5
PUBLIC SECTOR INVESTMENT STRATEGY-2013-2015
17.
For the 2013 fiscal year and continuing, Government reintroduced the three-year Public
Sector Investment Programme (PSIP) (2013-2015) to achieve greater operational focus and
improve the effectiveness of its capital expenditure activities. A key feature of the three year
PSIP is the investment strategy which is critical to
the achievement of the policy measures and
strategies outlined in the Medium Term Policy Framework (MTPF) 2011-2014. The investment
strategy will facilitate the channelling of resources into growth-enhancing activities that are
income and wealth generating and contribute to the reduction of poverty levels. It will also focus
on capital formation to provide the appropriate infrastructure for increased productivity and
competitiveness.
18.
The total public investment envisaged for the 3-year PSIP was projected to be $23,000
million. Specifically, Government estimated its annual investment to be $7,500 million in 2013,
$8,284 million in 2014 and $7,199 million in 2015. Overall, in terms of the strategic priorities,
Economic Growth, Job Creation, Competitiveness and Innovation was projected, at 34.1%,
Poverty Reduction and Human Capital Development 34.2%, Crime, Law and Order 9.7%,
Agriculture and Food Security 5.6%, and Health Care Services and Hospitals 8.8%, respectively,
of the overall medium term public investment budget.
19.
For the first year of the new 3-year PSIP, total public investment was projected at $7,500
million. However, actual investment revised to $8,268.1 million (see table below).
Strategic Priority
Allocation
2013
%
Revised
2013
%
Allocation
2014
%
Crime, Law and Order
727.8
9.7
681.1 9.6
850.8 10.5
Agriculture and Food Security
423.2
5.6
477.5 5.8
285.9
3.6
Health Care Services and
Hospitals
662.2
8.8
656.1 7.9
721.8
9.0
Economic Growth, Job
Creation, Competitiveness &
Innovation
2,556.8
34.1
2,702.8 31.4
2,970.8 37.1
Poverty Reduction & Human
Capital Development
2,561.4
34.2
3,287.9 39.8
2,578.0 32.2
Facilitative Priority Initiatives
568.6
7.6
462.7 5.6
592.7
7.4
GRAND TOTAL
7,500
100
8,268.1 100
8,000
100
20.
While quantify the long term achievements of the investment strategy in terms of
variables such as sustainable employment and poverty reduction cannot be immediately
measured, the following represents some of the institutional type activities that were executed to
support the investment strategy.
21.
Several key pieces of legislation are before Parliament and are in various stages of the
legislative process. These include amendments to the Exchequer and Audit Act which will
facilitate electronic monetary transaction with Government and the Electronic Transactions Act
