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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...

Bank of Jamaica (BOJ) Governor, Mr. Brian Wynter, is scheduled to host his first quarterly press briefing on Wednesday, February 10. The interactive forum comes in the wake of Thursday's (February 4) approval by the International Monetary Fund (IMF) of the US$1.27 billion (SDR 820.5 million) standby lending facility and the historic debt exchange programme. The event also involves the...

Minister of Finance and the Public Service, the Hon Audley Shaw, says that the Jamaica Airline Pilots Association's (JALPA) interest in purchasing Air Jamaica could only be considered if there was a fall-out in current discussions with Caribbean Airlines, and failure to reach an agreement with the bidder next in line. "Then we would have to reopen the bidding process...

Minister of Finance and the Public Service, Hon. Audley Shaw, has said that Caribbean Airlines is the most probable buyer of Air Jamaica at this time and the company's proposal is being actively considered. He was speaking at today's (February 3) post-Cabinet press briefing at Jamaica House. While acknowledging the interest of the Jamaica Airline Pilots Association (JALPA), Minister Shaw...

Minister of Finance and the Public Service, Hon. Audley Shaw, is confident that the Executive Board of the International Monetary Fund (IMF) will grant approval for the US$2.4 billion stand-by loan facility for Jamaica, when it meets today (February 4) in Washington D.C. to consider the application. Mr. Shaw said the agreement will mark "a very significant point of departure"...

Following a week of operation in western Jamaica with its mobile service, the Companies Office of Jamaica (CoJ) is expressing some disappointment at the low response from Non-Government Organizations (NGO's). The CoJ mobile team was in the West from January 25 to January 29, making stops in Savana-La-Mar and Negril in Westmoreland, Lucea in Hanover, and Montego Bay in St....

Minister of Finance and the Public Service, Hon. Audley Shaw, has announced his intention to bring to Parliament, two pieces of legislation, which will provide for greater fiscal responsibility within the public service. The legislation, which will be tabled in Parliament on February 2, are amendments to the Financial Administration and Audit (FAA) Act and the Public Bodies Management and...

Minister of Finance and the Public Service, Hon Audley Shaw, has asked that the Opposition give unequivocal support to the Jamaica Debt Exchange (JDX) programme. Closing the debate on the economy in the House of Representatives Tuesday night, Mr. Shaw accused the Opposition of giving different signals in terms of their support for the initiative. "I don't quite understand the...

Preliminary indications are that up to yesterday (January 26), there was a 91 per cent participation rate in the Government's debt exchange initiative. Making the disclosure at the Jamaica Customs Department's stakeholders symposium at the Jamaica Conference Centre, in Downtown Kingston, today (January 27), Minister of Finance and the Public Service, Hon. Audley Shaw, described this development as "successful by...

Under the Jamaica Debt Exchange (JDX) the Government of Jamaica has received submission forms, which are subject to verification, from holders aggregating more than 90% of the bonds eligible for the transaction. Submission forms were still being submitted late yesterday (Wednesday), and the Government has received several requests from brokers to extend the submission deadline to allow them additional time...

Jamaica's request for a 27-month Standby Arrangement with the International Monetary Fund (IMF) will go to the Executive Board of the Fund next week Wednesday, February third. This was disclosed by Minister of Finance and the Public Service Hon. Audley Shaw, as he closed the debate on the Government's economic programme, which will be supported by the US$1.25 billion loan,...

Finance and the Public Service Minister, Hon. Audley Shaw, said that after registering a decline during this fiscal year, real Gross Domestic Product (GDP) is expected to rise by 0.5 per cent in the next financial year. "The growth outlook reflects both gradual pick up on activity in the mining sector, as global demands recover, and continued investment and growth...