The Bank of Jamaica (BOJ) is reporting a significant increase in credit extended by deposit-taking institutions to businesses and households for the 12-month period, ending December 2019. BOJ Governor, Richard Byles, said credit to businesses grew by 20.3 per cent, while the provision to households increased by 16.5 per cent. “This growth was notably faster than the expansions of 15.4...

Work is slated to continue to upgrade the country’s closed-circuit television (CCTV) network in the new fiscal year. The Ministry of National Security will be spending $1.2 billion for the undertaking. Upgrading of Jamaica’s CCTV network will be done with the supply and installation of cameras and servers. The money will also be used to upgrade the radio communications network...

Approximately $543.6 billion has been budgeted to implement public investment projects in central government and public bodies over the next five fiscal years. Of this sum, $106.7 billion will facilitate 189 projects during 2020/21. In addition, $5.89 billion has been allocated for three public-private partnership [PPP] projects, which are also slated for implementation. This is according to the Government’s 2020/21...

Approximately $3.5 billion is earmarked to provide contingency funding support for new projects approved for implementation under the Public Investment Management System (PIMS), during the upcoming fiscal year. The provision is contained in the 2020/21 Estimates of Expenditure, which will be deliberated on by the Standing Finance Committee of the House on March 2 and 3. The engagement, which is...

Central Government operations over the first nine months of the 2019/20 fiscal year (April to December) generated Primary and Fiscal Surpluses of $112.7 billion and just over $24 billion, respectively. This is according to the Government’s 2020/21 Fiscal Policy Paper, which was tabled in the House of Representatives on February 11 by Minister of Finance and the Public Service, Dr....

Just over $1.5 billion has been provided to continue the Public Sector Transformation Implementation Project during the upcoming fiscal year. Details are given in the 2020/21 Estimates of Expenditure, tabled in the House on February 11. The project, which is being implemented by the Ministry of Finance and the Public Service, aims to improve public service delivery by enhancing the...

The Government has set aside $19.5 million for the Public Sector Modernisation Programme (PSMP) II in the next fiscal year. Details are provided in the 2020/21 Estimates of Expenditure, now before the House of Representatives. A major objective of the project is to support the development and delivery of integrated public services that meet the needs of customers. It also...