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Financial Secretary, Dr. Wesley Hughes, has said that the Jamaica Debt Exchange (JDX) has provided a turning point for Jamaica by transforming an unsustainable fiscal situation into a more manageable and favourable one. Speaking at a recent Financial Services Commission (FSC)-sponsored investment forum entitled: 'The Jamaica Debt Exchange: The Way Forward', Dr. Hughes emphasised that without the JDX, the high...

Minister of Finance and the Public Service, Hon. Audley Shaw, has said that the Government would be embarking on the most ambitious road programme ever, over the next four years. He pointed out that the project, to include the rehabilitation and construction of roads, would be undertaken at a cost of US$460 million (J$40 billion). Mr. Shaw was delivering the...

The following statement was issued on July 16 by the Minister of Finance and the Public Service, the Hon Audley Shaw: "In response to an editorial in the Gleaner of Thursday (July 15), in which there was a call for clarification regarding the use of Air Jamaica trademarks by Caribbean Airlines, I take the opportunity to outline the agreement with...

Finance and Public Service Minister, Hon. Audley Shaw, has warned that the Ministry will be increasing its vigilance of the activities of philanthropic and charitable organisations that are benefitting from duty waivers on imports, which they have indicated, are to benefit persons in need of assistance. Speaking at a US$2.49 million ($215 million) grant signing ceremony for the Programme of...

The government has been lauded for its commitment in facilitating a suitable environment for producers and exporters, by Chairman and Chief Executive Officer (CEO) of the LASCO Group of Companies, Hon. Lascelles Chin, O.J. Mr. Chin also said he is particularly pleased with the steps taken by the Ministry of Finance to lower interest rates. The CEO was speaking on...

Education Minister, Hon. Andrew Holness, has said that the Government is looking to increase the capital base of the Students' Loan Bureau to enable more students to access tertiary education. He said that the current capital of under $3 billion is "just not enough" and that about $20 billion is required to adequately meet needs. "We need to expand the...

Managing Director of the International Monetary Fund (IMF), Dominique Strauss-Kahn, has indicated his organisation's willingness to look at ways to provide new kinds of support to indebted, middle-income states, like Jamaica. He was responding to views expressed by Chairman of CARICOM and Prime Minister of Jamaica, the Hon. Bruce Golding, who stated at the opening of the 31st Meeting of...

Effective Thursday (July 1), the cash reserve requirements of deposit-taking institutions supervised by the Bank of Jamaica(BoJ) will be reduced by two percentage points (2%) to twelve percent (12%). This reduced requirement applies to their Jamaica Dollar liabilities. The cash reserve requirement applicable to foreign currency deposits which was reduced in March 2010 remains at nine per cent (9%). Liquid...

The House of Representatives has approved a Government guarantee of a loan of US$340 million, from the China Export Import Bank to the Road Maintenance Fund (RMF), for the rehabilitation and maintenance of roads under the Jamaica Development Infrastructure Programme (JDIP). Minister of Finance and the Public Service, Hon. Audley Shaw, who piloted the resolution on Tuesday (June 29), noted...

The appreciation of the Jamaican dollar since the beginning of the year, particularly during the past two months, is market-driven, reflecting an environment of increased confidence. This was stated by Governor of the Bank of Jamaica, Bryan Wynter, during an exclusive interview with the Jamaica Information Service ("Issues and Answers", Television Programme). Governor Wynter attributed the fortunes of the domestic...

Tomorrow, June 30 is the final day for property owners to pay their property tax for the 2010 - 2011 fiscal year, before a 10% penalty is applied for late payment. In May, the Tax Administration had announced that persons were being given an additional two months, to June 30, to pay their property tax for the current year, failing...

Having successfully met the targets of the first test of the International Monetary Fund (IMF) Standby Arrangement (SBA), Jamaica can now access 63.7 million Special Drawing Rights (SDR) equivalent to approximately $8 billion or just under US$94 million. On Wednesday (June 23), the Executive Board of the IMF concluded the review of Jamaica's first quarter economic performance under the SBA....