOGY & DEPT

   65,486,254    132,037,500    77,241,001    60,801,343    (71,236,157 )
    
  
  
  
  

REGISTRAR OF COMPANIES

                          

1. Fees for Registration of Companies (50% of Gross Receipts)

   —      83,715,000    —      128,288,000    44,573,000  

2. Fees for Registration of Business Names

   —      8,775,000    —      10,575,000    1,800,000  

3. Miscellaneous receipts

   20,124,057    6,000,000    —      13,680,000    7,680,000  
    
  
  
  
  

TOTAL - REGISTRAR OF COMPANIES

   20,124,057    98,490,000    —      152,543,000    54,053,000  
    
  
  
  
  

JAMAICA INTELLECTUAL PROPERTY OFFICE

                          

1. Fees for Registration of Trademark

   46,658,825    25,000,000    10,000,000    28,000,000    3,000,000  

2. Patent fees

   —      —      —      —      —    
    
  
  
  
  

TOTAL - JAMAICA INTELLECTUAL PROPERTY OFFICE

   46,658,825    25,000,000    10,000,000    28,000,000    3,000,000  
    
  
  
  
  

 

77


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


   Consolidated
Fund Receipts
2004/2005 (3)


   Estimates
2005/2006 (4)


   Increase (+) /
Decrease (-)
[(4)-(2)]


 
     J$  

SPECTRUM MANAGEMENT AUTHORITY

                          

Telecommunication Licence fees

   50,695,914    22,000,000    367,862,090    22,000,000    —    
    
  
  
  
  

TOTAL - SPECTRUM MANAGEMENT AUTHORITY

   50,695,914    22,000,000    367,862,090    22,000,000    —    
    
  
  
  
  

TOTAL - MINISTRY OF COMMERCE SCIENCE & TECH & DEPT.

   182,965,050    277,527,500    455,103,091    263,344,343    (14,183,157 )
    
  
  
  
  

MINISTRY OF LAND AND ENVIRONMENT

                          

ESTATE MANAGEMENT DIVISION

   —                        

1. Rents - Crown Lands and Other Government Properties

   39,790,376    43,000,000    12,293,760    —      (43,000,000 )

2. Land Settlement Properties

   6,145,360    900,000    5,440,902    —      (900,000 )

3. Rental of Land-Leased properties

   1,378,700    8,000,000    382,270    —      (8,000,000 )

4. Other Receipts

   3,179,516    16,000    2,729,763    —      (16,000 )
    
  
  
  
  

TOTAL - ESTATE MANAGEMENT DIVISION

   50,493,952    51,916,000    20,846,695    —      (51,916,000 )
    
  
  
  
  

MINES AND GEOLOGY DIVISION

                          

1. Quarry Tax

   34,785,273    33,000,000    38,483,144    32,000,000    (1,000,000 )

2. Receipts from issue of Sundry Permits

   651,759    750,000    1,150,521    1,200,000    450,000  

3. Laboratory Analysis - Metallic Minerals

   1,040,231    1,000,000    1,594,534    1,400,000    400,000  

4. Miscellaneous Receipts

   2,115,339    40,000    1,997,843    50,000    10,000  
    
  
  
  
  

TOTAL - MINES AND GEOLOGY DIVISION

   38,592,602    34,790,000    43,226,041    34,650,000    (140,000 )
    
  
  
  
  

TOTAL - MINISTRY OF LAND AND ENVIRONMENT

   89,086,554    86,706,000    64,072,736    34,650,000    (52,056,000 )
    
  
  
  
  

NATIONAL LAND AGENCY                           

SURVEY AND MAPPING DIVISION

                          

1. Pre-Checked (Survey) Fees (50% of Grosss Receipts)

   597,558    18,000,000    1,609,574    2,700,000    (15,300,000 )

2. Sale of Monuments (50% of Gross Receipts)

   —      1,000    170    —      (1,000 )

3. Sale of Maps (50% of Gross Receipts)

   680,168    8,500,000    89,613    —      (8,500,000 )

4. Hydrographic Surveys (50% of Gross Receipts)

   53,500    2,700,000    7,355    —      (2,700,000 )

5. Photographic and Mapping Services (50% of Gross Receipts)

   576,938    1,600,000    798,622    —      (1,600,000 )

6. Miscellaneous Receipts (50% of Gross Receipts)

   66,908    600,000    66,151    —      (600,000 )
    
  
  
  
  

TOTAL - SURVEY AND MAPPING DIVISION

   1,975,072    31,401,000    2,571,485    2,700,000    (28,701,000 )
    
  
  
  
  

TITLES DIVISION

                          

1. Registration Fees (50% of Gross Receipts)

   80,086,032    278,500,000    131,927,847    316,000,000    37,500,000  

2. Survey Fees

   —      —      —      3,300,000    3,300,000  

3. Search Certificates

   —      1,780,000    —      —      (1,780,000 )

 

78


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


  

Consolidated

Fund Receipts

2004/2005 (3)


  

Estimates

2005/2006 (4)


  

Increase (+) /

Decrease (-)

[(4)-(2)]


 
     J$  

4. Assurance Fund (50% of Gross Receipts)

   243,060    500,000    119,290    —      (500,000 )

5. General Searches/Photocoping

   —      7,000,000    —      —      (7,000,000 )

6. Miscellaneous Receipts (50% of Gross Receipts)

   5,747,971    6,900,000    15,516,971    —      (6,900,000 )
    
  
  
  
  

TOTAL - TITLES DIVISION

   86,077,063    294,680,000    147,564,108    319,300,000    24,620,000  
    
  
  
  
  

LAND VALUATION DIVISION

                          

1. Valuation Services (50% of Gross Receipts)

   403,072    2,500,000    2,298,032    3,500,000    1,000,000  

2. Sale of Valuation Roll Data (50% of Gross Receipts)

   96,313    1,220,000    98,728    —      (1,220,000 )

3. Sale of Maps Etc.(50 % of Gross Receipts)

   —      —      —      —      —    

4. Subdivision Certification (50 % of Gross Receipts)

   291,786    300,000    75,160    —      (300,000 )

5. Miscellaneous Receipts (50 % of Gross Receipts)

   41,874         —      —      —    
    
  
  
  
  

TOTAL - LAND VALUATION DIVISION

   833,045    4,020,000    2,471,920    3,500,000    (520,000 )
    
  
  
  
  

TOTAL NATIONAL LAND AGENCY

   88,885,180    330,101,000    152,607,512    325,500,000    (4,601,000 )
    
  
  
  
  

MINISTRY OF TRANSPORT AND WORKS                           

1. Bluefield Guest House

   53,630    40,000    19,613    40,000    —    

2. Tender Document

   —      20,000    —      —      (20,000 )

3. On and Off Trailer Plates

   —      —      —      —      —    

4. Miscellaneous Receipts

   8,567,603    10,000    29,826,431    6,030,000    6,020,000  
    
  
  
  
  

TOTAL - MINISTRY OF TRANSPORT AND WORKS

   8,621,233    70,000    29,846,043    6,070,000    6,000,000  
    
  
  
  
  

NATIONAL WORKS AGENCY

                          

1. Project Management fees (50% of Gross Receipts)

   94,278,069    —      —      175,886,000    175,886,000  

2. Hireage of Equipment (50% of Gross Receipts)

   7,045,100    —      —      12,000,000    12,000,000  

3. Tender Document Fees (50% of Gross Receipts)

   176,832    —      —      12,730,000    12,730,000  

4. Miscellaneous Receipts (50% of Gross Receipts)

   14,000,000    —      6,002,319    —      —    
    
  
  
  
  

TOTAL NATIONAL WORKS AGENCY

   115,500,001    —      6,002,319    200,616,000    200,616,000  
    
  
  
  
  

TOTAL - MINISTRY OF TRANSPORT AND WORKS AND DEPT.

   124,121,234    70,000    35,848,363    206,686,000    206,616,000  
    
  
  
  
  

MINISTRY OF LOCAL GOVERNMENT COMMUNITY DEVELOPMENT & SPORT

                          

1. Fire Inspection Fees

   —      —      —      —      —    

2. Tender Document Fees

   2,268,480    —      103,000    —      —    

3. Fines

   983,503    —      —      —      —    

4. Miscellaneous Receipts

   —      —      23,182    —      —    
    
  
  
  
  

TOTAL - MINISTRY OF LOCAL GOVERNMENT COMMUNITY DEVELOPMENT & SPORT

   3,251,983    —      126,182    —      —    
    
  
  
  
  

Miscellaneous Receipts (Unclassified)

   345,863,140    —      351,437,316            
    
  
  
  
  

Total Head 24

   7,954,509,085    8,514,773,763    8,277,478,518    8,575,634,221    60,860,458  
    
  
  
  
  

TOTAL NON-TAX REVENUE

   9,044,060,797    9,787,991,763    9,824,509,477    9,930,698,932    142,707,169  
    
  
  
  
  

TOTAL RECURRENT REVENUE

   140,405,494,400    165,422,791,763    161,019,949,967    180,091,898,932    14,669,107,169  
    
  
  
  
  

 

79


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


  

Accounts

2003/2004 (1)


  

Estimates

2004/2005 (2)


  

Consolidated

Fund Receipts

2004/2005 (3)


  

Estimates

2005/2006 (4)


  

Increase (+) /

Decrease (-)

[(4)-(2)]


 
     J$  

II-CAPITAL REVENUE

                          

Head 25-Royalties

                          

1 Bauxite

   703,267,600    773,594,360    653,008,956    831,804,000    58,209,640  

2 Silica Sand

        —      —      —      —    

3 Marble

             —      —      —    
    
  
  
  
  

Total Head 25

   703,267,600    773,594,360    653,008,956    831,804,000    58,209,640  
    
  
  
  
  

Head 26-Land Sales

                          

1 Crown Lands

   15,760,803    15,900,000    16,641,142    —      (15,900,000 )

2 Land Settlement Allotments

             —      —      —    

3 Mona Houses

             —           —    
    
  
  
  
  

Total Head 26

   15,760,803    15,900,000    16,641,142    —      (15,900,000 )
    
  
  
  
  

Head 27-Loan Repayments

                          

1 Municipal and Parish Councils

             —              

2 Dependencies and Local Bodies

             —              

3 Cocoa Board-Rehabilitation Scheme

             —              

4 Miscellaneous

   510,244,851    561,269,336    992,268,907    1,260,600,000    699,330,664  

5 Farm Improvement Scheme

             —              

6 Farm Development Scheme

             —              

7 Farm Recovery Loan

             —              

8 Housing Trust Fund

             —              

9 Bank of Jamaica Deposit

             —              

10 Transportation for Public Officers

             —              
    
  
  
  
  

Total Head 27

   510,244,851    561,269,336    992,268,907    1,260,600,000    699,330,664  
    
  
  
  
  

Head 28-Extraordinary Receipts

                          

1 Immigrant Deposits

             —              

2 Agriculture Recovery Programme - Sale of Mechanical Implements

             —              

3 Sale of unserviceable goods-Housing Dept and Supply Division Stores

             —              

4 Surplus on Sinking Fund

             —              

5 Proceeds from Foreshore Development

             —              

6 Grants from the European Union

   297,600,000    3,558,000,000    3,037,891,797    907,500,000    (2,650,500,000 )

7 Grants from Government of the Netherlands

             406,270,000            

8 Miscellaneous

   6,045,616,426    384,236,305    2,871,884,258    5,734,300,000    5,350,063,695  

 

80


 

ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


   Consolidated
Fund Receipts
2004/2005 (3)


   Estimates
2005/2006 (4)


  

Increase (+) /
Decrease (-)

[(4)-(2)]


 
     J$  

9 Bauxite Alumina Trading Company

             —              

10 Other Grants

   10,005,966    768,100,000    477,260,576    3,302,100,000    2,534,000,000  

11 Proceeds from Divestment

   1,533,015,883    1,884,700,000    1,259,424,531    —      (1,884,700,000 )
    
  
  
  
  

Total Head 28

   7,886,238,275    6,595,036,305    8,052,731,162    9,943,900,000    3,348,863,695  
    
  
  
  
  

TOTAL CAPITAL REVENUE

   9,115,511,529    7,945,800,001    9,714,650,168    12,036,304,000    4,090,503,999  
    
  
  
  
  

III-TRANSFERS FROM CAPITAL

                          

DEVELOPMENT FUND

                          

Head 29-Transfers to Current Account

                          

(a) Transfers in lieu of Income Tax from Alumina Producers

             —           —    

(b) Other

   1,767,500,000    2,354,700,000    2,354,700,000    2,996,600,000    641,900,000  
    
  
  
  
  

Total Head 29

   1,767,500,000    2,354,700,000    2,354,700,000    2,996,600,000    641,900,000  
    
  
  
  
  

Head 30-Transfers to Capital Account

             —              
    
  
  
  
  

Total Head 30

   —      —      —      —      —    
    
  
  
  
  

TOTAL TRANSFERS FROM CAPITAL DEVELOPMENT FUND

   1,767,500,000    2,354,700,000    2,354,700,000    2,996,600,000    641,900,000  
    
  
  
  
  

IV-LOAN RECEIPTS

                          

Head 31-

                          

EXTERNAL

                          

Multilateral

                          

Loans to be raised under Act 39 of 1964

                          

1. World Bank Loans

   2,052,932,501    850,000,000    485,420,197    763,700,000    -86,300,000  

2. Inter-American Development Bank

   61,952,528    970,600,000    444,725,010    979,720,000    9,120,000  

3. Caribbean Development Bank

   103,964,683    184,000,000    40,061,792    98,900,000    -85,100,000  

4. European Union

                  470,000,000    470,000,000  

5. World Bank/ IDB

        23,000,000         315,000,000    292,000,000  

6. IFAD

                       0  

7. OECF/USAID

             1,216,287         0  

8. OPEC

                       0  

9. OECF

                       0  

10. Other

                          

Bilateral

                          

9. Government of Netherlands

                          

10 Government of Germany

   41,140,951                   0  

11 JBIC

        137,400,000         35,960,000    -101,440,000  

12 Kuwait

        40,000,000         55,000,000    15,000,000  

13 Saudi

                       0  

14 PL480

                          

 

81


ESTIMATES, JAMAICA 2005-2006

DETAILS OF REVENUE AND LOAN RECEIPTS

 

HEAD


   Accounts
2003/2004 (1)


   Estimates
2004/2005 (2)


  

Consolidated

Fund Receipts
2004/2005 (3)


   Estimates
2005/2006 (4)


  

Increase (+) /
Decrease (-)

[(4)-(2)]


     J$

15 Other

                  93,160,000    93,160,000

Other Loans

                        

16 Capital Market

   15,285,907,500    28,525,500,000    34,165,237,761    31,865,000,000    3,339,500,000

17 Other

                       0
    
  
  
  
  

TOTAL EXTERNAL

   17,545,898,163    30,730,500,000    35,136,661,047    34,676,440,000    3,945,940,000
    
  
  
  
  

DOMESTIC

                        

1 Local Commercial Banking Sector

   0    0    4,715,040,444    0    0

2 Local Registered Stock & Debentures

   64,346,353,346    121,699,400,000    94,595,206,712    107,999,700,000    -13,699,700,000

3 Indexed Bonds & US$ loans

   32,538,949,376    0    10,640,574,526         0

4 Other

   17,793,072,933    0    4,336,053,344         0
    
  
  
  
  

TOTAL DOMESTIC

   114,678,375,655    121,699,400,000    114,286,875,026    107,999,700,000    -13,699,700,000
    
  
  
  
  

TOTAL LOAN RECEIPTS

   132,224,273,818    152,429,900,000    149,423,536,073    142,676,140,000    -9,753,760,000
    
  
  
  
  

SUMMARY

                        

Recurrent Revenue

   140,405,494,400    165,422,791,763    161,019,949,967    180,091,898,932    14,669,107,169

Capital Revenue

   9,115,511,529    7,945,800,001    9,714,650,168    12,036,304,000    4,090,503,999

Transfers from Capital Development Fund

   1,767,500,000    2,354,700,000    2,354,700,000    2,996,600,000    641,900,000

Loan Receipts

   132,224,273,818    152,429,900,000    149,423,536,073    142,676,140,000    -9,753,760,000
    
  
  
  
  

Total

   283,512,779,747    328,153,191,764    322,512,836,208    337,800,942,932    9,647,751,168
    
  
  
  
  

 

The Consolidated Fund receipts are subject to change

 

82

Exhibit D

 

Government of Jamaica

 

This description of the Government of Jamaica is dated as of April 27, 2005 and appears as Exhibit D to the Government of Jamaica’s Annual Report on Form 18-K to the U.S. Securities and Exchange Commission for the fiscal year ended March 31, 2005.

 

D-1


EXCHANGE RATES

 

The following table shows exchange rate information for the selling of US dollars for the periods indicated. The Federal Reserve Bank of New York does not report a noon buying rate for the JA dollar. The official exchange rate published by the Bank of Jamaica for US dollars on April 22, 2005 was J$61.66 per US$1.00.

 

Foreign Exchange Rates

 

Year


   Month

   Average for
Period(1)


   End of Period

   Percentage
Change
(End of Period)


 
          (spot weighted average ask in J$ for
US$)
      

2000

        43.32    45.53    9.92  

2001

        46.19    47.40    4.11  

2002

        48.73    50.97    7.53  

2003

        58.22    60.62    18.93  

2004

        61.39    61.63    1.67  

2005

   January    61.76    61.87    0.39 (2)
     February    61.93    61.91    0.06 (2)
     March    61.68    61.54    (0.60 )(2)

(1) The weighted average of the exchange rates for annual periods is calculated as the simple average of end of month rates.

 

(2) As compared to the prior month.

 

Source: Bank of Jamaica.

 

PRESENTATION OF CERTAIN INFORMATION

 

All references in this annual report on Form 18-K to “Jamaica” are to the Government of Jamaica. All references to “JA dollars” and “J$” are to Jamaica dollars, all references to “US dollars” and “US$” are to the lawful currency of the United States of America and all references to “€” are to euro. Historical amounts translated into JA dollars or US dollars have been converted at historical rates of exchange. References to annual periods (e.g., “2004”) refer to the calendar year ended December 31, and references to fiscal year or FY (e.g., “FY 2003/04” or “FY 2004/05”) refer to Jamaica’s fiscal year ended March 31. All references to “tonnes” are to metric tonnes. Jamaica publishes external economy information, such as external debt and goods and services exported, in US dollars. All international currencies, such as external debt denominated in Euro, are translated into US dollars. Domestic economy information is published by Jamaica in Jamaica dollars. The base year for gross domestic product data contained in this Form 18-K was changed in 2003 from 1986 to 1996. Components contained in tabular information in this annual report on Form 18-K may not add to totals due to rounding. The term “N/A” is used to identify economic or financial data that is not presented for a particular period because it is not applicable to such period and “n.a.” for economic or financial data that is not available.

 

Statistical information included in this report is the latest official data publicly available. Financial data provided may be subsequently revised in accordance with Jamaica’s ongoing maintenance of its economic data.

 

D-2


LOGO

 

D-3


JAMAICA

 

History

 

Originally settled by the Arawak Indians, Jamaica was first visited by Christopher Columbus in 1494 on his second voyage to the New World. Jamaica’s name derives from the Arawak word “Xaymaca”, which means “Land of Wood and Water”. In 1655 Admiral William Penn and General Robert Venables led a British force that conquered the island, ousting the Spaniards. Over the next 40 years, Jamaica became the stronghold of the Caribbean buccaneers who transformed Port Royal, then the island’s commercial center, into the richest city in the New World. The sugar industry, supported to a great extent by slaves transported from Africa until the abolition of slavery in 1834, formed the basis of the island’s economy. During its three centuries as a British colony, Jamaica was variously administered by a governor and a planter-controlled legislature, by British Crown Colony rule from London, England, and by limited representative government in the late 19th and early 20th centuries. The government granted universal adult suffrage in 1944. From 1958 to 1961, Jamaica was a member of the now-defunct West Indies Federation, which encompassed all of Britain’s Caribbean colonies. Although plans for independence first appeared in the 1940’s, internal self-government did not begin until 1959. On August 6, 1962, Jamaica became an independent country within the British Commonwealth.

 

The historical development of the island has influenced Jamaican national symbols. Jamaica’s flag, a diagonal cross of gold on a green and black background, represents the statement, “The sun shineth, the land is green and the people are strong and creative”. The national crest incorporates the original Arawak inhabitants with the legend “Out of Many, One People”, which reflects the country’s multiracial heritage. Jamaica’s reggae music enjoys international renown.

 

Territory and Population

 

Jamaica, the third-largest island in the Caribbean Sea, is located 558 miles (898 kilometers) southeast of Miami, Florida, 90 miles (144.8 kilometers) south of Cuba and 100 miles (160.9 kilometers) southwest of Haiti. The island has an area of 4,411 square miles (11,420 square kilometers), and its highest point is the Blue Mountain Peak, which rises 7,402 feet (2,256 meters) above sea level. The capital city, Kingston, located on the island’s southeast coast, also serves as Jamaica’s major commercial center. The natural harbor in Kingston is the seventh largest in the world. The country’s second-largest city, Montego Bay, located on the island’s northwest coast, is Jamaica’s main center for tourism. See “The Jamaican Economy — Principal Sectors of the Economy — Tourism”.

 

From 2000 to 2004, Jamaica’s population grew at an average rate of approximately 0.5% per year. At December 31, 2004, Jamaica’s population was estimated at 2,650,900, a 0.5% increase over the December 31, 2003 population of 2,638,300. The last official census taken in 2001 indicated that 48.0% of Jamaica’s population lives in rural areas, while 52.0% lives in urban areas. Jamaica’s official language is English, and a majority of the population speaks a dialect.

 

Society

 

Diverse religious beliefs are represented in Jamaica, although Christian denominations predominate. Other major religious groups include adherents to the Rastafari, Bahai, Islamic and Jewish faiths.

 

Jamaica’s educational system is based on the British system. The school system consists of a pre-primary and a primary cycle of six years followed by a secondary cycle of five years. In some instances students pursue two years of additional secondary education. The educational system accommodates a variety of public and private schools. Post-secondary education is available to qualified candidates at community colleges, the University of Technology, Northern Caribbean University and the Jamaican campus of the University of the West Indies.

 

In addition to the formal school system, Jamaica has an adult literacy program, which contributed to reducing the illiteracy rate from 32.2% in 1987 to 24.6% in 1994, according to a 1994 survey. No comparable survey has been undertaken since 1994. There is also a government-directed employment and resource training program, which helps place high school graduates with private sector firms for “on-the-job” training. In addition, Jamaica instituted “Lift Up Jamaica”, a government-sponsored program that hires unemployed youths to do basic infrastructure work on a short-term basis.

