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Public sector workers and unions must appreciate their role in the country's delicate fiscal situation, as wage demands that push inflation, worsen debt, or compromise the Government's ability to improve the economy, will erode economic and social credibility. This caution was issued by Director General of the Planning Institute of Jamaica (PIOJ), Dr. Gladstone Hutchinson yesterday (Aug. 19) at the...

The Bank of Jamaica's (BoJ) Gross International Reserves (GIR) at end of June 2010 amounted to over US$2. 5 billion, representing nearly 20 weeks of projected goods and services imports relative to the international benchmark of 12 weeks. The stock of Net International Reserve (NIR) at the end of that period was just under US$1. 8 billion, higher than the...

The assets of the National Insurance Fund (NIF) were valued at $62 billion at the end of July this year, an increase of 17 per cent over the $53 billion recorded in July of 2009. This was announced by Senior Director of Investments at the NIF, Audrey Deer-Williams, at a JIS 'Think Tank', on August 19. The Senior Director assured...

Minister of Finance and the Public Service, Hon. Audley Shaw says that progressive reduction in public sector demand will eliminate a significant portion of the current premium in the country's interest rates that is related to macro economic uncertainty and government defaulting on its loans. "In short, the productive sectors of the economy will be able to finance working capital...

Minister of Finance and the Public Service, Hon. Audley Shaw, says that the fallout that resulted from the collapse of unregulated financial schemes provides compelling evidence of the need to educate the investing population. He was speaking at a literacy forum hosted by the Financial Services Commission (FSC) at the Jamaica Pegasus Hotel, New Kingston, Wednesday (August 18). Mr. Shaw...

Government will be instituting gradual changes at the Students' Loan Bureau (SLB), to enable students easier access to loans. This was stated by Minister of Education, Hon. Andrew Holness, while addressing tertiary level students at a rap session, held at Marley Beach, in St. Mary, on August 15. Mr. Holness pointed out that government is currently paying 80 per cent...

To address the issue of competitiveness, the Bank of Jamaica (BoJ) says it may be necessary to undertake "reforms to improve the business environment that will enhance productivity and allocate resources to more dynamic sectors." The recommendation is contained in a special feature entitled, 'Exchange Rates and External Price Competitiveness', in the recently released Quarterly Monetary Policy Report (QMPR) by...

The Government today (August 13) received grant funding totaling more than $92 million from the Inter-American Development Bank (IDB), to be used to strengthen social intervention initiatives. Of the sum, $38.7 million (US$450,000) is for the modernisation of the School Feeding Programme, while the majority share of $53.3 million (US$620,000) will go towards a technical cooperation agreement, which will assist...

The Jamaican export sector continues to perform well, despite economic challenges, particularly non-traditional domestic products and foods which earned $15 billion (US$173.7 million) during the first quarter of this year. Jamaica Exporters Association (JEA) President, Vitus Evans, said that the revenues were approximately $6 billion more than that for the corresponding period last year, based on data from the Statistical...

Minister of Finance and the Public Service, Hon. Audley Shaw, said that the new tax waiver/incentive policy to be formulated will place emphasis on growth and will lay out the red carpet for investors committed to creating jobs for Jamaicans. "Anyone and any company, which is committed to investing, producing and creating jobs, a red carpet will be laid out...

Bank of Jamaica (BoJ) Governor, Brian Wynter, has confirmed that the 2.6 per cent inflation recorded for the quarter ending June 2010, was well below the 4.1 per cent for the previous March quarter, as well as falling behind the 3.5 per cent average for the five previous June quarters. Mr. Wynter said that inflation during the quarter was largely...

Senior International Monetary Fund (IMF) Resident Representative in Jamaica, Dr. Gene Leon, said that the appreciation of the Jamaican dollar offers significant long- term benefits for business interests, Government and the country on the whole. Speaking at the Jamaica Exporters' Association (JEA) Breakfast Forum on Wednesday (Aug. 11) at the Jamaica Pegasus Hotel, New Kingston, Dr. Leon cited concerns by...