$96 billion in missed opportunities

NEARLY $100 billion allocated to Jamaica’s capital budget over the past decade went unspent, leaving major road, water, and health infrastructure projects severely underfunded and depriving Jamaicans across the island of critical improvements, Opposition Senator Ramon Small-Ferguson has charged. He made the claim during his contribution to the State of the Nation Debate in the Senate on October 9, arguing that the Government’s failure to utilise the allocated funds has hampered investment in essential public infrastructure. According to Small- Ferguson, the economic reforms that started under the Portia Simpson Miller Administration, when Dr Peter Phillips was finance minister, created the fiscal space from which the current Andrew Holness-led Government has benefited.

But, he lamented what he called “missed opportunities”. Citing that the country’s capital budget finances roads, water systems, hospitals, and other infrastructure that improve public services and expand our capacity to grow, Small-Ferguson said, “Budgeting for that investment is a commitment. Delivering it is the responsibility [of Government].” The Opposition senator told Parliament that over the 10 financial years from 2016/17 to 2025/26, approximately $635.7 billion was originally budgeted for capital expenditure by central government.

Of that amount, approximately $539.4 billion was actually spent. “That is a cumulative shortfall of $96.3 billion,” he noted. Small-Ferguson highlighted that actual expenditure fell below the original allocation in nine of the 10 years.

He said approximately $61.8 billion of the cumulative gap arose through budget reductions while another $34.5 billion remained unspent against revised allocations. The lawmaker, who is also chief executive officer at Barita Investments Limited, outlined that in 2023/24 the Government originally budgeted $75.4 billion and spent $55.9 billion, leaving a $19.5-billion gap. In 2024/25, delivery fell $22.5 billion short of the original allocation, while in 2025/26 it was $14.8 billion short.

Reiterating that this was a “massive missed opportunity”, Small-Ferguson stated that a $96.3-billion shortfall could fund a “massive programme of works”. “It could fit four Cornwall Regional Hospital redevelopments; it could fit two SPARK programmes; we could build 10 Spanish Town Hospital redevelopment projects; we could do seven Rio Cobre W…