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The Government of Jamaica and the Inter-American Development Bank (IDB) have signed a contract for three policy-based loans totalling $15.2 billion (US$170 million). Minister of Finance and Public Service, Hon. Audley Shaw signed on behalf of the government, while IDB Country Representative, Mr. Gerard Johnson affixed his signature on behalf of his organisation, at the signing ceremony held on Thursday...

Jamaica's representative at the Inter-American Development Bank (IDB), Mr. Gerard Johnson, has said the Government is worthy of congratulations, for its success in the recent debt exchange programme. "Your debt exchange is not just unprecedented in its success in Jamaica, but in the world. I understand that this is the most successful voluntary debt swap ever. I think you're over...

Minister of Finance and the Public Service, Hon. Audley Shaw, has announced the lifting of a moratorium on the registration of new Unit Trusts and new Unit Trust products. Speaking at a press conference, today (February 18), at the offices of the Financial Services Commission (FSC), in Kingston, Mr. Shaw informed that in the 1990s, a moratorium was placed on...

With the local economy still buckling under the effects of the global recession, many Jamaicans are still finding it difficult to meet their financial needs in these tough times. Financial adviser and founder of Financially S.M.A.R.T. Services, Cherryl Hanson Simpson, says there are only two things to do when there is not enough money to meet one's needs, "cut back...

Fitch Ratings, on Tuesday February 16, upgraded Jamaica's long-term local and foreign currency Issuer Default Ratings (IDR) to B-. The rating outlook was also upgraded from "Negative" to "Stable". This follows the downgrade in January, when the long-term local currency IDR was downgraded to "C" and the long-term foreign currency IDR was affirmed at "CCC." The revision in the ratings...

The Government has announced that it has amended the Final Settlement Date for the Jamaica Debt Exchange (JDX) Offer to Wednesday (February 24), to complete processing of Old Note interest payments and finalise processes for issuing New Notes through the Bank of Jamaica. A release from the Ministry of Finance and the Public Service on Monday (February 15) stated: The...

Research conducted among countries that implemented a debt exchange in recent years, indicate that the Jamaica Debt Exchange (JDX), with a 97 per cent compliance to date, may well be among the most successful debt swap initiatives in the world. The expert opinions of financial analysts and market watchers indicate that in January this year, the Government of the Republic...

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...