Financial Progress and Future Plans Outlined in Throne Speech
By: , February 13, 2025
Photo: Mark Bell
Custos of Kingston, Hon. Steadman Fuller (centre), who deputised for Governor-General, His Excellency the Most Hon. Sir Patrick Allen, arrives at Gordon House on Thursday (February 13), to deliver the Throne Speech, at the ceremonial opening of Parliament.
Photo: Mark Bell
Custos of Kingston, Hon. Steadman Fuller (left), who deputised for Governor General, His Excellency the Most Hon. Sir Patrick Allen, inspects the Guard of Honour, at the ceremonial opening of Parliament at Gordon House on Thursday, February 13. Custos Fuller delivered the Throne Speech.The Full Story
Jamaica’s financial progress and future plans were outlined in the Throne Speech today (February 13) by Custos of Kingston, Hon. Steadman Fuller, who deputised for Governor General, His Excellency the Most Hon. Sir Patrick Allen.
Speaking at the ceremonial opening of Parliament for the 2025/26 Financial Year, the Custos highlighted legislative reforms specifically relating to the Financial Institutions (Resolution) Act 2024, which has been tabled in the Senate.
The Act establishes a framework for resolving non-viable financial institutions.
Additionally, amendments to the Public Procurement Act are set to “enhance efficiency” once passed, the Custos explained.
He also disclosed that the Government is moving ahead with plans to modernise Parliament.
The modernisation plans include implementing “a Legislation Management Information System to streamline Bill and document management,” bringing parliamentary operations into the digital age.
Custos Fuller also announced long-awaited Pension Reform, pointing out that the Government plans to repeal and replace the Pension (Superannuation Funds and Retirement Schemes) Act to “advance private pension reform, ensuring benefit security and effective industry regulation”.
The speech also highlighted several key accomplishments of the Ministry of Finance and the Public Service.
“For the first time in Jamaica’s history, the Reverse Income Tax Credit Programme provided $20,000 each to 347,133 eligible citizens, totalling $6.9 billion in direct financial relief,” the Custos stated, emphasising the Government’s commitment to supporting its citizens.
Furthermore, the Government has made substantial progress in modernising operations, implementing systems such as “the Fixed Assets Inventory Management System, My Pension+, and a Queue Management System, improving efficiency and data accessibility”, the Custos said.
He also cited achievements relating to “the securitisation of revenue from Norman Manley International Airport, which raised US$480 million, supporting infrastructure development and debt reduction”.
The Custos emphasised that “these initiatives demonstrate our Government’s commitment to financial stability, technological advancement, and the welfare of all Jamaicans”.