According to press reports, a staff mission from the International Monetary Fund (IMF) recently called on the Ministry of Finance and the Central Bank in Trinidad & Tobago to remove all foreign exchange restrictions. The report noted that the IMF argues that the move will create a more investment-friendly business environment that will drive the diversification of the T&T economy. […]
According to Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, no new taxes will be introduced to finance the Government’s $1 trillion budget for the upcoming fiscal year. “We have not introduced any new taxes for the people of Jamaica,” and the eighth year, “where we have had no new net taxes,” said the Minister. On […]
Finance minister says development a body blow to Jamaica The United States’ Federal Bureau of Investigations (FBI) and other international agencies have been contacted by local authorities to assist in investigating the deepening multibillion-dollar fraud gripping investment firm Stocks and Securities Limited (SSL). Finance Minister Dr. Nigel Clarke made the disclosure during a Monday afternoon press conference in which he […]
Commonwealth finance ministers, including those from the Caribbean, made an appeal recently for the G20, Paris Club, World Bank, and International Monetary Fund to extend financial support to vulnerable nations. This call comes against the deep and widespread economic impact of the COVID-19 pandemic that is creating havoc on developing and underdeveloped countries. In a joint statement, the 54 member […]
According to a Bank of Jamaica (BOJ) press release, the bank is closely monitoring the current impact of the novel COVID-19 virus pandemic on the global and domestic financial system. The release noted that although the country’s economy has been impacted negatively by the coronavirus, the BOJ has indicated that the fundamentals of Jamaica’s “financial system continue to be strong […]
Jamaica’s 2019/2020 budget is set to increase by over $50 billion. This was revealed in the first Supplementary Estimates of Expenditure tabled recently in the House of Representatives. More than $40 billion is for recent debt payments which will result in the country saving billions annually. The allocation of the remaining $10 billion will go towards education, national security, community […]
Barbadian undergraduate students at the Cave Hill campus of the University of the West Indies (UWI) will no longer be trapped or financially handicapped as the government has decided to step up to the plate to offset tuition fees for students at the institution. This new move by the Mia Mottley-led government is a promise kept for the reversal a […]
The Government of Jamaica has announced that it intends to spend $710 billion this year to finance its objectives. The government on Thursday afternoon tabled estimates which are 20 percent higher than last year’s budget. Debt repayment will account for 44 percent of the spending. In fiscal year 2017/18, debt repayments will cost $310 billion. This is up 38 percent […]
No Change in Rates in a bid to maintain its support for economic growth, the Federal Reserve has decided to keep interest rate at the current position of 0.25 percent to 0.5 percent. The Fed raised its benchmark interest rate by 25 basis points last year December for the first time in over a decade. It noted that global economic […]
