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Sanctions should be imposed for deliberate breaches of fiscal responsibility resulting from ministerial action. Minister of Finance, Planning and the Public Service, Dr. the Hon. Peter Phillips, made the call during his first major presentation since being appointed to the ministry in the new administration.  Addressing investors at the Mayberry Investment Forum in Kingston on Wednesday (January 18), the Minister...

With just over two months to the beginning of the 2012/13 financial year, a Supplementary Budget will be presented to reflect a downward revision in public expenditure. This was announced by Minister of Finance, Planning and the Public Service, Hon. Dr. Peter Phillips, when he addressed the Mayberry Investment Forum, at the Knutsford Court Hotel in Kingston, on January 18....

Minister of Finance, Planning and the Public Service while calming fears that  the new administration might implement policies which will generate high interest rates, advises that banks need to assist in taking active steps to contain their costs, increase their efficiencies and so contain the growth in their spreads. According to the Finance Minister, the first aspect of the way...

The Government has started preliminary talks with the International Monetary Fund (IMF), in preparation for a fuller negotiation. This was disclosed by Minister of Finance, Planning and the Public Service, Hon. Dr. Peter Phillips, in an address to the Mayberry Investment Forum at the Knutsford Court Hotel, in Kingston, on  January 18. Speaking on the theme: 'Jamaica's next 50 years:...

The latest data released by the Statistical Institute of Jamaica (STATIN) indicates that the inflation rate for the calendar year 2011 was six per cent, the lowest for the previous five years. The achievement of this relatively modest price movement compares to an 11.7 per cent turn-out in 2010. For the fiscal year-to-date, the inflation rate was 5.5 per cent,...

With an ever increasing demand to assist students to fund their tertiary studies each year, the Students Loan Bureau (SLB) continues to work assiduously to ensure that Jamaicans access the highest levels of education, in preparation for the local and international job markets. Executive Director of the SLB, Monica Brown, explains to JIS News that the demand for loans was...

The Bank of Jamaica (BoJ) has indicated that most of the currency issued during December 2011 will be redeemed during January 2012. The seasonal spike of money in circulation in December reflected the heightened consumer demand for cash to satisfy Christmas shopping. Data from the Central Bank indicate that for December 2011, there was a net increase of $10.4 billion...

The Minister of Finance has confirmed that he has initiated steps to restart discussions with the International Monetary Fund (IMF). A delegation from the Fund will visit Jamaica starting January 17, and will meet with the Minister and his team, to discuss the current status of the economy and the prospects for the medium term, according to a release from...

The Net International Reserves (NIR) as at the end December 2011 stood at US$1.967 billion, an increase of some US$5 million over the November 2011 figure of US$1.961 billion. According to the latest NIR update from the Bank of Jamaica (BoJ), the reserves as at December 31 represented over 19 weeks of goods and services imports, based on the estimated...

Prime Minister, the Most Hon. Portia Simpson Miller, has assured the local and overseas business community that her administration will pursue a tight fiscal policy, reduce the country’s debt to Gross Domestic Product (GDP) ratio, and maintain the key macro-economic fundamentals. She has also emphasised that the newly elected government will be “very careful and prudent” in its debt management....

The start of the new business year, Tuesday, January 3, 2012 will see the Falmouth Tax Office operating from a new location at the Port Authority Building, 2 – 4 Tharpe Street in Falmouth, Trelawny, commonly known as the Old Wharf Building, opposite Juici Patties. The move to the new location became necessary due to the continuing growth and expansion...

Director General of the Planning Institute of Jamaica (PIOJ), Dr. Gladstone Hutchinson, has commended the International Organization for Migration (IOM) for its assistance in addressing the impact of the “brain drain” on Jamaica. Speaking at a special ceremony at the PIOJ’s New Kingston offices recently to mark the IOM’s 60th anniversary, Dr. Hutchinson said the organization had been instrumental in...