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The Ministry of Finance and Planning wishes to advise that the delayed payment of salaries to Teachers, Education Officers and the Police was due to problems experienced in the banking operation at a local bank and not the Central Treasury Management System (CTMS) as was reported in the media. The bank has promised that with the restoration of their system,...

A number of government departments and agencies will be merged this financial year to enable greater cost-efficiency and effectiveness in the public sector. This was disclosed by Finance and Planning Minister, Dr. the Hon. Peter Phillips, during his opening presentation in the 2013/14 Budget Debate in the House of Representatives on April 18. The Minister informed that plans are in...

The Government will begin accepting bids for the construction of integrated resorts under the recently-gazetted Casino Games Regulation 2012, as of June 1. Minister of Finance and Planning, Dr. the Hon. Peter Phillips, made the announcement during his opening presentation in the 2013/14 Budget Debate in the House of Representatives, on April 18. Dr. Phillips informed that the integrated resort...

MONTEGO BAY - Minister of Health, Hon. Dr. Fenton Ferguson, says the consultation on  health financing has begun, with a formal discussion held with the Opposition Spokesman on Health, Dr. Kenneth Baugh, on April 18. "I met with Dr.  Kenneth Baugh, because I believe that Health and Education are two areas that require unity of purpose across the political divide,"...

MONTEGO BAY - Chairman of the Logistics and Investment Task Force in the Ministry of Industry, Investment and Commerce, Dr. Eric Deans, says the Government's Global Logistics Hub Initiative will result in a total transformation of the Jamaican economy within the next five years. He said that investors are ready to pump over US$9 billion in the project, which seeks...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has expressed confidence that the worst is behind Jamaica as it relates to developments in the economy, which will facilitate the signing of an agreement with the International Monetary Fund (IMF). “Certainly, from my point of view, the most difficult part of the process was in meeting the prior conditions and...

Amendments are to be made to the legislation pertaining to the Students Loan Bureau (SLB), to facilitate deductions at source, to ensure that loans are repaid by borrowers. However, in the interim, employers in the public sector will be authorized to deduct payments from employees who have outstanding loans with the SLB and remit these to the Bureau. This was...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says the ultimate objective of the country’s economic reform agenda is to reverse the long term trend of low growth and declining productivity. “The challenge for us as a Government, with the support of the Jamaican people, is to go beyond the strict confines of the Extended Fund Facility (with...

Approximately $1.1 billion is expected to flow to farmers before the end of this fiscal year, as a result of activities on the first five of nine proposed Agro Parks to be established across the island. This will also result in direct employment for 1,500 persons, with an additional 2,500 receiving part time jobs. This was disclosed by Minister of...

Jamaica’s current account deficit on the Balance of Payments narrowed by US$221 million to 12.6 per cent of Gross Domestic Product (GDP) in 2012/13. The ratio was an improvement over the 13.7 per cent of GDP recorded in 2011/12. “This is moving in the right direction as we move towards paying our way in the world instead of borrowing to...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says final negotiations are taking place with the preferred bidder to complete the divestment of the Wallenford Coffee Company. The Minister made the revelation on Friday, April 18, while opening the 2013/14 Budget Debate in the House of Representatives under the theme: ‘Restoring Hope – Expanding Opportunity.’ Cabinet, in March, gave...

The Government’s sustained efforts at debt reduction are bearing fruit, with the lowering of debt servicing costs by 30.9 per cent this year, from $325.9 billion to $225.2 billion. This major reduction has also narrowed the debt as a percentage of the budget from 54 per cent to 43 per cent. “It is this reduction in the debt servicing costs...