The Government has increased the allocation for national security in the 2016/17 Budget. “The total resources provided is $59.2 billion, up by $2.4 billion from the $56.8 billion provided in the Revised Budget of 2015/2016,” said Minister of Finance and the Public Service, Hon. Audley Shaw, as he closed the Budget Debate in the House of Representatives on May 25....

Prime Minister, the Most Hon. Andrew Holness, says the Caribbean Development Bank (CDB) is an example of regionalisation that works and has been blessed with outstanding leadership over its 46 years of existence. “The CDB has had some great leaders, who have left an indelible mark on this institution,” Mr. Holness said. “Their leadership and vision have made the CDB...

By the end of May 2016, some 300 tertiary students across the region would have benefitted from a total of 13 exchange tours to Caribbean Community (CARICOM) member states. The week-long tour titled, ‘Students Engaging the CARICOM Single Market and Economy Through Field Promotion’ is part of a public education programme by the CARICOM Secretariat aimed at fostering an understanding...

Head of the International Monetary Fund (IMF) Staff Mission Team to Jamaica, Dr. Uma Ramakrishnan, has welcomed the Government’s implementation of the amended personal income tax threshold, describing it as a “bold step” in restructuring the revenue regime. Phased implementation of the new regime, which commences on July 1, will see the threshold increase to $1.5 million by the start...

The Government is expected to commence negotiations for public sector salaries for the 2017/19 contract period later this year. This was announced by Finance and Public Service Minister, Hon. Audley Shaw, who said the administration aims to ensure that salaries remain “consistent and in line with our targets of wage to the gross domestic product (GDP).” “The government remains committed...

Jamaica was the largest beneficiary of the US$4.8 billion in approved loans and grants disbursed by the CDB between 1970 and 2015, having received US$781 million or 16.4 per cent of the sum. President of the Bank, Dr. Warren Smith, tells JIS News that the allocation funded projects in micro, small and medium-size enterprises (MSMEs); social infrastructure; environmental sustainability/disaster risk...

Jamaica is on course for a 12th drawdown, totalling US$80 million, from the International Monetary Fund (IMF). The country has met all targets under the Extended Fund Facility (EFF) for the December 2015 and March 2016 quarters, which were reviewed by the IMF Staff Mission Team to Jamaica over the past two weeks. This was disclosed by Mission Head, Dr....