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Total remittance inflows of just under US$1.7 billion for the first 10 months (April to January) of the 2011/12 fiscal year represent the largest sum since the 2008/09 fiscal year. This information is contained in the latest Balance of Payments Remittance Report (January 2012), published by the Bank of Jamaica (BoJ). For the review period, net remittances were US$1.468 billion,...

A team from the International Monetary Fund, led by Mr. Luis Breuer, completed a 2-week visit to Jamaica on March 21, 2012. In the course of conducting a formal assessment of the state of the Jamaican economy, the team received a full update on the financial position of the public sector as well as recent data and trends in the...

The issue of tax collection is a critical element of the new medium term economic programme being pursued with the International Monetary Fund (IMF), and is fundamental to the country’s development strategy going forward. This was emphasised by Minister of Finance, Planning and the Public Service, Hon. Dr. Peter Phillips, at the opening of a three-day Exchange of Information Workshop,...

The Article IV review being undertaken by the visiting team from the International Monetary Fund (IMF), signals the start of negotiations for a new Fund programme. The IMF mission, which has been in the island since March 7, is scheduled to complete its review on March 20. In a recent statement to Parliament, Minister of Finance, Planning and the Public...

New York-based Fitch Ratings, in its latest report, has maintained Jamaica's foreign and local currency Issuer Default Ratings (IDR) at 'B-', while its short-term IDR remains at ‘B’ and its country ceiling at ‘B’. The rating report, issued early February, reflects the improving macroeconomic stability and relatively improved institutional strength. Importantly also, the international rating agency projected that this ranking...

Finance and Planning Minister, Hon. Dr. Peter Phillips,is hailing the success of the country's commercial banking sector despite the global economic down turn challenges. According to Dr. Peter Phillips,Jamaica should take pride in the fact that despite continuing stresses in Europe and other parts of the world, the local banking sector has held strong. He was speaking at the official...

The GraceKennedy Financial Centre was officially opened in downtown Kingston Wednesday March 7. The centre, situated at 2 Duke Street (the corner of Duke and Harbour Streets) opened for business on February 13, the eve of GraceKennedy’s 90th anniversary. It houses offices of First Global Bank, First Global Financial Services, and Jamaica International Insurance Company. Speaking at the ceremony, Minister of Finance,...

The House of Representatives on March 6 approved the second Supplementary Estimates for the financial year 2011/12. The new budget reflects total government expenditure of $525.2 billion for the remainder of the current fiscal year from the previous $546.7 billion with spending cut by approximately $22.4 billion The estimates show a decrease in the recurrent (housekeeping) expenditure from $356.4 billion...

President of Jamaica Promotions Corporation (JAMPRO), Sancia Bennett-Templer, has said that the two-day Jamaica Investment Forum was a success, with a number of persons expressing “very strong interest” in investing in Jamaica. Speaking with JIS News after the JAMPRO CEO breakfast meeting on March 02, 2012 at Iberostar Rose Hall Hotel, she stated that “we are extremely encouraged by the...

A team from the International Monetary Fund (IMF) is to visit the island from March 7-20 to conduct an Article Four review, which will serve as the start of formal negotiations of a new agreement with the Government. This was disclosed by Minister of Finance and Planning, Hon. Dr. Peter Phillips in a statement to the Houses of Representatives Wednesday...

The economy grew by an estimated 1.7 per cent from October to December 2011 when compared with the corresponding period for 2010. This performance brings estimated gross domestic product (GDP) growth for the 2011 calendar year to 1.5 per cent, representing the first annual increase in real GDP since 2007. Director General of the Planning Institute of Jamaica (PIOJ), Dr....

Commercial bank credit to the private sector has increased by 6.2 per cent in the December quarter, over the previous quarter, with 7.3 per cent of the loans going to businesses.   This was disclosed by Governor of the Bank of Jamaica (BoJ), Brian Wynter as he presented the Quarterly Monetary Policy Report (QMPR) of the Bank at its Nethersole...