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The International Monetary Fund (IMF) on Monday, April 8, issued a statement that the Executive Board is expected to meet to consider Jamaica’s 48-month arrangement under the Extended Fund Facility (EFF), by the end of April. The following is the statement issued by the IMF: “Since the conclusion of a staff-level agreement with the Jamaican authorities in February on an...

The Government is to continue initiatives under its Fiscal Administration Modernisation Programme, through a $700 million allocation in the 2013/2014 Estimates of Expenditure. The project, implemented in December 2011, aims to support the Government of Jamaica in achieving a sustainable fiscal position by strengthening the Ministry of Finance and Planning’s institutional capacity to effectively improve customs, inland tax collections, and...

The Government has provided $113 million to finance industry development, foreign investment and export promotion activities to be undertaken by the Ministry of Industry, Investment and Commerce this year. The allocation, contained in the 2013/14 Estimates of Expenditure now before the House of Representatives, includes provision of $50 million for the Global Logistics Hub project; $43.6 million to finance activities...

The Sugar Transformation Unit is to receive $2.1 billion, as the Government sustains its thrust to develop a sustainable private sector-led cane industry by 2015.               Another $96 million will be used to repair sugar cane roads at Appleton, Bernard Lodge, Everglades, Frome, Golden Grove, Monymusk, and Worthy Park factories.             Details of this allocation are contained in the...

The Government is to continue initiatives under its Fiscal Administration Modernisation Programme, through a $700 million allocation in the 2013/2014 Estimates of Expenditure. The project, implemented in December 2011, aims to support the Government of Jamaica in achieving a sustainable fiscal position by strengthening the Ministry of Finance and Planning’s institutional capacity to effectively improve customs, inland tax collections, and...

With an allotment of $1.01 billion to the Constituency Development Fund (CDF), Members of Parliament (MPs) have been equipped to better serve their constituents. The funds have been set aside in the 2013/14 Estimates of Expenditure, now before the House of Representatives. This allocation will be used to cover administrative and other operating expenses and provide grants to the 63...

A budget of $520.88 billion has been 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. Details of these projections are contained in the Estimates of Expenditure, which were tabled in the House of Representatives, on Thursday, April 4, by Minister of Finance, Planning and Public Service, Dr....

Governor-General, His Excellency the Most Hon. Sir Patrick Allen, says the Government has secured the support of the International Monetary Fund (IMF), for a minimum level of social intervention programmes to protect the most vulnerable members of the society, during the new financial year. “Accordingly, it will, to the maximum extent possible, ensure that allocations to our vulnerable citizens are...

Governor-General, His Excellency the Most Hon. Sir Patrick Allen, says the Government will, during the new fiscal year, give priority to close management of the macro-economy, to enable the country to meet the targets that have been agreed on in the Staff Level agreement with the International Monetary Fund (IMF). These include a primary surplus of 7.5 per cent of...

Jamaicans will know what the Government intends to spend during the 2013/14 Financial Year on April 4, when Minister of Finance and Planning, Dr. the Hon. Peter Phillips, tables the Estimates of Expenditure for that year in the House. Tabling of the Estimates will follow the State Opening of Parliament, when the Governor-General, His Excellency the Most Hon. Sir Patrick...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, is attributing the successful implementation of the National Debt Exchange (NDX) programme, to extensive consultations and open dialogue between the Government and participating financial institutions. The Ministry of Finance and Planning, which piloted the programme, concluded its implementation on March 22 with commitments from eight of Jamaica’s leading financial institutions to...

Minister with responsibility for the Public Service, Hon. Horace Dalley, says efforts are continuing to lobby support for the public sector wage restraint agreement by unions not yet on board. The three-year agreement, which was signed earlier this month, will see the island’s civil servants forgoing major wage increases for the period 2013 to 2015. This forms part of the...