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The Ministry of Finance and the Public Service and the Inter-American Development Bank (IDB) have signed an agreement for a grant to fund an Energy Efficiency and Conservation Technical Assistance programme, valued at US$437,500. The agreement was signed at the Ministry's Heroes Circle office Friday (August 21). The objective of the programme is to support the Government's efforts to improve...

The Bank of Jamaica has advised that new-shaped one and ten dollar coins will go into general circulation as of September 8. The current seven-sided design (heptagonal) of the one dollar will be replaced by a round coin, with the heptagonal shape within the circle. The coin will continue to bear the portrait of National Hero, The Right Excellent Sir...

Executives of the International Finance Corporation (IFC), a private company of the World Bank, yesterday (Aug 20) paid a courtesy call on Prime Minister the Hon. Bruce Golding, a few days after opening their office for business. Vice President for Europe, Central Asia, Latin American and the Caribbean and Global Finance, Jyrkri Koskelo, said that the IFC is increasing its...

The Governor-General, acting on the advice of the Public Service Commission, has appointed Dr. Wesley Hughes, C.D., currently the Director-General of the Planning Institute of Jamaica (PIOJ), to the post of Financial Secretary; and Mrs. Hillary Alexander, currently Chief Technical Director (Public Sector Modernisation) in the Cabinet Office, to the post of Permanent Secretary, in the Ministry of Energy and...

Minister of Finance and the Public Service and Member of Parliament for North East Manchester, Hon. Audley Shaw, says that any cut in the Constituency Development Fund (CDF) this year, will not reduce his commitment to education in his constituency. "I am very committed to education, and the support of our children under the Constituency Development Fund. My support to...

Effective Thursday, 20 August 2009, the interest rates applicable to Bank of Jamaica's open market instruments have been reduced by 100 basis points. The revised schedule of rates is as follows: 30-days60-days90-days120-days180-daysNew Rates13.5014.0016.5016.70 18.00Previous Rates14.5015.0017.5017.7019.00 This rate adjustment comes against the background of a notable decline in inflation and continued stability in the foreign currency market. The twelve- month point-to-point...

Minister of Finance and the Public Service, Hon Audley Shaw, has advised that even as the discussions continue for Jamaica to resume a borrowing relationship with the International Monetary Fund (IMF), the way has now been cleared for the country to access approximately US$320 million (J$28.5 billion) from the Fund by early next month. During his recent presentation to the...

Minister of Finance and the Public Service, Hon Audley Shaw, has emphasised that although a new agreement with the International Monetary Fund (IMF) will not be without pain, every effort will be made to ensure that social and infrastructural programmes will be protected, even as the Government promotes a climate for good governance, increased investments and sustained development. The Minister's...

Cabinet will consider the terms on which the Government will negotiate a new loan from the International Monetary Fund (IMF) for its Balance of Payment (BOP) needs, when it meets on Monday (Aug. 17) at Jamaica House. Prime Minister, the Hon. Bruce Golding told a huge crowd at last night's (Aug.12) Town Hall Meeting at the B.B. Coke High School...

The Bank of Jamaica (BoJ) is reporting that stability has returned to the foreign exchange market, enhanced by a lowering of the demand for net foreign currency to facilitate current account transactions. BoJ Governor, Hon. Derick Latibeaudiere, speaking at the quarterly press briefing at the Bank's downtown Kingston location this morning (Aug. 12), said that the reduction in the demand...

Governor of the Bank of Jamaica (BoJ), Hon. Derick Latibeaudiere, has emphasised that the fundamentals of the economy have not been deteriorating, despite the near-term challenges. In fact, he said, most economic indicators are pointing "in the right direction," to improve the economy, over the medium term. "The exchange rate has remained relatively stable and we expect this stability to...

Inflation for the June quarter was 2.7 per cent, which was 1.3 to 2.8 per cent lower than the Bank of Jamaica's (BoJ) forecast of 4.0 to 5.5 per cent. BoJ Governor, Hon. Derick Latibeaudierre, speaking at the Bank's quarterly press briefing held today (Aug.12) its downtown Kingston location, attributed the 2.7 per cent outturn largely to the stability in...