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The Government's debt reduction programme, and the sugar industry have been boosted with $4 billion in budget support, from the European Union (EU). Of the total, some $2.7 billion has been approved for the Debt Reduction and Growth Enhancement Programme (DRGEP), while $1.3 billion will go towards support for the sugar sector. Speaking at the handing over ceremony, today (August...

Director General of the Planning Institute of Jamaica (PIOJ), Dr. Gladstone Hutchinson, has disclosed that mining and quarrying was the best performing sector during the April to June quarter, recording growth of 4.3 per cent, He said that the sector was the only area within the Goods Producing Industry that recorded growth over the period. The Industry - which also...

The credit union movement, comprising 45 individual credit unions with a membership of over 900,000 savers, is now close to full compliance with international financial reporting standards. This development comes ahead of the Bank of Jamaica (BOJ) assuming oversight authority for the cooperatives. Mr. Errol Gallimore Registrar of Co-Operative & Friendly Socieites (Acting) Speaking with JIS News Wednesday (August 25),...

Director General of the Planning Institute of Jamaica (PIOJ), Dr. Gladstone Hutchinson has added his voice for an efficient, high quality public sector for good governance, and economic advancement. Speaking at the 17th annual public lecture, hosted by the Management Institute for National Development (MIND) at its old Hope Road campus, on August 19, he asserted that a public sector...

The Bank of Jamaica (BoJ) inflation forecast for the September 2010 quarter is in the range of 1.5 per cent to 2.5 per cent. This moderation in the movement of the cost of living, if achieved, will mark a continued reduction in the quarterly inflation rate, following the 4.1 per cent and 2.6 per cent recorded in the March and...

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...