Word out of the Office of the Prime Minister is that contrary to the previous announcement that the Supplementary Estimates would be tabled in the House of Representatives next Tuesday, this deadline will not be met.

Instead, Information Minister Daryl Vaz has stated that the Government now expects to table the estimates on September 22 and convene the meeting of the Standing Finance Committee the very next day to approve the estimates that very afternoon.

This is a most unrealistic timeline for the deliberations on the proposed estimates. Members on both sides of the House will need much more time to review the proposed changes in each ministry line by line, and to compare this with the previously presented Estimates of Expenditure.

And given the significance of the cuts and other adjustments that are being contemplated, the House will need at least a week to review the numbers.

In addition, the minister of finance and the new financial secretary should be prepared to be quizzed in depth on the intricate details of the changes in expenditure, the rationale for the decisions taken, and the implications for the sustainability of some of the programmes which have been cut. The same goes for the other ministers and permanent secretaries.

Then, there is the issue of the build up of arrears in the system attributable to each ministry and its agencies, as well as the current state of off-balance sheet obligations that will sooner or later have to be brought on to the central government books.

Parliamentarians should be given revised tax and revenue estimates for the rest of the fiscal year.

And they should be asking pertinent questions about the state of the divestment process and the anticipated revenue to be garnered during the current fiscal year, and how this corresponds with the original estimates tabled in the Financial Statement and Revenue publication.

The activities and the financial health of public bodies/funds such as the Port Authority of Jamaica, Petroleum Corporation, the National Insurance Scheme, National Health Fund, National Housing Trust and the Tourism Enhancement Fund will also draw some attention. The same will be the case for the loss-making entities such as Air Jamaica, Sugar Company of Jamaica and JUTC.

Certainly some attention will have to be paid to the details of the Medium Term Economic Framework that is the underpinning of the current negotiations with the International Monetary Fund for a standby agreement, and the way forward for the next three years.

Now that the liability management programme is off the table, the management of the public debt, the steps to be taken to reduce the public-sector wage bill, and tax reform become the big-ticket items for the next few years.

In essence, this is not a typical review of Supplementary Estimates at the end of a financial year that is tying up loose ends and reviewing decisions that have already been taken.

This review will cover expenditure by the Government for the next six months of the fiscal year. And given the fact that the Parliament has not yet been presented with the details of the conditionalities to the IMF agreement, it would seem unrealistic to believe that the Parliament will be able to deliberate on the Supple-mentary Estimates in one day.

As things stand, the timeline to sign the letter of intent with the IMF is getting shorter each day. And it is not yet a done deal.

Much is riding on the tabling of a credible Supplementary Estimates, which will be the true budget for fiscal year 2009-2010, and the conclusion of a deal with the IMF in October for which few see little alternative.

renee.shirley@gleanerjm.com