The Bank of Jamaica’s (BOJ) Electronic Document Record Management System Project has been approved by Cabinet for inclusion and implementation under the Government’s Public Sector Investment Programme (PSIP).
The project is being implemented to bolster the Bank’s information and data governance programme.
Minister of Education, Youth, and Information, Hon. Fayval Williams, made the disclosure during Wednesday’s (September 22) digital Post-Cabinet media briefing.
She noted that the BOJ’s existing information and data governance system includes record-keeping policies and practices that satisfy legal, regulatory and business requirements, but there are lingering “unaddressed opportunities” for the effective and efficient management of all records.
These, she said, include implementation of centralised framework, improved business processes, and control and reduction in costs associated with ongoing maintenance of all paper-based records, hence the decision to undertake the project.
Mrs. Williams said that the BOJ project is in keeping with the efforts of the Government of Jamaica to propel the digitisation of services across the public sector.
The PSIP is a rolling five-year plan of Cabinet-approved new and ongoing prioritised public investment projects.
Meanwhile, Cabinet has approved the criteria for defining priority investment projects in Jamaica and adopting the proposed process for designating such, in keeping with the National Investment Policy Green Paper.
Mrs. Williams indicated that the thrust to define and designate priority projects emanated from the National Investment Policy (NIP).
She explained that the Policy provides a path for achieving Jamaica’s established goals and objectives for sustained economic development “and carried the expectations of positively impacting job and wealth creation”.
“The proposal for defining priority projects is an expansion of the designation of privately funded projects as a priority [in accordance with] the policy strategy of the National Investment Policy,” the Minister informed.
She said it is anticipated that establishing this designation will “significantly influence the ability of the country to attract and expedite high-impact investments”.