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The Government's Supplementary Estimates of Expenditure, which was tabled in Parliament last week, is credible, technically sound and able to stand the scrutiny of the International Monetary Fund (IMF). This is the view of newly appointed Financial Secretary, Dr. Wesley Hughes, who told JIS News that the cuts made, though painful and tough, were necessary if Jamaica is to present...

The overarching goal of the newly appointed Financial Secretary, Dr. Wesley Hughes, is to make the Ministry of Finance the centre of excellence for financial and economic management of the country. In his first extensive interview since becoming Financial Secretary, the former Director General of the Planning Institute of Jamaica, which developed Jamaica's 2030 Vision, told JIS News that "for...

Minister of Finance and the Public Service, Hon Audley Shaw, left the island on Wednesday (Sept. 30) for the International Monetary Fund (IMF)/World Bank meetings in Istanbul, Turkey from October 4-7. While in Istanbul, the Minister is expected to engage in talks with Executives of the IMF including Deputy Managing Director of the Fund, Takatoshi Kato; officials of the World...

Minister of Finance and the Public Service, Hon. Audley Shaw, said that the Government had to adjust its fiscal targets and present a revised budget of $561.4 billion, up from $555 billion, due to a number of deviations. These include revenue and grants of $11.6 billion, having fallen short of 9.7 per cent of the original target, and 1.6 per...

Government will apply changes to public sector fees and taxes next fiscal year. This was announced by Prime Minister, the Hon. Bruce Golding, during an early morning sitting of the House of Representatives on September 30, following the acceptance of the Supplementary Estimates by the Standing Finance Committee. "We intend, in the next fiscal year, to roll out the full...

Prime Minister, the Hon. Bruce Golding, says the effects of the economic downturn have only made Jamaica's persistent fiscal problems worse. "Our fiscal problems, made worse by the current crisis, are merely the symptom of deeper, more fundamental problems that have long bedeviled us," the Prime Minister said. Mr. Golding explained that the country has suffered chronic indebtedness, so that...

Minister of Finance and the Public Service, Hon. Audley Shaw, early this morning announced what he described as "a minimal tax package", with increases on Departure Tax, as well as the General Consumption Tax (GCT) on telephone calls and instruments. Mr. Shaw made the announcement shortly after midnight, minutes after the Standing Finance Committee (SFC) of the House of Representatives...

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...