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As usual, I must begin by expressing appreciation to all my colleagues who have assisted with this process leading to my opening this Budget Debate prior to the Easter break. Hopefully it will allow us once more to complete the exercise before the end of the month. Grateful for the continued support of various officials throughout the year but especially during the period of preparation for the Debate. The Financial Secretary and the staff of the Ministry of Finance; Governor of the Bank of Jamaica and the staff of that institution; Director General of the Planning Institute and the staff, as well as the Acting Director General of STATIN and the staff. Need also to express special appreciation to Dr Owen Jefferson and the Special Task Force established to bring the FSC into being. The numerous pieces of documentation which have been tabled are not only an indication of the continuing high output from these institutions but also provide all of us – members of this Honourable House, as well as others outside with adequate information to analyze developments in the economy. On a personal note, this is the eighth budget debate which I have had the honour of opening. It is also significant that it equals the highest number of consecutive budget presentations by a Minister of Finance - speeches, the other person being the Leader of the Opposition. Thanks to constituents. This year has seen certain significant changes, perhaps the most important being the opening of the deliberations of the Standing Finance Committee to the media and to the public. At the same time, in partial response to the reassessment of the budget process, we have had earlier this year, a preview of the major factors influencing both the size and structure of the budget. Hence, there have been few surprises to date. Much has already been spoken about the rationale behind opening the Standing Finance Committee to the media and the public. Apart from being a party to that decision, I should indicate that I believe it will redound to the benefit of everyone although maximum positive results can only be reaped if everyone behaves in a responsible manner. For members of this Honourable House, whilst no one is seeking to mute discussions, at the same time, we have a major obligation, particularly now that we are under the public microscope, to conduct national affairs in a manner befitting our special positions. From the point of view of the media, let me begin by paying respect to those who have as their primary responsibility covering the affairs of Parliament. However, I have also noted that there are many who comment on parliamentary issues but who never grace us with their presence at the actual deliberations, and so they have no option but to carry out analyses based on the reports of others. Too often what gets highlighted in reports are the occasional demonstrations of enthusiasm, with the substance of the debate ignored. Hence, as we seek to offer more information and to make more transparent our deliberations, I would urge decision-makers in the media houses to demonstrate, a recognition of the importance of Parliament, the institution and that which transpires there. As regards the structure of my presentation, as is customary, I will begin with an examination of the year in review. In certain instances I will speak about calendar year 2000 and in others the fiscal year to date which, in most cases, will be up to February. Following that, I will speak to the medium term framework and then I wish to spend some time on the rehabilitation of the financial sector. Following this discussion, it is logical to examine the strategy for managing the country’s stock of debt as this represents the major challenge of the fiscal year and for the medium term. I will briefly examine some highlights of the expenditure budget and indicate how it will be financed. This will bring me to the close of presentation, in which I will have some thoughts to share with the country about the way forward. || Table of Contents | Next ||
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