The Bank of Jamaica (BOJ) has announced that it will be maintaining the policy interest rate offered on overnight balances from deposit-taking institutions at 0.50 per cent. In a statement on Monday (September 30), the BOJ said this decision is based on its current assessment that prevailing monetary conditions are “generally appropriate” to support the achievement of the inflation target...

The First Supplementary Estimates for the 2019/2020 financial year were tabled in the House of Representatives on Tuesday (September 24), with the Administration proposing to spend an additional $50.15 billion for the current fiscal year. This will increase the $803.24-billion Budget approved in March this year to $853.39 billion. Minister of Finance and the Public Service, Dr. the Hon. Nigel...

Outgoing International Monetary Fund (IMF) Mission Chief to Jamaica, Dr. Uma Ramakrishnan, says she is confident the country can manage its economic affairs, following the conclusion of IMF programme arrangements in November. “Without a doubt, we are able to leave with full confidence that the institutional and policy framework is in place… and the policy credibility is there for Jamaica...

Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke, says drafting instructions are being prepared for issue to the Chief Parliamentary Counsel (CPC) to facilitate the establishment of the proposed Fiscal Council. “I have given a public commitment to table a draft of the legislation that will give rise to a Fiscal Council, by April 2020,” the Minister...

Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke, says the impending conclusion of Jamaica’s precautionary Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) will mark a significant milestone for the country. “It represents the second time that Jamaica has successfully completed a Fund programme, [following] our early termination of the Extended Fund Facility [EFF],” Dr. Clarke...

Former Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has praised Jamaica for the “remarkable” accomplishments under its financial arrangements with the Fund, which have now concluded. “Through two programmes, two different administrations with very strong commitment, you have managed to actually create jobs, to reduce the unemployment level to the lowest ever, you’ve reduced debt by 50...

President of the Jamaica Civil Service Association (JCSA), O’Neil Grant, says the entity will be pushing discussions on the introduction of paternity leave in Jamaica. Speaking at a JIS Think Tank at the agency’s regional office in Montego Bay, St. James, on September 9, Mr. Grant noted that fathers need time off from work at the birth of their children...