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Page 43

Government of Jamaica+Policy+Framework">Jamaica Policy Framework and Procedures Manual for the Privatisation of Government Assets October 2012 (Revised December 2017)

36

Commission Based Fees The Privatisation Agency may charge a commission of between 1% to 5% of the sale proceeds of the privatisation project. In addition, a quarterly administration fee may be negotiated, as deemed necessary.

Flat Fees The Privatisation Agency may charge flat transaction fees (payable on the achievement of project milestones) and may charge a non-refundable retainer (being up to 25% of the total fees).

Monitoring Fees Where the Privatisation Agency’s Terms of Reference will include the monitoring of privatised assets, a separate monitoring fee must be negotiated with the MDA. Specifically, where lease collections are being monitored a monitoring Fee of 10% of lease income received plus out of pocket expenses which are to be reimbursed to the DBJ. In the case of the monitoring a vendor’s mortgage the monitoring fee will be negotiated with the MDA.

10.0 USE OF PRIVATISATION PROCEEDS 10.0.1 Proceeds of Privatisation

The following charges will be made against the gross privatisation proceeds:  Direct privatisation costs to the entity, including privatisation fees,

 Staff obligations – redundancy costs  Tax obligation of the company/entity being privatised  Secured debt obligations of the company being privatised including loans

from Government of Jamaica and other financial institutions or guaranteed loan of the GOJ (unless the purchasers have agreed to assume debt obligations)

 Unsecured creditors (as negotiated by the entity)

Where the privatised assets are owned by the Accountant General, net proceeds of privatised entities will be placed in an Escrow Account and may be distributed as follows:

 Provisions for budgetary support to the Ministry of Finance.  Special funds for capital projects  Paid over to the Consolidated Fund

The distribution of proceeds in this case is to be approved by the Ministry of Finance.

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June 12, 2021


Page 216

Head No. 6700

and Title: Ministry of Water, Land, Environment and Climate Change

P R O P O S A L S

FIRST SUPPLEMENTARY ESTIMATES 2013/2014

$000

Activity/

Project

No.

Service & Object of

Expenditure

Approved

Estimates

2013/14

Approved

New

Estimates

Remarks & Object Classification Provided

by Law

(Statutory)

Supplementary

Estimates

Savings or

Under

Expenditure

SUB PROGRAMME 20 - WATER RESOURCES AUTHORITY

1736 Grant to Finance Operating Expenses 144,427.0 2,725.0 147,152.0 Additional requirements are as follows:

(i) Appropriations In Aid 7,300.0

(ii) Consolidated Fund 450.0

7,750.0

Revised requirements are as follows:

(i) Travel 1,700.0

(ii) Rental 675.0

(iii) Goods and Services 1,000.0

(iv) Local grants 185.0

(v) Equipment 1,465.0

5,025.0

Additional

30 Grants and Contributions 2,725.0

FUNCTION 19 - PHYSICAL PLANNING AND DEVELOPMENT

PROGRAMME 376 - LAND USE PLANNING AND

DEVELOPMENT

SUB PROGRAMME 20 - NEGRIL/GREEN ISLAND AREA, LOCAL

PLANNING AUTHORITY

0163 Grant for Direction and Administration 14,318.0 594.0 13,724.0 Revised requirement

Reduction

30 Grants and Contributions 594.0

SUB PROGRAMME 22 - PLANNING AND POLICY DEVELOPMENT

1323 Development of Physical Plans, Policies and Standards 14,211.0 776.0 13,435.0 Revised requirement

Reduction

21 Compensation of Employees 755.0

25 Purchases of Other Goods and Services 30.0

31 Purchase of Equipment (Capital Goods) 121.0

906.0

Additional

22 Travel Expenses and Subsistence 130.0

130.0

Net reduction 776.0

6700 - 216

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June 12, 2021


Page 99

Ministry of Finance and the Public Service Fiscal Policy Paper 2021 Page 99

Monetary Policy The Bank+of+Jamaica">Bank of Jamaica Act outlines that the Bank">Central Bank should maintain a Reserve Fund consisting of net profits transferred at the end of each fiscal year. When the fund exceeds the Bank’s authorised capital, the excess should be transferred to the Consolidated Fund. Likewise, if the Bank realises net losses exceeding the amount held in the Reserve Fund at the end of the Bank’s fiscal year, the excess is to be paid to the Bank from the Consolidated Fund. The operations of the Bank">Central Bank therefore entail upside and downside risks.

Government Policy Changes

Government policy changes have the potential to adversely impact both revenue and expenditure and ultimately key fiscal targets, in the absence of compensatory measures.

