The country’s Net International Reserves (NIR) remain strong, standing at US$1.91 billion at the end of February. Minister of Finance and Planning, Dr. the Hon. Peter Phillips, informed that the gross reserves, covering approximately 17.1 weeks of imports of goods and services, are “comfortably” above the international benchmark of 12 weeks of imports of goods and services. He was opening the 2015/16 Budget...

The inflation rate is expected to continue to fall, with an out-turn of five per cent or lower for the financial year 2014/2015. This is compared with the 8.3 per cent that was recorded in the previous fiscal year. Minister of Finance and Planning, Dr. the Hon. Peter Phillips, who revealed the inflation figures at the opening of the 2015/16...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says six firms have expressed interest in acquiring the Norman Manley International Airport (NMIA) in Kingston. Dr. Phillips, who was opening the 2015/16 Budget Debate in the House of Representatives on March 12, said it is expected that a preferred bidder will be chosen within the next six months. “This is...

Minister of Finance and Planning, Hon. Peter Phillips, says the country has made tremendous strides under the Economic Reform Programme (ERP) resulting in a more investor-friendly business environment and continued economic growth. “The successful performance under the economic programme has led to a sharp increase in investor and consumer confidence, facilitated improvement in the ratings by the international rating agencies,...

A Memorandum of Understanding (MOU) has been signed between the Jamaica Customs Agency (JCA) and three private sector companies. The MOU, which was signed on March 11, states the obligations of these companies designated Authorized Economic Operators (AEO) to meet certain compliance and security requirements under the AEO programme and for the JCA to guarantee certain service level standards and...

Governments across the region have expressed an interest in getting guidance from Jamaica in setting up bodies similar to the Economic Programme Oversight Committee (EPOC), to monitor economic reform measures in their own countries. Financial Secretary in the Ministry of Finance and Planning, Devon Rowe, made the disclosure, while addressing Tuesday’s (March 10) weekly St. Andrew Rotary Club luncheon at the...

The Office of Utilities Regulation (OUR) has embarked on a series of island-wide consultations, aimed at building awareness about the work of the agency in ensuring quality service from utility companies and other service providers. The year-long outreach series dubbed ‘Parish Connections’ is targeted at consumers in under-served rural parishes. It involves partnership with the Consumer Advisory Committee on Utilities,...