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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...

Government has cut spending by approximately $22.4 billion in the Second Supplementary Estimates tabled by Minister of Finance and Planning, Hon. Dr. Peter Phillips on Feb. 21, in the House of Representatives. The new budget reflects total government expenditure of $525.2 billion for the rest of the fiscal year from the previous $546.7 billion. The estimates show a decrease in...

The Bank of Jamaica (BoJ) says the country’s real Gross Domestic Product (GDP) is expected to increase in the range of 1.0 per cent to 2.0 per cent for the March 2012 quarter, largely driven by growth in agriculture, forestry and fishing; electricity and water supply; hotel and restaurants; and construction and installation. The Central Bank is also forecasting that...

Minister of Finance and Planning, Dr. Peter Phillips, and his team briefed the Cabinet on the meetings with the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank (IDB) and players in the private financial markets. He told Cabinet that the meetings were sober but positive.  There was a general understanding of the extremely difficult economic condition that...

Prime Minister, the Most Hon. Portia Simpson Miller, said that the new agreement to be negotiated with the International Monetary Fund (IMF) will provide a measure of confidence to the business community, while offering hope for the Jamaican people. She was addressing the American Chamber of Commerce of Jamaica (AMCHAM) Speaker’s Forum Luncheon 2012, which was held Thursday Feb. 16...

Minister of Finance, Planning and the Public Service,Hon. Dr. Peter Phillips, is scheduled to lead a delegation to Washington DC next week for discussions with the International Monetary Fund (IMF) and other multilaterals. The Minister made the disclosure during February 8 Jamaica House press briefing. He said that while in Washington, he will also meet with capital market players and...

At least $4 billion has been identified to fund the Jamaica Emergency Employment Programme (JEEP). The project is scheduled to be rolled out before the end of the current financial year on March 31, 2012. This was disclosed by Minister of Finance, Planning and the Public Service, Hon. Dr. Peter Phillips during Wednesday’s (Feb. 8) Jamaica House press briefing. In...

Minister of Finance, Planning and the Public Service, Dr. the Hon. Peter Phillips, said that the  2nd Supplementary Estimates for the 2011/12 financial year, will be tabled in the House of Representatives on February 21. The budget adjustments, he said, will see sharp reductions in expenditure for 2011/12, which will carry over into 2012/13. He noted however that even with...

According to a release from the Office of the Prime Minister (OPM), Minister of Finance and Planning, Dr Peter Phillips, is today expected to address the state of the Jamaican economy and plans for the remainder of the financial year. He will be supported by the Minister with responsibility for the public service, Horace Dalley; the Financial Secretary, Dr Wesley...

The recently released remittance report by the Bank of Jamaica (BOJ), indicated that for the first eight months of the 2011/12 fiscal year (April to November), total remittance inflows were US$1,342.7 million, representing an increase of US$86.4 million or 6.9 per cent over the corresponding period of the preceding fiscal year. According to the report, dated January 27, 2012, the...

Minister of Finance, Planning and the Public Service, Dr. the Hon. Peter Phillips, has assured members of the diplomatic corps of the Government’s commitment to economic reform, fiscal prudence, and the facilitation of  business in order to stimulate economic growth, reduce debt, and satisfy the aspirations of Jamaicans. In his first presentation to the diplomats this yesterday (Feb. 1) at...

A US$9.5 million grant to assist with poverty reduction and the achievement of the Millennium Development Goals; environmental sustainability and energy security; and democratic governance, has been secured by the Government from the United Nations Development Programme (UNDP). The agreement was formalised by Director General, Planning Institute of Jamaica (PIOJ), Dr. Gladstone Hutchinson, who signed on behalf of the Government,...