Luis Alberto Moreno (left), president of the Inter-American Development Bank (IDB), shakes hands with Prime Minister Bruce Golding (second left) while Audley Shaw (second right), minister of finance and the public service, and Don Wehby, minister without portfolio in the finance ministry, look on during the signing of the contract for the US$329-million loan between the Government and the IDB at Jamaica House in St Andrew yesterday. - Rudolph Brown/Chief Photographer

THE LONG-AWAITED supplementary estimates will not be tabled in Gordon House today.

Finance Minister Audley Shaw promised in November that the revised estimates would have been tabled at the first sitting of the House in the New Year.

However, that commitment was not honoured last Tuesday and Shaw's personal assistant told The Gleaner yesterday that the supplementary estimates will "most likely be tabled next week".

The Government has so far missed most of its fiscal targets for the 2008/2009 year.

Urgent

Opposition Spokesman on Finance Dr Omar Davies, who had said that Shaw's $489.5-billion budget was not credible, told The Gleaner yesterday that it was important that the finance minister take the revised estimates to the House urgently.

Aside from revealing to what extent the Government is sticking to its budget, Davies said the private sector uses it as an instrument for business decisions.

The finance minister had budgeted to spend $28.3 billion at the end of November on capital projects but had spent only $18.3 billion, according to Ministry of Finance data.

The Government had also budgeted to spend $66.8 billion in wages and salaries at the end of November. However, this area has been overspent by $521 million.

Below projections

Meanwhile, the Government's tax revenue and grants combined are far below projections. The State intended to collect $183.4 billion at the end of November, but was $13.7 billion below target.

Tax revenues in particular were $10.6 billion below target and the bauxite levy was $1.7 billion off as the bauxite alumina industry continues to take a battering from the global economic meltdown.

Meanwhile, Prime Minister Bruce Golding has lauded Shaw for his handling of the economy.

Noting that the current global economic crisis has tremendously affected the country, Golding said Jamaica would have been in a far worse position were it not for the finance minister.

"We would have faced total disaster were it not for the initiatives that were taken by Shaw to ensure that we can secure the financing to keep the country going," Golding said while speaking at a Jamaica Labour Party (JLP) Area Council One meeting at Kingston High School, downtown Kingston, on Sunday.

Golding, who is also JLP leader, said that despite the rough seas, the Government did a fair job of keeping the Jamaican economy afloat last year.

daraine.luton@gleanerjm.com

Davies