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In response to concerns regarding the Bank of Jamaica's (BOJ) net financing of $20.6 billion to Government in the October-December, 2009 quarter, the Bank has reiterated its policy position that it will not be a source of deficit funding for the Government going forward. BOJ Governor Brian Wynter, during the monetary policy report for the quarter on Wednesday (February 10),...

Minister of Industry, Investment and Commerce, Hon. Karl Samuda, has called on the banking sector to take a more holistic approach in facilitating borrowers to be more successful in repaying their loans. "There is the practice in the banking community where if you owe money to a lending institution, to go to another to secure a loan to consolidate all...

Minister of State in the Ministry of Finance and the Public Service, Senator the Hon. Arthur Williams, has emphasised that the social partnership required to achieve national transformation, will only be realised when there is "true and genuine" communication among stakeholders. Speaking at a conference for communication professionals in the public sector, held at the Office of the Prime Minister,...

The Government will be allocating $27 billion in the 2010/2011 Budget to cover the cost of the administration's exiting responsibilities for Air Jamaica. "We are hopeful that before we get to the new financial year, we would have secured an arrangement for the privatisation, if not, the arrangements for its closure would be triggered by April 1, 2010," Prime Minister,...

The Government of Jamaica (GOJ) in its Letter of Intent (LOI) to the International Monetary Fund (IMF) on 15 January 2010, formally requested a 27-month Stand-By Arrangement with the IMF for SDR820.5 million (US$1.25 billion), the equivalent of 300 per cent of quota. A LOI is a formal document outlining an agreement between two or more parties before the agreement...

Despite weak demand in the global and domestic economies and uncertainty in the financial markets about a loan from the International Monetary Fund (IMF), the Jamaican economy remained relatively stable during October-December, 2009. However contraction in the domestic economy was estimated at between two and three per cent, during the review quarter, and is projected to decline in the range...

Minister of Education, Hon. Andrew Holness, is suggesting that government consider sharing credit information with financial institutions abroad as it seeks to recover money borrowed by students to complete their tertiary education. He was contributing to the debate on the Credit Reporting Bill in the House of Representatives yesterday (February 9), which, among other things, provides for the sharing of...

The House of Representatives yesterday (February 9) passed legislation that will allow for the sharing of credit information between specified financial institutions and enable creditors to make better lending decisions. The Credit Reporting Bill, which was passed with 42 amendments, also provides for the licensing and supervision of a credit bureau, and other connected matters. Piloting the bill, Minister of...

Minister with Portfolio responsibility for the Public Service, Senator the Hon Arthur Williams, met on Monday (February 8) with the members of the Police Federation at the Ministry, National Heroes' Circle, Kingston. However, due to Mr. Williams having to attend the weekly sitting of Cabinet, the meeting was shortened and another one has been scheduled for 2 pm on Wednesday...

Caricom has given a commitment to finance the Jamaica Defence Force (JDF) relief base in Haiti for another month so that humanitarian assistance from the region can continue in the earthquake ravaged capital of Port au Prince. The additional funding until March 5 will come from the government of the Commonwealth of the Bahamas. This assurance came during a meeting...

Minister of Finance and the Public Service, Hon. Audley Shaw, says the Students' Loan Bureau (SLB), will be making an announcement soon regarding the lowering of its interest rates. "In line with the general direction of lowered interest rates, we expect that interest rates at the Students' Loan Bureau will also be declining," Mr. Shaw told journalists at the post-Cabinet...

The standby lending facility of US$1.27 billion (SDR 820.5 million) for Jamaica, was approved by the International Monetary Fund (IMF), on February 4, paving the way for the other Multilaterals to pour in additional credit of some US$1.1 billion. The agreement will immediately release funding of US$1.335 billion for Jamaica, from the US$2.37 billion pool of funds earmarked for the...