The country’s Net International Reserves (NIR), as at the end of March 2014 is now at US$1.3 billion, putting the country in a better position to withstand external shocks. ​Minister of Finance and Planning, Dr. the Hon. Peter Phillips made the disclosure,as he opened the 2014/15 Budget Debate in the House of Representatives on Thursday, April 17, noting that the NIR have grown over 40 per cent. The NIR represents contingency...

More than $8 billion or approximately 23 per cent of the Capital Budget has been reserved for infrastructural works to be carried out through the Ministry of Transport,Works and Housing, during this fiscal year. ​The announcement was made by Minister of Finance and Planning, Dr. the Hon. Peter Phillips, as he opened the 2014/15 Budget Debate in the House of Representatives on April 17. ​Among the major projects to be undertaken is the $4 billion Major Infrastructural...

​As of next month, the Development Bank of Jamaica (DBJ) will be providing a voucher for technical assistance to Small and Medium Enterprises (SMEs) which qualify. Minister of Finance and Planning, Dr. the Hon. Peter Phillips explained that this is an electronic voucher issued by financial institutions and redeemed by SMEs at Business Development Organisations (BDOs). ​The vouchers will assist these enterprises with attaining capacity development services with...

The Planning Institute of Jamaica (PIOJ) will continue work this year to support implementation of the country’s  Millennium Development Goals (MDGs), with an $8.38 million allocation, earmarked in the 2014/15 Estimates of Expenditure, currently being reviewed by Parliament’s Standing Financing Committee. The undertaking aims to assist the Government by increasing the effectiveness of development planning towards better monitoring and planning...

Work by Tax Administration Jamaica (TAJ), and Jamaica Customs to improve the business environment in order to help facilitate economic growth, should advance significantly this year. This, as an additional $65 million has been earmarked in the 2014/15 Estimates of Expenditure, currently before the Standing Finance Committee of the House of Representatives, to complete the work in this area. The...

Phase three of institutional strengthening at the Planning Institute of Jamaica (PIOJ) is slated to be undertaken this year with a $32.6 million allocation in the 2014/15 Estimates of Expenditure. The proposed budget is being reviewed by Standing Finance Committee of the House or Representatives. The exercise, being funded by the European Union (EU), seeks to improve the Institute’s capacity...

Just over $1 billion has been earmarked in the 2014/15 Estimates of Expenditure to continue implementation of the Government’s Fiscal Administration Modernization Programme. The five-year Inter-American Development Bank (IDB)-funded project, which commenced in December 2011, aims to support the administration’s focus on attaining sustainable fiscal consolidation. This will be done by strengthening the institutional capacity of the implementing agency, the...

Tax Administration Jamaica (TAJ) and the Revenue Appeals Division (RAD) are set to commence implementation of the Jamaica Business Taxation Reform (JAMTAX) programme this year. Forty million dollars has been earmarked for the undertaking in the 2014/15 Estimates of Expenditure, tabled in the House of Representatives on April 3. The project aims to assist in improving the regulatory, institutional, and...