Jamaica’s economy to shrink by 2.1% in Q3! | (तीसरी तिमाही में जमैका की अर्थव्यवस्था में 2.1% की गिरावट आएगी )

Main Points In Hindi (मुख्य बातें – हिंदी में)

1. आर्थिक गिरावट: तूफान बेरिल के कारण पर्यटन में कमी और आर्थिक अव्यवस्था के चलते, जमैका की अर्थव्यवस्था में तीसरी तिमाही में 2.1 प्रतिशत की गिरावट का अनुमान है, जिससे वित्तीय वर्ष 2024/25 में केवल 0.2 प्रतिशत की वृद्धि की उम्मीद जताई गई है, जो पहले 1.8 प्रतिशत की वृद्धि के अपेक्षा से कम है।

2. बजटीय अनुपूरक अनुमान: वित्त मंत्री डॉ. निगेल क्लार्क ने प्रतिनिधि सभा में 2024/25 वित्तीय वर्ष के लिए $40.7 बिलियन का पहला अनुपूरक बजट प्रस्तुत किया, जो मुख्य रूप से तूफान बेरिल के पुनर्प्राप्ति प्रयासों से संबंधित है।

3. विभिन्न कार्यक्रमों के लिए अनुदान: आवर्ती कार्यक्रमों के लिए $31.3 बिलियन की वृद्धि की गई है, जिसमें कई सार्वजनिक निकायों और स्थानीय सरकारों को अतिरिक्त अनुदान राशि शामिल है, जो तूफान के प्रभाव से उबरने के प्रयासों में मदद करेगी।

4. ब्याज भुगतान में वृद्धि: ब्याज भुगतान मूल बजट से $9.6 अरब ज्यादा होने का अनुमान है, जो ब्याज दरों में समायोजन का परिणाम है, जबकि आवर्ती खर्चों में वृद्धि पूंजीगत व्यय में $12.1 बिलियन की कमी के साथ समायोजित की जा रही है।

5. राजस्व प्रवाह: अतिरिक्त राशि का वित्तपोषण मुख्य रूप से अनुमानित अतिरिक्त राजस्व और अनुदान प्रवाह के माध्यम से किया जाएगा, जिसमें $40.2 बिलियन की अतिरिक्त राशि का अनुमान लगाया गया है, जिसमें $33.2 बिलियन का अतिरिक्त गैर-कर राजस्व भी शामिल है।

Main Points In English(मुख्य बातें – अंग्रेज़ी में)

Here are the main points regarding the economic situation in Jamaica due to the impact of Hurricane Beryl:

1. Economic Contraction: Jamaica’s economy is expected to contract by 2.1% in the third quarter of the calendar year, primarily due to economic disruption caused by Hurricane Beryl and a decline in tourism.

2. Revised Fiscal Projections: Finance Minister Dr. Nigel Clarke indicated that the country may experience a contraction of 0.2% for the fiscal year 2024/25 instead of the initially projected 1.8% growth, highlighting the significant impact of recent events.

3. Supplementary Budget Proposal: A supplementary budget proposal was introduced that adds $40.7 billion to the national budget, largely in response to recovery efforts from Hurricane Beryl, which struck on July 3.

4. Increased Expenditures: There is a significant increase in recurrent expenditures of $31.3 billion, which includes $11.8 billion allocated for additional spending related to recovery from the hurricane.

5. Funding Sources: The additional funding is expected to come from an estimated $40.2 billion in extra revenue and grant flows, notably $33.2 billion from non-tax revenue and $5.8 billion from tax revenue, along with $4.4 billion in available cash resources.

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Complete News In Hindi(पूरी खबर – हिंदी में)

Complete News In English(पूरी खबर – अंग्रेज़ी में)

Jamaica’s Economic Outlook Post Cyclone Beryl

Jamaica’s economy is expected to decline by 2.1% in the third quarter of the calendar year due to economic instability caused by Cyclone Beryl and a decrease in tourism growth.

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Finance Minister Dr. Nigel Clarke noted that these developments represent a significant economic shock, predicting a contraction of 0.2% for the fiscal year 2024/25, which is lower than the initially expected growth of 1.8%.

He made these comments while addressing the House of Representatives, where he presented the first supplementary budget proposal for the fiscal year 2024/25, which adds $40.7 billion to the national budget.

This additional funding is largely connected to the recovery efforts from the destruction caused by Cyclone Beryl, which impacted the country on July 3. Clarke explained that the increased expenditure is due to rising recurring costs in the budget, including both debt and non-debt expenses.

In particular, recurring program expenses rose by $31.3 billion, which includes $11.8 billion allocated for recovery efforts from the cyclone.

The extra grants also cover various public entities such as the University of the West Indies, the University of Technology, the Jamaica Urban Transit Company, and the National Water Commission, among others. Additional funding is being allocated to local governments as well.

Clarke mentioned that part of the increase in recurring programs includes funds for early activities associated with the SPARK program, which involves designing and ordering pipes for specific projects.

Furthermore, wages and salaries are projected to increase by $11.6 billion due to additional costs arising from the implementation of a restructured public sector compensation system in its third year.

The Finance Minister also informed the House that interest payments will exceed the original budget by $9.6 billion, primarily due to adjustments in interest rates.

He explained that the increase in recurring expenses is partially offset by a reduction of $12.1 billion in capital expenditures, which reflects the need to adjust short-term provisions for capital programs due to recovery costs related to Cyclone Beryl and preparations for the SPARK program.

The additional funds will mainly be financed through an estimated extra revenue and grant inflow of $40.2 billion, which includes $33.2 billion in non-tax revenue and $5.8 billion in tax revenue.

The increased non-tax revenue flow also includes anticipated revenue from the monetization of Norman Manley International Airport’s revenue streams, which will provide $4.4 billion in available cash resources to meet these financial needs.

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