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Ahead of today’s Budget presentation, there is increasing speculation that the Government may be returning to the International Monetary Fund (IMF).
Historically there is reservation about borrowing money from the IMF, because of the conditions attached.
However at least one political commentator says this may be among the tough decisions that the Prime Minister has been hinting at in the past few weeks.
Today the Finance Minister Audley Shaw will only table the Estimates of Expenditure for the 2009/2010 Budget.
Its what the Prime Minister has described as one of the toughest ever-crafted in Jamaica.
On April 23, Mr Shaw returns to the House, to tell the nation how the Government intends to fund the Budget.
It’s at that time the political analyst Claude Robinson expects the announcement that Jamaica will be heading back to the IMF.
In a clear attempt to indicate that there will be significant cutbacks in the upcoming Budget, the Prime Minister has announced that he’s taking a 15 percent pay cut.
He has asked other MPs to take a 10 percent pay cut and yesterday Mr Golding reduced his Cabinet by two members in a bid to save expenses.
Mr Robinson says the move by the Prime Minister is merely symbolic and will not compensate for other inevitable cuts.
The Estimates of Expenditure are to be presented in Gordon House at 2 p.m. this afternoon.
This will be after the ceremonial opening of Parliament to mark the start of the new fiscal year.
During the ceremonial opening Governor General Dr Patrick Allen will present his first throne speech.
The Throne Speech is an outline of the Government’s plan for the 2009/2010 fiscal year.
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