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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”...

The Planning Institute of Jamaica (PIOJ) will, on Friday, February 15, host several stakeholder partners at a workshop to review and finalize preparation of the Medium Term Socio-Economic Framework (MTF) for the 2012 to 2015 period. The workshop, scheduled for the Knutsford Court Hotel, New Kingston, beginning at 8:30 a.m., is a continuation of the series of consultations by the...

The first Supplementary Estimates of Expenditure for fiscal year 2012/2013 was approved by the House of Representatives, yesterday (February 12). The estimates were tabled in the House by Minister of Finance and Planning, Dr. the Hon. Peter Phillips, on February 5. For the fiscal year, the budget has been revised downwards from $612.4 billion to $602 billion, a reduction of...

The Government is seeking to raise an additional $15.9 billion in revenue over the 2013/2014 fiscal year. The tax package was announced by Minister of Finance and Planning, Dr. the Hon. Peter Phillips yesterday (February 12), during the debate on the first Supplementary Estimates for the fiscal year, in the House of Representatives. Dr. Phillips noted that the tax package...

The Government is pursuing investment projects aimed at improving incomes and employment opportunities across several sectors. Speaking during a broadcast to the nation on February 11, Minister of Finance and Planning, Dr. the Hon. Peter Phillips said among the initiatives is the major expansion of the port facilities to exploit the country’s geographic advantage in the post-PANAMAX context. “This expansion...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says he will announce in Parliament, some of the concrete steps that are to be taken to reduce and virtually eliminate discretionary tax waivers. He was speaking on Monday night, February 11, during a joint national broadcast to the nation with Prime Minister, the Most Hon. Portia Simpson Miller. The move,...