 

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In 2004, the average number of unemployed persons was 139,600, an increase of 3.0% over 135,600 in 2003. The average unemployment rate was 11.7% in 2004, a slight increase from 11.4% in 2003. In 2003, the average number of unemployed persons was 135,600, a decline of 15.2% from 171,500 in 2002. The average unemployment rate was 11.4% percent in 2003, a significant decline from 14.2% in 2002. The unemployment rate in Jamaica during the past five years has been relatively stable, ranging from a high of 15.5% in 2000 to a low of 11.4% in 2003. See “The Jamaican Economy — Employment and Labor”.

 

The following table shows selected social indicators applicable to Jamaica for the five years ended December 31, 2004:

 

Social Indicators

 

     2000

   2001

   2002

   2003

   2004

Real GDP per capita(1)

   J$ 86,418    J$ 87,174    J$ 87,693    J$ 89,237    J$ 89,846

Prenatal Mortality Rate (per thousand)(2)

     29.5      31.0      31.1      29.5      27.4

(1) In constant 1996 prices.

 

(2) Defined as deaths in government hospitals occurring anytime from 28 weeks of pregnancy until seven days after birth.

 

Source: Statistical Institute of Jamaica, Planning Institute of Jamaica and Ministry of Health — Information Unit.

 

Governmental Structure and Political Parties

 

The Jamaica (Constitution) Order in Council 1962, or the Constitution, is the supreme law of Jamaica and sets forth the basic framework and legal underpinnings for governmental activity in Jamaica. The Constitution came into effect when Jamaica became an independent country on August 6, 1962, and includes provisions that safeguard the fundamental freedoms of the individual. While a simple majority of Parliament can enact amendments to the Constitution, certain amendments require ratification by a two-thirds majority in both houses of Parliament, and amendments altering fundamental rights and freedoms require the additional approval of a national referendum.

 

Jamaica is a parliamentary democracy based upon the British Westminster model, and a member of the British Commonwealth. The Head of State is the British Monarch, who is represented locally by the Governor-General of Jamaica. Traditionally, the British Monarch appoints the Governor-General upon the recommendation of the Jamaican Prime Minister. The actions of the Governor-General are, in most cases, of a purely formal and ceremonial nature. General elections are constitutionally due every five years at which time all seats in the House of Representatives will be up for election. The Constitution permits the Prime Minister to call elections at any time within or shortly beyond the five-year period, consistent with the Westminster model.

 

National legislative power is vested in a bicameral Parliament composed of a house of representatives and a senate. The House of Representatives comprises 60 members elected by the people in the general elections. Jamaica held its last general election on October 16, 2002. The Senate comprises 21 members appointed by the Governor-General, 13 of whom are appointed on the advice of the Prime Minister and eight of whom are appointed on the advice of the Leader of the Opposition. The President of the Senate is elected by its members. The members of the House of Representatives select their own chairman, known as the Speaker. The Prime Minister, usually the member most likely to command the support of the majority of the members of the House of Representatives, is appointed by the Governor-General. In addition to the national governing bodies, local government is administered through 12 parish councils and a statutory corporation that administers the Kingston and St. Andrew (KSAC) areas. The results of the last local government election, which took place in June 2003, accorded the opposition Jamaica Labour Party, or JLP, eleven (11) of the twelve (12) parish councils and the KSAC.

 

The principal policy-making body of the Government of Jamaica is the Cabinet, which is responsible for the general direction and control of Jamaica and whose members are collectively accountable to Parliament. The Cabinet consists of the Prime Minister and no fewer than eleven other members of the two Houses of Parliament. No fewer than two, and no more than four, members must be selected from the Senate. The Governor-General appoints members of the Cabinet upon the recommendation of the Prime Minister.

 

The Jamaican judicial system is based on English common law and practice and consists of a Supreme Court, a Court of Appeal and local courts. Final appeals are made to the Judicial Committee of the Privy Council in the United Kingdom. A number of Caribbean nations, including Jamaica, are currently discussing the establishment of

 

D-5


a Caribbean Court of Justice to replace the Judicial Committee of the Privy Council for those nations. Jamaica has signed an agreement to establish the Caribbean Court of Justice. In April 2005, Jamaica passed the Caribbean Court of Justice (Original Jurisdiction) Act 2005. The Act provides for the implementation of the provisions of the Agreement establishing the Caribbean Court of Justice in its original jurisdiction. The Caribbean Court of Justice, in its original jurisdiction, will hear and determine matters relating to the interpretation and application of the Revised Treaty of Chaguaramas establishing the Caribbean Community and Common Market.

 

Two major political parties dominate Jamaica’s political system. From Jamaica’s independence on August 6, 1962 until 1972, the Jamaica Labour Party, or JLP, formed the government, while the PNP assumed power in 1972. In late 1980, the JLP returned to power until February 1989, when Michael Manley led the PNP to victory and became Prime Minister. In 1992, Prime Minister Manley resigned as Prime Minister and leader of the PNP and was succeeded by Percival James (“P.J.”) Patterson, who was elected Prime Minister in 1993. In 1995, a former Chairman of the JLP formed a third political party, the National Democratic Movement. In the last general election, the PNP won 51.6% of the votes cast, and P.J. Patterson returned to the office of Prime Minister. The Jamaican Constitution requires that a general election be held every five years, at which time all seats in the House of Representatives will be up for election. Given that the last general election was October 16, 2002, an election is constitutionally due to be held by October 2007, but the election may be extended to January 2008. However, the Prime Minister is constitutionally permitted to call an election at any time before.

 

The following table shows the parliamentary electoral results for the past six general elections:

 

Parliamentary Electoral Results

 

     1980

   1983(1)

   1989

   1993

   1997

   2002

     (number of representatives)

People’s National Party

   9    0    45    52    51    34

Jamaica Labour Party

   51    60    15    8    9    26

(1) The People’s National Party did not contest the 1983 election, and the eight opposition senators were appointed as independents by the Governor-General.

 

Source: Office of the Prime Minister.

 

International Relationships

 

Jamaica maintains diplomatic relations with almost every nation in the world. It is a member of the World Trade Organization, the United Nations and several other international organizations, including the World Tourism Organization, the International Monetary Fund, the Food and Agriculture Organization, the World Health Organization and the United Nations Environment Program. Jamaica is also a member of various regional and international bodies such as the Commonwealth, the Organization of American States, the Latin American Economic System and the International Seabed Authority (the headquarters of which is located in Jamaica).

 

Jamaica is also a signatory to the Lomé IV Convention and the Cotonou Agreement between the European Union and the developing countries of Africa, the Caribbean and the Pacific. Jamaica is a beneficiary of the Caribbean Basin Economic Recovery Act, a member of the Association of Caribbean States, or ACS, and the Caribbean Community and Common Market, or CARICOM, as well as a beneficiary of the Caribbean-Canada Trade Agreement, or CARIBCAN. In addition, as a member of the United Nations bloc of developing countries, named the Group of 77, Jamaica is eligible for the Generalized System of Preferences. Jamaica is also a member of the Group of 15.

 

Jamaica receives preferential tariff treatment on most of its products pursuant to, among others, the trade agreements described below.

 

Association of Caribbean States

 

ACS was created by treaty in July 1994 as a result of the efforts of 13 CARICOM signatories, other non-Commonwealth Caribbean countries and several Latin American nations. ACS was established primarily to further promote regional economic integration and cooperation in the areas of science and technology, energy, tourism, transportation, education and culture, as well as to coordinate the participation of member states in multilateral forums and to undertake concerted action to protect the environment, in particular the Caribbean Sea.

 

D-6


Caribbean Community and Common Market

 

CARICOM is a regional common market established by the Treaty of Chaguaramas in 1973 with the objectives of promoting the integration of the economies of the member states, coordinating the foreign policies of the independent member states and engaging in functional cooperation in the provision of services such as education, health and transportation among its member countries. CARICOM currently has fifteen (15) members consisting of the twelve (12) independent English-speaking Caribbean territories, Suriname, Haiti and Montserrat. In addition, Cuba, which is not a member of CARICOM, has “observer status” in respect of some of the organs of CARICOM.

 

CARICOM’s principal activities have been in the area of economic integration by means of the creation of a Caribbean Common Market. However, members have also established common institutions in the areas of policy formulation and cooperation in the provision of such services as education and health and in such other areas as labor matters, agriculture, transportation, communications, tourism and disaster preparedness. CARICOM has agreed to amend the Treaty of Chaguaramas to establish the CARICOM Single Market and Economy, or CSME. The CSME would allow for the free movement of goods, capital, persons and services throughout the member states. The free movement of goods existed under the previous CARICOM treaty and Jamaica already complies with this phase. All member states are expected to be compliant by 2005. In the early 1990’s Jamaica transitioned into the free movement of capital. By 2005, all member states are expected to be compliant with this phase. All member states have implemented the free movement of certain skilled labor, with full compliance to be phased in by 2005. In February 2002, all member states implemented free movement of service providers and full implementation is expected in 2005. As part of the Single Market and Economy, the CSME would also liberalize fiscal and monetary policies. These initiatives have not been formalized nor has a time frame been established. Central banks of member states are currently reviewing options and discussing possible parameters and time frames.

 

Caribbean-Canada Trade Agreement

 

The CARIBCAN is an agreement entered into by Canada and the CARICOM countries in 1986. This agreement established a program for trade, investment and industrial cooperation, and features the unilateral extension by Canada of preferential duty-free access to the Canadian market for many imports from CARICOM countries. CARIBCAN’s basic objectives are to enhance the Caribbean region’s existing trade and export earnings, improve its trade and economic development prospects, promote new investment opportunities, and encourage enhanced economic integration and cooperation within the region.

 

The Caribbean Basin Economic Recovery Act

 

The Caribbean Basin Initiative, or CBI, became effective on January 1, 1984, and represents a program of economic assistance by the United States to Caribbean countries designed to stimulate economic growth and to present new opportunities for development in the region. The Caribbean Basin Economic Recovery Act, an unprecedented trade proposal for the duty-free access of Caribbean products exported to the United States, forms the centerpiece of the program. The trade agreement was the first means by which the United States extended preferential trade provisions to any regional group of countries. All exports from Jamaica (other than specifically excluded products such as garments and textiles, footwear and other leather goods and petroleum products) benefit from the elimination of tariffs, which were as high as 44.0% at the time of entry into the United States. The US Congress subsequently passed the Caribbean Basin Recovery Expansion Act, or CBI II, in 1990, which improved the conditions of the original agreement by extending the life of the CBI and providing limited duty-free treatment for articles that had been excluded.

 

The Trade and Development Act of 2000

 

The Trade and Development Act of 2000 became effective on October 1, 2000, and contains tariff preferences on goods currently excluded from CBI II that are similar to the tariff preferences under the North American Free Trade Agreement, or NAFTA. The legislation provides for the reduction of tariffs by the United States on a variety of imports from 70 Caribbean, Central American and African countries. Of these countries, 25 Caribbean and Central American countries presently trade with the US under CBI II. As part of the Trade and Development Act of

 

D-7


2000, certain Jamaican exports, such as textiles, not currently eligible for duty-free treatment under CBI II receives treatment equivalent to that granted to comparable exports from Mexico under NAFTA. These provisions of the Trade and Development Act of 2000 relating to products excluded from CBI II will be in force for eight years, through September 2008.

 

Generalized System of Preferences

 

Under the aegis of the United Nations Conference on Trade and Development, the Generalized System of Preferences was designed to afford developing countries preferential access for a wide range of their exports to the markets of developed countries. The Generalized System of Preferences is an export-promotion tool with the objectives of increasing the export earnings of the developing countries, promoting industrialization in the developing countries and accelerating the rate of their economic growth.

 

Cotonou Agreement

 

In February 2000, the European Union and the African Caribbean Pacific group of countries, or ACP, concluded negotiations for a new twenty-year trade, industrial, financial and technical cooperation agreement. Jamaica ratified the new agreement, known as the Cotonou Agreement, in February 2001 and following ratification by 75% of member states and all EU members, the agreement formally entered into force on April 1, 2003. The agreement provides for:

 

    duty-free access to the European market for goods exported from the ACP with certain local value-added qualifications;

 

    financial aid for the ACP;

 

    industrial and technological cooperation aimed at promoting a better international division of labor along lines advantageous to the ACP; and

 

    joint institutions to supervise observance of the agreement and to promote discussion between the groups of countries.

 

The Cotonou Agreement was signed in Benin on June 23, 2000, during the ACP-EU Council of Ministers Meeting and replaced an earlier similar agreement among the same parties known as the Lomé IV Convention.

 

The Cotonou Agreement provides for an eight-year extension of the special trading arrangements for ACP exports previously provided under the Lomé IV Convention. The Cotonou Agreement also provides economic development support to the tourism industry and provides guaranteed access to European markets for certain maximum amounts of Jamaican sugar exports. See “The External Economy — Foreign Trade — Exports”.

 

The special arrangements for the importation of bananas provided by the Cotonou Agreement and its predecessor the Lomé IV Convention have been challenged by the United States and four Latin American banana producers and held by the World Trade Organization, or WTO, to be inconsistent with WTO rules. In April 2001, the United States and the European Union announced an agreement by which the banana arrangements would be gradually phased out by 2006. The Jamaican banana industry has taken steps to become more competitive with other banana producers in anticipation of the phase-out of these arrangements. See “The Jamaican Economy — Principal Sectors of the Economy — Agriculture, Forestry and Fishing”. The Jamaican banana industry accounted for approximately 0.9% of export earnings in 2004. See “The External Economy — Foreign Trade — Exports”.

 

Free Trade Area of the Americas

 

Jamaica is currently participating with all other countries of the Western Hemisphere (except Cuba) in the negotiations of the Free Trade Area of the Americas. The countries involved expect to establish a hemispheric free trade regime by the end of 2005.

 

D-8


THE JAMAICAN ECONOMY

 

General

 

Jamaica operates as a mixed, free market economy with state enterprises as well as private sector businesses. Major sectors of the Jamaican economy include agriculture, mining, manufacturing, tourism and financial and insurance services. As an open economy, Jamaica is well integrated into the global economy with intraregional trade contributing prominently to overall economic activity.

 

Since the early 1980’s, successive governments have implemented structural reforms aimed at fostering private sector activity and increasing the role of market forces in resource allocation. During this period, a large share of the economy has been returned to private sector ownership through divestment and privatization programs in areas such as agriculture, tourism, transportation, banking, manufacturing and communications. See “— Privatization”. Deregulation of markets, the elimination of price subsidies and price controls and the reduction and removal of trade barriers have reduced or eliminated production disincentives and anti-export biases.

 

In the early 1990’s, the reform process in Jamaica gained momentum with, among other developments, the liberalization of the foreign exchange market and the overhaul and simplification of the tax system. In addition to changes in personal income tax and corporate tax regimes, a number of indirect taxes were removed and replaced with a value-added tax. A Tax Administration Reform Project was implemented in 1994 aimed at broadening the tax base, facilitating voluntary compliance with the tax laws, improving the effectiveness of tax administration and tax collection and controlling tax evasion. To enhance compliance, Jamaica implemented a Tax Registration Number system aimed at broadening the tax base through the assignment of identification numbers to individuals and businesses. See “Public Finance — Tax Reform”.

 

Recent financial sector reforms include amendments to financial and banking laws designed to enhance the supervisory role of the Bank of Jamaica, establish the Financial Services Commission to regulate non-deposit taking financial institutions, improve the efficiency of financial intermediation and improve the Bank of Jamaica’s ability to conduct monetary policy. See “Public Finance — Financial Sector Restructuring”, “The Monetary System — The Financial System” and “— Legislation and Regulation”.

 

In March 1996, Jamaica introduced its strategic plan for growth and development — the National Industrial Policy, or NIP. The NIP is intended to reinforce the private sector-led growth strategy that underpinned earlier economic reforms. The main components of this policy include:

 

    macroeconomic policy aimed at creating the basis for growth in a stable environment;

 

    an industrial strategy aimed at investment and trade promotion and developing the physical, economic and human infrastructure;

 

    social policy aimed at alleviating poverty; and

 

    environmental policy.

 

The NIP targets five industry clusters that focus on export and foreign exchange earnings, as the foundation for long-term development:

 

    tourism;

 

    shipping and berthing;

 

    agro-processing;

 

    apparel; and

 

    bauxite, alumina and nonmetallic minerals.

 

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Gross Domestic Product

 

The Jamaican economy grew by 1.2% in 2004, its sixth consecutive year of real gross domestic product, or GDP, growth. The performance of the Jamaican economy in 2004 was adversely affected by the impact of Hurricane Charlie in August and, particularly, Hurricane Ivan in September. The sectors most affected by the hurricanes were agriculture, forestry and fishing, electricity and water, hotels, restaurants and clubs and transport, storage and communication. Real GDP in the agriculture, forestry and fishing sector declined by 10.3% in 2004, reversing the 4.7% increase recorded in 2003. The sector was negatively affected by drought conditions in the first half of the year and experienced crop loss and damage to infrastructure and equipment as a result of hurricanes Charlie and Ivan. Primarily as a result of the hurricanes, gross output from export agricultural production declined by 9.7% and domestic agricultural production recorded a 10.5% decline. The agriculture, forestry and fishing sector contributed 5.5% to GDP in 2004. Real GDP in the electricity and water sector remained flat in 2004, after growing by 4.7% in 2003. The performance was influenced by the reduction in water production due to drought conditions in early 2004 and the effects of Hurricane Ivan in September. Electricity generation and transmission were interrupted by Hurricane Ivan. The hotels, restaurants and clubs sub-sector grew by 4.8%, a reduction in the growth rate from 5.6% in 2003 due to the impact of Hurricane Ivan on the sector, particularly in the September to December period. The mining and quarrying sector grew by 3.1% and contributed 5.8% to GDP in 2004. The manufacturing sector increased by 3.5%, its best performance in the past five years, principally due to the increase in the food, beverage and tobacco sub-sector and non-metallic minerals, mainly cement production.

 

Beginning in 1991, Jamaica accelerated structural reform of the domestic economy by deregulating trade, prices and the foreign exchange market. Shortly thereafter, the economy experienced a sharp currency devaluation, high inflation and a slowdown in the growth of real GDP. Jamaica successfully introduced a stabilization program to curb inflation, but the tight monetary policies designed to control the rate of inflation also contributed to the reductions in the economy’s rate of growth experienced between 1997 and 1998.

 

There are no commercial reserves of oil, gas or coal in Jamaica, and the country receives approximately 96.0% of its energy requirements from imported oil. Accordingly, increases in global oil prices may have a significant adverse effect on the Jamaican economy, particularly the competitiveness of the mining and quarrying and manufacturing sectors. Domestic energy output is limited to small hydropower plants, wood burning and the fiber left over from milled sugar cane. The main sources of imports of fuel are Venezuela, Mexico and the United States.

The following table shows real GDP by economic sectors at constant 1996 prices and as a percentage of GDP for the five years ending December 31, 2004:

 

Sectoral Origin of Gross Domestic Product(1)

 

     2000

   2001

   2002

   2003

   2004

     Amount

   % of
Total


   Amount

   % of
Total


   Amount

   % of
Total


   Amount

   % of
Total


   Amount

   % of
Total


     (in millions of J$ at constant 1996 prices, except percentages)

Agriculture, Forestry and Fishing

   14,251.8    6.4    15,077.3    6.6    14,023.3    6.1    14,689.4    6.3    13,167.5    5.5

Export Agriculture

   2,709.1    1.2    2,753.6    1.2    2,674.2    1.2    2,513    1.1    2,270    1.0

Domestic Agriculture(2)

   7,803.0    3.5    8,473.7    3.7    7,502.3    3.3    8,390.1    3.6    10,900.8    4.6

Livestock, Forestry and Fishing

   3,739.7    1.7    3,850.0    1.7    3,846.8    1.7    3,785.8    1.6    N/A    N/A

Construction and Installation

   21,056.0    9.4    21,523.9    9.5    22,030.3    9.6    22,293.6    9.5    23,343.3    9.8

Manufacturing

   31,872.9    14.2    32,121.1    14.1    31,852.8    13.9    31,583.3    13.5    32,715    13.8

Mining and Quarrying

   11,935.1    5.3    12,250.4    5.4    12,658.5    5.5    13,272.4    5.7    13,686.6    5.8

Bauxite and Alumina

   11,590.6    5.2    11,884.7    5.2    12,317.0    5.4    12,893.3    5.5    n.a.    n.a.

Quarrying

   344.5    0.2    365.7    0.2    341.5    0.1    379.1    0.2    n.a.    n.a.
    
  
  
  
  
  
  
  
  
  

Total Goods

   79,115.0    35.4    80,972.7    35.7    80,564.9    35.1    81,838.7    34.9    82912.4    34.9

Distributive Trade

   50,631.9    22.6    50,621.5    22.3    50,685.3    22.1    51,209.0    21.8    51,923.3    21.9

Electricity and Water

   8,569.3    3.8    8,633.3    3.8    9,033.9    3.9    9,460.3    4.0    9,454    4.0

Financial and Insurance Services

   19,395.0    8.7    17,790.2    7.8    18,891.6    8.2    19,770.0    8.4    19,590.2    8.2

 

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     2000

   2001

   2002

   2003

   2004

     Amount

   % of
Total


   Amount

   % of
Total


   Amount

   % of
Total


   Amount

   % of
Total


   Amount

   % of
Total


     (in millions of J$ at constant 1996 prices, except percentages)

Government Services

   23,145.2    10.3    23,279.3    10.3    23,361.0    10.2    23,416.9    10.0    23492.7    9.9

Hotels, Restaurants and Clubs

   14,264.6    6.4    14,051.0    6.2    14,060.5    6.1    14,841.7    6.3    15,562.8    6.5

Household and Private Non-Profit Institutions

   1,086.2    0.5    1,089.1    0.5    1,094.9    0.5    1,098.8    0.5    n.a.    n.a.

