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Bank of Jamaica (BoJ) Governor, Brian Wynter, is reporting a US$113 million increase in the country’s Net International Reserves (NIR). The figure is US$997.3 million as at May 10, compared to US$884.3 million at the end of March. Mr. Wynter attributed the improvement to “substantial” purchases of foreign exchange from the market by the BoJ, as well as the initial...

The Bank of Jamaica (BoJ) is projecting economic growth ranging between 0.5 and 1.5 per cent for the 2013/14 fiscal year. BoJ Governor, Brian Wynter, who made the disclosure during the Bank’s quarterly media briefing on Wednesday, May 15, said this forecast is based on the “expected boost” to investor confidence, consequent on the government’s recent conclusion of a four-year...

The Senate has approved the Appropriations Bill, giving approval to the Government's estimated expenditure of $520.88 billion for the financial year 2013/2014. A budget of $520.88 billion was 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. In piloting the Bill in the Senate on Friday, May 10,...

Some 60,000 residents from 14 communities along the Hayes corridor in Clarendon are benefitting from a newly constructed multi-purpose centre. The facility, called the Wembley Centre of Excellence, was built at a cost of $24.3 million through funding from the Jamalco and Alcoa Foundation, as well as support in both cash and kind from various community stakeholders. Boasting space of...

Finance Minister, Dr. the Hon. Peter Phillips Presentation for 2013/2014 Budget: "Restoring Hope, Expanding Opportunities" DBJ to Provide $2 Billion for Micro and Small Business Sector No New Taxes DBJ Providing US$20 Million for ICT Expansion Gov't Provides $94 Billion for Welfare and Development Assistance Government to Advance Programme to Modernise Public Financial Management Gov't Lowers Debt Servicing Costs Final...

Plans for Jamaica to become a major transshipment and logistics centre have been significantly expanded with a further US$1.5 billion investment from the China Harbour Engineering Company (CHEC). Minister of Transport, Works and Housing, Dr. the Hon. Omar Davies, made the disclosure during his opening presentation in the 2013/14 Sectoral Debate in the House of Representatives on May 7. “This...

The drive to acquire two Linear Accelerator (LINAC) machines to enhance cancer treatment in the public health sector, is gaining support from corporate Jamaica. Several business entities, on Tuesday, May 7, handed over cheques valued at over $400,000 to the Jamaica Association of Administrative Professionals (JAAP) LINAC Fund Project, through which the initiative is being undertaken. The project, launched in...

The first tranche of US$207 million from the International Monetary Fund (IMF) is expected to be deposited into the Jamaican account on Friday, May 3. Confirmation came from Prime Minister, the Most Hon. Portia Simpson Miller, who addressed a post budget news conference on Friday morning, at Jamaica House, where she reiterated that US$90 million will be provided for budgetary...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says the task to successfully complete the obligations under the International Monetary Fund (IMF) programme is a national undertaking, which will require “all hands on deck”. “If we are to create this new environment, it is not a task that can be accomplished simply by Government operating on its own. It...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says the National Debt Exchange (NDX) is estimated to have reduced annual interest payments by $17 billion for the seven-year period from 2013/14 through to 2019/20. The Minister was closing the Budget Debate on Wednesday, May 1, in the House of Representatives under the theme: ‘A New Direction For Hope...

The first tranche of US$207 million from the International Monetary Fund (IMF) is expected to be deposited into the Jamaican account May 3. Confirmation came from Prime Minister, the Most Hon. Portia Simpson Miller, who addressed a post budget news conference on May 3, at Jamaica House, where she reiterated that US$90 million will be provided for budgetary support.  This...

The administration has authorised the International Monetary Fund (IMF) to publish all the documentation related to the just approved US$958 million four-year Extended Fund Facility (EFF). Minister of Finance and Planning, Dr. the Hon. Peter Phillips, who made the disclosure in Gordon House on Wednesday, May 1, as he closed the 2013/14 Budget Debate, said that this is in order...