This, in the context of Jamaica's current financial crisis, could be read to mean that the administration, as the prime minister has pledged, has begun to take the necessary tough economic decisions. But we require, as the lawyers say, further and better particulars to be assured that what is on show is not a chimera.

Mr Golding told the Private Sector Organisation of Jamaica that, for the first four months of the fiscal year, to the end of July, the Government spent $18 billion less than was programmed. Extrapolating from this, actual spending for the period would have been around $127.3 billion, or more than 12 per cent below the original allocation.

According to data covering the period April to June, the first three months of the fiscal year the Government spent $98.32 billion or 3.5 per cent less than it projected when the budget was crafted in April.

Fiscal crisis

The intention, before the administration acknowledged the fiscal crisis, was to spend $43.45 billion in July. The Government, however, has been forced to cut back.

What is significant, though, about the July out-turn, is the depth of the chop that would have been required to achieve the $18 billion 'saving' for the first four months of the fiscal year. July expenditure would have been slashed by a third, down to around $29 billion. Which is where the explanation is required.

It is early, we believe, for the central bank's recent cuts in interest rates to have been a significant contributor to the $14.5 billion under-spend in July. And neither is there, as yet, evidence of a major pull back from agreed programmes and projects, although a few steps have been made in this direction.

There are, however, complaints among government suppliers of not being paid, but the volume of these outstanding warrants is not known. In any event, such arrears would only be a minor postponement of the problem, rather than represent the fix required in this crisis.

Control wage bill

In other words, the July numbers require a full explanation - and more. They demand from Mr Golding an outline of the specific measures by which his Government intends to meet its fiscal targets, including keeping the wage bill to no more than nine per cent of GDP and delivering a balanced budget by 2015.

Robust economic growth is the surest way to reach these undertakings, but there has first to be the environment for growth, which implies putting the fiscal house in order.

Interest rate reduction alone is not enough. Here is where Mr Golding's promised tough actions are urgent.

Contracting the size of the public sector is one option which Mr Golding may, however, find politically difficult to aggressively pursue. He, therefore, has to lay out a clear programme of attrition.

Supplemental tax measures are also necessary. Mr Golding has to accept, too, that some of his election undertakings are unsustainable and have to be rescinded.

It is urgent that the PM get into stride as mobiliser-in-chief, taking advantage of the confluence of circumstances that are in his favour: the global recession and an organisationally impotent opposition.

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