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The Financial Services Commission (FSC) has recorded a sharp improvement in the processing of applications seeking approval for private pension schemes. This was noted today (November 3), by Minister of Finance and the Public Service, Hon. Audley Shaw, at the FSC's pensions exposition, held at the Jamaica Pegasus Hotel, in Kingston. The Minister reported that 120 of the superannuation fund...

The Government is ironing out the technical challenges it faces in seeking to amalgamate the statutory deductions of Pay as You Earn (PAYE) workers. Finance Minister, Hon. Audley Shaw, gave this assurance as he addressed the Financial Services Commission's Pensions Expo at the Jamaica Pegasus Hotel in Kingston today (Nov. 3). Mr. Shaw said that the merging of the statutory...

The International Monetary Fund (IMF) says that its mission in Jamaica is making progress in discussions with the Jamaican Government, and will provide an update on the talks by the end of this week. This was stated in a release issued Monday night (November 02) from spokesperson, Andreas Adriano. The brief statement read: "The IMF mission currently in Jamaica is...

Public concerns about the fees being charged by banking institutions are among issues that will be addressed under a special project, which will be launched in Jamaica on November 24. The three-year project, which is being sponsored by the Inter-American Development Bank (IDB) and Consumer International (CI) at a cost of $50,107,000 (US$563,000), is geared towards heightening consumer awareness and...

Finance and the Public Service Minister, Hon. Audley Shaw, says the impending reformation and rationalisation of the public sector, by the Government, should not be interpreted as planned dismissal of individuals from their jobs. It should be regarded, instead as a process to increase and enhance the output, efficiency and capacity of the sector to deliver on services provided, Mr....

Former Deputy Governor of the Bank of Jamaica (BOJ), Brian Wynter, will assume the position of Governor of the central bank as of December 1. Mr. Wynter will replace current Governor, Derick Latibeaudiere, who demitted office Friday (October 30) on the basis of a mutual agreement with the Minister of Finance and the Public Service, Hon. Audley Shaw. A release...

Minister of Finance and the Public Service, Hon. Audley Shaw, says consultations on the consolidation of statutory deductions, which will form part of the tax reform process, have been extended. This has become necessary in order for stakeholders involved in the talks to reach consensus on several issues, he said. During his presentation in the 2009/10 Budget Debate in April,...

Finance and Public Service Minister, Hon. Audley Shaw, has urged the public sector to become more productive to overcome current economic challenges. "One of the charges that we're putting out there to the public sector... (is to) make a commitment to being more productive in your daily activities," he said, contending that the efficient production and delivery of goods and...

Minister of Finance and the Public Service, Hon. Audley Shaw, has said that the Development Bank of Jamaica (DBJ) will make $1 billion available to support micro and small businesses. Mr. Shaw said that this has become necessary in light of the challenges, relating to the provision of collateral for loan applications, which these sectors are experiencing. "It is a...

The Tourism Enhancement Fund (TEF) will be launching a $100 million funding facility next month, through which new entrants in the tourism sector can access capital. "This one is targeted to more the new businesses, the entrepreneurs with an idea...and they want to get funding to either start their business or expand their business, explained Executive Director for the (TEF),...

Minister of Finance and the Public Service, Hon. Audley Shaw, has appealed to financial institutions to play a greater role in facilitating entrepreneurial activity and productivity in Jamaica. "It is time for a redefinition of your role as financial institutions in Jamaica. It cannot be just about how many Government papers we can buy anymore. It has to be about...

Minister of Finance and the Public Service, Hon Audley Shaw, has lauded the National Commercial Bank's (NCB) decision to introduce a $1 billion loan fund, to support small and medium sized enterprises (SMEs), as of November. The Ministry, in a release Friday, said that in correspondence commending the bank on its initiative,earlier this week, Mr. Shaw indicated that he welcomed...