The Government now has the authority to spend funds allotted in the 2015/16 Estimates of Expenditure, following the passage of the Appropriation Act 2015 in the Senate on Friday, March 27. This annual Bill provides authority for expenditure (other than statutory expenditure) for the financial year 2015/16 and specifies the manner in which the money is to be allocated to...

The Government has established a new Labour Market Reform Commission to undertake work which will ensure that industrial relations practices facilitate higher levels of productivity, and are compatible with modern labour market engagements. This was disclosed by Finance and Planning  Minister, Dr. the Hon. Peter Phillips, as he opened the 2015/16 Budget Debate in the House of Representatives, on March...

The Government is projected to spend $30.5 billion in 2015/16 to undertake work on roads and bridges, provide buses and housing solutions, upgrade schools, among other initiatives to benefit Jamaicans. Of the total, $3.3 billion will be spent for work on roadways and bridges, and to commence and complete phases five and six of the Jamaica Emergency Employment Programme (JEEP)....

Finance and Planning Minister, Dr. the Hon. Peter Phillips, has reaffirmed the Government’s commitment to the Jamaican people, noting that the increase in the 2015/16 Budget is to ensure that “all obligations we entered into will be fulfilled.” Dr. Phillips said the Government continues to acknowledge the sacrifices and commitments made by public and private sector stakeholders, at all levels,...

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...

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...