Issues - Financial Management
House Passes Fiscal Responsibility Bills
KINGSTON (JIS):
Saturday, February 27, 2010
The House of Representatives passed amendments to the Financial Administration and Audit Act and the Public Bodies Management and Accountability Act on Tuesday, as part of the Government's fiscal responsibility framework.
Minister of Finance and the Public Service, Hon. Audley Shaw, who piloted both Bills, stated that this fiscal responsibility framework will operate as the centrepiece of the reforms being undertaken to improve the management of public finances.
JDX take-up nearly 100%
Published: Monday | February 22, 2010
Jamaica Gleaner
WITH THREE days left before the rescheduled closure of the Jamaica Debt Exchange (JDX), Finance Minister Audley Shaw is reporting 99 per cent participation by bond holders.
The finance ministry had previously announced a 92 per cent participation in the debt exchange, but yesterday Shaw announced that at the close of business last Friday, the number had inched up as more bond holders agreed to the terms.
US$300m cap to back dollar next fiscal year
BY CAMILO THAME Business co-ordinator thamec@jamaicaobserver.com
Wednesday, February 10, 2010
THE Government expects only three per cent devaluation of the Jamaican dollar during 2010/2011 but is only allowed US$300 million to back the local currency against the US dollar.
The administration agreed to limit its intervention next year under a quantitative performance criterion set out in the memorandum economic and financial policies (MEFP) that was submitted to the International Monetary Fund (IMF).
Shaw moves to Improve Fiscal Responsibility in the Public Service
KINGSTON (JIS):
Thursday, January 28, 2010
Minister of Finance and the Public Service, Hon. Audley Shaw, has announced his intention to bring to Parliament, two pieces of legislation, which will provide for greater fiscal responsibility within the public service.
The legislation, which will be tabled in Parliament on February 2, are amendments to the Financial Administration and Audit (FAA) Act and the Public Bodies Management and Accountability Act.
IMF board review of letter of intent delayed
Posted: Wednesday | January 27, 2010
Jamaica Gleaner/Power 106
Jamaicans will have to wait until next week to hear whether the International Monetary Fund (IMF) will approve the government’s request for a US$1.25 billion standby arrangement.
The executive board of the IMF was expected to review Jamaica’s application today but this has been postponed to next week Wednesday, February 3.
Finance Minister Audley Shaw made the disclosure while closing the debate on the government’s economic programme in Parliament last night.
Jamaicans Need to Improve Financial Knowledge - Shaw
KINGSTON (JIS):
Saturday, January 23, 2010
Courtesy of Jamaica Information Service
Minister of Finance and the Public Service, Hon. Audley Shaw, has said that Jamaicans need to be more knowledgeable about financial matters, including how their personal financial choices affect the economic wellbeing of the country.
Finance Minister Says JA's Credit Ratings Will Rise Again
KINGSTON (JIS):
Wednesday, January 20, 2010
Minister of Finance and the Public Service, Hon. Audley Shaw, says reports from rating agencies, Standards & Poors and Fitch, indicate that Jamaica's credit rating will improve to the single "B" category, soon.
350 bonds recalled - 24 new issues for placement Jan 18
Published: Friday | January 15, 2010
Jamaica Gleaner Sabrina Gordon, Business Reporter
sabrina.gordon@gleanerjm.com
The Jamaica Debt Exchange programme, made public on Thursday, will replace 350 Government of Jamaica bonds held by financial institutions and retail investors with 24 new notes in four classes, and cut as much as 16 percentage points off the prevailing interest charges.
PM Says Fiscal Performance will be Closely Monitored by IMF
KINGSTON (JIS):
Thursday, January 14, 2010
Prime Minister of Jamaica, Hon. Bruce Golding
Jamaica has agreed to an intensive and extensive programme of monitoring and surveillance by the International Monetary Fund (IMF), to ensure that it meets the targets of the new loan agreement, Prime Minister Bruce Golding said Wednesday night (January 13).
No debt exchange, no IMF
Financial institutions will have to shift heavy reliance on interest income
Jamaica Observer
Wednesday, January 13, 2010
GOVERNMENT has essentially already secured 15 per cent of the support it will need for its planned debt exchange transaction that will involve the swapping of over $720 billion in its domestic debt for lower yielding bonds. The Bank of Jamaica (BOJ) and other public bodies own $110 billion of the domestic debt.
