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During 2008, forty six of the 235 works contracts monitored by the Office of the Contractor General (OCG) were impacted by variations which resulted in cost overruns in excess of $3.14 billion. According to the 22nd Annual Report of the OCG, tabled in the House of Representatives last Tuesday (September 22), the overruns represented approximately 16 per cent of the...

Prime Minister, the Hon. Bruce Golding says that in addition to a stand-by arrangement, the International Monetary Fund (IMF) is giving consideration to providing support for the country's budget. "It appears as if they are on the verge of taking a decision and it is possible that Jamaica may get some assistance. If that comes, it will go into the...

Minister of Finance and the Public Service, Hon. Audley Shaw, has informed that the International Monetary Fund (IMF) could formally consider the Government's Standby Facility application in November and not in October, as was previously agreed, due to shifts in each party's schedule. Government is seeking to borrow US$1.2 billion over three years under this facility, which was announced as...

Minister without Portfolio in the Office of the Prime Minister, with responsibility for Information, Telecommunications and Special Projects, Hon. Daryl Vaz, has called on the private sector for financial assistance with Government's activities to honour the nation's athletes, who performed well at the World Championships in Athletics, held in Berlin, Germany last month. The Government is to host a series...

Prime Minister the Hon. Bruce Golding has indicated that there is a possibility of the International Monetary Fund (IMF) providing Jamaica with budget support, as part of a new agreement with the multilateral lending agency. Mr. Golding said that he has been informed by the Jamaican team currently in Washington negotiating with the IMF, that the Fund is giving consideration...

The International Monetary Fund (IMF) is likely to consider Jamaica's application in November, due to the delay of the technical team going to Washington and the IMF's participation in the annual World Bank Meeting in Europe. Minister of Finance and the Public Service, Audley Shaw told journalists attending the Post Cabinet press briefing at Jamaica House today (Sept. 23), that...

Minister of Finance and the Public Service, Hon. Audley Shaw, has cited increased interest costs and public sector wages, as the main reasons for the approximately $6.3 billion increase in the First Supplementary Estimates, which were tabled in the House of Representatives yesterday (Sept. 22). The increase brings the 2009/10 Budget to $561.3 billion, up from $555 billion. Minister Shaw,...

Finance and the Public Service Minister, Hon. Audley Shaw, has again dismissed criticisms that the Government was passive in its response to implement measures to cushion Jamaica against the impact of the global economic downturn. Addressing the monthly Private Sector Organisation of Jamaica (PSOJ) Chairman Club's Forum at the Jamaica Pegasus Hotel, today (September 22), Mr. Shaw said the administration,...

Government's commitment to sustained interest rate reductions forms a key part of the medium term programme, which a technical team, led by Bank of Jamaica (BoJ) Governor, Hon. Derick Latibeaudiere, will present to the International Monetary Fund (IMF), at today's (September 22), scheduled meeting in Washington, D.C., United States. This was stated by Minister of Finance and the Public Service,...

Minister of Finance and the Public Service, Hon. Audley Shaw, has informed that as at the end of August, a total of $4.8 billion has been collected from the Special Consumption Tax (SCT) on fuel. Mr. Shaw was responding to a question posed by Opposition Spokesman on Transport and Works, Robert Pickersgill, at last Wednesday's (Sept. 16) sitting of the...

The Bank of Jamaica says it will be issuing a high security $5,000 banknote on Thursday (September 24). The note will be legal tender for all monetary transactions, and will complement the existing family of banknotes; namely $50, $100, $500 and $1,000. The portrait of the late former Prime Minster of Jamaica, the Rt. Hon. Hugh Lawson Shearer, appears on...

The Bank of Jamaica (BOJ) has announced that effective Thursday (September 17), the rates offered on its Certificates of Deposit have been reduced by 100 basis points. The six-month benchmark rate will, therefore, move from 18 per cent per annum to 17 per cent. The full schedule of BOJ rates is set out below. Tenor30-days60-days90-days120-days180-daysNew rates 12.50% 13.00% 15.50% 15.70%...