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Bank of Jamaica (BoJ) Governor, Bryan Wynter, says the reduction in Government’s demand for financing, and the freeing up of resources for private sector investment and growth, should create and sustain low inflation and interest rates, and stabilise the foreign exchange rate. This pronouncement comes against the background of the Bank's projection of a reduction in the inflation rate during...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, is anticipating that Jamaica’s economy will be boosted over the short to medium-term, consequent on several private and public sector projects slated for implementation this year. The projects include: the North/South Highway link between Angels, St. Catherine, and Ocho Rios, St. Ann; enhancement of the island’s port facilities being spearheaded by...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, is expressing confidence that the Government will be able to contain the rate of inflation during the 2012/13 fiscal year. This optimism comes against the background of the Bank of Jamaica's (BoJ) recent projections of a 1.5 to 2.5 per cent inflation rate for the June quarter, and six to eight...

New High Commissioner to the United Kingdom (UK), Her Excellency Aloun Ndombet Assamba, will be the special guest of honour and keynote speaker at the Jamaican Diaspora UK, 3rd Biennial Conference in London, on Diaspora Day, June 16, 2012. Mrs. Assamba, who took up duties in the UK at the end of May, has publicly stated that engaging with the Jamaican...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has announced that several categories of domestic telephone calls are to be removed from the list of goods and services attracting taxes. Making his closing presentation in the 2012/13 Budget Debate in the House of Representatives on Wednesday (June 6), Dr. Phillips informed that, effective June 15, tax will no longer...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, has debunked the notion that the recently announced tax package of $19.4 billion for June 2012 to March 2013, will lead to a contraction in the domestic economy. “Given the significant holdings of government debt by Jamaican investors, any repayment of debt, transfers resources to Jamaican investors, which become available...

A team from the country’s multilateral partners will be visiting the island at the Government’s request on June 26, to begin planning for enhancement of the social protection programmes.   Minister of Finance and Planning, Dr. the Hon. Peter Phillips, made the announcement in the House of Representatives today, as he closed the 2012/2013 Budget Debate. Dr. Phillips noted that the...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, has informed that he will be meeting with International Monetary Fund (IMF) representatives soon, to discuss the timelines for the next phase of negotiations. “With respect to the negotiations with the IMF, I expect, in the next few weeks, to visit Washington to determine with the Fund, the timelines for...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says the Government will ask the Consumer Affairs Commission (CAC) to monitor some food items, to ensure that the lowered General Consumption Tax (GCT) benefits are passed on to consumers. He said the Government is also asking consumers, to “reject unjustified price increases,” report instances of questionable prices to the...

Animal feed and raw food and vegetables are being retained on the list of items being exempted from General Consumption Tax (GCT), Finance and Planning Minister, Dr. the Hon. Peter Phillips, has announced. At the same time, the Minister disclosed that, following consultations and discussions with the Ministry of Agriculture and Fisheries, it is proposed that, effective July 1, an...

Response to revenue measures Government, after discussion with the Minister of Finance, has completely removed GCT on electricity bills for all residential customers.  Energy Government is awaiting the outcome of the bids and any subsequent negotiations for the provision of necessary infrastructure and the supply of the LNG. Conservation must be practiced in homes, farms, factories, offices, hotels and while...

As Jamaica celebrates its 50th anniversary of Independence this year, the nation must demonstrate to the global community that it is capable of effectively managing  its own affairs, without looking outside for buffers, said Minister of Finance and Planning, Dr. the Hon. Peter Phillips. “We cannot build a country on the expectation – much as we welcome support when we...