Finance and Planning Minister, Dr. the Hon. Peter Phillips, says the country passing all the required International Monetary Fund (IMF) quarterly tests, has helped to boost business confidence, which is currently at one of its highest levels. “It is the passing of these IMF tests why consumer confidence is growing in Jamaica,” the Minister said, while opening the 2015/16 Budget...

The Government is expected to make the first major repayment of $62 billion on maturing bonds issued under the National Debt Exchange (NDX), in the first quarter of the next calendar year. Making the announcement, Minister of Finance and Planning, Dr. the Hon. Peter Phillips, said the administration’s ability to make the payment next February, as scheduled, is due to...

The Development Bank of Jamaica (DBJ) approved a total of 8,844 loans valued at $3.3 billion to Micro, Small and Medium-size Enterprises (MSMEs), during the first 11 months of the 2014/15 fiscal year. Minister of Finance and Planning, Dr. the Hon. Peter Phillips, who made the announcement while opening the 2015/16 Budget Debate in the House on March 12, said this...

The Government has established a new Labour Market Reform Commission to undertake work which will ensure that industrial relations practices facilitate higher levels of productivity, and are compatible with modern labour market engagements. This was disclosed by Finance and Planning  Minister, Dr. the Hon. Peter Phillips, as he opened the 2015/16 Budget Debate in the House of Representatives, on March...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says six entities have expressed interest in operating the Norman Manley International Airport (NMIA) in Kingston, under privatization arrangements. Dr. Phillips, who made the announcement while 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 Government is projected to spend $30.5 billion in 2015/16 to undertake work on roads and bridges, provide buses and housing solutions, upgrade schools, among other initiatives to benefit Jamaicans. Of the total, $3.3 billion will be spent for work on roadways and bridges, and to commence and complete phases five and six of the Jamaica Emergency Employment Programme (JEEP)....

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has reaffirmed the Government’s commitment to the Jamaican people, noting that the increase in the 2015/16 Budget is to ensure that “all obligations we entered into will be fulfilled.” Dr. Phillips said the Government continues to acknowledge the sacrifices and commitments made by public and private sector stakeholders, at all levels,...

The country’s debt to gross domestic product (GDP) ratio is expected to continue its downward trajectory during the new fiscal year to reach 130.7 per cent by March 2016. This was disclosed by Minister of Finance and Planning, Dr. the Hon. Peter Phillips, as he opened the 2015/16 Budget Debate in the House of Representatives on Thursday, March 12. The debt to GDP...

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...