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Minister of Finance, Planning and the Public Service, Hon. Dr. Peter Phillips, says a national consensus is required of all Jamaicans about the importance of the country getting out of the current debt trap. The Minister said it has often been repeated, but not truly recognised by a lot of people, the severity of the economic situation that the country...

The Government has taken another step towards strengthening security at its commercial ports, with the signing of a Letter of Intent with the United Nations Office on Drugs and Crime (UNODC), to participate in the Container Control Programme.   The signing took place on June 27, at the Ministry of Finance and the Public Service, in Kingston. This programme is...

As the Bank of Jamaica (BoJ) moves to further strengthen measures to safeguard the financial sector, Minister of Finance and Planning, Hon. Dr. Peter Phillips, is encouraging Credit Unions to accept the new regulations when they come on stream. Addressing the recent Caribbean Confederation of Credit Unions (CCCU) Annual International Convention, at the Ritz Carlton Hotel, in Montego Bay, the...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, is urging the local credit union movement to promote amongst its membership, the need to comply with international standard regulations in the financial sector. The Minister who spoke at the opening ceremony of the Caribbean Confederation of Credit Unions on Saturday, June 23, at the Ritz Carlton Hotel, in Montego...

The Bank of Jamaica (BoJ) is implementing a number of technologically advanced measures to improve the quality of the country’s currency, ensure longer circulation periods, and guard against counterfeiting. These strategies are expected to reduce costs to the Bank, as in the long term there will be less frequency in the printing of notes. (Related Story: BoJ Launches Special 50th...

The Bank of Jamaica (BoJ) officially launched its special series of 50th anniversary commemorative banknotes Wednesday June 19, in celebration of the country’s Golden Jubilee. Minister of Finance and Planning, Dr. the Hon. Peter Phillips, who spoke at the event, said the notes are not only being launched to celebrate the 50th year of Jamaica’s political independence, but “we are...

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, is urging local financial institutions to prepare for the implementation of the United States (US) Foreign Account Tax Compliance Act (FATCA), which has implications for these entities. “We are still at an early stage in the implementation of FATCA. My impression is that the final regulatory arrangements are still not...

Financial Consultant, Renée Anne Shirley, has been appointed the new Executive Director of the Jamaica Anti-Doping Commission (JADCO). Her appointment, which became effective June 12, was announced recently by JADCO’s Board Chairman, Dr. Herb Elliott, and follows a short stint as Senior Advisor to Local Government and Community Development Minister, Hon. Noel Arscott, between January and May. Established in 2005,...

LONDON - High Commissioner to the United Kingdom (UK), Her Excellency Aloun Ndombet-Assamba, has assured UK-based Jamaicans that plans by the Government to replace Her Majesty Queen Elizabeth II as Head of State, will not impact the country economically or charge its relationship with the Commonwealth. Mrs. Ndombet Assamba gave the assurance as she delivered the keynote address at the...

Bank of Jamaica (BoJ) Governor, Brian Wynter, is reporting that the country’s net international reserves (NIR) currently stand at approximately US$1.6 billion.  Speaking at the BoJ’s post-Budget media briefing at the institution’s downtown Kingston headquarters on Thursday (June 14), Mr. Wynter told journalists that the funds are more than adequate “to address the kinds of risks that we typically face,...

Bank of Jamaica (BoJ) Governor, Bryan Wynter, says the reduction in Government’s demand for financing, and the freeing up of resources for private sector investment and growth, should create and sustain low inflation and interest rates, and stabilise the foreign exchange rate. This pronouncement comes against the background of the Bank's projection of a reduction in the inflation rate during...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, is anticipating that Jamaica’s economy will be boosted over the short to medium-term, consequent on several private and public sector projects slated for implementation this year. The projects include: the North/South Highway link between Angels, St. Catherine, and Ocho Rios, St. Ann; enhancement of the island’s port facilities being spearheaded by...