Opposition spokesperson Julian Robinson has expressed concerns about the Government’s handling of revenue shortfalls in the current fiscal year, urging Finance Minister Nigel Clarke to provide full disclosure on the macroeconomic implications.

Robinson noted the necessity for transparency, stating, “The minister [Clarke] needs to tell the country which programs will be negatively impacted by this revenue shortfall and whether the $25 billion of give-backs he announced in March are sustainable. Furthermore, the minister must explain whether the achievement of key fiscal targets in the current fiscal year will be compromised.”

The People’s National Party’s (PNP) apprehension stems from what it is calling a lack of information surrounding the financing of projected revenue measures, particularly the J$25 billion expected from the securitisation of receivables.

Robinson reiterated his call for openness regarding this arrangement, projected to generate J$45 billion for the fiscal year.

These concerns being raised by the PNP come after recent disclosures from the Ministry of Finance and the Public Service, revealing what they have noted as a significant underperformance in government revenues for the fiscal year 2023/24.

Total revenues fell short by J$22.4 billion, with tax revenues lagging by J$24.8 billion.

Consequently, the government achieved a fiscal balance surplus of only 0.04 per cent of GDP (J$1.1 billion), missing the target of 0.3 per cent of GDP (J$9.1 billion).

Robinson stressed the significance of precise financial projections in maintaining public trust in the national budget process, thereby promoting stability and predictability in government financial management.

In turn, the PNP is demanding that the Government review and adjust its financial strategies, advocating for growth-inducement strategies to boost revenue collections and meet fiscal targets.