KINGSTON, Jamaica, CMC -Finance Minister Fayval Williams will on March 10 open the 2026-2027 Budget Debate and tell the country how the Government will plug the hole in the J$1.4 trillion budget.
With Government revenues severely imperiled by Hurricane Melissa, Williams previously announced a raft of new taxes on February 12 aimed at raising an estimated $29.5 billion for the 2026/27 Fiscal Year. However, there will still be a shortfall.
new taxes – $10.1 billion – will be raised through a tax on sweetened non-alcoholic beverages. It is the first time in 10 years that the Government is imposing new taxes, and Williams remarked that “it took a Category 5 hurricane for that to happen.
It will be one of the most closely watched budget debates in recent times, commencing less than five months after Jamaica was hit by the joint-strongest hurricane on record. Hurricane Melissa, which made landfall on October 28, caused an estimated US$8.8 billion in physical damage and wiped out 40 per cent of gross domestic product.
On Thursday, March 12, Opposition Spokesman on Finance, Julian Robinson, will provide the Opposition’s response when he makes his contribution to the debate. Robinson has previously said that imposing new taxes will lead to no growth.
Opposition Leader Mark Golding will make his contribution to the Budget Debate on Tuesday, March 17, followed by Prime Minister Dr. Andrew Holness on Thursday, March 19. Williams will close the debate on Tuesday, March 24.
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