Real Estate and Business Services

   11,546.6    5.2    11,678.9    5.1    11,761.2    5.1    11,971.1    5.1    12,193.3    5.1

Transport, Storage and Communications

   28,296.9    12.6    29,735.4    13.1    31,579.7    13.8    32,732.1    13.9    32,973.3    13.9

Other Services(3)

   4,041.0    1.8    4,047.3    1.8    4,131.6    1.8    4,274.0    1.8    5,487.1    2.3
    
  
  
  
  
  
  
  
  
  

Total Services

   160,976.7    71.9    160,925.9    70.9    164,599.7    71.7    168,773.9    71.9    17,0676.6    71.8
    
  
  
  
  
  
  
  
  
  

Less: Imputed Bank Service Charges

   16,321.7    7.3    14,829.0    6.5    15,628.2    6.8    15,883.0    6.8    15,974.0    6.7

Gross Domestic Product

   223,770.9    100.0    227,069.8    100.0    229,536.3    100.0    234,729.8    100.0    237,615.1    100.0
    
  
  
  
  
  
  
  
  
  

(1) The gross domestic product series has been revised. This revision was made in order to capture the changing structure of industries in the manufacturing, financial and insurance services, business services and the miscellaneous services sectors. In addition, the base year has been changed from 1986 to 1996.

 

(2) For 2004 the category Domestic Agriculture also includes Livestock, Forestry and Fishing.

 

(3) For 2004 the category Other Services also includes Household and Private Non-Profit Institutions.

 

Source: Statistical Institute of Jamaica.

 

The following table shows the rate of growth of real GDP by economic sectors at constant 1996 prices for the five years ended December 31, 2004:

 

Rate of Growth of Real GDP by Sector(1)

 

     2000

    2001

    2002

    2003

    2004

 
     (%)  

Agriculture, Forestry and Fishing

   (12.0 )   5.8     (7.0 )   4.7     (10.3 )

Export Agriculture

   (9.6 )   1.6     (2.9 )   (6.0 )   (9.7 )

Domestic Agriculture(2)

   (17.9 )   8.6     (11.5 )   11.8     n.a..  

Livestock, Forestry and Fishing

   1.4     2.9     (0.1 )   (1.6 )   N/A  

Construction and Installation

   0.7     2.2     2.4     1.2     4.7  

Manufacturing

   0.6     0.8     (0.8 )   (0.8 )   3.5  

Mining and Quarrying

   (1.0 )   2.6     3.3     4.9     3.1  

Bauxite and Alumina

   (1.3 )   2.5     3.6     4.7     n.a.  

Quarrying

   8.9     6.2     (6.6 )   11.0     n.a.  
    

 

 

 

 

Total Goods

   (2.1 )   2.3     (0.5 )   1.6     1.3  

Distributive Trade

   1.2     0.0     0.1     1.0     1.4  

Electricity and Water

   2.2     0.7     4.6     4.7     0.0  

Financial and Insurance Services

   3.1     (8.3 )   6.2     4.6     (0.9 )

Government Services

   (0.3 )   0.6     0.4     0.2     0.3  

Hotels, Restaurants and Clubs

   5.4     (1.5 )   0.1     5.6     4.8  

Household and Private Non-Profit Institutions

   (1.6 )   0.3     0.5     0.4     n.a.  

Real Estate and Business Services

   0.0     1.1     0.7     1.8     1.8  

 

D-11


     2000

    2001

    2002

   2003

   2004

     (%)

Transport, Storage & Communications

   6.5     5.1     6.2    3.6    0.8

Other Services(3)

   (0.2 )   0.2     2.1    3.4    2.1
    

 

 
  
  

Total Services

   2.4     0.0     2.3    2.5    1.1
    

 

 
  
  

Less: Imputed Bank Service Charges

   1.8     (9.1 )   5.4    1.6    0.6

Gross Domestic Product

   0.8     1.5     1.1    2.3    1.2
    

 

 
  
  

(1) The gross domestic product series has been revised. This revision was made in order to capture the changing structure of industries in the manufacturing, financial and insurance services, business services and the miscellaneous services sectors. In addition, the base year has been changed from 1986 to 1996.

 

(2) For 2004, the category Domestic Agriculture also includes Livestock, Forestry and Fishing.

 

(3) For 2004, the category Other Services also includes Household and Private Non-Profit Institutions.

 

Source: Statistical Institute of Jamaica.

 

Principal Sectors of the Economy

 

Tourism

 

The tourism industry is the leading gross earner of foreign exchange for Jamaica and makes a significant contribution to employment. Tourism accounted for 50.6% of gross foreign exchange earnings from the productive sector in 2004. In 2004, the accommodation sub-sector alone employed approximately 31,212 persons. Visitor arrivals in Jamaica have grown in the last decade, from 1.7 million visitors in 1995 to 2.5 million visitors in 2004. Total visitors’ accommodation has also grown during the last decade, from 20,893 rooms in 1995 to 24,947 rooms in 2004.

 

Jamaica’s tourist industry is continuing the growth trend, which began during the latter half of 2002. Visitor arrivals increased by 1.3% from 2,482,881 in 2003 to an all time high of 2,514,559 in 2004. Stopover arrivals, increased by 4.8% from 1,350,285 in 2003 to 1,414,786 in 2004. Cruise passenger arrivals declined by 2.9% from 1,132,596 in 2003 to 1,099,773 in 2004. For the first two months of 2005, stopover arrivals totaled 239,866, a 4.5% increase over the same period in 2004. Cruise passenger arrivals totaled 224,102, a 6.6% decrease over the same period of 2004. The increases in stopover visitor arrivals during 2004 and the beginning of 2005 as compared to 2003 were mainly the result of improvement in the global economy. The decrease in cruise passengers in 2004 was primarily a result of the hurricanes.

 

The United States, Jamaica’s major tourist market, accounted for 70.4% of total stopover visitors in 2004, compared to 71.8% in 2003. Jamaica’s share of visitors from Europe increased from 16.2% in 2003 to 17.1% in 2004. This increase in market share was due mainly to the strength of the Pound Sterling and the Euro relative to the US dollar, making Jamaican vacations quoted in US dollars more attractive to Europeans, increased advertising in the main European markets, and an increase in the number of flights from Europe, mainly from Italy, the United Kingdom and Germany.

 

Average hotel room occupancy in 2004 was 61.4%, representing an increase of 6.1% from the 57.9% occupancy rate of 2003 and a 10.6% increase over the 55.5% occupancy rate in 2002. Approximately 59.6% of hotel rooms in Jamaica are in the all-inclusive hotel category. In 2004, the average room occupancy rate of all-inclusive hotels was 71.9%. Two local hotel chains, Sandals Resorts International Limited and SuperClubs, operate the majority of the all-inclusive rooms.

 

Investment in visitor accommodation is growing as a number of major hotel projects reach completion, mainly along the North Coast of Jamaica from Negril to Ocho Rios. Since January 1999, several major hotel projects were completed and opened. Among them are the 430-room Ritz Carlton in Montego Bay, the 225-room Hedonism III Hotel in Runaway Bay, the 96-room FDR Pebbles in Trelawny and the 396-room Hotel Ríu in Negril. During 2002, five new hotels were constructed, providing an aggregate of approximately 123 additional rooms. These hotels were all operational in 2003. The second Ríu property in Negril Club Ríu opened in 2004 with 450 rooms. Couples

 

D-12


Swept-Away added an additional 72 rooms in 2004. The Ríu group recently acquired a third property in Ocho Rios, and has begun construction of a 850 room hotel on the site. The Piñero Group’s Bahía Principe Hotels purchased property in Runaway Bay to construct three hotels with a total of 1,800 rooms over the next three years. The Sandals Whitehouse hotel, in which the Government is the majority owner, opened on the south coast in February 2005. This is the first major resort to be established on the south coast and is expected to be a catalyst for future tourism development in that part of the island. Additionally, in late 2004, construction also began on three new hotel properties with a total of 950 rooms in Montego Bay to be developed by Iberostar. AM resorts plans to construct four hotel properties with a total of 1,400 rooms in Trelawny.

 

Total new investment is expected to be in the range of US$550 million to US$600 million, excluding the cost of land acquisition. Some 5,000 rooms are expected to be constructed over the next five years.

 

In 2002, the Ministry of Industry and Tourism assisted industry participants affected by the events of September 11, 2001 through an Emergency Incentive Scheme, or EIS, a short term scheme to provide benefits to the accommodation and attraction sub-sectors for the purposes of refurbishing their facilities. Approved applicants received waivers and were part of a moratorium on payment of all taxes except for the General Consumption Tax. Industry participants also received incentives from the government in 2002 through the Hotel Incentive Act, the Resorts Cottages Incentive Act and the Short-term Incentives Program II, or STIP II. STIP II is the second phase of the EIS and is available only to accommodation facilities, particularly small and medium size entities that do not benefit from any other support administered by the Ministry. The Government continues to provide incentives to qualified applicants under these programs on an ongoing basis.

 

The following table shows the number of visitor arrivals for the five years ended December 31, 2004:

 

Visitor Arrivals

 

     2000

   2001

   2002

   2003

   2004

   2004/2003
% Change


 

Foreign Nationals

   1,219,311    1,186,996    1,179,083    1,262,108    1,326,918    5.1  

Non-resident Jamaicans

   103,379    89,520    87,283    88,177    87,868    (0.4 )

Total Stop-over Visitors

   1,322,690    1,276,516    1,266,366    1,350,285    1,414,786    4.8  

Cruise Passengers

   907,611    840,337    865,419    1,132,596    1,099,773    (2.9 )
    
  
  
  
  
  

Total Visitors

   2,230,301    2,116,853    2,131,785    2,482,881    2,514,559    1.3  
    
  
  
  
  
  

Average Length of Stay (nights)

   10.1    10.2    10.2    10.2    9.9    (2.9 )

Source: Jamaica Tourist Board.

 

The following table shows the number of stopover visitors by country of origin for the five years ended December 31, 2004:

 

Stop-over Visitors by Country of Origin

 

     2000

   2001

   2002

   2003

   2004

   % Total
of 2004


United States

   942,561    916,681    925,629    969,699    996,131    70.4

United Kingdom

   135,338    127,320    125,859    149,714    161,606    11.4

Other European

   63,641    53,312    53,230    68,786    80,319    5.7

Canada

   107,492    111,158    97,413    95,265    105,623    7.5

Caribbean

   43,971    40,845    41,138    43,829    49,443    3.5

Latin America

   14,703    14,815    11,864    10,886    10,640    0.8

Japan

   7,779    5,446    4,664    4,182    4,430    0.3

Other

   7,205    6,939    6,569    7,924    6,594    0.5
    
  
  
  
  
  

Total

   1,322,690    1,276,516    1,266,366    1,350,285    1,414,786    100.0
    
  
  
  
  
  

Source: Jamaica Tourist Board.

 

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The following table shows the percentage hotel room occupancy for the five years ended December 31, 2004:

 

Hotel Room Occupancy

 

     2000

   2001

   2002

   2003

   2004

     (%)

Kingston and St. Andrew

   45.1    51.1    56.6    54.9    55.8

Montego Bay

   62.8    59.7    54.7    58.4    63.5

Ocho Rios

   59.3    59.1    58.7    61.6    63.0

Port Antonio

   17.3    11.9    12.3    17.8    23.2

Mandeville

   38.3    42.1    44.7    45.2    33.9

Negril

   63.9    55.9    55.9    57.4    63.1
    
  
  
  
  

Total

   58.5    56.3    55.5    57.9    61.4
    
  
  
  
  

Source: Jamaica Tourist Board.

 

The following table shows estimated visitor expenditure for the five years ended December 31, 2004:

 

Estimated Visitor Expenditure

 

     Stop-over
US$ per
person
per day


   Cruise
US$ per
passenger
per day


   Total
Visitor
Expenditure
US$ Million


  

Visitor
Expenditure

% Change


 

2000

   98.1    80.6    1,332.6    4.2  

2001

   92.3    85.8    1,232.9    (7.5 )

2002

   91.7    80.7    1,209.0    (1.9 )

2003

   95.3    80.9    1,351.0    11.7  

2004

   101.9    84.3    1,437.0    6.4  

Source: Jamaica Tourist Board.

 

In 2002, Jamaica upgraded its tourist infrastructure with the construction of the Port Antonio Marina yachting facility in Portland. The facility will allow Jamaica to compete with other yachting destinations in the region. Currently the Marina accommodates fishing and sailing yachts. In 2003, a management and operations contract for the Marina was awarded to Westrec Marinas.

 

In 2000 and 2001, Jamaica also upgraded the country’s infrastructure to facilitate growth in the tourism sector. Projects completed by the end of 2001 included:

 

    the expansion of the cruise ship pier in Ocho Rios to accommodate mega-liners;

 

    the construction of the new development road in Ocho Rios;

 

    the Montego Bay sewage improvement project;

 

    the Ocho Rios sewage system;

 

    the pipeline phase of the Negril sewage system;

 

    the Negril water supply project; and

 

    the Montego Bay drainage and flood control project.

 

In 2002 and 2003, Jamaica made progress on the Highway 2000 project, a joint public-private sector project expected to cost US$300 million. Approximately 80% of the funding for the project will be provided by the private sector. The first segment of phase one of the project, consisting of approximately 83 kilometers, has been completed. As for the construction of the Northern Coastal Highway between Negril and Port Antonio, the first phase, Negril to Montego Bay, has been completed. The second phase of the project, Montego Bay to Ocho Rios, is nearing completion and work on the third phase has recently begun. Additionally, Jamaica has worked on upgrading the Norman Manley International Airport and Sangster International Airport which was divested in 2003. See “— Privatization”.

 

D-14


Funding for these projects comes from the European Investment Bank and the World Bank, as well as government funding and private investment in the form of loans or equity. Since 1997, Sangster International Airport has been a hub for Air Jamaica, which has increased the availability of flights and cargo space at that airport.

 

Potential future negative economic and other conditions in the United States and other countries may have an adverse effect on Jamaican tourism. Other factors that may affect the tourist industry include the availability of direct flights to and from the country, potential visitors’ perceptions of Jamaica’s crime rate, travel advisories issued by foreign authorities and development in other competing tourist destinations, including Mexico, the Dominican Republic, Florida, Cuba and other Caribbean destinations.

 

Jamaica has intensified its multifaceted approach to crime fighting and management, in response to the 16% increase in major crimes reported in 2004. Major crimes continued to be concentrated in sections of the Kingston Metropolitan Region, including St. Andrew and St. Catherine where approximately 68% of all murders occurred. Measures taken by the government in 1993 to enhance security, particularly in the major resort areas of the north coast where special tourist security personnel were assigned, have been successful in reducing crimes against tourist. Although perceptions of crime in Jamaica continue to have a negative impact on the tourism industry, there were no recorded homicides involving tourists in 2004. Crime and security issues within urban inner-city communities and the growth of the illegal transnational drug trade remain major challenges for Jamaica.

 

During 2004, Jamaica continued its program to modernize the country’s law enforcement infrastructure through:

 

    the acquisition of new technologies and equipment;

 

    enhanced training of the Security Forces;

 

    greater reliance on intelligence; and

 

    a major program of legislative reform.

 

Since 2002, a program of targeted social interventions has been implemented to complement crime control initiatives. In addition, Jamaica continues to improve its cooperation with other countries in areas of crime prevention and interdiction, and has strengthened its partnership with the United States, Canada and the United Kingdom and regional countries, including Colombia.

 

Jamaica has also identified that the perception by tourists of harassment by peddlers poses a threat to the growth of the tourism industry. Jamaica is addressing this concern through a major anti-harassment drive that includes the appointment of a director of anti-harassment to closely monitor and coordinate supporting initiatives, the introduction of a fully computerized monitoring system for cruise ship piers, and the implementation of special training programs for security officers in resort areas as well as for workers in the tourism industry.

 

In 1998, in recognition of the need to redefine its tourism product and to provide strategic direction to the growth and development of the tourism industry, Jamaica commissioned the preparation of a Master Plan for Sustainable Tourism. The strategy includes:

 

    facilitating growth in selected areas;

 

    enhancing the visitor experience through development of products from Jamaica’s culture;

 

    creating heritage and diversified natural habitats; and

 

    developing a model to foster more community involvement in the tourism sector.

 

Jamaica and the relevant members of the tourism sector have agreed upon the details of the Master Plan and its implementation. Jamaica believes that the implementation of the Master Plan will ensure Jamaica’s competitive

 

D-15


position through product diversification and improvement, lead to the adoption of sound environmental practices and create opportunities to allow more Jamaicans to participate directly in the tourism sector. The implementation of the Master Plan will continue on an ongoing basis.

 

In December 2004, the Tourism Enhancement Act, 2004 was passed. The Act provides for a Tourism Enhancement Fee (TEE) of $10.00 and $2.00 to be paid by incoming airlines and cruise sleep passengers, respectively. Funds from the TEE are to be placed in a dedicated fund to be used solely for implementing the recommendations emanating from the Master Plan.

 

The tourism industry’s commitment to sound environmental practices was evidenced in 1998 by the selection of Jamaica as the pilot destination for the launch of the Green Globe Hotel Certification Program. The project was executed by the Environmental Audits for Sustainable Tourism initiative funded through the United States Agency for International Development, in collaboration with the Jamaica Hotels and Tourist Association. Through this program, environmental audits were conducted for twenty hotels and one tourism attraction. Four Jamaican hotels became the first in the world to attain Green Globe Certification.

 

Mining and Quarrying

 

The mining and quarrying sector of the Jamaican economy, dominated by the bauxite and alumina industries, is the country’s largest export sector. Jamaica is the fourth-largest producer of bauxite in the world. Mining and quarrying accounted for 5.8% of Jamaica’s GDP and recorded real growth of 3.1% in 2004. The sector accounted for 31.7% of Jamaica’s export of goods and services in 2004.

 

During 2004, bauxite production decreased by 1.1% to 13,296,482 tonnes and export of bauxite decreased by 12.3% to 3,338,119 tonnes, as compared to 2003. Both the production and shipment of bauxite were affected by extremely poor weather occasioned by the passage of Hurricane Ivan in September. Despite these influences, alumina production rose by 4.7% to 4,022,722 tonnes and exports of alumina rose 4.8% to 4,024,461 tonnes in 2004, as compared with 2003. The increase in production was facilitated by the incremental capacity from expansion programs that came on stream in 2003 and 2004.

 

Results of operations in the bauxite and alumina sector are sensitive to fluctuations in global commodity prices. Foreign exchange earnings in the sector rose 15.9% to US$897.4 million in 2004, compared to US$774.3 million in 2003. The increase in foreign exchange earnings was primarily due to higher alumina shipments and the rise in alumina prices in 2004 as compared to 2003. Earnings from bauxite exports fell from US$89.4 million in 2003 to US$80.7 million in 2004 due to Hurricane Ivan despite a more favorable export price for crude bauxite.

 

Jamaica expects the average price of alumina in 2005, which is indexed to the price of aluminum, to be higher than the price in 2004 due to continued strong alumina prices and the continued tightness in alumina supply which appeared in late 2002 because of strong Chinese demand and which, as projected, could last through 2006.

 

In the first three months of 2005, alumina production increased by 0.6%, totaling 1,052,763 tonnes as compared to the first three months of 2004. Bauxite production totaled 1,074,597 tonnes, a 12.2% increase compared to the same period in 2004. Bauxite and alumina exports amounted to 1,058,173 tonnes and 958,057 tonnes, respectively, in the first three months of 2005. This represents a 7.2% increase in bauxite exports but a 5.8% decrease in alumina exports as compared to the first three months of 2004. Alumina exports in the first three months of 2005 were affected by a reduction in shipping volumes.

 

In July 1998, the Government of Jamaica, the bauxite and alumina companies and the trade unions signed a memorandum of understanding, or Mining MOU, intended, among other things, to improve industrial relations in the sector, reduce long-term costs, further increase productivity and carry out modernization and expansion of plant capacities. As part of the Mining MOU, the parties tied wage increases in this sector to increases in productivity. Jamaica believes that the Mining MOU has already begun to result in lower costs, improved quality and better adherence to safety and environmental standards. In addition, the bauxite and alumina companies and the trade unions have historically entered into collective bargaining agreements. The current agreements, now being renegotiated, in keeping with the Mining MOU, covered extended contract periods of up to three and one-half years.

 

D-16


In late 2001, Jamaica revised the fiscal regime under which the bauxite industry operates, as part of its efforts to improve the competitiveness of the industry, attract additional investment and increase export earnings. The revisions to the regime involve a withdrawal of the bauxite production levy on certain specified conditions, including a minimum expansion capacity.

 

As a result of the new fiscal regime, capacity at the JAMALCO alumina plant has been expanded. In 2003, JAMALCO completed its expansion, which increased capacity by 250,000 tonnes. In addition, the Aluminum Company of America (Alcoa) has announced plans to further expand the JAMALCO plant by 1.5 million tonnes. The Alpart alumina plant is also undergoing incremental expansion that will add about 50,000 tonnes of incremental capacity during 2005.

 

In 1999, two major consolidations in the aluminum industry were approved by the relevant regulatory agencies in the United States and the European Union. In the first, Alcoa acquired all the assets of Reynolds Metals Company, with the exception of its alumina operations. In the second, Aluminum Company of Canada (Alcan) merged with one of the largest European integrated producers, Alusuisse Lonza. The Alcan merger resulted in the divestment of Alcan’s Jamaican assets, including two alumina refineries with a combined capacity of 1.2 million tonnes, to Glencore International AG. Alcan plans to continue to purchase the output from these facilities for the foreseeable future.

 

In early 2002, a third major consolidation took place with the acquisition by Norsk Hydro ASA of Norway of the German integrated producer Vereinigte Aluminium Werke Aluminum AG. In 2003, Alcan went on to take over Aluminium Pechiney, the second largest European producer of aluminum products.

 

In February 2002, Kaiser Aluminium Corporation, which is a 49% partner and operational manager of the Kaiser bauxite export plant in Jamaica and a 65% joint venture partner in the Alpart alumina plant, filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code, primarily due to the sustained downturn in the aluminum industry, especially in sectors such as aerospace that were particularly affected by the events of 11 September 2001. As part of its Chapter 11 Reorganization Plan, Kaiser has had to sell various facilities worldwide. In the case of Jamaica this involved the company’s 65% stake in the Alpart refinery, which was acquired in mid 2004 by a subsidiary of Glencore International AG, and its 49% stake in Kaiser Jamaica Bauxite Company which mines and exports crude bauxite, which was acquired by a 50/50 joint venture partnership between Noranda Inc of Canada and Century Aluminum Company of the United States.

 

Jamaica believes that it has mineable bauxite reserves sufficient to last approximately 50 years under current expectations about mining practices and market demand. This estimate of reserves is based on a range of technological and economic factors, and is subject to revision from time to time. In addition, the cost of exploiting mineable reserves can vary significantly depending on such factors as the location and mineralogical character of the reserves and technological progress in the industry.

