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The Government’s chief planning agency, the Planning Institute of Jamaica (PIOJ), is reporting Gross Domestic Product (GDP) growth of 0.6 per cent for the first quarter of 2012, relative to the corresponding period last year. Agriculture, wholesale and retail, and tourism were the main growth drivers, with activities in the goods producing industries increasing by some 1.4 per cent. Agriculture,...

Opposition Spokesman on Finance, Planning, Growth and Economic Development, Audley Shaw, has lauded the move by the Government to further enhance the role of the Public Administration and Appropriations Committee (PAAC). Making his presentation in the 2012/13 Budget Debate in the House of Representatives, Tuesday May 29, Mr. Shaw said the Opposition welcomed the Minister’s announced intention to expand the...

The Jamaican economy is expected to grow by at least 4.2 per cent over the medium-term. For the current financial year, growth is projected at one percent and increase to 1.3 per cent for 2013/2014, and 1.9 per cent for 2014/2015. Finance and Planning Minister, Hon. Dr. Peter Phillips, in presenting the medium-term growth prospects as he opened the 2012/13...

Finance and Planning Minister, Hon. Dr. Peter Phillips, says work is far advanced on the establishment of a framework for a Public/Private Partnership (PPP) policy. He also announced the establishment of a PPP Secretariat in the Development Bank of Jamaica (DBJ), while opening the 2012/13 Budget Debate in the House of Representatives on May 24. In an address entitled: ‘A...

Finance and Planning Minister, Hon. Dr. Peter Phillips, says improving the climate for doing business is critical to attracting the levels of investment needed to grow the economy. The Minister, who was opening the 2012/13 Budget Debate in the House of Representatives on Thursday (May 24), stated that sustained growth and prosperity will only be achieved by the “creative pursuit...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, says the budget presented by the government seeks to lay the foundation for future growth and prosperity. Dr. Phillips, while opening the 2012/13 budget debate in Gordon House on Thursday (May 24), said it is the intention of the government to reduce debt and maintain the gains that have been...

Elements of the Tax and Tax Administration Reform package will be incorporated in this year’s budget and will be implemented over a three-year period. This was announced by Finance and Planning Minister, Hon. Dr. Peter Phillips, during his opening presentation of the 2012/13 Budget Debate in the House of Representatives on  May 24. The new measures will include: reducing distortions...

The country must work to reduce its debt, even as negotiations continue on a new standby arrangement with the International Monetary Fund (IMF), said Finance and Planning Minister, Hon. Dr. Peter Phillips. Opening the 2012/13 Budget Debate on Thursday (May 24) in the House of Representatives, the Finance Minister said that as of the close of the 2011/2012 fiscal year,...

Minister of Finance and Planning, Hon. Dr. Peter Phillips, says Jamaica’s relationship with the International Monetary Fund (IMF) stands at the centre of the country’s economic recovery programme. He said the country’s economic interests, at this time, are best served by entering into an agreement with the IMF covering an extended period of at least three years. The Minister was...

The Government is projecting earnings of $337.9 billion in revenue and grants this financial year. This was revealed by Minister of Finance and Planning, Hon. Dr. Peter Phillips, on Thursday (May 24), as he opened the 2012/13 Budget Debate in Gordon House. Dr. Phillips informed that the figure, which is before tax, represents a 4.9 per cent increase over the...

The Ministry of Finance is in discussions with the Ministry of Education, in order to arrive at an arrangement which will allow books needed for schools to be purchased through the Education Ministry, so that students can get the books without paying the General Consumption Tax (GCT).   This was disclosed by Minister of Finance and Planning, Hon. Dr.  Peter...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, has informed that the system for granting waivers will be revamped. The Minister made the disclosure as he opened the 2012/13 budget debate on Thursday (May 24) in the House of Representatives. Dr. Phillips said that starting this financial year, all blanket waivers will be cancelled, while waivers to public...