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Stakeholders in the Caribbean banking sector will gather in Jamaica for three days later this month, to identify best practices for addressing bank insolvency issues, when the Jamaica Deposit Insurance Corporation (JDIC) stages its inaugural Caribbean Bank Insolvency Conference. Titled 'Bank Insolvency in the Caribbean: Law and Best Practice,' the conference is slated for the Rose Hall Resort and Spa...

The Inter-American Development Bank (IDB) stands ready to support Jamaica with a programme of US$600 million in loans during 2010, IDB Executive Vice President, Daniel Zelikow has said. A press release from the international agency said Mr. Zelikow recently met with Prime Minister, Hon. Bruce Golding and the Minister of Finance and the Public Service, Hon. Audley Shaw to congratulate...

The Financial Services Commission (FSC) and the Bank of Jamaica (BOJ), the main regulators of the financial services sector will shortly address issues of capital adequacy and margin requirements for securities dealers, as recommended by the International Monetary Fund (IMF). According to Deputy Executive Director of the FSC, George Roper, while the changes to capitalisation and margin requirements cannot be...

The Minister of Finance and the Public Service, Hon. Audley Shaw, says the Ministry will be moving to reclaim bonds currently being held by investors who have declined to participate in the Government's Jamaica Debt Exchange (JDX) programme. The debt management initiative involved voluntary exchange of existing bonds, excluding Treasury Bills, issued by the by the Government in the domestic...

Minister of Finance and the Public Service, Hon. Audley Shaw, has said that while the introduction of casino gaming will not save the economy, it will help to boost earnings and bring more tourists to the island. "What we have to accept is that casinos have become very much an institutionalised part of the tourism product worldwide and it has...

Taxpayers have two weeks to file their Income Tax Returns before the March 15 deadline expires. The Tax Administration is therefore reminding all companies, self-employed persons, partners, other bodies and employed persons with additional sources of income to file their Annual Income Tax Return for 2009 and their Declaration of Estimated Income & Tax Payable for 2010 on or before...

Effective Monday, 1 March 2010, the cash reserve requirement with respect to foreign currency prescribed liabilities of deposit taking institutions will be reduced by two (2) percentage points to 9.0 per cent. The liquid asset requirement will also be reduced by two (2) percentage points to 23.0 per cent. The cash reserve and liquid asset requirements applicable to Jamaica Dollar...

Reacting to the over 99% participation success rate of the Jamaica Debt Exchange (JDX), Standard & Poor's (S&P) on Wednesday (February 24) upgraded Jamaica's long-term foreign and local currency sovereign credit rating to "B-" from "SD". The "B" rating means the country currently has the capacity to meet its financial obligations, but faces major ongoing uncertainties that could impact its...

Minister of Finance and the Public Service, Hon Audley Shaw, signed a US$200 million loan agreement with the World Bank, in Washington, D.C. Thursday (February 25). "This loan will support the Government's comprehensive reform programme, to address fiscal and debt sustainability," Mr. Shaw explained, at the signing ceremony,at the World Bank's headquarters in downtown Washington, D.C. The initiative is a...

Technical Advisor to the Minister of Finance and the Public Service, Dr. Wayne Henry, has said that the Government's decision to borrow from the International Monetary Fund (IMF) was the safest and most viable option for the country. Addressing a meeting of the Kiwanis Club of New Kingston held yesterday (February 24) at the Hilton Kingston, Mr. Henry pointed out...

The Government's stand-by agreement with the International Monetary Fund (IMF) has not only released critical funds, but has also resulted in opportunities for Jamaica to receive financial aid from other multi-lateral institutions. "The European Commission, the World Bank, the Caribbean Development Bank.all of them combined, the windows were closed for us, but once the IMF agreement was opened, the flows...

A sum of Euro17 million (J$2.2 billion) is to be injected into the Consolidated Fund early in the new fiscal year, to provide budgetary support, as a result of the fall-out in the bauxite/alumina sector, that has severely impacted the economy. The funds fall under the 2009 Fluctuation in Export (FLEX) Earnings agreement between the Government and the European Commission,...