 

The following table shows the production, exports, prices and earnings of the bauxite and alumina sector for the five years ended December 31, 2004:

 

Bauxite and Alumina Sector

 

     2000

   2001

   2002

   2003(1)

   2004(2)

Bauxite                         

Production (tonnes)

   11,126,524    12,369,647    13,119,449    13,444,529    13,296,482

Exports (tonnes)

   2,118,908    3,617,767    4,074,111    3,805,782    3,338,119

Prices (US$ per tonne)(3)

   21.1    26.1    26.10    22.8    24.2

Earnings (US$ million)(4)

   44.7    94.4    106.3    89.4    80.7
Alumina                         

Production (tonnes)

   3,600,125    3,542,385    3,630,587    3,843,610    4,022,722

Exports (tonnes)

   3,642,538    3,551,954    3,635,859    3,839,900    4,024,461

 

D-17


     2000

   2001

   2002

   2003(1)

   2004(2)

Prices (US$ per tonne)(3)

   191.1    181.1    166.6    182.0    202.9

Earnings (US$ million)(4)

   696.0    643.5    605.7    684.9    816.7

Total Earnings (US$ million)

   740.7    737.9    712.1    774.3    897.4

(1) Revised.

 

(2) Preliminary

 

(3) Average price received.

 

(4) Includes exports of hydrate.

 

Source: Jamaica Bauxite Institute.

 

Manufacturing

 

During 2004, real GDP in the manufacturing sector increased by 3.5%, reversing the declines recorded in 2002 and 2003. This increase largely reflected to expansion in the output from sugar, cement and poultry. The manufacturing sector grew marginally by 0.6% and 0.8% in 2000 and 2001 respectively, but declined by 0.8% 2002 and 0.8% in 2003 due mainly to lower production of petroleum products and processed foods, primarily sugar, molasses and cigarettes. Manufacturing accounted for 13.8% of Jamaica’s GDP in 2004. Manufacturing accounted for 9.1% of Jamaica’s merchandise exports in 2004.

 

Since 1997, Jamaica has undertaken initiatives aimed at increasing long-term growth and exports in the manufacturing sector, and facilitating improved international competitiveness and higher levels of productivity. These initiatives include the provision of concessionary rates of financing, technical support, increased incentives and the fostering of strong linkages among key Government institutions. These measures included

 

    the removal of tariffs on capital goods and non-competing raw materials;

 

    the waiver of the GCT on capital equipment; and

 

    the implementation of;

 

    an accelerated depreciation plan;

 

    an interest rebate scheme for exporters,

 

    a plan for low-interest financing of working capital by the Export-Import Bank of Jamaica; and

 

    a government-sponsored debt restructuring program through the National Development Bank;

 

In November 2004, the United States Agency for International Development and the Royal Bank of Trinidad & Tobago made available $300 million for environmentally friendly retooling programs.

 

In addition, Jamaica Promotions Limited, or JAMPRO, Jamaica’s investment promotion agency, together with the Jamaica Exporters Association has developed a strategic plan, Vision 2010, which is aimed at eliminating the country’s trade deficit by the year 2010.

 

In April 1999, Jamaica and the Jamaica Manufacturers Association signed a memorandum of understanding, or MOU. Pursuant to the MOU, both parties agreed to collaborate on initiatives and programs designed to increase competitiveness and production in the sector.

 

Agriculture, Forestry and Fishing

 

Results in the Jamaican agriculture, forestry and fishing sector historically have been very sensitive to weather conditions. During 2004 the sector was severely affected by the passage of Hurricane Charlie in August and Hurricane Ivan in September. The traditional agriculture sector was negatively affected, due to the destruction of banana plantations and losses in the sugar cane and coffee industries. Agriculture production was affected by flood rains in 1999, 2001 and 2002.

 

D-18


In 2004, real GDP in the agriculture, forestry and fishing sector declined by 10.3% due mainly to the impact of the drought conditions and the hurricanes. Agriculture, forestry and fishing accounted for 5.5% of Jamaica’s GDP in 2004.

 

The hurricanes damaged infrastructure, equipment and crops. To assist farmers affected by Hurricane Ivan, Jamaica made available J$110 million through the Office of National Reconstruction which was set up to manage the post-Ivan reconstruction activities. The funds were approved for the purchase of farm inputs such as seeds, chemicals, fertilizers and poultry inputs.

 

During 2004, work continued on the formulation of the new agricultural development strategy, aimed at transforming the agricultural sector by the year 2020. The main objectives of the strategy include:

 

    halting the decline of the agricultural sector in order to secure continued contribution to economic and social stability;

 

    contributing to increased employment, export earnings and food security;

 

    restoring productivity to agricultural resources lost due to deterioration in cultural practices and reduced investments;

 

    expanding the production of agricultural products, which have viable domestic and export markets and for which Jamaican farmers possess competitive advantages;

 

    promoting the development of agro-industry through the development of orchards, which can provide raw material for industry on an efficient basis;

 

    more efficient use of land;

 

    improvement in infrastructure;

 

    enhanced research and technology development; and

 

    improved marketing.

 

Since 1997, Jamaica has undertaken several initiatives to improve productivity and product quality while lowering production costs in the sugar and banana industries. In November 1997, Jamaica commenced a program to provide support to the local sugar industry, which had been experiencing significant problems arising out of the 1997 drought, fluctuations in European Currency Unit exchange rates and other factors. The program provides loans for replanting of sugar cane, financial assistance for factory upgrading and rehabilitation, restructuring of a number of entities and improvements in field operations. The total cost of the program was US$100 million, which was partly funded in February 1999 by a €65 million loan facility. The facility, which is guaranteed by Jamaica and securitized with the proceeds from sugar exports to Europe, was restructured in January 2000 and increased to €84 million to include a facility to fund the short-term and medium-term capital needs of the industry. In 2002, this facility was again restructured and replaced by a €90 million loan facility. In 2004, sugar cane production totaled 1,993,145 tonnes, a 12.3% increase relative to 2003.

 

With respect to the banana industry, Jamaica participates in two externally supported projects that began in 1996: the United Kingdom/Northern Ireland/Jamaica Government project, aimed at reducing rejection due to peel scarring, and a European Union project, aimed at improving the competitiveness of the banana industry. See “Jamaica — International Relationships — Cotonou Agreement”. Companies in the banana industry in Jamaica are also making efforts to increase competitiveness by diversifying and improving productivity. New products developed include banana-based drinks, banana flour and cereal products. Efforts to improve productivity include eliminating redundant labor and reducing labor costs through lower wage settlements. See “— Employment and Labor”.

 

D-19


The following table shows the production of selected agricultural products for the five years ended December 31, 2004:

 

Production of Selected Agriculture Products

 

     2000

   2001

   2002

   2003

   2004

     (in tonnes)

Sugar cane

   2,025,166    2,231,000    1,965,500    1,775,700    1,993,145

Yams

   147,709    157,557    148,152    152,238    136,167

Bananas(1)

   42,025    43,052    39,986    39,936    27,657

Potatoes

   26,555    31,581    25,406    30,305    25,143

Citrus

   150,141    138,479    136,738    140,197    131,364

Coffee

   16,485    13,408    16,202    14,142    16,459

Cocoa

   1,836    2,325    1,918    1,834    1,775

Pimento

   1,350    1,000    950    900    960

(1) Includes only export production data.

 

Source: Planning Institute of Jamaica.

 

Construction and Installation

 

Real GDP for the construction and installation sector increased by 4.7% in 2004 compared to 1.2% in 2003 due largely to increases in road construction, post Hurricane Ivan reconstruction activities and higher levels of investment in the tourist industry. The construction and installation sector accounted for 9.8% of Jamaica’s GDP in 2004. Performance indicators which registered positive growth in 2004 included:

 

    mortgage values, which increased by 24.8%;

 

    cement production, which increased by 31.4%; and

 

    electrical inspections, which increased by 6.7% to 28,815 units.

 

However, housing starts declined in 2004 by 8.9%, due mainly to a decrease in housing starts by the National Housing Development Corporation, or NHDC, which outweighed the increase in housing units by both the National Housing Trust, or NHT, and the private sector. The NHDC had no housing starts during 2004 compared with 1,881 units in 2003. In 2004, of the activities financed by NHT, 73.6% was for build-on-own land and home improvement. The remaining 26.4% of such financing was for inner city housing project.

 

Privatization

 

Jamaica’s privatization program commenced in the early 1980’s with the divestment of public services and small entities such as garbage collection and sanitation services. Larger sales have included interests in the hotel sector, the National Commercial Bank, Telecommunications of Jamaica Limited, Air Jamaica Limited, Petrojam-Belize and the Caribbean Cement Company Limited. Jamaica has continued its program of privatization by divesting 80% of its interest in the power and energy company, Jamaica Public Service Company Limited, in 2001. The Government granted a concession for the management of the transhipment terminal of the Kingston seaport to APM Terminals and Amalgamated Stevedoring Co. Ltd., a consortium of foreign and local entities, in October 2001. The consortium assumed management of the terminal in February 2002. Additionally, negotiations for the development and operation of Sangster International Airport through the granting of a 30-year concession to Montego Bay Jamaica Airports Limited, a consortium of four foreign companies (Vancouver Airport Services Limited, Dragados Concessions S.A., Agencies Universares S.A. and Ashtrom Limited) was completed in March 2003. Since then the Sangster International Airport has been managed by the Montego Bay Jamaica Airports Limited.

 

The sale of Aqualapia Limited, the owner of a fish farm, was finalized in March 2003. The farm was leased to Aquaculture Limited, a subsidiary of Jamaica Broilers Limited since 1991.

 

In connection with the privatization of Air Jamaica Limited in 1994, Jamaica retained ownership for its own account of 25.0% of the airline’s ordinary shares and ownership of an additional 5.0% of its ordinary shares, which Jamaica was contractually obligated to contribute to an employee share ownership plan. Since privatization, Jamaica provided US$169.0 million in loans and assistance to the airline. In December 2004, Jamaica purchased the remaining 75% of the ordinary shares for US$1 and is in the process of converting approximately US$395 million, the total liabilities of Air Jamaica owed to the Government, into ordinary shares. Air Jamaica is currently in the process of restructuring its operations and its outstanding debt to third parties.

 

D-20


The following table shows a summary of certain major entities privatized and the proceeds received by Jamaica since 1986 in relinquishing its majority or residual ownership:

 

Summary of Certain Major Jamaican Entities Privatized (By Sale)(1)

 

Entity


   Year(s) of
Privatization


   Type of
Sale


   Payment
Received
in J$
Million


   Payment
Received
in US$
Million


  

Sector


National Commercial Bank

   1986    Shares    156.0    N/A    Banking/Finance

Caribbean Cement Co. Ltd

   1987    Shares    142.7    N/A    Manufacturing

Telecommunications of Jamaica Ltd

   1987-1990    Shares    610.3    42.8    Communications

Wyndham Rose Hall Hotel

   1989    Assets    21.9    18.0    Tourism

Jamaica Hotel

   1989    Assets    45.0    8.0    Tourism

Eden II Hotel

   1989    Assets    27.7    5.0    Tourism

Hedonism II Hotel

   1989    Assets    63.2    10.8    Tourism

Trelawny Beach Hotel

   1989    Assets    29.8    5.1    Tourism

Jack Tar Hotel

   1990    Assets    24.2    3.5    Tourism

Wyndham New Kingston Hotel

   1990    Assets    65.0    N/A    Tourism

Radio Jamaica

   1991    Shares    15.7    N/A    Communications

Mallards and Americana Hotels

   1991    Assets    N/A    27.0    Tourism

National Commercial Bank

   1992    Shares    277.0    11.0    Banking/Finance

Caribbean Steel Co. Ltd

   1992    Shares    163.4    N/A    Manufacturing

Caribbean Cement Co. Ltd

   1993    Shares    168.0    N/A    Manufacturing

Sugar Estates

   1993    Assets    1,360.0    N/A    Agri-Business

Grains Jamaica Limited

   1994    Shares    33.9    N/A    Manufacturing

Holiday Inn – Montego Bay

   1994    Assets    N/A    22.0    Tourism

Air Jamaica Ltd

   1994    Assets/Shares    270.6    18.1    Transportation

Victoria & Eastern Banana

   1995    Shares    330.0    N/A    Agri-Business

Trans-Jamaican Airline

   1995    Shares    40.0    N/A    Transportation

Jamaica Grain & Cereal Ltd

   1996    Shares    12.0    N/A    Manufacturing

Jamaica Broadcasting Corporation

   1997    Assets    20.0    N/A    Communications

Petrojam – Belize

   1999    Assets    N/A    5.0    Agriculture

Caribbean Cement Co. Ltd

   1999    Shares    N/A    29.8    Manufacturing

Jamaica Merchant Marine

   1999    Assets    N/A    2.43    Transportation

Spring Plains – Packing Line

   2000    Assets    0.08    N/A    Agriculture

Ashtrom Jamaica Limited

   2000    Shares    22.0    N/A    Housing

Jamaica Public Service Co. Ltd

   2001    Shares    N/A    201.0    Energy

Aqualapia Limited

   2002    Lease    N/A    N/A    Agri-Business

Sangster International Airport

   2003    Lease    N/A    N/A    Transportation

(1) Where payment is received in both JA dollars and US dollars for certain sales, the amounts listed are not equivalencies, but represent the portion of the payment received in each currency. This table does not include entities divested by FINSAC.

 

Source: National Investment Bank of Jamaica Limited, Ministry of Finance and Planning.

 

Inflation

 

The macroeconomic stabilization program introduced in 1991, which focused on lowering inflation through tight fiscal and monetary policies and stability in the foreign exchange market, has contributed to a consistent reduction in the rate of inflation. Macroeconomic stability continues to be a primary focus of Jamaica under the National Industrial Policy, as Jamaica regards consistent low levels of inflation as the cornerstone of sustained long-term economic growth.

 

The inflation rate has decreased from a high of 80.2% in 1991 to 7.3% in 2002. In 2004, the inflation rate declined to 13.7% from 14.1% in 2003. The inflation rate in 2004 reflected the impact of drought conditions and hurricanes on domestic food production, increased international commodity prices, mainly oil and grain, and higher rates for electricity and water. The inflation rate for the first three months of 2005 was 1.4% compared with 1.9% for the corresponding period of 2004.

 

Inflation rates in Jamaica are subject to a variety of factors, only some of which are in Jamaica’s control. Factors other than Jamaica’s policies that affect the rate of inflation include the rate of inflation of Jamaica’s main trading partners, international commodity prices, fluctuations in the exchange rate and weather conditions in the agriculture sector.

 

D-21


The following table shows the changes in the consumer price index for the five years ended December 31, 2004:

 

Year


   Consumer Price
Index Increase
Over Previous Year


     (%)

2000

   6.1

2001

   8.7

2002

   7.3

2003

   14.1

2004

   13.7

Source: Statistical Institute of Jamaica.

 

Employment and Labor

 

In 2004, the total labor force in Jamaica comprised 1,194,800 persons, representing a 0.4% increase compared to 1,189.7 persons in 2003. The service sector employed 64.1% of the employed labor force in 2004, while the goods-producing sector accounted for 35.8% of the employed labor force in the same period. The agriculture and manufacturing sub-sectors accounted for 18.7% and 6.6% of the employed labor force, respectively. In 2004, three labor force surveys were conducted in April, July and October. Only two labor force surveys were conducted in each of 2001 (in January and April) and 2002 (in April and October), instead of the usual four, as resources of the Statistical Institute of Jamaica, which conducts the labor force surveys, were re-directed to conducting the census of 2001 and a 2002 survey of living conditions. Accordingly, for the purpose of comparison, the figures below for 2001, 2002 represent only two quarters for each year.

 

Average employment in 2004 was 1,056.2 compared to 1,057.1 in 2003. The average unemployment rate was 11.7% in 2004, up slightly from 11.4% in 2003. The unemployment rate in Jamaica during the past five years has been relatively stable, ranging from a high of 15.5% in 2000 to a low of 11.4% in 2003.

 

There were sixteen (16) reported work stoppages and 1,553 man-days lost in 2004 compared to twenty-nine (29) reported work stoppages and 67,978 man-days lost in 2003. In 1998, the Government, the bauxite and alumina producers and unions signed a memorandum of understanding, or MOU, which for the first time linked wage growth to productivity growth. This MOU applies to all of Jamaica’s bauxite and alumina producers and a majority of the workers. A similar agreement has already been adopted in the water and manufacturing sectors. See “— Principal Sectors of the Economy — Manufacturing”.

 

The following table shows certain labor force and employment data for the five years ended December 31, 2004:

 

Labor Force and Employment

 

     2000(1)

   2001(2)

   2002(2)

   2003(4)

   2004(4)

     (in thousands of persons, except percentages)

Total Population(5)

   2,597.1    2,612.5    2,622.5    2,638.3    2,650.9

Labor Force

   1,105.3    1,104.8    1,208.2    1,189.7    1,194.8

Employed

   933.5    939.4    1,036.8    1,057.1    1,056.2

Unemployed

   171.8    165.4    171.5    135.6    139.6

Unemployment Rate (%)

   15.5    15.0    14.2    11.4    11.7

Job-Seeking Rate (%)

   7.7    6.2    5.7    5.0    6.1

Labor Force Participation Rate (%)

   63.3    63.0    65.8    64.4    64.3

(1) Labor force statistics reflect annual averages.

 

(2) Labor force statistics for these periods reflect averages for January and April only.

 

(3) Labor force statistics for these periods reflect averages for April and October only.

 

(4) Labor force statistics reflect averages for April, July and October only.

 

(5) End of year population.

 

Source: Statistical Institute of Jamaica.

 

D-22


Legal Proceedings

 

The Ministry of Transport and Works granted franchises to the National Transport Cooperative Society, or NTCS, in March 1995 to operate buses in the Kingston Metropolitan area. The Ministry of Transport and Works terminated the franchises with NTCS in September 1998. NTCS, in arbitration proceedings with the Ministry of Transport and Works, is claiming damages of approximately J$50 billion, plus interest, alleging breach of contract resulting from the termination of the franchises. On October 2, 2003 an arbitration tribunal awarded to NTCS the sum of J$4.5 billion, plus interest, to be paid by the Government. The Government commenced legal proceedings in the Supreme Court of Jamaica on October 27, 2003 challenging this award. Judgment was delivered on November 29, 2004 in favor of the Government and the arbitral award was set aside. NTCS is appealing the judgment.

 

D-23


THE EXTERNAL ECONOMY

 

Balance of Payments

 

Jamaica’s balance of payments is dependent on international economic developments as well as domestic economic policies and programs. In 2004, the balance of payments recorded an overall surplus of US$693.6 million, as compared to a deficit of US$432.1 million in 2003. The 2004 balance of payments surplus was mainly due to an improvement in official foreign capital inflows resulting from an increase in capital raising in the international capital markets during 2004 as compared to 2003. See “Public Sector Indebtedness — External Debt”. In 2004, the current account deficit decreased by 8.4% to US$699.5 million from US$763.8 million in 2003. The improvement in the current account deficit was primarily associated with increases in the levels of receipts from current transfers. The current account measures the trade balance plus the balance on services, income, private unrequited transfers and official unrequited transfers.

 

The merchandise trade deficit decreased by 0.1% to US$1,939.8 million in 2004 from US$1,942.2 million in 2003, reflecting the effect of an increase in exports that outweighed the increase in imports. For the purposes of this paragraph, exports include free-zone exports and goods procured in ports, and imports are recorded at their market value at the customs frontier of the economy from which they are exported and include free-zone imports and goods procured in ports. The value of exports increased by 14.5% to US$1,586.1 million in 2004 from US$1,385.7 million in 2003, primarily due to the increase in export earnings from alumina. The value of imports expanded by 5.9% to US$3,525.9 million in 2004 from US$3,327.9 million in 2003, primarily due to the increase in fuel imports which was influenced by the rise in oil prices in the international markets and increased imports of manufactured goods and food following Hurricane Ivan. See “The Jamaican Economy — Principal Sectors of the Economy”.

 

The surplus on the services account decreased marginally to US$560.8 million in 2004 from US$561.1 million in 2003. This decrease reflected the lower receipts from the tourism sector following Hurricane Ivan. Net income outflows increased by 14.0% to US$651.2 million in 2004 from US$571.4 million in 2003, mainly due to higher net outflows of investment income.

 

Net transfers grew consistently over the five years ending December 31, 2004, primarily as a result of increased remittances by Jamaicans living abroad. In 2004, net transfers increased by 11.9% to US$1,330.7 million from US$1,189.1 million in 2003.

 

The balance of payments results in 2004 were influenced by the improvement in official capital inflows resulting from an increase in capital raising in the international capital markets during 2004 as compared to 2003. See “Public Sector Indebtedness — External Debt”. The increase in foreign capital inflows also impacted net international reserves, which increased to US$1,858.5 million at December 31, 2004 from US$1,165.0 million at December 31, 2003.

 

The following table shows Jamaica’s balance of payments for the five years ended December 31, 2004:

 

Balance of Payments

 

     2000

    2001

    2002

    2003

    2004(1)

 
     (in millions of US$)  

Current Account

   (367.4 )   (757.3 )   (1,074.4 )   (763.4 )   (699.5 )

Goods Balance

   (1,441.5 )   (1,618.2 )   (1,870.5 )   (1,942.2 )   (1,939.8 )

Exports(2)

   1,562.8     1,454.4     1,309.1     1,385.7     1,586.1  

Imports(3)

   3,004.3     3,072.6     3,179.6     3,327.9     3,525.9  

Services Balance

   603.2     383.1     314.7     561.1     560.8  

Transportation

   (256.6 )   (256.2 )   (245.6 )   (143.6 )   (163.2 )

Travel

   1,123.9     1,026.2     950.3     1,102.7     1,150.1  

Other Services

   (264.1 )   (386.9 )   (390.0 )   (397.9 )   (426.1 )

Goods and Services Balance

   (838.3 )   (1,235.1 )   (1,555.8 )   (1,381.4 )   (1,379.0 )

Income

   (349.9 )   (437.8 )   (605.5 )   (571.4 )   (651.2 )

Compensation of Employees

   67.4     74.6     82.1     70.7     96.5  

Investment Income

   (417.3 )   (512.4 )   (687.6 )   (642.1 )   (747.7 )

 

D-24


     2000

    2001

    2002

    2003

    2004(1)

Current Transfers

   820.8     915.6     1,086.9     1,189.1     1,330.7

General Government

   147.9     119.7     107.6     105.2     104.7

Other Sectors

   672.9     795.9     979.3     1,083.9     1,226.0

Capital and Financial Account

   367.4     757.3     1,074.4     763.4     699.5

Capital Account

   2.2     (23.6 )   (16.9 )   (0.3 )   2.9

Official

   15.6     2.2     0.2     0.1     0.1

Private

   (13.4 )   (25.8 )   (17.1 )   (0.4 )   2.8

Financial Account

   365.2     780.9     1,091.3     763.7     696.6

Other Official Investment

   383.6     653.4     77.1     (363.8 )   479.3

Other Private Investments (including errors and omissions)

   504.6     998.8     770.5     695.4     910.9

Increase/(Decrease) in reserves(4)

   523.0     871.3     (243.7 )   (432.1 )   693.6

(1) Preliminary.

