The Development Bank of Jamaica Limited (DBJ) plans to intensify efforts to provide support for the divestment of government-owned assets during fiscal year 2024/25, primarily by facilitating private investment through the transparent execution of Public-Private Partnerships (P4) and privatisations. Details of the programmed engagements are outlined in the Jamaica Public Bodies Estimates of Revenue and Expenditure for the Fiscal Year...

The Government plans to develop a public procurement catalogue, says Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke.  This undertaking, to be spearheaded by the Ministry, will enable greater efficiency across the civil service when procuring items for use and is part of the wider rollout of shared services in government.  Dr. Clarke made the announcement...

The Bank of Jamaica (BOJ) is developing a central electronic database with Know Your Customer (KYC) information, aimed at making it easier for clients to switch banks. Addressing the BOJ’s Quarterly Monetary Policy Press Conference on Tuesday (May 21), Central Bank Governor, Richard Byles, disclosed that 60 per cent of deposits reside in two of Jamaica’s 11 deposit-taking institutions. He...

Minister of Justice, Hon. Delroy Chuck, says $530 million was paid out last year in judgement debt for 182 matters. Mr. Chuck made the disclosure during his contribution to the 2024/25 Sectoral Debate in the House of Representatives on Tuesday (May 21). Last year, the Ministry of Finance and the Public Service allocated $750 million towards judgement debts. Mr. Chuck...

The Bank of Jamaica (BOJ) has advised that the country’s declining inflation rate is expected to be temporarily interrupted, but projected to return to the BOJ’s target range thereafter. The inflation rate in April was 5.3 per cent, which is within the Bank’s four to six per cent target range and lower than the out-turn for March. Addressing the Central...

The Bank of Jamaica (BOJ) is reporting that 87 per cent of notes in circulation are the new polymer currency. The new series of polymer Jamaican banknotes comprise upgraded $50, $100, $500, $1,000 and $5,000 notes, and the newly introduced $2,000 bill. “Over time, the old notes are being redeemed at Bank of Jamaica. I had said some time ago...

The Ministry of Finance and the Public Service is reminding contractors that the Procurement Review Board exists to hear grievances in relation to matters of procurement. Chief Public Procurement Officer at the Ministry of Finance and the Public Service, Andrei Bennett, told JIS News that the body is a quasi-judicial tribunal that was established by the Public Procurement Act. “It’s...