Prime Minister Andrew Holness has emphasized that good management of the country’s economy has resulted in a reduction in the provision for principal debt repayment in the new budget.

On Thursday, Finance Minister Fayval Williams tabled the Estimates of Expenditure for the 2025/2026 fiscal year, which outlined the government’s plan to spend $1.3 trillion.

Recurrent expenditure is set at $1.19 trillion, while capital expenditure is set at $62.5 billion.

Speaking during the handing over of a house under the new Social Housing Programme in Colleyville, Manchester on Friday, Mr. Holness noted that the new budget has $154 billion less in debt repayment.

The current fiscal year, which ends in March, has 317 billion dollars for debt repayment.

Mr. Holness added that for the new fiscal year, interest repayment will be reduced by about $4 billion.

The new budget also has a reduced percentage for tax revenues collected and interest on debt paid.