 

(2) Based on recommendations contained in the IMF’s Balance of Payments Manual, exported goods include free-zone exports and goods procured in ports.

 

(3) Based on recommendations contained in the IMF’s Balance of Payments Manual, imported goods are recorded at their market value at the customs frontier of the economy from which they are exported and include free-zone imports and goods procured in ports.

 

(4) Official International Reserves held by Jamaica and the Bank of Jamaica.

 

Source: Bank of Jamaica.

 

Foreign Trade

 

Total merchandise trade (exports plus imports) between Jamaica and its foreign trade partners in 2004 increased by 9.5% to US$5,338.4 million, as compared to US$4,874.4 million in 2003. The merchandise trade deficit rose by 1.3% in 2004 to US$2,516.0 million, as compared to US$2,483.4 million in 2003.

 

The deficit in 2004 resulted from a 6.7% increase in the value of imports, principally due to higher imports of fuels and increased imports of food items, construction materials, machinery and equipment as a result of the impact of Hurricane Ivan. The value of exports increased by 18.0% due primarily to higher exports of alumina and sugar.

 

The following table shows the performance of merchandise trade for the five years ended December 31, 2004

 

Merchandise Trade

 

     Imports(1)

   % Change

   Exports

   % Change

    Balance

    % Change

     (in millions of US$, except percentages)

2000

   3,307.2    11.7    1,301.0    4.4     (2,006.2 )   17.1

2001

   3,402.6    2.9    1,223.1    (6.0 )   (2,179.5 )   8.6

2002

   3,565.4    4.8    1,118.4    (8.6 )   (2,447.0 )   12.3

2003(1)

   3,678.9    3.2    1,195.5    6.9     (2,483.4 )   1.5

2004(2)

   3,927.2    6.7    1,411.2    18.0     (2,516.0 )   1.3

(1) Merchandise imports are cost, insurance and freight values, which differ in presentation from the import values presented in the balance of payments.

 

(2) Preliminary.

 

Source: Statistical Institute of Jamaica.

 

Exports

 

Total exports during 2004 increased by 18.0% to US$1,411.2 million, compared to US$1,195.5 million in 2003, primarily due to the increase in earnings from alumina. See “The Jamaican Economy — Principal Sectors of the Economy — Mining and Quarrying”. The value of sugar exported in 2004 amounted to US$98.1 million, which was 48.0% higher than the US$66.3 million exported in 2003. The increase was due to the combination of higher exports and the appreciation of the Euro against the US dollar. Banana exports were valued at US$12.8 million in 2004, which was 32.0% lower than the US$18.8 million exported in 2003, reflecting crop loss and other impacts of Hurricane Ivan on the industry. For the purposes of this discussion, exports exclude free-zone exports and goods procured in ports.

 

D-25


Exports of apparel continued to decline in 2004, with earnings amounting to US$10.4 million, 8.8% below earnings in 2003. This trend reflects the decreased competitiveness of apparel exports due to higher production costs and the favorable trade treatment afforded to competing apparel exporting countries such as Mexico, in the United States market. The implementation of the United States Trade and Development Act of 2000, which provides Caribbean countries including Jamaica with NAFTA-like privileges, may remove some of the structural barriers in the United States to non-traditional exports from these countries. See “Jamaica — International Relationships — The Trade and Development Act of 2000”.

 

The following table shows Jamaica’s exports by sector for the five years ended December 31, 2004:

 

Exports

 

     2000

   2001

   2002

   2003
(rev)


   2004
(prel)


     (in millions of US$)

Traditional Exports

                        

Agriculture

                        

Banana

   22.9    18.3    17.6    18.8    12.8

Citrus

   3.8    4.0    2.2    3.2    2.0

Coffee

   32.3    29.9    31.8    28.9    38.7

Cocoa

   0.6    1.5    0.9    2.2    0.9

Pimento

   4.9    3.5    2.6    2.8    2.2
    
  
  
  
  

Total

   64.5    57.2    55.1    55.9    56.6

Mining and Quarrying

                        

Bauxite

   45.5    93.8    106.3    90.1    79.2

Alumina

   684.3    642.6    603.8    688.4    822.5

Gypsum

   2.2    2.0    0.9    1.0    1.8
    
  
  
  
  

Total

   732.0    738.4    711.0    779.5    903.5

Manufacturing

                        

Sugar

   83.3    70.5    66.2    66.3    98.1

Rum

   26.4    28.8    34.0    27.4    28.5

Citrus Products

   1.1    0.2    0.1    0.2    0.2

Coffee Products

   0.8    0.8    0.7    0.6    0.8

Cocoa Products

   1.7    1.4    1.3    1.2    1.0
    
  
  
  
  

Total

   113.3    101.7    102.9    95.7    128.6
    
  
  
  
  

Total Traditional Exports

   909.8    897.3    868.5    931.1    1,088.7
    
  
  
  
  

Non-Traditional Exports

                        

Food and Beverage

                        

Cucumbers

   0.1    0.1    0.0    0.0    0.0

Pumpkins

   0.8    0.7    0.6    0.6    0.4

Dasheens

   0.8    1.2    1.0    1.2    1.1

Sweet Potatoes

   1.4    1.7    1.5    1.8    1.5

Yams

   11.9    14.1    13.2    14.2    15.2

Mangoes

   0.8    1.0    0.6    0.9    0.8

Papayas

   3.4    3.8    4.3    2.7    2.1

Fish, Crustaceans & Mollusks

   10.0    11.8    5.5    7.8    7.2

Other Food Exports

   46.6    59.9    56.6    65.2    62.1

Beverages and Tobacco (excluding rum)

   33.4    19.5    22.1    26.0    33.0
    
  
  
  
  

Total

   109.2    113.8    105.4    120.4    123.4

Inedible Materials

                        

Cut Flowers

   0.2    0.2    0.1    0.1    0.0

Foliage & Other Live Plants

   0.1    0.1    0.0    0.0    0.0

Limestone

   1.6    1.2    1.2    1.1    1.9

Other

   3.4    2.9    3.8    4.7    25.5
    
  
  
  
  

Total

   5.3    4.4    5.1    6.0    27.4

 

D-26


     2000

   2001

   2002

   2003
(rev)


   2004
(prel)


     (in millions of US$)

Apparel

   149.1    88.5    19.0    11.4    10.4

Furniture

   0.4    0.8    0.8    0.8    0.7

Other Exports

   85.3    92.4    99.7    96.8    121.4
    
  
  
  
  

Total

   234.8    181.7    119.5    109.0    132.5
    
  
  
  
  

Total Non-Traditional Exports

   349.3    299.8    230.0    235.4    283.3

Re-Exports

   41.9    25.9    19.8    29.1    39.2
    
  
  
  
  

Total Exports

   1,301.0    1,223.0    1,118.4    1,195.5    1,411.2
    
  
  
  
  

Source: Statistical Institute of Jamaica.

 

The Jamaican sugar and banana industries and, less significantly, traditional rum and rice suppliers, currently enjoy preferential trade arrangements with respect to exports to the European Union pursuant to the Cotonou Agreement. The future of these preferential trade arrangements is important to Jamaica, as the EU is the only region with which Jamaica has consistently maintained a trade surplus. The Cotonou Agreement also provides guaranteed access to European markets for certain maximum amounts of Jamaican sugar exports.

 

The special arrangements for the importation of bananas provided by the Cotonou Agreement and its predecessor, the Lomé IV Convention, have been challenged by the United States and four Latin American banana producers. The WTO has ruled that these preferential access arrangements for ACP bananas unfairly restricts banana-producing Central and Latin American countries’ access to the European market. In April 2001, the United States and the European Union announced an agreement by which the banana arrangements would be gradually phased out by 2006. See “Jamaica — International Relationships — Cotonou Agreement”.

 

The Jamaican banana industry has taken steps to make the industry more competitive in anticipation of the phase-out of the special arrangements under the Cotonou Agreement. The Jamaican banana industry accounted for approximately 0.9% of export earnings for 2004, compared with 1.6% in 2003. Jamaica has already commenced initiatives designed to improve the competitiveness of Jamaican bananas. See “The Jamaican Economy — Principal Sectors of the Economy — Agriculture, Forestry and Fishing”.

 

Imports

 

Merchandise imports increased by 6.7% to US$3,927.2 million in 2004 from US$3,678.9 million in 2003. The growth in the value of imports was dominated by increased importation of fuel, which was influenced by the rise of oil prices in the international markets, and post-Hurricane Ivan imports of food, building supplies and machinery. For the purposes of this discussion, imports are cost, insurance and freight values and exclude free-zone imports and goods procured in ports.

 

The following table shows Jamaica’s imports for the four years ended December 31, 2003:

 

Imports (c.i.f.)(1)

 

     2000

   2001

   2002

   2003

     (in millions of US$)

Consumer Goods

                   

Food (incl. Beverages)

   258.9    266.3    288.1    281.8

Other Non-Durables

   320.2    319.0    296.8    308.7

Semi-Durables

   93.1    95.8    115.7    114.1

Durables – Motor cars

   142.4    137.6    154.4    129.3

Other Consumer Durables

   156.4    166.2    237.1    234.4
    
  
  
  

Total

   971.0    984.9    1,092.1    1,068.3

 

D-27


     2000

   2001

   2002

   2003

     (in millions of US$)

Raw Materials and Intermediate Goods

                   

Food (incl. Beverages)

   208.4    226.8    215.2    227.5

Industrial Supplies

   715.9    701.7    631.5    705.8

Fuel and Lubricants

   648.1    614.8    642.5    828.8

Parts and Accessories of Capital Goods

   248.6    294.4    312.0    290.2
    
  
  
  

Total

   1,821.0    1,837.7    1,801.2    2,052.3

Capital Goods

                   

Transportation Equipment

   3.9    1.9    2.8    2.7

Other Industry Transportation

   103.9    106.0    118.2    73.6

Construction Materials

   150.4    150.0    146.4    164.9

Machinery and Equipment Excluding Transportation

   247.2    315.1    393.9    309.5

Other

   9.8    7.0    10.8    7.6
    
  
  
  

Total

   515.2    580.0    672.1    558.3
    
  
  
  

Total Imports

   3,307.2    3,402.6    3,565.4    3,678.9
    
  
  
  

(1) Merchandise imports are c.i.f. values which differ in presentation from import values presented in the balance of payments.

 

Source: Statistical Institute of Jamaica.

 

Trading Partners

 

The United States, the United Kingdom and Canada are Jamaica’s main trading partners.

 

The following tables show the direction of trade for the four years ended December 31, 2003:

 

Exports (f.o.b.) by Destination

 

     2000

   2001

   2002

   2003

     (in millions of US$)

NAFTA

   624.7    577.2    479.3    539.4

of which USA

   494.3    380.2    314.3    344.4

of which Canada

   123.2    191.1    157.2    192.1

European Union

   410.5    359.7    348.4    358.3

of which UK

   160.4    157.1    134.5    153.1

CARICOM

   49.0    50.6    48.9    51.2

Japan

   30.3    27.8    28.2    26.0

Other countries

   186.5    207.8    213.6    220.6
    
  
  
  

Total

   1,301.0    1,223.1    1,118.4    1,195.5
    
  
  
  

Source: Statistical Institute of Jamaica.

 

Imports (c.i.f.) by Origin(1)

 

     2000

   2001

   2002

   2003

     (in millions of US$)

NAFTA

   1,794.3    1,755.3    1,769.3    1,833.2

of which USA

   1,541.5    1,525.8    1,546.6    1,632.0

of which Canada

   98.3    97.6    112.6    97.9

European Union

   266.2    316.8    374.6    384.8

of which UK

   98.2    102.5    93.1    149.6

CARICOM

   402.3    433.0    395.5    469.2

Japan

   191.7    187.5    214.9    169.9

Other countries

   652.7    710.0    811.1    821.8
    
  
  
  

Total

   3,307.2    3,402.6    3,565.4    3,678.9
    
  
  
  

(1) Merchandise imports are c.i.f. values which differ in presentation from import values presented in the balance of payments.

 

Source: Statistical Institute of Jamaica.

 

D-28


INTERNATIONAL RESERVES

 

Net international reserves of the Bank of Jamaica increased to US$1,858.5 million at December 31, 2004, from US$1,165.0 million at December 31, 2003. Gross international reserves at December 31, 2004, were US$1,881.9 million, or approximately 27.8 weeks of merchandise imports. The increase in the international reserves during 2004 was mainly attributable to significant official capital inflows. See “Public Sector Indebtedness – External Debt” and “Public Finance – Revenue”.

 

At March 31, 2005, net international reserves of the Bank of Jamaica were US$1,901.6 million, with gross international reserves at US$1,924.1 million, or approximately 28.1 weeks of merchandise imports. The Bank of Jamaica’s internal target for minimum gross international reserves is 12 weeks of imports, which target is also reflected in the statutory guideline contemplated by pending amendments to the Bank of Jamaica Act.

 

The following table shows the Bank of Jamaica’s international reserves for the five years ended December 31, 2004:

 

International Reserves

 

     2000

   2001

   2002

   2003

   2004

     (in millions of US$)

Supplementary Fund

   36.4    39.1    40.6    86.7    91.7

Special Drawing Rights

   1.5    1.5    1.4    0.1    0.1

Other Reserves

   1,010.9    1,862.7    1,601.1    1,109.5    1,790.1

Gross International Reserves

   1,048.8    1,903.3    1,643.1    1,196.3    1,881.9

Total Foreign Liabilities

   79.3    62.6    46.1    31.3    23.4

Net International Reserves

   969.5    1,840.7    1,597.0    1,165.0    1,858.5

Gross Reserves in Weeks of Merchandise Imports

   18.3    33.6    29.1    18.3    27.8

Source: Bank of Jamaica.

 

Exchange Rates

 

As part of its economic liberalization program, Jamaica began gradually dismantling exchange controls in 1990 and formally abolished all remaining exchange controls with the repeal in 1992 of the Exchange Control Act. The movement of foreign exchange into and out of Jamaica is unrestricted. All Jamaican residents are permitted to hold, invest and borrow foreign currency, and non-residents are permitted to invest and borrow both local and foreign currency in Jamaica. However, only an authorized dealer may carry on the business of trading in foreign currency or foreign currency instruments, and an authorized dealer must be party to any transaction involving the buying or selling of foreign currency or foreign currency instruments in return for Jamaican dollars and the lending or borrowing of foreign currency. Cambios and bureaux de change are authorized specifically to buy and sell foreign currency.

 

Since the repeal of the Exchange Control Act in 1992, the exchange rate has been determined by market conditions and Jamaica has not set any trading band or target. Jamaica intends to conduct its macroeconomic policies in such a way as to maintain relative stability in the foreign exchange market.

 

During 2004, the JA dollar gradually decreased in value against the US dollar, with the JA/US dollar exchange rate falling from J$60.62 to US$1.00 at December 31, 2003 to J$61.87 to US$1.00 at December 31, 2004, a depreciation of 2.0%. Since the exchange rate is market-determined, there can be no assurance that the exchange rate will be maintained at current levels. The official exchange rate on April 22, 2005, was J$61.66 per US$1.00.

 

D-29


The following table shows exchange rate information for the selling of US dollars, expressed in JA dollars, for the periods indicated:

 

Foreign Exchange Rates

 

Year


   Month

   Average for
Period(1)


  

End of

Period


   Percentage Change
(End of Period)


 
          (spot weighted average ask in J$ for US$)  

2000

        43.32    45.53    9.92  

2001

        46.19    47.40    4.11  

2002

        48.73    50.97    7.53  

2003

        58.22    60.62    18.93  

2004

        61.39    61.63    1.67  

2005

   January    61.76    61.87    0.39 (2)
     February    61.93    61.91    0.06 (2)
     March    61.68    61.54    (0.60 )(2)

(1) The weighted average of the exchange rates for annual periods is calculated as the simple average of end of month rates.

 

(2) As compared to the prior month.

 

Source: Bank of Jamaica.

 

PUBLIC FINANCE

 

The Public Sector Budget

 

The Government of Jamaica includes all ministries, departments and agencies whose activities form part of the budgetary operation of the central administration. The operations of state-owned enterprises and public utilities are therefore excluded from the public sector budget.

 

Jamaica’s fiscal year runs from April 1 of each year to March 31 of the following year. Pursuant to the Constitution, the Minister of Finance and Planning is responsible for preparing estimates of revenue and expenditure before the close of the previous fiscal year and submitting those estimates to Parliament as early as possible in the fiscal year to which they relate. The Ministry of Finance and Planning, in conjunction with other ministries and departments, prepares a draft budget, which must be approved by the Cabinet prior to its submission to Parliament. Final approval by Parliament is usually granted by early May of the relevant fiscal year.

 

The budget distinguishes between recurrent and capital expenditure. Recurrent expenditure refers to Jamaica’s day-to-day operating expenditure, while capital expenditure refers to Jamaica’s planned investment for the fiscal year. The major criteria used in determining allocation levels for recurrent expenditure are expenditure ceilings based on Jamaica’s economic policy, Jamaica’s priorities for the fiscal year, and commitments arising from the continuation of programs, projects and policies previously authorized by the Cabinet. Such commitments include interest on public debt, a statutory obligation that is paid first, as well as salaries, rent and public utilities. The major criteria used in deciding allocation levels for capital expenditure are current year projections for public investment, multilateral/bilateral programs and the implementation status of projects.

 

The following table shows Jamaica’s fiscal results for FY 2000/01 through FY 2004/05 and the FY 2005/06 fiscal budget:

 

Government Revenue and Expenditure

 

     2000/01

   2001/02

   2002/03

   2003/04

   2004/05

   Budget
2005/06


     (in millions of J$)

Revenue

   108,440.2    109,721.5    118,458.4    151,434.4    172,599.5    204,479.8

Tax Revenue

   87,074.4    90,568.2    102,858.6    131,069.5    150,481.6    179,516.2

Income and Profits

   35,456.7    35,516.4    40,566.7    54,265.1    62,872.1    68,763.8

Production and Consumption

   26,686.8    28,549.1    34,120.9    41,207.5    46,951.9    62,137.8

Of which GCT (local)

   13,059.2    13,772.1    17,014.5    22,149.3    25,122.7    36,679.1

Trade Duty

   24,930.9    26,502.6    28,171.0    35,596.9    40,657.6    48,422.6

Non-Tax Revenue(1)

   7,783.9    4,949.3    4,882.9    9,044.0    9,824.5    9,930.7

Bauxite Levy

   2,752.6    2,252.3    1,762.7    2,137.9    2,479.1    2,996.6

Capital Revenue(2)

   9,092.2    9,989.5    8,039.9    8,596.7    5,793.2    7,826.7

Grants

   1,737.1    1,962.2    914.3    586.2    4,021.2    4,209.6

 

D-30


     2000/01

    2001/02

    2002/03

    2003/04

    2004/05

    Budget
2005/06


     (in millions of J$)

Expenditure

   104,193.1     123,989.0     149,029.0     178,732.2     199,487.8     204,480.0

Recurrent Expenditure(3)

   95,780.6     113,665.2     141,080.4     173,247.9     188,382.0     187,204.0

Programs

   17,696.6     20,066.5     27,463.1     24,615.2     32,081.0     38,238.0

Wages and Salaries

   35,163.8     42,588.2     51,496.7     60,463.1     63,516.8     61,386.9

of which retroactive(4)

   3,196.3     2,571.1     5,640.9     4,810.7     1,413.7     1,650.0

Interest

   42,920.3     51,010.4     62,120.6     88,169.6     92,784.2     87,579.1

Domestic

   34,306.0     40,353.4     46,934.8     71,460.7     72,642.9     64,398.4

Foreign

   8,614.3     10,656.9     15,185.7     16,708.8     20,141.3     23,180.6

Capital Expenditure(5)

   8,545.3     9,290.9     7,072.1     5,484.3     11,105.9     17,276.0

IMF

   799.3     835.5     876.6     842.1     340.0     0.0

Unallocated

   (932.2 )   197.4     0.0     0.0     0.0     0.0

Fiscal Surplus (Deficit)

   4,247.1     (14,267.5 )   (30,570.6 )   (27,297.8 )   (26,888.3 )   0.0

Loan Receipts

   69,346.2     101,826.7     107,417.4     132,764.7     149,691.7     142,676.1

External

   27,284.7     39,349.9     23,258.8     24,615.8     38,680.0     34,676.4

Domestic

   42,061.4     62,476.8     84,158.6     108,148.9     111,011.6     107,999.7

Amortization

   61,758.3     90,973.4     89,917.3     97,621.7     129,753.7     142,676.1

External

   13,417.7     13,573.7     35,959.9     17,004.0     30,178.7     32,321.6

Domestic

   48,340.5     77,399.8     53,957.4     80,617.7     99,575.0     110,354.6

Primary Surplus (Deficit)

   47,167.4     36,742.9     31,549.9     60,871.7     65,895.8     87,579.0

Overall Surplus (Deficit)

   11,835.0     (3,414.3 )   (13,070.5 )   7,845.2     (6,950.4 )   0.0

GDP(6)

   346,788.3     379,813.3     417,739.5     495,500.4     553,336.9     635,487.0

(1) Non-tax revenue includes user fees and interest revenue.

 

(2) Capital revenue includes royalties, loan repayments and divestment receipts.

 

(3) Recurrent expenditure refers to the Government’s day-to-day operational expenses.

 

(4) Retroactive wages and salaries represent payments, in any given year, of wages and salaries due for previous fiscal years.

 

(5) Capital expenditure refers to Jamaica’s investment for the fiscal year.

 

(6) GDP is calculated on a calendar year basis. Therefore, the number presented represents an estimate of GDP for the fiscal year. The gross domestic product series was revised in 2003. This revision was made in order to capture the changing structure of industries in the manufacturing, financial and insurance services, business services and the miscellaneous services sectors. In addition the base year has been changed from 1986 to 1996.

