More

The country’s debt to gross domestic product (GDP) ratio is expected to continue its downward trajectory during the new fiscal year to reach 130.7 per cent by March 2016. This was disclosed by Minister of Finance and Planning, Dr. the Hon. Peter Phillips, as he opened the 2015/16 Budget Debate in the House of Representatives on Thursday, March 12. The debt to GDP...

The country’s Net International Reserves (NIR) remain strong, standing at US$1.91 billion at the end of February. Minister of Finance and Planning, Dr. the Hon. Peter Phillips, informed that the gross reserves, covering approximately 17.1 weeks of imports of goods and services, are “comfortably” above the international benchmark of 12 weeks of imports of goods and services. He was opening the 2015/16 Budget...

Approximately 6,400 additional jobs are expected to be created in the Business Process Outsourcing (BPO) industry within the next fiscal year. Minister of Finance and Planning, Dr. the Hon. Peter Phillips, made the announcement as he opened the 2015/16 Budget Debate in the House of Representatives on March 12. Dr. Phillips noted that the “sky is the limit” in relation...

Effective January 1, 2016, the threshold on Personal Income Tax will be increased from $557,232 to $592,800 per annum, thereby providing further relief to PAYE workers. “For all PAYE persons, this will mean an additional $35,568 per year of tax free income, but the impact in terms of lower effective tax rates will be greater for the lower income PAYE tax payers,”...

A sum of $450 million has been allocated in the 2015/16 Estimates of Expenditure, now before Parliament, to continue implementation of the Jamaica Foundations for Competitiveness and Growth project. The allocation represents a $410 million increase for the project, which started in September 2014, and aims to strengthen the enabling environment for private sector competitiveness to help boost productivity and...

The Major Infrastructure Development Programme (MIDP) has received an allocation of $3.34 billion in the 2015/16 Estimates of Expenditure, now before Parliament. The project seeks to continue improvement of the island’s road network in order to stimulate economic development and enhance the welfare of Jamaica’s citizens. Achievements to date, include: completion of an engineering feasibility study; signing of a conditional...

A sum of $24.9 million is to be spent this year on the continued development of a National Identification System (NIDS) for Jamaica. The funds have been made available in the 2015/16 Estimates of Expenditure, now before the House of Representatives. The project aims to establish a reliable identification system of Jamaican citizens and ordinarily resident individuals in Jamaica, with...

A sum of $35 million has been provided in the 2015/16 Budget for the continued installation of flood lights and other related works at Sabina Park. The project seeks to improve Jamaica’s attraction as a destination for sports tourism and towards the continued development of cricket in Jamaica, in particular at the youth and professional levels. It is being implemented...

The Government has allocated $12.8 million in the 2015/16 Estimates of Expenditure for the Craft Enhancement and Business Planning Training Project. The Estimates were tabled in the House of Representatives on February 19 by Minister of Finance and Planning, Dr. the Hon. Peter Phillips. The main objective of the project is to improve and strengthen the capacity and business acumen...

The Government has allocated $20 million for institutional strengthening to combat infectious diseases. Details of the Institutional Strengthening to Improve National Surveillance, Prevention and Control of Infectious Diseases Project are outlined in the 2015/16 Estimates of Expenditure, now before the Standing Finance Committee of Parliament. The objective of the project is to strengthen Jamaica’s response to the Chikungunya Virus (ChikV)...

The Government has allocated $15 million to protect the livelihoods and food security in vulnerable communities. This will be done by improving land and water management for the agricultural sector, strengthening coastal protection and building institutional and local capacity for climate change adaptation. Details are given in the Estimates of Expenditure for 2015/16, tabled in the House of Representatives on...

The Government has allocated $20 million to continue the construction of three diagnostic and care centres to cater to students with special education needs in rural Jamaica. Details of the allotment are outlined in the 2015/16 Estimates of Expenditure, now before the House of Representatives. The project will be financed through the Consolidated Fund and is being implemented by the...