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The Government is currently negotiating a US$75 million loan with the United States Agency for International Development (USAID) to help finance its tax administration reform programme, Finance and Public Service Minister, Hon. Audley Shaw, has disclosed. He says that, when finalized, the loan will finance, among other things, a new information technology system with “impressive” forensic data mining capabilities and...

Minister of Finance and the Public Service, Hon. Audley Shaw, is warning that the Ministry will be vigilant in monitoring the operations of companies listed on the Junior Stock Exchange, to ensure compliance with the purpose for which it was established. Speaking at the sixth Jamaica Stock Exchange (JSE) investment and capital market seminar at the Jamaica Pegasus Hotel, New...

Cabinet has approved a 10 per cent increase for minimum wage earners and industrial security guards. Minister of Labour and Social Security, Hon. Pearnel Charles, made the announcement during Tuesday’s January 25 sitting of the House of Representatives. Effective February 28, 2011, the National Minimum Wage will move from $4, 070 per 40-hour work week to $4,500, while the minimum...

Minister of Finance and the Public Service, Hon. Audley Shaw, is to meet with the Bankers Association of Jamaica (BAJ) on Wednesday (January 26), to discuss their role in Government’s efforts to grow the economy. The discussions are expected to focus on securing the commercial banks’ support for the administration’s efforts to lower interest rates. Speaking at Mayberry Investments Limited’s...

Minister of Finance and the Public Service, Hon. Audley Shaw, says that the Government is satisfied that merging the national airline, Air Jamaica, with regional counterpart, Caribbean Airlines, was a correct and timely move. Speaking at Mayberry Investments Limited’s monthly Investors Forum, at the Knutsford Court Hotel, New Kingston, on Wednesday (January 19), Mr. Shaw said that in light of...

Finance and Public Service Minister, Hon. Audley Shaw, is confident that Jamaica will pass the International Monetary Fund’s (IMF) 2010 December test. The tests are targets, jointly agreed on by the Government and IMF, which Jamaica need to meet to access funding from a US$1.27 million standby agreement negotiated in 2010. Speaking at Mayberry Investments Limited’s first monthly Investors Forum...

Minister of Finance and the Public Service, Hon. Audley Shaw, says the fiscal and legislative achievements Jamaica recorded in 2010, have presented opportunities to overcome the global economic crisis. Speaking at the first Mayberry Investments Limited's monthly Investors Forum for 2011, at the Knutsford Court Hotel, New Kingston, on Wednesday (January 19), the Minister described 2010 as a "make or...

Prime Minister Bruce Golding and Head of the Delegation of the European Union (EU), Ambassador Dr. Marco Mazzochi-Alemanni, will participate in the handing over of $3 billion from the EU towards the fiscal budget. The ceremony will be held on Tuesday, January 25 at Jamaica House. The EU budget supports increases in the level of discretionary expenditure available to the...

Minister of Finance and the Public, Hon. Audley Shaw, says the salary of current Bank of Jamaica Governor (BoJ), Brian Wynter, is some $8 million less than his predecessor. Mr. Shaw told the House of Representatives Tuesday (January 18) that Mr. Winter's remuneration package totals $29, 789.8 million per annum, nearly $8 million less than former Governor DerrickLatibeaudiere’s contract He...

The Jamaica Social Investment Fund (JSIF), under its World Bank funded Rural Economic Development Initiative (REDI), has signed agreements to fund  six community projects in Manchester and St. Elizabeth at a cost of over $24 million. Speaking at the signing on Thursday (January 13) at the Ridgemount United Church, Manchester, REDI Project Manager with REDI, Stephanie Hutchinson-French, urged the public...

Minister of Finance and the Public Service, Hon. Audley Shaw, says changes to the Deposit Insurance Act will create the basis for enhanced depositor entitlements, and improved operational efficiencies in the Deposit Insurance Scheme “Clause 3 (Section 5), which outlines the functions of the Jamaica Deposit Insurance Corporation (JDIC), is now being amended to allow the Corporation to make loans...

Minister of Industry, Investment and Commerce, Hon. Karl Samuda, has indicated the possibility of legislation being promulgated, to ensure that commercial banks provide customers with adequate information on their services. "There is no point in saying that you need to do this, but there is no enforcement of that provision to protect the consumer," he said at a press conference...