 

Source: Ministry of Finance and Planning and Planning Institute of Jamaica.

 

Revenue and Expenditure

 

Jamaica posted a fiscal deficit in FY 2004/05 of J$26.9 billion, or 4.8% of GDP. This followed a fiscal deficit in FY 2003/04 of J$27.3 billion, or 5.5% of GDP, a fiscal deficit of J$30.6 billion, or 7.3% of GDP in FY 2002/03, and a fiscal deficit of J$14.3 billion, or 3.8% of GDP in FY 2001/02, a surplus of J$4.2 billion, or 1.2% of GDP in FY 2000/01. These deficits were partly due to the interest costs associated with the restructuring of Jamaica’s financial sector and to higher interest payments associated with the fiscal costs of supporting Jamaica’s monetary policy to achieve its inflation objective. The surplus in FY 2000/01 arose from the one time receipt of US$163.0 million (J$7.4 billion) in proceeds from the divestment of Jamaica Public Service Company Limited in 2001.

 

Jamaica has achieved significant primary surpluses over the last five years. The fiscal operations recorded primary surpluses of 9.7% of GDP in FY 2001/02; 7.6% of GDP in FY 2002/03, 12.3% of GDP in FY 2003/04 and 11.9% in FY 2004/05.

 

The operations of the overall public sector recorded a deficit of 5.2% of GDP in FY 2001/02. This was followed by deficits of 11.1% of GDP in FY 2002/03, 3.3% in FY 2003/04 and a provisional 6.2% in FY 2004/05.

 

Total revenue for FY 2004/05 was J$172.6 billion, or 31.0% of GDP. This represented a 14.0% increase over total revenue collected in FY 2003/04. This revenue performance was influenced mainly by a significant increase in grants and a 14.8% increase in tax revenue attributable to the new tax measures implemented since FY 2003/04, increased economic activity and an improvement in compliance underscored by the tax administrative reform program and customs modernization. Total revenue collections, however, were 1.8% below budget, due mainly to the adverse impact of Hurricane Ivan on revenue performance, particularly tax revenue.

 

Total expenditure for FY 2004/05 was J$199.5 billion, or 35.9% of GDP. This represented an 11.6% increase over FY 2003/04 and an increase of J$3.5 billion, or 1.8% over budget. Recurrent expenditure totaled J$188.4

 

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billion in FY 2004/05, representing 94.4% of total expenditure, with capital expenditure representing 5.6% of total expenditure. Recurrent expenditure was higher than budgeted mainly as a result of higher operational expenditures, which outweighed lower than budgeted interest payments. Capital expenditure during FY 2004/05 was higher than the amount budgeted due primarily to Hurricane Ivan reconstruction efforts, allocation to for the refurbishing of Sabina Park for the hosting of World Cup Cricket in 2007 as well as the provision of grants to Air Jamaica. See “The Jamaican Economy – Privatization.”

 

The largest component of recurrent expenditure was interest costs, which represented 46.5% of total expenditure in FY 2004/05 lower than the 49.3% in FY 2003/04. This compared to 41.7% in FY 2002/03 and 41.1% in FY 2001/02. Interest expenditure consumed 53.8% of total revenue in FY 2004/05, compared to 58.2% in FY 2003/2004, 52.4% of total revenue in FY 2002/03, and 46.5% in FY 2001/02. The increase in interest expenditure since FY 2001/02 primarily reflected the increase in domestic debt to cover the fiscal costs of Jamaica’s anti-inflation objectives and restructuring and rehabilitating the financial sector.

 

Expenditure on wages and salaries in FY 2004/05 increased to J$63.5 billion compared to J$60.5 billion in FY 2003/04 due principally to the one-off payment of $3.6 billion in arrears for statutory deductions. Wages and salaries represent 31.8% of total expenditures in FY 2004/05 compared to 33.8% of total expenditures, in FY 2003/04.

 

FY 2005/06 Budget

 

The FY 2005/06 budget remains consistent with Jamaica’s overall macroeconomic program, which has as its primary goals the return to single digit inflation, relative stability in the foreign exchange market, maintenance of adequate foreign reserves, the reduction of domestic interest rates and the acceleration of economic growth.

 

For FY 2005/06, Jamaica has targeted a balanced budget. Budgeted revenue for FY 2005/06 amounts to J$204.5 billion, with 87.8% projected to be received from tax revenue. Tax revenue is budgeted to increase by 19.3% over FY 2004/05 primarily as a result of the normal increase in the base revenue generated from increased economic activity, improvements in tax administration and imposition of a tax package equivalent to 1.5% of GDP. See “Tax Reform”.

 

Expenditure is budgeted to increase by 2.5% over FY 2004/05 due mainly to a 55.6% increase in capital expenditure. Interest expenditure is budgeted to decrease by 5.6%, underpinned by the decline in domestic interest rates. The FY 2005/06 expenditure budget is projected to be J$204.5 billion, comprising J$187.2 billion for recurrent expenditure and J$17.2 billion for spending on capital projects. Of the recurrent budget, J$38.2 billion is allocated to programs, J$61.3 billion is allocated to wages and salaries and J$87.6 billion to interest payments.

 

Tax Reform

 

Prior to 1986, the individual income tax base in Jamaica included all sources of income with a graduated marginal rate structure ranging from 30.0% to 57.5%. There were no standard deductions, but taxpayers could qualify for 16 separate tax credits which had been gradually added to the tax system over the years. Because these credits came into existence on different dates and were not indexed to inflation, their value had been substantially eroded over the years. Jamaica further narrowed its tax base by permitting employers to grant non-taxable perquisites to employees, which were not required to be reported as income.

 

In 1986, Jamaica introduced tax reforms that included a flat tax rate for individuals and a uniform standard deduction, or income exemption level, which replaced the former system of tax credits. A flat tax rate and an income threshold replaced the progressive rate structure. Since 1993, the personal income tax rate has been 25.0%. The threshold after which taxes are paid has increased over time. Effective January 2001, the threshold was raised to J$120,432. The corporate tax rate is 33 1/3%.

 

The following table shows the changes in personal income tax rate and threshold since 2000:

 

Personal Income Tax Rates and Thresholds

 

Effective Date


   Rate (%)

   Threshold
(J$)


   Increase
(%)


January 2000

   25    100,464    —  

 

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Effective Date


   Rate (%)

   Threshold
(J$)


   Increase
(%)


January 2001

   25    120,432    19.9

January 2002

   25    120,432    —  

January 2003

   25    120,432    —  

January 2004

   25    120,432    —  

January 2005

   25    120,432    —  

Source: Ministry of Finance and Planning.

 

Jamaica implemented a tax administration reform project in 1994. The goal of the project is to broaden the tax base, facilitate voluntary compliance with the tax laws, improve the effectiveness of tax administration and tax collection, and control tax evasion.

 

In 1996, Jamaica implemented a tax compliance program aimed at improving the efficiency and effectiveness of tax administration and compliance through the implementation of a tax registration number system which assigned individuals and businesses identification numbers. The registration of taxpayers, which began in March 1996, is ongoing. The system became operational on November 18, 1996. At March 25, 2005, 1,484,233 confirmed taxpayer registration numbers had been assigned.

 

As a part of the reform of the tax system, the Revenue Administration Act was amended in FY 1998/99 to strengthen the enforcement capacity of tax administration. These amendments enabled the reorganization of revenue departments on the basis of functions rather than tax type, and the sharing of information among the revenue departments. The re-organization was completed in December 1999.

 

In April 2000, Jamaica announced its intention to eliminate gradually the income tax on dividends paid by publicly listed companies in order to encourage the movement of funds into the equity market and away from fixed income securities. The gradual elimination of this tax occurred over a three-year period. Effective June 1, 2000 the tax rate applicable to dividends was lowered to 20.0%. Effective April 1, 2001, the rate was reduced to 10.0% and, as of April 1, 2002, the tax was eliminated.

 

In April 2003, Jamaica implemented a J$13.8 billion tax and user fee package. The measures include the imposition of GCT on some previously zero-rated and exempt goods and services, a 2% tax on imports, and a 15% bet winnings tax on the national lottery. Legislative measures to amend the Income Tax and Customs Act are being implemented together with other measures under the tax administrative reform project. These include the removal of tax exemptions previously granted to certain public sector entities, in furtherance of which the Public Enterprises (Removal of Tax Concessions) Act, 2003 became effective in December 2003.

 

In April 2005, Jamaica implemented a J$9.4 billion tax package. The measures included an increase in the standard GCT from 15.0% to 16.5% effective May 1, 2005; increase in the special consumption tax on cigarettes, effective April 15, 2005 and an increase in the GCT rate for the tourism sector from 6.25% to 8.25%. The income tax threshold was also increased from J$120,432 to J$169,104 effective July 1, 2005 and to $193,440 effective January 1, 2006.

 

Financial Sector Restructuring

 

Jamaica has experienced significant problems within its financial sector as a result of the interrelationships between affiliated banks, building societies and insurance companies, weak management practices and the significant slowing of the rate of inflation. Between 1993 and 1998, the Minister of Finance and Planning, pursuant to powers vested in him under amendments to the Banking Act, the Financial Institutions Act and the Bank of Jamaica Act, placed 12 financial institutions under temporary management and intervened in 10 financial institution groups that included banks, insurance companies and their non-core businesses. Two institutions, FIS and FINSAC, were created by Jamaica to facilitate the resolution of the failed banks and to proceed with the restructuring and reorganization of the financial sector.

 

Intervention and Divestment

 

Jamaica’s intervention in the financial sector, through FINSAC, was undertaken to rehabilitate financial institutions with liquidity and solvency problems and to protect depositors. This intervention resulted in the

 

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protection of 1.5 million deposit accounts with a value of J$68.7 billion and 569,000 individual insurance policies with a total face value of J$174.4 billion. FINSAC’s intervention also provided protection to 55,000 beneficiaries of private pension funds, which had a total value of J$19.0 billion.

 

The types of assistance FINSAC has provided include the assumption of deposit and other liabilities, the provision of liquidity support, the purchase of ordinary and preference shares, the acquisition of under-performing assets and the provision of subordinated loans. In exchange for such assistance, FINSAC has acquired a combination of equity, board seats and the assets in numerous financial institutions and their related companies. FINSAC’s activities in the banking sector also involved the merger of several financial institutions under its control to create Union Bank of Jamaica Limited, which was subsequently sold in March 2001 for J$1.6 billion.

 

FINSAC financed its operations through the issuance of government-guaranteed securities. A portion of these securities was repaid with the first installment of the proceeds of loans from the Inter-American Development Bank, or IADB, the Caribbean Development Bank, or CDB and World Bank and an additional portion was repaid with the proceeds of the divestment of approximately J$11.7 billion in assets and property, including many major Jamaican banks, insurance companies, hotels and other businesses. As of April 1, 2001, the remaining J$79.3 billion in government-guaranteed securities issued by FINSAC were assumed by Jamaica as direct obligations. See “Public Sector Indebtedness”.

 

As a result of the FINSAC intervention, FINSAC assumed investments in various financial institutions, non-performing loan portfolios and other financial assets, the great majority of which it has divested to the private sector during the last three years. FINSAC aggressively marketed its non- performing loan portfolio, which resulted in its sale by the end of 2002. In addition, in 2002 FINSAC sold its shareholdings in two of the largest financial institutions that had been in need of intervention and rehabilitation, the National Commercial Bank (the largest commercial bank in Jamaica) and Life of Jamaica (a major insurance company in Jamaica).

 

Proceeds from these sales have been used to reduce FINSAC liabilities and, consequently, the public sector debt associated with the rehabilitation of the financial sector.

 

With the fulfillment of FINSAC’s responsibilities of intervening and rehabilitating institutions and subsequently disposing of its majority equity stakes in intervened institutions, the government scaled down the operations of FINSAC as of July 2003. The management of the government’s minority stakes in institutions in which FINSAC intervened as well as the responsibility of completing the legal procedures required to formally close down institutions that have already ceased operations have been assumed by FIS.

 

Improvements in the Legislative and Regulatory Framework

 

Along with the efforts at restructuring the financial sector through FINSAC, Jamaica has also focused its attention on regulatory and supervisory reform. A number of key amendments to Jamaica’s financial legislation came into effect in October 1997, and provided for:

 

    more efficient and effective powers for remedial action taken by the supervisory authorities in respect of distressed institutions;

 

    reduced capacity for institutions to lend to, or invest in, related entities;

 

    a more stringent computation of capital adequacy;

 

    a more precise definition of non-performing loans and power for the supervisory authorities to prescribe accounting rules; and

 

    greater control by supervisory authorities over changes of ownership and a stricter definition of a “fit and proper person” for management, directors and owners of financial institutions.

 

See “The Monetary System — Legislation and Regulation”. The Deposit Insurance Act was also passed in March 1998, to establish a scheme for the protection of depositors. See “The Monetary System — Legislation and Regulation — The Deposit Insurance Protection Act”.

 

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After its initial response to the crisis, Jamaica has maintained its efforts to foster the effective supervision and regulation of the financial sector. This involved regulatory reform focused mainly on streamlining the supervision of the sector. The Financial Services Commission, or FSC, which became operational on August 2, 2001, is the sole regulatory and supervisory agency for non-deposit taking financial institutions, unit trusts, mutual funds, insurance, and pension funds. The Bank of Jamaica has retained its supervisory functions in the new regime, and its powers have been bolstered with the passage of legislation giving the Supervisor of Banks greater autonomy to intervene in troubled institutions through temporary management. The supervisory structure is complemented by the creation of the Regulatory Policy Council, or RPC, an umbrella entity comprised of the head of the FSC, the Supervisor of Banks, the head of the Jamaica Deposit Insurance Corporation, and the Financial Secretary or a nominee. The RPC utilizes a proactive and coordinated approach to developing policy for the financial sector, thus helping in the detection of problems and sharing of information among the supervisors.

 

A new Insurance Act was enacted in December 2001 to repeal and replace the Insurance Act of 1972 and to provide measures to strengthen corporate governance, the rulemaking process and establish prompt corrective action. Reform of the pensions system has also been progressing with a new National Pensions Act, which became effective in March 2005. This new Act includes new requirements for pension funds such as registration, licensing, investment limits, minimum solvency standards and information disclosure.

 

In addition, a Financial Crimes Unit was established in the Office of the Director of Prosecutions. This unit is responsible for tracking possible violations of Jamaica’s Money Laundering Act of 1996, and other irregular bank transactions. The unit has been complemented with the establishment of a Commercial Court that has the responsibility of ensuring that financial crimes and civil suits are dealt with expeditiously.

 

Jamaica’s efforts at restructuring the financial sector were aided in 2000 by the provision of loan packages from the IADB, the World Bank and the CDB. The IADB approved a loan of US$150 million to be released in two tranches, the World Bank approved two loans totaling US$150 million, and CDB approved a loan of US$25 million. The proceeds of the first installment of these loans have been used to redeem debt incurred by FINSAC as part of its intervention in the financial sector, or FINSAC debt. The loan package reduces Jamaica’s debt servicing costs as the interest rates on these loans are significantly lower than that on the FINSAC debt. The provision of these loans is contingent upon the satisfaction of numerous conditions relating to the financial sector reform project. All of the conditions for disbursement of the first tranche of loans were met, and on March 31, 2001, the IADB, World Bank and CDB released funds to Jamaica totaling US$162.5 million. These funds were used to redeem FINSAC debt. Proceeds totaling US$40 million from the release of the second tranche were received from IADB in the last quarter of FY 2001/02. This was facilitated on the basis that Jamaica had made an early disbursement request and had substantially satisfied the conditions for the release of the second tranche. The loan agreement with IADB was also amended to facilitate a third tranche release, which was incumbent on satisfying the remaining conditions. Funds for the third tranche release, totaling US$47.9 million, were received from IADB and CDB in the third quarter of FY 2002/03. In FY2002/03, the World Bank also provided a second loan totaling US$75 million.

 

In connection with the loans from IADB, CDB and the World Bank, Jamaica agreed to an International Monetary Fund, or IMF, Staff Monitored Program, or SMP, in 2000. A second SMP was adopted in July 2002 which covered the period April 2002 to March 2003. The 2002 SMP was the last such arrangement between the IMF and Jamaica due to the fact that the IMF decided to revamp the SMP. The SMP was an informal and flexible instrument for dialogue between the IMF and Jamaica on the country’s economic policies. The program focused on strategies to advance the resolution of the financial sector difficulties, as well as to consolidate recent gains in economic stabilization, and to lay the foundation for strong economic growth. It also provided a framework within which specific macroeconomic targets were to be achieved. The IMF Staff Monitored Program established quarterly quantitative targets and structural benchmarks, which were used to monitor Jamaica’s progress. Jamaica consistently achieved these macro-economic performance targets. Following the IMF’s decision to revamp the SMP, Jamaica and the IMF engaged in discussions to identify a process that would facilitate the IMF’s monitoring of the implementation and progress of Jamaica’s macroeconomic program. In August 2004, Jamaica and the IMF agreed on a program of intensified surveillance of Jamaica’s economic program.

 

Although Jamaica does not subscribe to the voluntary Special Data Dissemination Standard (SDDS), established by the IMF in 1996 as a mechanism for IMF member states to provide economic and financial data to the public, Jamaica is taking steps to become a SDDS subscriber. As one of the steps to subscribe to the SDDS, Jamaica became a subscriber to the General Data Dissemination Standard in 2002. Jamaica expects to be a SDDS subscriber by the end of 2005.

 

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Jamaica believes that the most significant difficulties in the financial sector have been identified and appropriate remedial measures have been implemented. There can be no assurance, however, that substantial additional financial assistance or other government action may not be required in the future as developments in the financial sector continue to evolve.

 

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PUBLIC SECTOR INDEBTEDNESS

 

General

 

Under Section 116 of the Jamaica Constitution, all loans charged on Jamaica’s Consolidated Fund, including all external debt payments such as those under the debt securities, represent a statutory charge on the revenue and assets of Jamaica. See “Public Finance — The Public Sector Budget”. These statutory charges are paid without any requirement of Parliamentary approval, directly from revenue and assets, before funds are available to Jamaica for other policies and programs.

 

The Constitution and the Financial Administration and Audit Act give the Ministry of Finance and Planning overall responsibility for the management of Jamaica’s public debt. The Loan Act limits the amount of funds which may be borrowed. The Jamaican Parliament recently passed legislation increasing the amount of funds which Jamaica may borrow. Jamaica has never defaulted on any of its external or domestic debt obligations.

 

Domestic Debt

 

At December 31, 2004, Jamaica’s domestic debt, which excludes government-guaranteed securities, was J$447.0 billion, an increase of 7.0% when compared with the level at the end of December 2003. Jamaica has incurred domestic debt primarily to provide budgetary financing, to provide assistance to the Bank of Jamaica in its liquidity management objectives, to cover Bank of Jamaica losses, to cover the capitalization of accrued interest on the Bank of Jamaica’s holding of former FINSAC securities, and by assumption of debt obligations of certain public sector entities. In March 2001, Jamaica issued J$23.8 billion in local registered stocks to replace FINSAC liabilities in connection with the sale of Union Bank of Jamaica Limited. In addition, on April 2001, Jamaica assumed the remaining J$79.3 billion in government-guaranteed securities issued in connection with the intervention in the financial sector.

 

In addition to this level of domestic debt, Jamaica has guaranteed certain financial obligations of public sector entities, which carry out major infrastructure projects from time to time. At December 31, 2004 the extent of these guarantees was approximately J$7.7 billion.

 

Jamaica’s domestic debt consists of local registered stocks, treasury bills, bonds and loans. At December 31, 2004, 18.9% of the outstanding domestic debt was scheduled to mature within one year, 54.1% between one and five years, and the remaining 27.0% after five years. The interest rate composition of the domestic debt at December 31, 2004 was 57.9% contracted on a fixed rate basis, while 42.0% was contracted on a floating interest rate basis.

 

At March 31, 2005, Jamaica’s domestic debt was J$449.2 billion and 22.5% of outstanding domestic debt was schedule to mature in one year, 51.9% in five years and the remaining 25.6% after five years. At March 31, 2005, approximately 41.4% of the domestic debt was on a floating rate basis and 58.5% on a fixed rate basis. Of the total debt at March 31, 2005, 18.9% was denominated in or indexed to the US$ and 81.1% was J$-denominated.

 

Local registered stocks are medium-term to long-term debt instruments issued by Jamaica. At December 31, 2004, local registered stocks represented 49.3% of total domestic debt, as compared to 54.7% at December 31, 2003. In October 1999, Jamaica implemented an auction system for the sale of local registered stocks. Previously, both price and coupon rates were set by Jamaica.

 

At December 31, 2004, Jamaica had J$210.0 billion of domestic bonds outstanding, representing 47.0% of total domestic debt. This represents a J$31.7 billion, or 17.8% increase over the level outstanding at December 31, 2003. Jamaica issues both local and foreign currency-denominated bonds in the domestic market. Foreign currency denominated bonds that are issued in Jamaica are classified as domestic debt. At December 31, 2004, J$48.9 billion of the domestic debt were US$-denominated and J$39.9 billion US$-indexed instruments.

 

Issuance of treasury bills is limited by statute to a maximum of J$12.0 billion in total outstanding treasury bills. The outstanding stock of treasury bills at December 31, 2004 was J$3.8 billion, representing 0.8% of total domestic debt. The stock of treasury bills continues to decrease in keeping with Jamaica’s planned reduction of the stock of treasury bills in an effort to extend the average maturity of the domestic debt. Treasury bills are auctioned on a multiple-price basis.

 

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The following table shows domestic debt for the five years ended December 31, 2004:

 

Domestic Debt

 

     2000

   2001

   2002

   2003

   2004

     (in millions of J$)

Securities

                        

Treasury Bills

   7,600.0    3,900.0    4,150.0    4,400.0    3,750.0

Local Registered Stocks

   134,896.5    217,361.8    240,843.3    228,509.3    220,290.5
    
  
  
  
  

Total

   142,496.5    221,261.8    244,993.3    232,909.3    224,040.5

Bonds

                        

Investment Debenture

   24,401.4    29,564.1    41,498.6    80,631.2    120,585.6

Land

   177.7    413.2    439.6    546.5    560.2

US$ Denominated

   9,715.2    24,340.4    27,920.3    45,955.7    48,919.1

US$ Indexed

   7,626.3    16,686.4    29,574.4    51,174.8    39,915.8
    
  
  
  
  

Total

   41,920.6    71,004.1    99,432.9    178,308.2    209,980.7

Loans

                        

Commercial Banks

   1,941.4    2,097.0    5,652.0    6,616.5    11,649.5

Other (including Public Sector)

   1,161.7    802.6    1,028.5    0.2    1,291.3
    
  
  
  
  

Total

   3,103.1    2,899.5    6,680.5    6,616.7    12,940.8
    
  
  
  
  

Total

   187,520.2    295,165.4    351,106.7    417,834.3    446,961.9
    
  
  
  
  

Source: Ministry of Finance and Planning.

