The Bank of Jamaica (BOJ) will be rolling out the first phase of its foreign exchange trading platform this month, which seeks to promote greater inter-bank trading and increase the depth and liquidity of the market. This was announced by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, as he opened the 2020/21 Budget Debate in...

The Development Bank of Jamaica will be undertaking a five-year project aimed at facilitating sustainable and robust growth among micro, small and medium-sized enterprises (MSMEs) and start-ups. The initiative, dubbed ‘Boosting Innovation in Growth and Entrepreneurship Ecosystems (BIGEE)’ will be launched during the new financial year. As stated in the 2020/21 Jamaica Public Bodies Estimates of Revenue and Expenditure, the...

The Jamaica Public Service (JPS) Company is on target to complete the installation of 105,000 smart light-emitting diode (LED) street lights across the island by the end of 2021. Chief Financial Officer (CFO) at the company, Vernon Douglas, said that 67,000 lights have already been installed. He was addressing the Office of Utilities Regulation (OUR) Public Consultation on the JPS’s...

The Government is investing $1 billion over five years on the provision of 150 scholarships to qualified public-sector workers under the new Marcus Garvey Public Sector Graduate Scholarship Programme. Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, announced the initiative while opening the 2020/2021 Budget Debate in the House of Representatives on Tuesday (March 10). He...

The Government has allocated $7 billion in contingency funding towards tackling the novel coronavirus (COVID-19). Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, made the announcement as he opened the 2020/21 Budget Debate in the House of Representatives on March 11. Jamaica recorded its first imported case of COVID-19 on March 10. Dr. Clarke said the...

Reduction of the General Consumption Tax (GCT) rate from 16.5 per cent to 15 per cent is among $18 million in tax cuts announced by the Government. The objective is to stimulate economy activity and to continue the reform of the tax system towards greater levels of equity, efficiency and simplicity. The GCT cut, effective April 1, 2020, will result...

The full roll-out of the Orders for Special and Differential Treatment Measures (Set Asides) is expected to commence in the third quarter of the upcoming fiscal year. This was announced by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, as he opened the 2020/21 Budget Debate in the House of Representatives on March 10. Orders for...