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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....

Jamaican banks are being urged to look seriously at productivity within their operations, and to seek help in making improvements. At a Jamaica's Employers' Federation (JEF) Members' Forum Wednesday (June 23), Deputy Chairman of the Jamaica Productivity Centre (JPC), Anthony Hyde, said he was concerned that banks are not approaching the JPC to work at improving productivity. "It's interesting that...

The Assets Recovery Agency (ARA), through intensive investigations, have, pursuant to the Proceeds of Crime Act (POCA) 2007 reasonable cause to believe that properties held by, or on behalf of Mr. Christopher Coke is recoverable property. As a result, the ARA has served Restraint Orders on the relevant parties with a view to protect the said properties from dissipation until...

Director General in the Ministry of Finance and the Public Service, Devon Rowe, has underscored the importance of internal auditors in ensuring good governance through transparency, accountability, and fiscal discipline. "No fiscal discipline programme can be successful without a sound monitoring and evaluation component. Good governance through transparency and accountability and improved internal and external controls, serves to reduce the...