Bold And Ambitious Reforms for The Public Sector – Dr. Clarke

The government is looking to table the proposed Largescale and Pioneer Industry Bill in Parliament during the fiscal year 2022/23.

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says the legislation aims to facilitate investments valued over US$1 billion, noting that this is among key priorities being programmed for the upcoming year

He was speaking during the Jamaica Stock Exchange’s (JSE) recent 17th semi-virtual Regional Investments and Capital Markets Conference at the Jamaica Pegasus Hotel in New Kingston.

Dr. Clarke said while Jamaica has facilitated and benefitted from investments valued up to US$1 billion, “we want to be able to attract more than [this].”

“We will [therefore] be making special provisions, through legislation to be tabled in Parliament, to attract largescale and pioneer investments in Jamaica of a size greater than US$1b,” he stated.

Dr. Clarke said the commenced implementation of the “bold and ambitious” restructuring of public sector compensation is another key focus area for 2022.

The review, slated to commence on April 1, is intended to overhaul the structure of salaries and other emoluments in the public service to make it more equitable.

The Finance Minister said the structure has become “more anachronistic” over the years, noting that a wholesale restructuring exercise has not been undertaken for some time.

“So, this is a monumental policy shift… a policy that the Government of Jamaica is implementing and that we have been working on for a few years,” he added.

Dr. Clarke maintained that the Administration is prepared to take “bold and ambitious steps” to reform Jamaica’s economy, adding that they have been doing so and will continue along this path.

“The bold and ambitious reform that we will be undertaking this year is to begin the implementation of a restructuring of public sector compensation,” he further stated.

Dr. Clarke said the government will also need to continue focussing on managing the coronavirus (COVID-19) pandemic with measures being spearheaded by the Ministry of Health and Wellness.

“Also, to ensure that the education of our students is optimised and, of course, security will be a major focus. So those, I would say, are the major policy focusses for the government this year,” he added.

The three-day JSE Conference was held January 25 to 27 under the theme: ‘Positioning Capital for Growth: Facilitating, Mobilising and Expanding’.