State Minister for Finance and the Public Service, Hon. Fayval Williams, says Jamaica faces a more stable future based on notable macroeconomic gains, particularly under the four-year Extended Fund Facility (EFF). Mrs. Williams notes that debt is declining, the Net International Reserves are strong, and the rate of inflation is at “historic lows”, as a result of lower global oil...

The Senate, on Friday (Oct. 21), passed amendments to the National Insurance Act, during its sitting at Gordon House. The Bill, which was unanimously passed without further revisions, follows the House of Representatives’ approval of the amendments in September. This now enables the Government to administer timely adjustments of National Insurance Scheme (NIS) benefits for pensioners and other beneficiaries. A...

The recent passage of three key pieces of legislation in the House of Representatives should better position Jamaica as a place of choice to facilitate the administration of international financial and business services. These include: the General Partnership Act 2016; the Partnership Limited Act 2016; and the International Corporate and Trust Service Providers Act. The General Partnership Act will formalise...

The National Commercial Bank (NCB) has donated approximately $2 million in cash and supplies to the Haiti relief effort. The contribution, from the bank’s staff, was handed over to the Office of Disaster Preparedness and Emergency Management (ODPEM) yesterday (October 20), at the NCB Atrium offices in Kingston. Director General of ODPEM, Major Clive Davis, who accepted the donation, told...

The Betting, Gaming and Lotteries Commission (BGLC) is reporting a 90 per cent conviction rate for persons found to be involved in illegal gambling. BGLC Director of Licensing and Registration and Acting Director of Enforcement, Maurice Thompson, said there were 15 arrests in 2014/15; 15 arrests in 2015/16; and three arrests since the start of the year. He said the...

The Government has reached a Staff-Level Agreement with the International Monetary Fund (IMF) for a US$1.7 billion three-year successor standby programme. This will replace the existing Extended Fund Facility (EFF) that ends in March 2017, once approved by the IMF’s Executive Board during its meeting, scheduled for November. This was announced by Prime Minister, the Most Hon. Andrew Holness, and...

Co-Chair of the Economic Programme Oversight Committee (EPOC), Richard Byles, says Jamaica is in a good position to pass the International Monetary Fund (IMF) test for the September quarter. Addressing EPOC’s monthly press briefing at the Sagicor Group head office in New Kingston, yesterday (October 13), Mr. Byles said the key macroeconomic indicators under the IMF Extended Fund Facility were...