Legislation to Modernise BOJ to be Tabled

Legislation to modernise the Bank of Jamaica (BOJ) is to be tabled in Parliament within the next six months.

This was disclosed by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, in a meeting with rating agencies while attending the International Monetary Fund (IMF)/World Bank Governors 2018 Spring meeting in Washington, D.C., last week.

The Minister, who returned to the island on April 22, emphasised that modernisation of the country’s Central Bank will result in increased transparency as well as achieve greater accountability in the bank’s operations.

Dr. Clarke also discussed the country’s increasing stable economic environment, in addition to the policies and programmes that the Government plans to implement.

The Minister met with the management of the IMF, the World Bank and the Inter-American Development Bank (IDB) where he outlined programmes being pursued by the Government to achieve economic expansion for all, as well as fiscal sustainability and the protection of the vulnerable.

The Minister, who attended his first IMF/World Bank Governor’s Spring meeting, was accompanied by Minister without Portfolio in the Ministry of Finance and the Public Service, Hon. Fayval Williams; Governor of the BOJ, Brian Wynter; Acting Financial Secretary, Darlene Morrison; Director of the Planning Institute of Jamaica, Dr. Wayne Henry; Senior Technical Advisor to the Minister, Mrs. Hillary Robertson, and Minister Counsellor for Trade at the Embassy of Jamaica, Mrs. Nicholette Williams.