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General Manager of the Jamaica National Building Society (JNBS), Earl Jarrett, has assured Jamaicans in the Diaspora that significant improvements are being made to the tax collection process, as the Government remains committed to improving revenue collection.
He said international entities are working with the Government to find ongoing solutions to correct the mechanism which, he described, as a very difficult one.
Mr. Jarrett was speaking to Jamaicans at a JN Members’ meeting, last week, at the Crowne Plaza Hotel, Fort Lauderdale, Florida about the effect of the Jamaica Debt Exchange (JDX) and the Government’s agreement with the International Money Fund (IMF).
The series of meetings were recently launched to engage JNBS members, locally and in the Diaspora communities, in discussions about A New Jamaican Economic Order.
This was based on the decision by the Government to launch the JDX as a means of reducing its domestic debt, in an effort to promote economic stability, growth and development.
According to Mr. Jarrett, Jamaica’s survival depends on meeting the IMF targets, and tax collection was among the priorities in place to improve fiscal management. To secure the IMF agreement, the Government had to indicate its plans to address fiscal consolidation reform, multilateral financial support and the JDX, which has saved the country approximately US$40 billion in interests.
While he explained that the JDX programme would affect government agencies, investors, business persons, consumers, regular savers and pensioners, it had received support from a large number of Jamaicans and has been lauded by some international rating agencies which have expressed optimism by upgrading Jamaica’s international rating.
He said that all financial institutions have agreed to support the Government in the JDX initiative, and assured members of the JNBS that their savings and investments were secure and safe.
“The JNBS has a track record of prudent money management, as we do everything to ensure that our organization remains viable,” he stated.
He also revealed that a new credit scoring system would soon be introduced, to ensure against risks in lending.
Pointing to the difficult times ahead, Mr. Jarrett urged nationals in the Diaspora to join the country in its commitment to rebuild the Jamaican economy.
“Jamaica will thrive,” Mr. Jarrett emphasized.
Jamaican Consul General, Sandra Grant Griffiths, in her welcome remarks, lauded the efforts of the JN team in engaging the Diaspora as partners in the process of economic recovery, as overseas Jamaicans have always demonstrated a keen interest in the country’s welfare. A question and answer period followed. The JNBS team has held similar forums in London.
Mr. Jarrett was accompanied by head of JNBS Communications Department, Carmen Tipling; JNBS executives, Margaret Barrett and Janice McIntosh; and Carmen Bartlett of JN USA, (Remittances).