Today (May 15), the Executive Board of the IMF approved Jamaica’s request for access to the IMF’s Rapid Financing Instrument in the amount of approximately US$520 million. This represents 100% of Jamaica’s quota and the maximum amount available under this facility. The Government of Jamaica has taken strong and decisive action to slow the spread of the new coronavirus in...

For the first time in some 50 days, Jamaica has recorded no new positive cases of COVID-19 on the island even as recoveries rose to 118, up from 113 in the last 24 hours. The total number of confirmed COVID-19 cases in Jamaica as at Thursday (May 14) remains at 509. In addition to the 224 cases that are employees...

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, tabled the First Supplementary Estimates of Expenditure for 2020/2021, in the House of Representatives, on May 13. The figures show that the Budget for the 2020/21 fiscal year has been revised to $838.15 billion, down from $853.46 billion. The Recurrent (Housekeeping) budget has been increased from $779 billion...

Prime Minister, the Most Hon. Andrew Holness, says the Government is prioritising the health and welfare of citizens, while safeguarding the economy as it navigates the country through the coronavirus (COVID-19) pandemic. “There is no trade-off. If we are going to survive, we have to learn how to be healthy and work at the same time,” Mr. Holness said. He...

Minister of Tourism, Hon. Edmund Bartlett, has announced a five-point recovery plan for the country’s tourism sector that includes a “staggered reopening” of entities. “We do not see reopening as being a one-shop activity that immediately, everywhere will be opened. We think that reopening will be on a staggered basis as we build our own capacity to receive the large...

Since mid-March 2020, financial institutions have experienced an extraordinary need for liquidity in order to facilitate portfolio shifts by their customers and to build buffers against growing uncertainty. In response to liquidity needs Bank of Jamaica initiated several measures including the purchase of securities and the extension of short-term lending in order to relieve those pressures. In the context of...

Jamaicans are being encouraged to adjust practices and lifestyles to deal with the coronavirus (COVID-19). The call comes from Minister of Health and Wellness, Dr. the Hon. Christopher Tufton, who indicated that the virus will remain in the country for some time. Dr. Tufton was speaking at the presentation of 20 hospital beds by Unicomer (Courts) Jamaica Limited to the...