Jamaica is on course for a ninth drawdown of funds from the International Monetary Fund (IMF). This is based on the country’s positive performance for the first quarter of the fiscal year under the Extended Fund Facility (EFF), despite the effects of severe drought. Head of the IMF Mission to Jamaica, Dr. Uma Ramakrishnan, said the country has met all...

The country is undergoing a comprehensive Public Financial Management (PFM) reform, aimed at modernising its public financial management and administrative systems. This should result in a more efficient and effective use of funds to deliver services to the public. Director General of the Public Financial Management Secretariat in the Ministry of Finance and Planning, Diane McIntosh, tells JIS News that...

The decision by the Government to transition the Accountant General’s Department (AGD) into a modern treasury management system is already reaping benefits. Director General of the Public Financial Management Secretariat in the Ministry of Finance and Planning, Diane McIntosh, said with the reform process, which rolled out in June, the AGD is now in charge of central cash management and...

Delegates of the Jamaica Teachers Association (JTA) have voted to accept the Government’s wage offer for the 2015-2017 contract period. The teacher-delegates attending the 51st annual conference of the JTA at the Hilton Rose Resort and Spa, indicated their acceptance of the salary offer by way of special vote on Tuesday afternoon (Aug. 18),  following a presentation by the association’s...

Bank of Jamaica announces that with effect from 18 August 2015, the rate offered on its benchmark 30-day Certificate of Deposit will be reduced to 5.25 per cent from 5.50 per cent. Macroeconomic vulnerabilities continue to be reduced in the context of the strong implementation of reforms under the Economic Reform Programme.  Annual inflation is expected to be within the...

The Government of Jamaica is undertaking a US$388, 967 pilot project aimed at reforming the budget preparation process and to better align spending with anticipated results. The objective is to link budgeting with Government policy priorities through a gradual transition from annual expenditure planning to a medium-term results-based expenditure framework.  This will improve accountability and ensure a more efficient and...

Co-Chair of the Economic Programme Oversight Committee (EPOC), Richard Byles, says the recent move by the Government in raising US$2 billion of bonds on the international financial markets, will have significant benefits for the country, its debt stock and financial position going forward. The funds were raised on July 23, 2015 in two tranches of US$650 million over 30 years,...