Source: MOFPS Economic Growth GDP growth is one of the key macroeconomic indicators that inform revenue forecasting. As such, growth deviations from expectations can have significant effects on baseline revenue and by extension, fiscal outcomes. Figure VII (a) and Figure VII (b) below show the difference between growth projections and actual outturns for both nominal and real GDP over the period FY 2016/17 to FY 2019/20, and estimated outturns for FY 2020/21. Actual GDP growth has generally fallen short of projections as suggested by the various negative forecast errors. For FY 2020/21 nominal GDP growth and real GDP growth are estimated at -8.2% and -11.6% respectively, resulting in forecast errors of - 7.1 and -6.5 percentage points. This significant deviation was as a result of the onset of the COVID-19 pandemic in March 2020, which resulted in a slowdown of economic activity from the closure of industries such as tourism and entertainment. Figure VII (a): Nominal GDP Projections vs. Actual Outturns

Source: MOFPS Note: Projections and actual outturns are read in percentage (%) and forecast errors are read in percentage points (pp).

Figure VII (b): Real GDP Projections vs. Actual Outturns

Source: MOFPS Note: Projections and actual outturns are read in percentage (%) and forecast errors are read in percentage points (pp).

Real GDP growth for FY 2021/22 is projected at 5.2%. The fan chart in Figure VII(c) captures the level of uncertainty surrounding the medium term projections for real GDP growth. For

-8.0

-4.0

0.0

4.0

8.0

Pe rc

en t(

% )/

Pe rc

en ta

ge P

oi nt

(p

p)

Forecast Error Projection Actual

-12.0

-8.0

-4.0

0.0

4.0

Pe rc

en t (

% )/

Pe rc

en ta

ge P

oi nt

(p

p)

Forecast Error Projection Actual

...
June 12, 2021


Page 157

153

11.7 Financial Assets’ Definition

A financial asset is defined as one of the following:

 Cash or cash equivalent;

 Equity instruments of another entity; and

 Contractual right to receive cash or another financial asset from another entity or to exchange financial

assets or financial liabilities with another entity under conditions that are potentially favourable to the

entity.

11.8 Financial Assets Codes

C O S1 S2 Description GFS Legacy 2014-15 Legacy2013-14

and before

O S1 S2 S3

4 0 0 0 FINANCIAL ASSETS

4 1 00 00 FINANCIAL INVESTMENT

4 1 01 00 Financial Investment – Local 321

4 1 01 01 Purchase of Equity – Private Corporations 321 32 10 13 13 330100

4 1 01 02 Purchase of Equity – Public Corporations 321 32 10 01 14 330200

4 1 01 03 Purchase of Debt Securities – Private Corporations 321 32 10 01 14 330200

4 1 01 04 Purchase of Debt Securities – Public Corporations 321 32 10 01 14 330200

4 1 02 00 Financial Investment – Foreign

4 1 02 01 Purchase of Equity – Private Corporations 321 32 10 01 14 330200

4 1 02 02 Prchase of Equity – Public Corporations 321 32 10 01 14 330200

4 1 02 03 Purchase of Debt Securities – Private Corporations 321 32 10 01 14 330200

4 1 02 04 Purchase of Debt Securities – Public Corporations 321 32 10 01 14 330200

4 2 00 00 LOANS

4 2 01 00 Loans Receivable - Local 3214

4 2 01 01 Loans to Government Employees 3214 360200

4 2 01 02 Loans to Public Enterprises and Statutory Bodies 3214 360400

4 2 01 03 Loans to Local Authorities 3214 360500

4 2 01 04 Loans to Private Non-Profit Organizations 3214 360300

4 2 01 05 Loans to Private Corporations 3214 360600

4 2 01 06 Loans to Private Individuals 3214 360100

4 2 01 07 Advance to employees 3214

4 2 01 08 Advance to other Government Entities 3214

4 2 01 09 Advance to Private Entities 3214

4 2 01 99 Other Loans Receivable 3214

4 2 02 00 Loans Receivable - Foreign 3224

4 2 02 01 Loans to Foreign Government 3224

4 2 02 99 Other Foreign Loans Receivable 3224

4 3 00 00 OTHER DOMESTIC FINANCIAL ASSETS

4 3 01 00 Domestic Currency and Deposits- Treasury 3212

4 3 01 01 Consolidated Fund Principal Bank Account 3212

4 3 01 02 Consolidated Fund Subsidiary Bank Accounts 3212

4 3 01 10 Treasury Single Bank Account 3212

4 3 01 15 Treasury Deposit Bank Accounts 3212

4 3 01 18 Contingencies Fund Bank Account 3212

4 3 01 20 Revenue Bank Accounts 3212

4 3 01 80 Proceeds from Divestment 3212

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June 12, 2021


Page 14

2016-2017 JAMAICA BUDGET STATEMENT II

DETAILS OF REVENUE AND LOAN RECEIPTS

SUMMARY

Recurrent Revenue 404,715,110,140 442,843,955,770 452,361,342,748 476,026,135,252 23,664,792,503 0

Capital Revenue 8,059,782,420 10,477,800,000 9,884,209,757 20,457,926,178 10,573,716,421 0

Transfers from Capital Development Fund 0 4,779,700,000 0 2,818,194,200 4,779,700,000 Loan Receipts 174,006,111,856 128,930,126,000 298,755,497,100 89,384,400,000 (209,371,097,100)

TOTAL 586,781,004,416 587,031,581,770 761,001,049,605 588,686,655,630 (170,352,888,175) The Consolidated Fund Receipts are subject to change

13

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June 12, 2021


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