 

The following table shows the amortization schedule for domestic debt outstanding as at December 31, 2004:

 

Domestic Debt Amortization Schedule

as at December 31, 2004

 

     2005

   2006

   2007

   2008

   2009

   2010

     (in millions of J$)

Bonds(1)

   88,387.5    96,107.2    54,229.5    27,503.6    44,064.5    21,931.0

Loans

   3,589.5    3,907.8    2,575.6    2,076.2    1,234.5    559.7
    
  
  
  
  
  

Total

   91,977.0    100,014.9    98,043.1    29,579.8    45,299.0    22,490.7
    
  
  
  
  
  

(1) Includes securities.

 

Source: Ministry of Finance and Planning.

 

The following table shows the interest schedule for domestic debt outstanding as at December 31, 2004:

 

Central Government Domestic Debt Interest Schedule

as at December 31, 2004

 

     2005

   2006

   2007

   2008

   2009

   2010

     (in millions of J$)

Bonds(1)

   62,892.3    48,069.5    40,229.4    34,333.7    29,849.2    24,952.0

Loans

   2,064.4    1,510.1    986.6    584.7    268.9    92.6
    
  
  
  
  
  

Total

   64,956.7    49,579.6    41,238.0    34,918.4    30,118.1    25,044.6
    
  
  
  
  
  

(1) Includes securities.

 

Source: Ministry of Finance and Planning.

 

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The following table shows the maturity structure of domestic debt outstanding as at December 31, 2004:

 

Domestic Debt Maturity Structure

as at December 31, 2004

 

     Less than
1 year


   1-5 years(1)

  

5-10

years(2)


   10 years
& over(2)


   Total

     (in millions of J$)

Local Registered Stocks

   21,149.1    87,354.2    60,051.6    51,735.6    220,290.5

Treasury Bills

   3,750.0    N/A    N/A    N/A    3,750.0

Land Bonds

   N/A    N/A    N/A    560.2    560.2

Debentures

   30,761.6    89,226.5    597.5    N/A    120,585.6

US$ Indexed Bonds

   10,820.1    29,095.6    N/A    N/A    39,915.8

US$ Denominated Bonds

   14,761.3    27,239.8    6,301.7    616.3    48,919.1

Euro Denominated Bonds

   N/A    N/A    319.4    N/A    319.4

Loans

   3,257.6    8,837.8    478.7    47.2    12,621.3

Other

   N/A    N/A    N/A    0.15    0.15
    
  
  
  
  

Total

   84,499.7    241,754.0    67,748.8    52,959.4    446,961.9
    
  
  
  
  

(1) Medium-Term debt.

 

(2) Long-Term debt.

 

Source: Ministry of Finance and Planning.

 

The following table shows the interest rate composition of domestic debt outstanding as at December 31, 2004:

 

Domestic Debt Interest Rate Composition

as at December 31, 2004

 

    

Principal

Amount

Outstanding


   Share of
Outstanding
Debt


    

(in millions

of J$)

   (%)

Variable Rate Debt

   187,921.9    42.04

Fixed Rate Debt

   258,867.4    57.92

Non Interest-Bearing Debt

   172.6    0.04
    
  

Total Debt

   446,961.9    100.00
    
  

Source: Ministry of Finance and Planning

 

External Debt

 

At December 31, 2004, public sector external debt was US$5,120.4 million, an increase of 22.1% from December 31, 2003. At December 31, 2004, 70.1% of public sector external debt was denominated in US dollars, 21.3% was denominated in Euro and 5.4% was denominated in Japanese yen.

 

At March 31, 2005, the stock of external debt was US$5,044.4 million, of which 70.7% was denominated in US dollars, 20.9% was denominated in Euro and 5.3% was denominated in Japanese yen.

 

Bilateral and multilateral obligations constitute the major portion of Jamaica’s public sector external debt, accounting for 43.8% of external debt at December 31, 2004. Bond issues of US$2,397.1 million represented the largest individual creditor category, accounting for 46.8% of total external indebtedness at December 31, 2004. Multilateral indebtedness was US$1,307.3 million at December 31, 2004.

 

In June 1998, Jamaica completed an international offering of US$250 million 10.875% fixed rate notes due 2005. In August 2000, Jamaica raised US$225 million through an offering of 12.75% fixed rate notes due 2007. Jamaica made further issuances in May 2001 of US$400 million 11.75% fixed rate notes due 2011 and in December 2001 of US$250 million 11.625% fixed rate notes due 2022. In June 2002, Jamaica registered a US$700 million shelf registration statement with the U.S. Securities and Exchange Commission and subsequently in June 2002, issued US$300 million 10.625% notes due 2017 off that shelf. On October 14, 2003, Jamaica issued a US$50 million 9.0% fixed rate bond maturing October 2008 which was distributed among investors in the Caribbean. In February 2004, Jamaica issued €200 million 10.5% fixed rate notes due 2009. In March 2004, Jamaica issued

 

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US$50 million 9.5% fixed rate notes maturing September 2008. In April 2004, US$125 million was raised through the re-opening of the existing US$300 million 10.625% bonds due 2017. In July 2004, Jamaica issued €200 million 11% bonds due 2012 and in October 2004, €150 million 10.5% bonds due 2014, with both issuances placed primarily with investors in Europe.

 

In January 2003, Jamaica issued a US$40 million guarantee with respect to a bridge loan for the Highway 2000 Project to build a toll road across Jamaica. In January 2004, the bridge financing was replaced by a government-guaranteed US$75 million long-term loan facility.

 

The following table shows medium and long-term public sector external debt by creditor category for the five years ended December 31, 2004:

 

External Debt by Creditor

 

     2000

   2001

   2002

   2003

   2004

     (in millions of US$)

Bilateral

                        

OECD

   1,091.6    950.2    914.1    894.0    871.2

Non-OECD

   126.9    112.9    98.7    85.7    66.6
    
  
  
  
  

Total

   1,218.5    1,063.1    1,012.8    979.7    937.8

Multilateral

                        

IADB(1)

   481.3    453.8    520.4    495.7    617.6

IMF(2)

   61.6    42.8    28.5    12.1    0.9

IBRD(3)

   415.5    458.1    488.0    454.1    428.6

Other

   156.9    172.6    187.7    201.8    260.2
    
  
  
  
  

Total

   1,115.3    1,127.3    1,224.6    1,163.7    1307.3

Commercial Banks

   132.8    97.7    45.0    96.6    232.4

Other Commercial

   45.9    202.2    252.4    259.7    245.8
    
  
  
  
  

Total

   178.7    299.9    297.4    356.3    1,785.5

Bonds

   862.8    1,655.7    1,812.6    1,692.4    2,397.1
    
  
  
  
  

Total

   3,375.3    4,146.0    4,347.5    4,192.1    5,120.4
    
  
  
  
  

(1) Inter-American Development Bank.

 

(2) International Monetary Fund.

 

(3) International Bank for Reconstruction and Development.

 

Source: Ministry of Finance and Planning.

 

The following table shows Jamaica’s external debt by debtor for the five years ended December 31, 2004:

 

External Debt by Debtor

 

     2000

   2001

   2002

   2003

   2004

     (in millions of US$)

Government Direct

   3,142.5    3,777.3    3,973.7    3,798.3    4,586.3

Government-Guaranteed

   158.3    316.1    339.6    375.9    528.9

Bank of Jamaica

   74.5    52.6    34.2    17.9    5.2
    
  
  
  
  

Total

   3,375.3    4,146.0    4,347.5    4,192.1    5,120.4
    
  
  
  
  

Source: Ministry of Finance and Planning.

 

D-40


The following table shows the amortization schedule for external debt outstanding as at December 31, 2004:

 

External Debt Principal Amortization Schedule

as at December 31, 2004

 

     2005

   2006

   2007

   2008

   2009

   2010

     (in millions of US$)

Multilateral

                             

IADB

   48.1    68.4    72.3    73.9    71.2    66.9

IBRD

   39.8    44.0    49.6    49.0    51.2    43.8

Other

   29.3    30.9    28.9    32.0    28.4    24.8
    
  
  
  
  
  

Total

   117.2    143.3    150.8    154.9    150.8    135.5

Commercial Banks

   11.5    10.4    11.1    8.7    8.3    8.3

Other Commercial

   32.1    35.0    33.6    29.3    30.0    14.9

Bonds

   250.0    N/A    225.0    100.0    259.2    N/A

Bilateral

   112.1    110.0    98.4    95.3    75.3    66.8
    
  
  
  
  
  

Total

   522.9    298.7    518.9    388.2    523.6    225.5
    
  
  
  
  
  

Source: Ministry of Finance and Planning.

 

The following table shows the interest schedule for external debt outstanding as at December 31, 2004:

 

External Debt Interest Schedule

as at December 31, 2004

 

     2005

   2006

   2007

   2008

   2009

   2010

     (in millions of US$)

Multilateral

                             

IADB

   32.9    39.1    36.8    34.1    30.7    27.1

IBRD

   13.3    10.3    9.5    8.6    7.7    6.5

Other

   9.0    10.8    10.6    10.2    9.1    8.3
    
  
  
  
  
  

Total

   55.2    60.2    56.9    52.9    47.5    41.9

Commercial Banks

   56.1    2.2    2.1    0.4    1.3    2.9

Other Commercial

   10.2    10.5    7.7    5.1    2.7    0.6

Bonds

   198.3    237.4    237.7    210.3    199.7    170.5

Bilateral

   31.6    27.4    22.9    20.6    15.1    12.6
    
  
  
  
  
  

Total

   351.4    337.7    327.3    289.3    266.3    228.5
    
  
  
  
  
  

Source: Ministry of Finance and Planning.

 

The following table shows the maturity structure for external debt outstanding as at December 31, 2004:

 

Total External Debt Maturity Structure

as at December 31, 2004

 

    

Less

than 1
year


   1-5
years


   5-10
years


   10 years
& over


   Total

     (in millions of US$)

Bilateral

   N/A    145.0    279.1    513.7    937.8

Multilateral

   0.9    72.8    260.2    973.4    1,307.3

IMF

   0.9    N/A    N/A    N/A    0.9

IADB

   N/A    10.7    116.9    490.0    617.6

IBRD

   N/A    39.5    102.8    286.4    428.6

Other

   N/A    22.6    40.5    197.0    260.2

Commercial Bank

   1.7    9.3    140.0    81.4    232.4

Other Commercial

   52.2    34.4    123.8    35.4    245.8

Bonds

   250.0    596.7    875.4    675.0    2397.1
    
  
  
  
  

Total

   304.8    858.2    1,678.5    2,278.9    5,120.4
    
  
  
  
  

Source: Ministry of Finance and Planning.

 

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The following table shows the interest rate composition of external debt outstanding as at December 31, 2004:

 

External Debt Interest Rate Composition as at December 31, 2004

 

     Principal
Amount
Outstanding


   Share of
Outstanding
Debt


     (in millions
of US$)
   (%)

Variable Rate Debt

   1198.2    23.4

Fixed Rate Debt

   3922.3    76.6
    
  

Total Debt

   5120.4    100.0
    
  

Source: Ministry of Finance and Planning.

 

Debt Service Indicators

 

Public sector external debt as a percentage of GDP increased to 59.1% at December 31, 2004 from 54.0% at December 31, 2003. External debt as a percentage of exports of goods and services increased to 92.5% at December 31, 2004 from 83.1% at December 31, 2003. External debt service payments as a percentage of exports of goods and services decreased to 14.4% during 2004 from 16.7% during 2003.

 

The following table shows public sector external debt indicators for the five years ended December 31, 2004:

 

Debt Indicators

 

     2000

   2001

   2002

   2003

   2004

     (in millions of US$, except percentages)

External Debt Service Principal

   308.2    319.6    506.9    500.4    493.4

Interest

   169.0    271.8    291.3    312.4    302.8

Total

   477.2    591.4    798.2    812.8    796.2

Exports of Goods and Services(1)

   4,557.7    4,417.8    4,432.5    5,047.5    5,534.0

External Debt Service Ratio (%)

   10.5    13.4    18.0    16.1    14.4

Interest on External Debt/Exports of Goods and Services (%)(1)

   3.7    6.2    6.6    6.2    5.5

External Debt Outstanding/Exports of Goods and Services (%)(1)

   74.1    93.9    98.1    83.1    92.5

External Debt/GDP (%)(2)

   45.4    52.8    54.4    54.2    59.1

Domestic Debt/GDP (%)(3)

   55.4    79.3    86.1    89.0    83.7

Total Debt/GDP (%)(2)

   100.7    132.1    140.5    143.8    142.8

(1) Exports of goods, services and current transfers.

 

(2) Calculated by converting external debt to Jamaica dollars using the end of period exchange rate.

 

(3) Calculated using Jamaica dollars.

 

Source: Ministry of Finance and Planning and Bank of Jamaica.

 

Debt Records

 

Jamaica has never defaulted on any of its external or domestic debt obligations, which under the Jamaican Constitution are paid without any requirement of Parliamentary approval, directly from revenue and assets of Jamaica, before funds are available to Jamaica for other policies and programs. In the last ten years, Jamaica has been involved in only one debt restructuring.

 

On January 25, 1993, Jamaica entered into a multi-year debt service rescheduling arrangement with the Paris Club comprised of OECD creditor governments and their agencies. This accord spanned the 36-month consolidation period from October 1, 1992 through September 30, 1995. Pursuant to the Paris Club Accord, the parties finalized the single outstanding bilateral implementing agreement in January 1996.

 

In March 1996, Jamaica formally completed a three-year extended fund facility with the International Monetary Fund.

 

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External Public and Publicly Guaranteed Debt (including Bank of Jamaica debt)(1)

 

     Interest

  Issue Date

   Final Maturity

   Currencies

  

Principal Amount

Outstanding at

March 31, 2005


     %                  (in US$)

Multilateral Organizations

                       

World Bank

   Various   Various    Various    USD, JPK, GBP,
CAD, EUR
   423,884,549

Inter-American Dev. Bank

   Various   Various    Various    USD, JPK, GBP,
CAD, EUR
   633,421,636

Others

   Various   Various    Various    USD, JPK, GBP,
CAD, EUR, SDR
   254,461,791
                       

Total Multilateral Organizations

                      1,311,767,976

Foreign Governments (including Original Loans and Paris Club)

   Various   Various    Various    USD, JPK, GBP,
CAD, EUR
   893,198,752

Bonds (Global) USD

                       

USD400mn 2011

   11.75%   May 1, 2001    May 15, 2011    USD    400,000,000

USD300mn + USD125mn 2017

   10.63%   June 20, 2002    June 20, 2017    USD    425,000,000

USD250mn 2022

   11.63%   Dec. 19, 2001    Jan. 15, 2022    USD    250,000,000

USD250mn 2005

   10.88%   June 10, 1998    June 10, 2005    USD    250,000,000

USD50mn 2008

   9.00%   Oct 14, 2003    Oct 14, 2008    USD    50,000,000

USD225mn 2007

   12.75%   Sept. 1, 2000    Sept. 1, 2007    USD    225,000,000

USD50mn 2008

   9.50%   March 5, 2004    Sept. 8, 2008    USD    50,000,000
                       

Total (Global) USD

                      1,650,000,000

Bonds (EUR)

                       

EUR200mn 2012

   11.00%   July 27, 2004    July 27, 2012    EUR    259,240,000

EUR150mn 2014

   10.50%   Oct. 27, 2004    Oct. 27, 2014    EUR    194,430,000

EUR200mn 2009

   10.50%   Feb. 11, 2004    Feb. 11, 2009    EUR    259,240,000
                       

Total (EUR)

                      712,910,000

Commercial Banks

   Various   Various    Various    USD    232,949,465

Other Commercial (Export Credit)

   Various   Various    Various    USD, JPK, GBP,
CAD, EUR
   243,535,981
                       

Total

                      5,044,362,174
                       

(1) LEGEND: USD = United States Dollar; CAD = Canadian Dollar; JPK = Japanese Yen; EUR = Euro; SDR = Special Drawing Rights.

 

External Public Debt(1)

 

     Interest

   Issue Date

   Final Maturity

   Currencies

  

Principal Amount

Outstanding at

March 31, 2005


     %                   (in US$)

Multilateral Organizations

                        

World Bank

   Various    Various    Various    USD, JPK, GBP,
CAD, EUR
   423,884,549

Inter-American Dev. Bank

   Various    Various    Various    USD, JPK, GBP,
CAD, EUR, UOA
   592,064,725

Others

   Various    Various    Various    USD, JPK, GBP,
CAD, EUR, SDR
   181,891,438
                        

Total Multilateral Organizations

                       1,197,840,712

Foreign Governments (including Original Loans and Paris Club)

   Various    Various    Various    USD, JPK, GBP,
CAD, EUR
   868,693,898

 

D-43


     Interest

   

Issue Date


  

Final Maturity


   Currencies

  

Principal
Amount
Outstanding at

March 31, 2005


     %                    (in US$)

Bonds (Global) USD

                         

USD400mn 2011

   11.75 %   May 1, 2001    May 15, 2011    USD    400,000,000

USD300mn+US$125mn 2017

   10.63 %   June 20, 2002    June 20, 2017    USD    425,000,000

USD250mn 2022

   11.63 %   Dec. 19, 2001    Jan. 15, 2022    USD    250,000,000

USD250mn 2005

   10.88 %   June 10, 1998    June 10, 2005    USD    250,000,000

USD50mn 2008

   9.00 %   Oct 14, 2003    Oct 14, 2008    USD    50,000,000

USD225mn 2007

   12.75 %   Sept. 1, 2000    Sept. 1, 2007    USD    225,000,000

USD50mn 2008

   9.50 %   March 5, 2004    Sept. 8, 2008    USD    50,000,000
                         

Total (Global) USD

                        1,650,000,000

Bond (EUR)

                         

EUR 200mn 2012

   11.00 %   July 27, 2004    July 27, 2012    EUR    259,240,000

EUR 150mn 2014

   10.50 %   Feb. 11, 2004    Feb. 11, 2009    EUR    194,430,000

EUR 200mn 2009

   10.50 %   Oct. 27, 2004    Oct. 27, 2014    EUR    259,240,000
                         

Total

                        712,910,000

Commercial Banks

   Various     Various    Various    USD    41,291,465

Other Commercial (Export Credit)

   Various     Various    Various    USD    46,784,954
                         

Total

                        4,517,521,029
                         

(1) LEGEND: USD = United States Dollar; CAD = Canadian Dollar; JPK = Japanese Yen; EUR = Euro; SDR = Special Drawing Rights, which are units of measure derived from a group of currencies which constitute the International Monetary Fund loan portfolio; UOA = Units of Accounts, which are units of measure derived from a group of currencies which constitute the Inter-American Development Bank loan portfolio; GBP = British Pound Sterling.

 

External Guaranteed Debt(1)

 

     Interest

   Issue Date

   Final Maturity

  

Currencies


  

Principal
Amount
Outstanding at

March 31, 2005


     %                   (in US$)

Multilateral Organizations

                        

Inter-American Dev. Bank

   Various    Various    Various    USD    41,356,911

Others

   Various    Various    Various    USD, EUR    72,570,353
                        

Total Multilateral Organizations

                       113,927,264

Foreign Governments (including Original Loans)

   Various    Various    Various    USD    20,291,494

 

D-44


     Interest

   Issue Date

   Final Maturity

  

Currencies


  

Principal Amount
Outstanding at

March 31, 2005


     %                   (in US$)

Commercial Banks

   Various    Various    Various    USD    191,658,000

Other Commercial (Export Credit)

   Various    Various    Various    USD, CAD    196,751,027
                        

Total

                       522,627,785
                        

(1) LEGEND: USD = United States Dollar; CAD = Canadian Dollar; EUR = Euro.

 

Bank of Jamaica Debt(1)

 

     Interest

   Issue Date

   Final Maturity

  

Currencies


   Principal Amount
Outstanding at
March 31, 2005


     %                   (in US$)

Foreign Governments (including Original Loans)

   Various    Various    Various    USD    4,213,360
                        

Total

                       4,213,360
                        

(1) LEGEND: USD = United States Dollar; SDR = Special Drawing Rights.

 

THE MONETARY SYSTEM

 

Bank of Jamaica

 

The Bank of Jamaica was established in 1960 pursuant to the Bank of Jamaica Act 1960 and commenced operations in 1961. The Bank of Jamaica Act, together with the Banking Act 1992, provides the Bank of Jamaica with the statutory authority for regulating the activities of the banking system. Currently, amendments to the Bank of Jamaica Act designed to give greater autonomy to the Bank of Jamaica are being considered by a Joint Select Committee of Parliament and are expected to be enacted.

 

Amendments to the Banking Act and the Bank of Jamaica Act designed to strengthen the Bank of Jamaica’s oversight in banking activities became law in October 1997 and March 2002, respectively. Amendments to the Financial Institutions Act, which regulates other financial institutions such as finance houses and merchant banks, and the Building Societies Act, which regulates building societies, also became law in October 1997 and March 2002, respectively. See “— The Financial System” and “— Legislation and Regulation”. Amendments to the Bank of Jamaica Act, subjecting money transmitters and remittance agencies to licensing regimes and regulations comparable to those applicable to other institutions that deal with approved foreign currency, became law in January 2004. These amendments will bring Jamaica in line with the Financial Action Task Force’s (FATF) 40 revised recommendations

 

In addition to its operations relating to the issue and redemption of currency and as banker to Jamaica, the Bank of Jamaica’s primary role has shifted to the development and implementation of monetary policies aimed at achieving Jamaica’s inflation objectives and maintaining long-term stability in the foreign exchange market. As the banking supervisory authority, the Bank of Jamaica is also required to ensure the soundness and development of the financial system pursuant to the Banking Act.

 

Money Supply and Interest Rates

 

The monetary base expanded by 11.2 % in 2004, following increases of 13.3% and 4.2% in 2003 and 2002, respectively. The monetary base comprises currency issue in the hands of the public, plus vault cash held in the banking system, statutory cash reserves and demand deposits of commercial banks held at the Bank of Jamaica. The lower growth rate in 2004 was primarily reflected by a lower rate of increase in currency in circulation as compared to 2003. The level of money supply (M2) grew by 15.1% in 2004, relative to growth of 11.2% in 2003 and 13.0 % in 2002. The expansion in M2 in 2004 was largely reflected by an increase in narrow money, which is comprised of in the hands of the public and demand deposits. Currency in the hands of the public increased by 15.1% while demand deposits increased by 28.0% in 2004 as compared to 2003.

