Finance Minister Fayval Williams says new revenue measures will feature in budget

Finance Minister Fayval Williams has indicated that new revenue measures will feature in the budget, as government seeks to close the fiscal gap created by hurricane Melissa.

According to the independent fiscal commission’s economic and fiscal assessment report, published in January, the storm caused an estimated 8.8 billion US dollar damage, which is about 41% of the gross domestic product, GDP.

In a statement yesterday, the Finance Minister noted that the disaster has reduced government revenue and created a fiscal gap that will need to be addressed through measured steps, including the introduction of new revenue measures.

she said Jamaica’s upcoming budget must strike a balance between recovery efforts following hurricane Melissa and the government’s ongoing responsibilities.

The minister emphasized that any borrowing must be strategic.

This means it should be directed towards capital investments that build resilience.

She also stressed that the vulnerable will be protected.