DR. THE HON. NIGEL CLARKE, MP MINISTER OF FINANCE AND THE PUBLIC - PDF document

DR. THE HON. NIGEL CLARKE, MP MINISTER OF FINANCE AND THE PUBLIC SERVICE OPENING BUDGET PRESENTATION 2019/20 MARCH 7, 2019

1.0 INTRODUCTION ........................................................................................................................ 4 4 1.1 SALUTATIONS & EXPRESSIONS OF GRATITUDE ...................................................................... 5 1.2 BRIEF BIOGRAPHY ................................................................................................................................. 6 1.3 TAKING STOCK OF HOW FAR WE HAVE COME ......................................................................... 7 1.4 IMF PROGRAMME ................................................................................................................................... 9 1.5 GROWTH WITH EQUITY ...................................................................................................................... ................................................................................................ 10 2.0 ECONOMIC INDEPENDENCE 2.1 BOJ MODERNISATION ....................................................................................................................... 11 2.2 FISCAL COUNCIL .................................................................................................................................. 12 2.3 FINANCING OF DISASTER RISK ..................................................................................................... 13 3.0 OVERVIEW OF 2018/19 ACHIEVEMENTS ...................................................................... 14 4.0 OTHER POLICY PRIORITIES FOR 2019/20 .................................................................... 17 4.1 PUBLIC PROCUREMENT REFORM ............................................................................................... 17 4.2 PENSION REFORM .............................................................................................................................. 18 4.2.1 Private Pension Reform ................................................................................................................ 18 4.2.2 Government Pension Reform ...................................................................................................... 18 4.3 PUBLIC SECTOR REFORM ................................................................................................................ 19 4.3.2 Wage Bill Agreement ..................................................................................................................... 19 .................................................................................................... 19 4.3.3 Public Sector Transformation 4.3.4 Tax Office Modernisation ............................................................................................................. 20 4.4 FINANCIAL DEEPENING ................................................................................................................... 20 4.4.1 The Opportunity ............................................................................................................................... 20 ............................ 21 4.4.2 Improving Access to Financing through Factoring of Receivables 4.4.3 Improving access to capital markets ...................................................................................... 21 4.4.4 Independent ratings for issuers of private debt ................................................................. 21 ............................................................................................................ 22 4.4.5 Foreign Exchange Market 4.5 GOVERNANCE ....................................................................................................................................... 22 4.6 OTHER LEGISLATIVE PRIORITIES ............................................................................................... 22 4.6.1 Micro Credit Act ............................................................................................................................... 22 ............................................................................................................... 23 4.6.2 Credit Union Legislation 4.6.2 Customs Act ........................................................................................................................................ 23 5.0 OVERVIEW OF 2019/20 CENTRAL GOVERNMENT EXPENDITURE BUDGET ...... 23 5.1 NON-DEBT EXPENDITURE .............................................................................................................. 23 ................................................................................................................... 24 5.2 CAPITAL EXPENDITURE 5.2.1 National Security ............................................................................................................................. 24 5.3.2 Infrastructural Works ................................................................................................................... 26 ........................................................................................... 26 5.4 ECONOMIC OPPORTUNITY FOR ALL 5.4.1 Rural Water ....................................................................................................................................... 26 5.4.2 Agriculture growth and development .................................................................................... 27 5.4.3 Access to Finance for the MSME Sector ................................................................................. 27 5.4.4 Side Car Fund .................................................................................................................................... 28 5.4.5 Human Capital Development ..................................................................................................... 28 5.4.5.1 School Upgrade ....................................................................................................................................................... 28 5.4.5.2 Funding for Tertiary Education ........................................................................................................................ 28 5.4.5.3 BPO Upskilling .......................................................................................................................................................... 30 ....................................................................................................... 30 5.4.5.4 Funding for Research and Development 2