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KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, has emphasised  that the effects of the global economic crisis on the local economy should not be downplayed. Closing the 2011/12 Budget Debate in the House of Representatives on May 11, Mr. Shaw pointed out that, “countries in the region that enjoyed economic growth at an average of...

KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, has shot down the Opposition’s arguments that the Government’s recently announced revenue measures favour the rich. Closing the 2011/2012 Budget Debate in the House of Representatives, Mr. Shaw emphasised that the only basis for wealth creation is to stimulate investment, and that this is where the Government is...

KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, has pointed out that this is the first time in 20 years that the national budgetary process has been under such scrutiny. “We are scrutinised by at least three multi-laterals: the IMF, the World Bank and the IDB. This self-imposed scrutiny is ongoing. No longer can we hide...

KINGSTON — Group Managing Director of National Commercial Bank (NCB), Patrick Hylton, has suggested that “every single debtor’s file” from the FINSAC experience be opened up to public scrutiny, to allow for informed public opinion on whether the Financial Sector Adjustment Company (FINSAC) acted fairly. Testifying at the Commission on Tuesday, Mr. Hylton said that to make a determination as...

KINGSTON — Attorney-at-law, Anthony Levy, accused the FINSAC Commission of Enquiry of acting unconstitutionally, in barring debtors without legal representation, from questioning witnesses from financial institutions at the enquiry. Mr. Levy made the remark, as the enquiry was about to take its luncheon break, during the testimony of former FINSAC Managing Director and current Group Managing Director of the National...

Prime Minister the Hon. Bruce Golding says this year's budget is consistent with a clearly defined, coherent strategy that will facilitate investment and stimulate economic growth. Making his contribution to the 2011/12 Budget Debate in the House of Representatives, Mr. Golding said that the core elements of this strategy includes providing a framework of transparency and accountability so that people...

KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, will table in the House of Representatives today, a Green Paper on tax reform proposals as a means of informing and engaging discussion among the public on the issue. This was disclosed by Prime Minister, the Hon. Bruce Golding, yesterday, during his contribution to the 2011/12 Budget Debate...

KINGSTON — Chairman of the FINSAC Commission of Enquiry, Worrick Bogle, on Thursday chided the Financial Sector Adjustment Company (FINSAC) for failing to keep a list or copies of documents, including securities, transferred to the Jamaica Redevelopment Foundation Inc. (JRF) when it sold bad debts from the 1990s financial meltdown to the Texan firm in 2002. The issues highlighted the...

Officials from the Ministries of Agriculture and Fisheries and National Security have welcomed the extension of multi-billion support to Jamaica under the United Nations Development Assistance Framework (UNDAF). The  ($3.4 billion) US$39.4 million agreement, which was signed at the Planning Institute of Jamaica’s (PIOJ) Oxford Road offices on May 4 will support the implementation of long-term development and medium-term plans...

KINGSTON — Former head of the defunct Horizon Merchant Bank, Elon Beckford, admitted Wednesday (May 4) that the bank's high interest rates contributed to the demise of creditors in the 1990s, including developers whose loans were, eventually, sold to the Jamaican Redevelopment Foundation Inc. (JRF) as bad debts. “If we knew these rates would have continued, we would not have...

KINGSTON — Two members of the financial community have been subpoenaed to appear before the FINSAC Commission of Enquiry this week. Former Jamaica Bankers Association (JBA) president and chairman of the defunct Horizon Group, Elon Beckford,  was examined Thursday (March 24) and has been subpoenaed to return today, to be cross examined by lawyers for the Jamaican Redevelopment Foundation (JRF)...

KINGSTON — The Tax Administration Jamaica will be introducing a mechanism to allow the public to confidentially call or mail in information on persons suspected of cheating the Government out of much-needed revenue. A Tax-Cheat toll-free line, 1-888-292-4328, will be introduced on May 1, Minister of Finance and the Public Service, Hon. Audley Shaw revealed, as he opened his budget...