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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...

The Government will not be introducing any new taxes this year, but will instead focus on improving inflows from existing taxes to finance the $520.9 billion budget for the 2013/14 fiscal year. Making the announcement while opening the 2013/14 Budget Debate in the House of Representatives on Thursday, April 18, Finance and Planning Minister, Dr. the Hon. Peter Phillips, said...

The Development Bank of Jamaica (DBJ) will commit $2 billion to the micro and small business sector this year, to ensure that some 12,250 enterprises can gain access to credit through its network of intermediaries. This is a significant increase over the $650 million that was disbursed in 850 loans in the last financial year. Making the announcement as he...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, will continue formal discussions with critical stakeholders on the Government’s plans for macroeconomic stability, growth, and development, during his upcoming visit to Washington, D.C. Dr. Phillips will head a delegation to the 2013 spring meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, from April...

Some 105 small business owners from communities in West Central St. James are to benefit from a $26.5 million training programme, which will enable them to better manage and ensure the sustainability of their operations. The training, being conducted by the Jamaica Business Development Corporation (JBDC), got underway on Wednesday, April 10, at the Sunset Beach Hotel in Montego Bay,...

The 2013/14 Budget Debate begins on Thursday, April 18 in the House of Representatives, with Minister of Finance and Planning, Dr. the Hon. Peter Phillips, making his presentation. Dr. Phillips will inform the nation how the $520.88 billion budget for the fiscal year will be funded. On April 4, the Minister tabled the 2013/14 Estimates of Expenditure in the House,...

Senior International Monetary Fund (IMF) Representative in Jamaica, Dr. Gene Leon, has commended the Government for displaying the vision to formulate a programme, aimed at resuscitating the country’s economy. Speaking at a Micro, Small and Medium-sized Enterprise (MSME) Alliance public forum at the Petroleum Corporation of Jamaica (PCJ) auditorium, New Kingston, on April 11, Dr. Leon said the programme represented...

The Government is moving to settle a significant percentage of outstanding payments owed by the State on the multibillion dollar Northern Jamaica Development Project. In this regard, $2.28 billion has been earmarked in the 2013/14 Estimates of Expenditure, currently being reviewed by Parliament’s Standing Finance Committee, to execute the undertaking. Just over $2 billion of the amount has been set...