 

D-45


Against the background of low inflation and a reduction in the cash reserves ratio, the commercial banks weighted average loan rate declined from 19.5% at 31 December 2001 to 18.3% at 31 December 2002. The weighted average loan rate subsequently increased to 19.3% at 31 December 2003, following an increase in the rates on the Bank of Jamaica’s open market instruments in March 2003. However, by 31 December 2004, the weighted average loan rate had declined to 17.7 % following reductions in the rates on the Bank of Jamaica’s open market instruments during the year.

 

The following tables show determinants of money supply and interest rates for the five years ended December 31, 2004:

 

Money Supply

 

     2000

   2001

   2002

   2003

   2004

     (in millions of J$)

Narrow Money (M1)

   38,111.4    45,310.0    51,480.8    55,254.6    67,730.8

Currency

   17,583.6    18,744.9    20,366.2    23,145.4    26,643.1

Quasi-Money(1)

   94,886.4    100,751.5    113,539.3    128,238.0    143,510.9

Monetary Base(2)

   34,412.5    34,309.8    35,757.8    40,526.3    45,055.6

Broad Money (M2)

   132,977.8    146,061.6    165,020.2    183,492.6    211,241.7

(1) Quasi-money comprises time deposits and savings deposits.

 

(2) The monetary base comprises currency issue in the hands of the public, plus vault cash held in the banking system, statutory cash reserves and demand deposits of commercial banks held at the Bank of Jamaica.

 

Source: Bank of Jamaica.

 

Interest Rates

 

     2000

   2001

   2002

   2003

   2004

     (%)

Weighted Average Loan Rate

   22.1    19.5    18.3    19.3    17.7

Weighted Average Time Deposit Rate

   12.2    10.1    8.9    8.7    7.8

Treasury Bill Yield(1)

   20.2    17.0    17.0    22.1    14.9

(1) Tenors of treasury bills are approximately 182 days.

 

Source: Bank of Jamaica.

 

During the five years ending December 31, 2004, the yield on 182-day treasury bills declined from 20.2% in 2000 to 17.0% in 2001 and 2002, increased to 22.1% in 2003 and subsequently declined to 14.9% in 2004. At December 2004, the treasury bill yield was 14.4% for bills of 92 days’ maturity, 14.9% for 182 days maturity and 16.1% for bills of 365 days’ maturity. This compares to yields of 22.4%, 22.1%, and 23.9% on bills of 92 days’ maturity, 182 days’ maturity and 365 days’ maturity, respectively at December 31, 2003. The increase in yields in 2003 was the result of a notable increase in interest rates by the Bank of Jamaica on its open market instruments in order to dampen the strong demand for foreign exchange that emerged in the first quarter of the year. The significant change in yields in 2004 as compared to 2003 was the result of the reduction in interest rates by the Bank of Jamaica given the relatively stable macroeconomic conditions.

 

The Bank of Jamaica monitors the level of liquid assets outstanding to ensure that at all times supervised financial institutions meet their statutory liquidity obligations. The liquid assets requirement for deposit taking institutions was 23.0% at December 31, 2004 and commercial banks held excess liquid assets of J$21.4 billion above the statutory minimum requirements.

 

In the summer of 1998, the Bank of Jamaica announced its medium-term goal to reduce cash reserve requirements for commercial banks. As a first step towards meeting this goal, the Bank of Jamaica reduced in increments the reserve requirement for commercial banks from 25% prior to August 1998 to 17% in May 1999, thereby equalizing the cash reserve requirement for commercial banks and other deposit-taking institutions. Having equalized the cash reserve requirement, further reductions were gradually effected, resulting in an overall reduction to 9.0% at December 31, 2004.

 

D-46


The Financial System

 

Jamaica’s financial system is integrated with regional and international financial markets. Since the beginning of the liberalization process in 1991 until 1994, the banking and insurance services sector expanded significantly. Since 1995, however, the financial system has undergone consolidation as a result of a combination of closures and mergers. At December 31, 2004, there were six commercial banks, five merchant banks and finance houses and four building societies in operation in Jamaica.

 

At December 31, 2004, the assets and liabilities of commercial banks amounted to J$344.4 billion, representing a 9.9% increase over December 31, 2003. On the asset side, total loans and advances were J$113.4 billion at 31 December 2004, representing an increase of 14.3% compared to 2003. On the liabilities side, total deposits were J$228.4 billion in 2004, representing an increase of 14.9% compared to 2003.

 

The total assets and liabilities of deposit-taking financial intermediaries other than commercial banks (i.e., building societies, merchant banks and finance houses) were J$131.2 billion at December 31, 2004, representing an increase of 18.4% over 2003. Outstanding loans and advances in these entities at December 31, 2004 was J$36.1 billion, representing an increase of 20.2% from 2003, while deposits were J$70.2 billion, representing an increase of 21.7% from 2003.

 

Legislation and Regulation

 

Laws and regulations governing the financial sector include:

 

    The Bank of Jamaica Act 1960;

 

    The Financial Institutions Act 1992;

 

    The Banking Act 1992;

 

    The Securities Act 1993;

 

    The Building Societies Act and the related Bank of Jamaica (Building Societies) Regulations Act 1995;

 

    The Industrial and Provident Societies Act and the related Bank of Jamaica (Industrial and Provident Societies) Regulations 1995;

 

    The Insurance Act 2001; and

 

    The Financial Services Commission Act 2001.

 

Parliament amended the Industrial and Provident Societies Act in 1997 to remove the ability of these institutions to accept deposits without the written authority of the Minister of Finance and Planning.

 

Jamaica implemented the Financial Institutions Act and the Banking Act in 1992 to provide for, among other things, a standardized legal framework for the operations of commercial banks and other licensed deposit-taking intermediaries, including minimum capital adequacy standards. In addition, these acts provide the Bank of Jamaica, in certain instances, and the Minister of Finance and Planning, in others, with the means to take actions such as issuing “cease and desist” orders and assuming temporary management of such institutions when there is evidence of unsound banking practices or where the institutions’ financial viability is in jeopardy.

 

Between 1995 and 1996, the Bank of Jamaica disseminated eight “Standards of Self-Governance” to the supervised institutions relating to capital management, credit risk management, liquidity management, securities portfolio management, interest rate risk management, foreign exchange risk management, internal controls and real estate appraisal management. In 2001, a ninth standard was issued to the industry concerning country and transfer risk and in 2002, the tenth standard (“Management or Investment of Customers’ Funds”) was issued. During 2004

 

D-47


‘Guidelines for Fit & Proper Assessments’ were issued which set out the criteria for Bank of Jamaica’s own reviews and the reviews expected of entities in their own assessments of individuals for board and management positions. Additional standards concerning market risk and consolidated supervision are also currently being developed.

 

In order to strengthen the existing regulatory framework, in light of the difficulties in the financial sector, Parliament passed amendments to the Banking Act, the Financial Institutions Act, the Building Societies Act and the Industrial and Provident Societies Act in October 1997. Some features of these amendments include:

 

    empowering the Minister of Finance and Planning to take control of the shares of any licensee that is no longer viable, to effect a sale of the licensees’ shares or assets or to restructure the entity in the interest of its depositors;

 

    empowering the Supervisor of Banks to issue “cease and desist” orders in respect of financial institutions experiencing problems and to require special audits of these institutions;

 

    enhancing the existing “fit and proper” criteria which relate to directors, significant shareholders and senior management of licensees;

 

    tightening credit limits for unsecured lending, and prohibiting the issuance of unsecured credit to any affiliated parties;

 

    imposing a lower ceiling on total lending to or investment in all affiliated parties

 

    tightening investment limits;

 

    reducing the non-accrual period for interest on non-performing loans from six months to three months;

 

    imposing minimum solvency standards and risk-based criteria;

 

    specifying the obligations of bank auditors in the presentation of findings and imposing obligations on auditors to report irregularities to the Bank of Jamaica;

 

    allowing for the examination of the accounts of holding companies of supervised financial institutions; and

 

    prohibiting industrial and provident societies from taking deposits without written authorization from the Minister.

 

These revisions provide the Bank of Jamaica, in certain instances, and the Minister, in others, with a wider range of sanctions and greater powers of intervention to use with respect to troubled financial institutions. See also “Public Finance — Financial Sector Restructuring — Improvements in the Legislative Framework”.

 

In March 2002, further amendments were made to Jamaican banking laws to grant the Bank of Jamaica expanded powers to supervise financial institutions with deposit-taking capability. These amendments include:

 

    the transfer to the Bank of Jamaica of powers of the Minister to assume temporary management of deposit-taking institutions in the event that the Bank of Jamaica believes that such an intermediary is, or appears, unlikely to meet its obligations;

 

    the granting to the Bank of Jamaica of powers to assess fines for specific offences under the Banking Act and Financial Institutions Act;

 

    the granting to the Bank of Jamaica of power to require a deposit taking institution to legally separate its banking operations from investment activities undertaken on behalf of investor clients;

 

    the granting to the Bank of Jamaica of power to effectively carry out consolidated supervision of banks and other companies which are members of a group of which the bank is a member;

 

    the broadening of the types of cases in which a bank may disclose information concerning specific customer accounts.

 

D-48


These revisions have significantly increased the scope of the Bank of Jamaica’s regulatory authority, including its powers of intervention, by expanding the Bank of Jamaica’s ability to temporarily manage troubled financial institutions. See also “Public Finance — Financial Sector Restructuring — Improvements in the Legislative Framework”.

 

Additionally on February 12, 2004, amendments were passed to the Bank of Jamaica Act, which effectively brought all operators of remittance companies or agencies under the supervisory ambit of the Bank of Jamaica. The supervisory regime involves a licensing requirement which entails fit and proper due diligence checks and assessment of their systems and procedures prior to licensing. The licensing review has commenced and the regime going forward will include both off and on site examinations and assessments.

 

Regulatory powers are also currently being further expanded by amendments to the Bank of Jamaica Act to expand the Bank’s ability to share information with other Supervisors in keeping with the FATF revised 40 Recommendations on Anti-Money Laundering and the Combating of the Financing of Terrorism. Similarly, regulatory powers of sanction are being expanded to expressly deal with breaches by financial institutions of their obligations under the Money Laundering Act. This is being achieved by amendments to the Banking Act, the Financial Institutions Act and the Bank of Jamaica (Building Societies) Regulations Act. These amendments to the Banking Act and Financial Institutions Act were passed into law in December 2004. As regards the Bank of Jamaica (Building Societies) Regulations, the amendments were passed in Parliament in February 2005.

 

Deposit Insurance

 

In March 1998, Parliament passed the Deposit Insurance Protection Act, designed to protect depositors through the establishment of a Deposit Insurance Scheme, or the Scheme. The Deposit Insurance Act established the Jamaica Deposit Insurance Corporation which administers the Scheme and ultimately the Deposit Insurance Fund, or the Fund. The financial institutions covered under the Scheme are all commercial banks, merchant banks and building societies, and all deposits (excluding government deposits and inter-bank deposits) held at these institutions are insured under the Scheme. The insured institutions must contribute to the Fund by paying initial and annual premium which will be used to pay depositors in circumstances where an insured institution is unable to meet its deposit liabilities.

 

When the Scheme was established the coverage limit was J$200,000 (per depositor, per institution), but was increased to J$300,000 on July 31, 2001. As at October 31, 2004, the coverage provided by the Jamaica Deposit Insurance Corporation protected approximately 96.6% of accounts in licensed institutions or 28.8% of the total value of deposits held in insured financial institutions.

 

In addition, the Deposit Insurance Act also provides for the sharing of information between the Bank of Jamaica and the Jamaica Deposit Insurance Corporation, to enable the Corporation to be fully apprised at all material times of the financial condition of the institutions it insures.

 

Credit and Provisioning Regulations

 

Jamaica has substantially completed regulations which will provide specific legal guidelines for credit classification, required levels of provisioning for bad and doubtful debts and other related matters (e.g., credit renegotiations). Among other things, these regulations will codify the Bank of Jamaica’s approach to classifying credits into defined loan categories and also stipulate specific provisioning levels. The supervised institutions are all already in compliance with the proposed regulations although they have not yet been enacted by Parliament.

 

Capital Adequacy Regulations

 

The Minister of Finance approved regulations dated March 8, 2004 which established minimum risk-based capital standards for commercial banks and licensed financial institutions. These regulations introduce the concept of Tier I and Tier II capital utilized by regulators internationally, which define eligible components and provide the framework for assigning risk weights to on and off balance sheet items. Under the regulations, the overall minimum

 

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capital to be maintained in relation to risk assets is 10%. At December 31, 2004, all supervised institutions were in compliance with the proposed regulations. Parliament is currently considering the proposed regulations and Jamaica expects them to be enacted.

 

Qualifications of Auditors Regulations

 

The Bank of Jamaica has drafted regulations that specify the standards for auditors in undertaking an external audit of a supervised financial institution. Among other things, such criteria relate to the independence, experience and academic qualification of the external auditors. These proposed regulations would also require prior notification to the Bank of Jamaica of proposed appointments. The Bank of Jamaica would also be empowered to object to the appointment of an auditor if, in the view of the Bank of Jamaica, there is evidence that such auditor is not in compliance with the provisions of the regulations.

 

Bank of Jamaica (Credit Unions) Regulations

 

The Bank of Jamaica has drafted regulations applicable to credit unions prescribing prudential criteria and minimum solvency standards covering, inter alia, essential areas such as capital adequacy, liquid assets, credit and provisioning, submission of financial statements and remedial action that can be taken by supervisory authorities with respect to problem credit unions. The industry is currently making further representations on certain areas of the regulations for consideration by the Minister of Finance, prior to finalization and passage.

 

Money Laundering Act and Forfeiture of Assets Act

 

In an effort to combat the problems of drug trafficking, Jamaica passed the Money Laundering Act in late 1996, which became effective on January 5, 1998. This legislation makes money laundering a criminal offense. In addition, financial institutions (broadly defined to include banks, merchant banks, building societies, insurance companies, securities dealers/advisors, currency exchanges and cooperative societies) are required to report suspicious transactions being conducted through accounts of their customers and establish and implement programs, procedures and systems for detecting suspicious transactions. In January 2002, money transfer and remittance agencies were designated financial institutions for the purposes of, and making them subject to all requirements under, the Money Laundering Act.

 

During 1999, Parliament amended the Money Laundering Act. As a consequence of these amendments, the offence of money laundering has been widened to include offences involving corruption, fraud or dishonesty. Previously, money laundering offences only related to dealing with the benefits or proceeds derived from the commission of drug offences. Additionally, the amendments make it a criminal offence for a person to disclose information or any other matter, relating to a money laundering investigation, whether proposed or being carried out, by the designated authority, except to authorized persons or under specific circumstances outlined in the legislation.

 

Pursuant to these amendments, financial institutions (except Cambios whose reporting limit is US$8,000) are now required to report to the Director of Public Prosecutions all cash transactions equal to or exceeding US$50,000 or the Jamaica dollar equivalent.

 

During 2003, the Jamaican cabinet approved the drafting of further amendments to the Money Laundering Act and Regulations to take into account changes in international requirements as stated in the revised 40 FATF recommendations. These amendments will widen the range of predicate offences, adjust threshold reporting requirements, provide an avenue for the future regulation of “gatekeeper” professions, treat with funds transfer activities, and expand the range of tools available for investigation and prosecution of money laundering offences. The requisite Bill was tabled in Parliament and is currently before a Joint Select Committee of Parliament for review.

 

Additionally, in 2004 the Bank of Jamaica upgraded its Anti-Money Laundering Guidance Notes (originally issued during the 1990s) to include, inter alia, provisions consistent with the revised FATF 40 Recommendations of 2003 and the Eight Special Recommendations for Terrorist Financing. The Guidance Notes took effect from August 2004 and provide specific guidance to all institutions supervised by the Bank of Jamaica on the detection and prevention of Money Laundering and the Financing of Terrorism. Further revisions to the Guidance Notes were issued in March 2005 to incorporate among other things, the recent Ninth Recommendation of the FATF on combating of terrorism financing.

 

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The Drug Offences (Forfeiture of Proceeds) Act

 

Jamaica also passed a Drug Offences (Forfeiture of Proceeds) Act in 1994 which became effective that same year. This legislation allows Jamaica to confiscate assets which are used to facilitate drug trafficking. The statute also allows the Jamaican authorities to confiscate assets acquired with the proceeds from the sale and distribution of illicit drugs.

 

The Jamaican Cabinet has also approved drafting instructions on a Proceeds of Crimes statute. The Proceeds of Crime Act will broaden the range of offences (to include all serious crimes) the proceeds of which may be subject to forfeiture. The proposed statute will also address critical issues relating to the investigatory tools necessary to proceed with forfeiture actions, and incorporate new concepts for “civil forfeiture” (i.e. forfeiture without criminal conviction) and “criminal lifestyle”, which effectively acts as a reversal of the burden of proof as regards the acquisition of assets suspected to be derived from or used in connection with criminal activity. The Proceeds of Crime Act will also seek to address all the loopholes currently hampering investigative and prosecutorial efforts to combat money laundering that exist under the current Drug Offences (Forfeiture of Proceeds) Act. The Drug Offences (Forfeiture of Proceeds) Act, which was promulgated in 1994, is designed to provide a scheme for depriving persons who have been convicted of specified drug crimes of the benefits of their illicit activity. The Proceeds of Crime Bill was reviewed and passed by the Legislation Committee of Cabinet and is now being finalized for tabling in Parliament.

 

Terrorism Prevention Bill

 

The Terrorism Prevention Bill was tabled in Parliament in October 2003 to give effect to the UN Convention on the Suppression of the Financing of Terrorism as well as to various other UN Security Council resolutions. This Bill will impose reporting obligations on financial institutions which will assist the authorities in identifying, tracing and ultimately forfeiting assets owned or controlled by terrorists, and will provide law enforcement with the widest range of investigative tools to achieve these objectives. The Terrorism Prevention Bill was passed by the Parliament in March 2005.

 

The Financial Investigations Division Bill

 

The Financial Investigations Division Bill was tabled in Parliament in 2004 and is currently before a Joint Select Committee of Parliament for review. This Bill proposes to give the existing Financial Investigations Division (FID) of the Ministry of Finance the necessary statutory powers and protections to carry out that Division’s mandate of investigating and prosecuting financial crime including money laundering, the financing of terrorism. The statute will also grant to the FID powers to carry out seizure and forfeiture proceeding with regards to proceeds of or instrumentalities used in financial crimes.

 

The FID also operates as Jamaica’s Financial Intelligence Unit (FIU) and the passage of the statute will assist the FID in attaining membership with the Egmont Group of FIU.

 

Performance Targets

 

As part of its overall financial sector stability monitoring strategy the Bank of Jamaica implemented a program of quarterly performance targets with a view to ensuring that all supervised entities meet certain minimum prudential and regulatory standards. Performance targets are set with each institution in certain key operational areas which include capital adequacy in relation to risk management and non-performing loans, asset quality, earnings and liquidity. The Bank of Jamaica assesses each institution’s adherence to the prescribed targets on an ongoing basis through on-site and off-site monitoring.

 

The Stock Market

 

The Jamaica Stock Exchange, or JSE, is the oldest and largest stock exchange in the English-speaking Caribbean. It was established as a private limited company in August 1968, and floor trading commenced in

 

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February 1969. The JSE is a self-regulatory organization, although the Financial Services Commission has regulatory oversight. The JSE has in place a comprehensive code of rules governing members’ conduct and market operations, and has not experienced any market scandal during its 36-year history. The Financial Services Commission also regulates the Jamaican securities industry. Transactions done on the floor of the JSE are settled using a T+3 cycle.

 

The JSE has undertaken several modernization initiatives in recent years. In 1997, the JSE established a formal relationship with the CUSIP Service Bureau for the assignment of international securities identification numbers (ISIN) for Jamaican securities. In 1998, the Jamaica Central Securities Depository Limited, designed in conformity with G-30 standards, was incorporated as a legal entity and began operations on June 1, 1998. In February 2000, the JSE introduced automated trading, and as of May 2000 all securities listed on the JSE are traded remotely from brokers’ offices.

 

A total of 5.2 billion shares (including blocks) traded in 2004, an increase of 21.1% from the 4.9 billion shares traded in 2003. The value of shares traded in 2004 amounted to J$36.0 billion, an increase of 48.5% from 2003. For the first three months of 2005, 920 million shares traded (including blocks), with a total value of J$18.0 billion. In November 2004, Radio Jamaica Limited raised J$258.7 million via a non-renounceable Rights Issue of 57.5 million ordinary shares of J$0.50 each at J$4.50. The JSE ended 2004 with 41 listed companies due to the delisting of West Indies Pulp and Paper on December 10, 2004.

 

The stock market index grew 66.7% from January 1, 2004 to December 31, 2004. In 2004, the index peaked at 122,953.8 points in December and registered a low of 67,599.5 points in January before ending at 112,655.5 at December 31, 2004. On March 31, 2005, the index closed at 111,931.2 points, representing a 0.6% decrease since the beginning of 2005.

 

At December 31, 2004, market capitalization totaled J$879.3 billion, up 71.4% from 2003. The top 10 listed companies account for approximately 14.1% of market capitalization, with the top three listed companies accounting for 4.7% of market capitalization at December 31, 2004. At March 31, 2004, there were 37 domestic companies and four foreign companies listed on the JSE, and market capitalization totaled J$874.7 billion.

 

The following table shows yearly trading data for the Jamaica Stock Exchange for the years 2000 to 2004:

 

Jamaica Stock Exchange Trading Data

 

Period


   Period-End
Market
Capitalization


  

Value

Traded


   Period-End
Market
Index


   No. of
Listed
Companies


   No. of
Brokers


 
     (in millions of J$)    (in millions of J$)                 

2000

   160,135.7    3,441.1    28,893.2    45    8 (1)

2001

   197,717.5    5,948.4    35,723.6    43    10  

2002

   292,297.9    7,636.9    45,396.2    41    10  

2003

   512,884.4    24,237.3    67,586.7    42    10  

2004

   879,297.2    35,994.8    112,655.5    41    11  

(1) Only six active brokers.

 

Source: Jamaica Stock Exchange

 

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