Govt Pressing Ahead With ERP – PM

Prime Minister, the Most Hon. Portia Simpson Miller, says the Government will be pressing ahead with the Economic Reform Programme (ERP), noting that Jamaicans stand to benefit from the debt reduction and growth-inducing measures being put in place.

The ERP is aimed at achieving fiscal consolidation, macro-economic stability, high levels of economic growth, job creation and social protection for the most vulnerable sections of the population.

The Prime Minister said the Government, since assuming office just over three years ago, “has worked hard to bring the country’s fiscal house in order” and will remain disciplined and committed in seeing the reforms through to successful completion.

“The people of Jamaica are making great sacrifices and we must press on to achieve even more for them,” she said.

The Prime Minister was speaking at the National Commercial Bank (NCB) Foundation’s $1 Billion Donation celebration held yesterday (June 25), at the Terra Nova Hotel in Kingston.

Since 2003, the NCB, through its Foundation, has donated over one billion dollars to projects pertaining to education, community and sports development, youth leadership and entrepreneurship, which have directly impacted over 160,000 Jamaicans.

The Prime Minister commended the bank, noting that through the magnitude of its corporate giving “NCB has demonstrated… that it understands the great value of investing in Jamaica’s human capital.”

“I am impressed by your growth, profitability, sound management and your performance as a good corporate citizen,” she added.

The Prime Minister, in her address, stressed the Government’s commitment to ensuring a sound and stable environment to enable entities such as NCB to grow and flourish.

This, she said, is being done through the passage of several pieces of legislation and the strengthening of existing laws.

“That is why, last year, we passed the Banking Services Act. This is a part of critical reforms to strengthen the regulatory capacity and effective supervision of the banking and securities dealers sectors,” the Prime Minister said.

She also pointed to measures to enhance the business climate, and

boost access to credit, through, among other things, establishing credit bureaus.

“We have adopted a new secured transactions law. The range of assets that can be used as security for loans has been broadened and we have established a modern, notice-based collateral registry,” she pointed out.

She added as well that starting a business has been made easier through a raft of new and simplified measures at the Companies Office of Jamaica. “We will continue our efforts to ensure that Jamaica remains the best place in the Caribbean’s to do business,” the Prime Minister said.

NCB Group Chairman, Michael Lee-Chin, said he was proud of the group’s nation-building efforts and urged the beneficiaries to transition to become benefactors.

NCB is the nation’s largest bank, commanding some 40 per cent market share of the commercial banking sector by assets.