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A budget of $520.88 billion has been presented by the Government for 2013/14, with $370.5 billion earmarked for Recurrent (house-keeping) expenses and $150.38 billion for Capital (development) spending. Details of these projections are contained in the Estimates of Expenditure, which were tabled in the House of Representatives, on Thursday, April 4, by Minister of Finance, Planning and Public Service, Dr....

Governor-General, His Excellency the Most Hon. Sir Patrick Allen, says the Government has secured the support of the International Monetary Fund (IMF), for a minimum level of social intervention programmes to protect the most vulnerable members of the society, during the new financial year. “Accordingly, it will, to the maximum extent possible, ensure that allocations to our vulnerable citizens are...

Governor-General, His Excellency the Most Hon. Sir Patrick Allen, says the Government will, during the new fiscal year, give priority to close management of the macro-economy, to enable the country to meet the targets that have been agreed on in the Staff Level agreement with the International Monetary Fund (IMF). These include a primary surplus of 7.5 per cent of...

Jamaicans will know what the Government intends to spend during the 2013/14 Financial Year on April 4, when Minister of Finance and Planning, Dr. the Hon. Peter Phillips, tables the Estimates of Expenditure for that year in the House. Tabling of the Estimates will follow the State Opening of Parliament, when the Governor-General, His Excellency the Most Hon. Sir Patrick...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, is attributing the successful implementation of the National Debt Exchange (NDX) programme, to extensive consultations and open dialogue between the Government and participating financial institutions. The Ministry of Finance and Planning, which piloted the programme, concluded its implementation on March 22 with commitments from eight of Jamaica’s leading financial institutions to...

Minister with responsibility for the Public Service, Hon. Horace Dalley, says efforts are continuing to lobby support for the public sector wage restraint agreement by unions not yet on board. The three-year agreement, which was signed earlier this month, will see the island’s civil servants forgoing major wage increases for the period 2013 to 2015. This forms part of the...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, is assuring that there are no plans for tax increases to finance the 2013/14 Budget, scheduled to be tabled in Parliament on April 4. Speaking at the Jamaica House media briefing at the Office of the Prime Minister on Wednesday, March 27, Dr. Phillips said Cabinet, during its retreat earlier this...

he Government is awaiting the outcome of discussions involving the International Monetary Fund (IMF), World Bank and Inter-American Development Bank (IDB), which will determine funding support that will be provided to complement an IMF’s extended fund facility for Jamaica. This is deemed vital to the administration securing the IMF’s support for the country’s economic reform programme over the next four...

A Bill to empower Minister of Finance and Planning, Dr. the Hon. Peter Phillips, to write off arrears of taxes as well as penalties determined to be uncollectable, was approved by the Senate on March 21.   The Bill, titled the Tax Collection Amendment Act, also provides for regulations empowering the Minister to provide a tax debt arrears management system,...

The Senate, on Friday (March 22), approved a Bill for the establishment of Tax Administration Jamaica (TAJ) as a semi-autonomous revenue authority. The Tax Administration Jamaica Act 2013 was piloted by Justice Minister, Senator the Hon. Mark Golding. He explained that the TAJ will be responsible for registration, taxpayer services, audit, investigations, assessments, collection, enforcement, legal representation, and various support...

Prime Minister, the Most Hon. Portia Simpson Miller on Wednesday, March 20, commissioned into service the New Forest/Duff House Irrigation System in Manchester which will provide a consistent and stable water system for some 497 farmers. The Prime Minister also handed out land titles to 20 of 132 farmers for whom titles have been prepared under the irrigation project and...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, saysthere is need for a review of the overall arrangements of the Students’ Loan Bureau (SLB), to address, among other things, the high delinquency rate. “There is too high a delinquency ratio in relation to some of these funds and loans on the portfolio. It is designed as a revolving fund,...