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The World Bank has proposed a pension model for Jamaica, which includes a gradual increase in the retirement age; the use of the average final five years instead of the final salary as a base for calculating benefits; and the introduction of automatic indexation to preserve the value of the pension throughout retirement. Details of the model were recently submitted...

The 2012/13 Estimates of Expenditure will be tabled in the House of Representatives on May 10, Information Minister, Senator the Hon. Sandrea Falconer, disclosed on April 4, at  the Jamaica House press briefing, held at the Office of the Prime Minister. The decision was made at the recently concluded two-day Cabinet retreat, where Ministers considered the medium term economic programme,...

Minister of Education, Rev. the Hon. Ronald Thwaites, is urging students, who benefitted from the Financial Education in Schools programme, to used the knowledge gained to save and become more financially empowered for the future. “I am encouraging you, who have the learning and understanding now as a result of your exposure, to save as part of your enablement for...

The Estimates of Expenditure for the 2012/13 financial year will be tabled in May, 2012. This was disclosed by Minister of Finance and Planning, Hon. Dr. Peter Phillips on Wednesday March 28, during the meeting of the Special Committee on Tax Reform held at Gordon House. “The budget is going to be delayed because of the change in administration and...

Jamaica and the International Monetary Fund (IMF) will continue discussions during the Spring Meetings of the Fund, scheduled for April 20 to 22, in Washington, D.C., United States. The deliberations follow the recently concluded Article IV Consultation and discussions in Kingston, on a possible Fund-supported economic programme for Jamaica. In a statement following the conclusion of the visit, the Fund’s...

The total number of financial institutions operating downtown Kingston has increased, with Friday’s (March 23) official opening of Access Financial Services Limited’s branch at 50 Duke Street. The office, which has been offering services since February, is the 14th branch of the micro finance institution established in 2000. Addressing the brief opening ceremony, State Minister for Industry, Investment and Commerce,...

The Export-Import (EXIM) Bank has sourced US$20 million for on-lending to export oriented businesses at rates of 10 to 11per cent for J$ loans and 7.5 per cent to 9 per cent for US$ loans. This was announced by Finance, Planning and the Public Service Minister, Hon. Dr. Peter Phillips, at the Jamaica Exporters’ Association (JEA) monthly luncheon, held at...

Minister of Finance, Planning and the Public Service, Hon. Dr. Peter Phillips, intends to table the White Paper on tax reform during his 2012/13 budget presentation. A white paper may be described as an authoritative report, which signifies a clear intention on the part of a government to pass new law. In jurisdictions like Jamaica, a white paper is considered...

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...