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MONTEGO BAY — Minister of Finance, Hon. Audley Shaw, has expressed support for the formation of an Association of Debt Managers in the Caribbean, noting that nine of the most heavily indebted countries in the world are in the region. Addressing the seventh annual meeting of  the Group of Latin American and Caribbean Debt Management Specialists,  held on  October 19,...

KINGSTON — The Bank of Jamaica's (BoJ) role in ensuring financial stability is to be significantly strengthened through the establishment of a dedicated body, the Financial System Stability Committee. This decision, which has received Cabinet approval, was disclosed by BoJ Governor, Brian Wynter, during a recent presentation to the Institute of Chartered Accountants of Jamaica (ICAJ). Mr. Wynter explained that...

A new way of thinking and a shared set of core values are needed to transform the public sector, which will foster the creation of a world class public service with a reputation for excellence. This was stated by Minister without Portfolio in the Office of the Prime Minister with responsibility for the Public Service, Senator the Hon. Arthur Williams,...

Minister of Finance Audley Shaw has been taken to seek medical attention after feeling ill during cabinet meeting this morning. Minister Shaw has been suffering from flu-like symptoms over the past few days. Information Minister Daryl Vaz  says  that  a preliminary  diagnosis  indicates that Minister Shaw’s symptoms could develop  into  an ear infection which  can  cause  vertigo- a condition that results in  giddiness and...

KINGSTON — Despite challenges, the Jamaican economy is in the midst of a transition to enduring macroeconomic stability, low interest rates and sustained growth. This was emphasized by the Governor of the Bank of Jamaica (BoJ), Brian Wynter, during a presentation to the recent economic forum staged by the Institute of Chartered Accountants of Jamaica (ICAJ).    In a detailed...

KINGSTON — A number of studies undertaken to explain the contradiction of high investment and low growth in the Jamaican economy, have all concluded that the country’s weak growth performance has been due largely to low productivity. This was disclosed by Governor of the Bank of Jamaica, Brian Wynter, during his presentation to an Institute of Chartered Accountants of Jamaica...

Prime Minister Bruce Golding said data released by STATIN yesterday (Oct 6) showed that the Jamaican economy has grown by 2.1 percent in the second quarter of the year which is above the Government’s projection of 1.5 percent. In a statement today (Oct. 7), the Prime Minister said the growth is evidence that that the process of economic recovery is continuing. Mr...

KINGSTON — The Jamaica Social Investment Fund (JSIF) continues to meet the needs of the poor and vulnerable, approving a record 166 sub-projects during the last financial year at a cost of some $1.26 billion. Outgoing Acting Chairman, Patricia Sutherland, made the disclosure at the agency’s 15th Annual General Meeting held on October 5th at the Jamaica Pegasus hotel in...

KINGSTON — The Institute of Chartered Accountants of Jamaica (ICAJ) is proposing the application of a flat tax rate for operators in the informal sector as an equitable and efficient strategy to improve tax compliance. Vice President of the organisation and Tax Consultant, Ethlyn Norton-Coke, who made the submission during a meeting of the Committee on Tax Measures on October...

KINGSTON — Finance Minister, Hon. Audley Shaw, says efforts by the Ministry, Jamaica Customs, and Tax Administration, will be intensified in coming months, in response to the persistent problem of under-invoicing and other nefarious means used by some importers to defraud the treasury of billions of dollars. Addressing a Customs Seminar convened by the Jamaica Chamber of Commerce at the...

KINGSTON — Effective Friday, September 30, the interest rate payable on the Bank of Jamaica’s (BOJ) 30-day Certificates of Deposit (CD) has been reduced from 6.50 percent to 6.25 percent. The 30-day CD rate reflects the Bank’s bench mark interest rate and the latest adjustment represents a 25 basis points reduction. The current rate of 6.25 percent represents a record...

KINGSTON — The latest remittance report released by the Bank of Jamaica (BOJ), dated September 2011 for the month of July, disclosed that net remittances for the month were US$149.7 million, which represented an improvement of US$15.1 million or 11.2 per cent relative to the corresponding period of 2010. According to the BOJ this resulted from an increase in gross...