Minister of Finance and the Public Service, Hon. Fayval Williams, has responded to concerns highlighted in the Independent Fiscal Commission’s report, published on its website, regarding the Government’s Budget figures. The Commission was established to analyse the Government’s Budget and provide an independent, secondary opinion. Opening the 2026/27 Budget Debate in the House of Representatives on Tuesday (March 10), Mrs....

Jamaica’s Net International Reserves (NIR) stands strong at US$6.839 billion as at March 5, covering 36 weeks of imports of goods and services. “The global international benchmark is 12 weeks, meaning, it’s considered adequate for a country if its gross reserves cover 12 weeks of goods and services imports. Jamaica has 36 weeks. Our NIR is strong!” declared Finance and...

The Government will begin a phased process to increase the share of pension funds that can be invested in private company equity in the 2026/27 fiscal year. This reform is intended to ease the five per cent cap that has limited participation of these funds in local corporate and infrastructure financing. Minister of Finance and the Public Service, Hon. Fayval...

The foreign asset investment limit for pension funds and insurance companies will increase to 15 per cent in the upcoming 2026/27 fiscal year. Minister of Finance and the Public Service, Hon. Fayval Williams, made the disclosure while opening the 2026/27 Budget Debate in the House of Representatives today (March 10). “Early in the new fiscal year, working with the Financial...

The Government is working to strengthen its suite of disaster risk financing instruments to safeguard against the uncertainties of natural disasters. Accordingly, the Government intends to renew the Caribbean Catastrophe Risk Insurance Facility (CCRIF-SPC) policy in May 2026. The Administration will maintain savings in the National Natural Disaster Risk Financing (NNDRF), National Disaster Fund (NDF), and Contingencies Fund, while also...

Jamaicans are expected to find it easier to switch bank accounts and compare fees starting this year as the Bank of Jamaica (BOJ) advances initiatives to boost competition in the financial sector. Minister of Finance and the Public Service, Hon. Fayval Williams, made the announcement as she opened the 2026/27 Budget Debate in the House of Representatives on Tuesday (March...

The Bank of Jamaica (BOJ) plans to introduce a national electronic Know Your Customer (eKYC) platform to streamline and standardise the account-opening process, expand financial inclusion, and reduce paperwork. Minister of Finance and the Public Service, Hon. Fayval Williams, announced the measure as she opened the 2026/27 Budget Debate in the House of Representatives on Tuesday (March 10). Mrs. Williams...