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The Government on Wednesday, March 6, crossed one of the final hurdles on the way to secure a deal with the International Monetary Fund (IMF), with the signing of an agreement with public servants to restrain wage increases over the next three years. The Heads of Agreement for the 2012-2015 contract period between the Government and Public Sector Unions/Associations representing...

The Bank of Jamaica (BOJ) is expecting some recovery in the domestic economy for the January to March quarter, with marginal growth projected in the range of zero to one per cent. Governor of the Bank of Jamaica (BOJ), Brian Wynter, gave the forecast as he addressed the BOJ’s quarterly press briefing held on Monday, February 25, at the Bank’s...

Prime Minister, the Most Hon. Portia Simpson Miller, has welcomed the official opening of a new MegaMart store in Mandeville, which she said, will provide a host of economic opportunities. In addition to employment, local producers are expected to supply the store with an estimated $500 million in produce annually. The Prime Minister praised the MegaMart chain of wholesale clubs,...

The Students’ Loan Bureau (SLB) is to receive loans totalling US$20 million from the Caribbean Development Bank (CDB), to finance tuition for tertiary level students. Cabinet, at its regular meeting on Monday, February 25, gave approval for Government to guarantee the loans. The Bank is also providing a grant of US$175,000. Making the announcement at Wednesday’s Jamaica House press briefing,...

The Government’s proposed budget for 2013/2014 is to be laid in the House of Representatives in the afternoon of Thursday, April 4, following presentation of the Throne Speech by Governor General, His Excellency the Most Hon. Sir Patrick Allen, in the morning. This was noted on Wednesday, February 27, by Minister with responsibility for Information, Senator the Hon. Sandrea Falconer,...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says there is almost a 100 per cent take up by bondholders in the National Debt Exchange (NDX). He said that while the Ministry has not finished tallying the numbers, indications are that “we have met the bar and the target”, in regard to the NDX prior action, as stipulated...

The Planning Institute of Jamaica (PIOJ) is projecting moderate growth in the region of one per cent for the January to March 2013 quarter. Acting Director General of the PIOJ, Everton McFarlane, said the economy is expected to record low growth, with most industries forecast to record positive performances. “This is predicated on a general recovery from the subdued performance...

With just three days to go before the National Debt Exchange (NDX) offer closes, Government bondholders are again being encouraged to participate in the programme. Senior Director in Debt Management at the Ministry of Finance and Planning, Pamella McLaren, says the Government is “seeking to get a 100 per cent participation rate,” as this is a critical component for securing...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has re-assured that the National Housing Trust’s (NHT) contribution of $11 billion per annum to the Government’s fiscal consolidation efforts for the next four years, will not impair the agency’s capacity to maintain its programme of housing and mortgage provisions. He gave this re-assurance while addressing journalists during a Jamaica House...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has welcomed the decision by private sector and trade union leaders to engage the Government in discussions aimed at addressing the economic challenges. This comes as the administration moves to finalise a new financing agreement with the International Monetary Fund (IMF). Speaking at a Jamaica House media briefing on Thursday, February...

Jamaica and the International Monetary Fund (IMF) have reached a staff-level agreement. This was revealed by Head of the IMF Mission to Jamaica, Jan Kees Martijn, during a press conference, held at the National Heroes Circle offices of the Finance and Planning Ministry, in Kingston, on Friday, February 15. The IMF is to present Jamaica’s economic programme to its Executive...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has assured pensioners, who are holders of local and United States currency bonds, that interest payments due to them on these instruments, will not be affected by the implementation of the National Debt Exchange (NDX) initiative. This assurance comes against the background of what he says are “a lot of enquiries”...