Building a Better Jamaica - Financial Management

Jamaica pushes plan to be financial centre

admin — Fri, 21 May 2010 15:14:37 +0000

Release Date:

Friday, May 21, 2010

Friday, May 21, 2010
Jamaica Gleaner

Jamaica is pressing ahead with its vision to become a centre for international financial services.

Minister of Industry, Investment and Commerce Karl Samuda says that a draft bill to establish a statutory body for the development and promotion of the country in that way has been referred to the Attorney-General for legal opinion.

He said it was hoped that the Bill would be passed during the first quarter of the 2010/11 fiscal year.

Opening Budget Presentation to Parliament Honourable Audley Shaw, MP Minister of Finance and the Public Service

admin — Mon, 12 Apr 2010 16:13:42 +0000

Release Date:

Thursday, April 8, 2010

Minister of Finance and the Public Service, Hon. Audley Shaw

Standing Finance Committee gets to work today

admin — Tue, 30 Mar 2010 15:03:26 +0000

Release Date:

Tuesday, March 30, 2010

Tuesday, March 30, 2010
Jamaica Observer

THE Standing Finance Committee of Parliament will today begin the gruelling task of digging into the Government's 2010/11 Estimates of Expenditure, which was tabled last week.

The new $499.4-billion budget is $100 billion less than the $593 billion spent in the 2009/10 fiscal year.

Fuel tax 'cutback'

admin — Tue, 30 Mar 2010 14:49:45 +0000

Release Date:

Tuesday, March 30, 2010

Published: Tuesday | March 30, 2010
Jamaica Gleaner

GOVERNMENT HAS apparently backtracked on its promise to pay an increased percentage of the year-old special fuel tax to the Road Maintenance Fund.

Figures contained in the 2010-2011 Estimates of Expenditure indicate that the Government plans to use less of the fuel tax on roads than it did last year.

Finance Minister Audley Shaw, in announcing the cess last April, had said 20 per cent of the $8.75 tax would go to the Road Maintenance Fund to be used for the repair and upgrade of roads and structures.

Shaw Promises Drastic Cut in 2010/11 Spending

admin — Fri, 19 Mar 2010 16:50:22 +0000

Release Date:

Thursday, March 18, 2010

Kingston (JIS):
Thursday, March 18, 2010

Minister of Finance and the Public Service, Hon. Audley Shaw, has indicated that the 2010/11 Budget, which will be tabled on Thursday (March 25), will be $100 billion below the 2009/2010 estimates.

"Thursday is going to show quite a bit of compression," Mr. Shaw said, in reference to the fact that the State Opening of the new session of Parliament is scheduled for Thursday (March 25).

House Approves Supplementary Estimates

admin — Fri, 19 Mar 2010 16:43:33 +0000

Release Date:

Thursday, March 18, 2010

KINGSTON (JIS):
Thursday, March 18, 2010

Parliament yesterday (March 17) approved the second Supplementary Estimates of Expenditure for the financial year ending March 31, which were tabled in the House on Tuesday (March 16) by Minister of Finance and the Public Service, Hon Audley Shaw.

The Supplementary Estimates were referred to the standing Finance Committee of the whole House of Representatives (all 60 MPs) for deliberation and report Wednesday afternoon, prior to the sitting at which it was approved.

No Increase in Taxes - Shaw

admin — Fri, 19 Mar 2010 16:28:09 +0000

Release Date:

Thursday, March 18, 2010

KINGSTON (JIS):
Thursday, March 18, 2010

Minister of Finance and the Public Service, Hon. Audley Shaw, has stated that taxes will not be raised in the 2010/2011 financial year, except for property tax, which the Gvernment will have to examine.

Mr. Shaw made this disclosure as he opened the debate on the second Supplementary Estimates of Expenditure in the House of Representatives on Wednesday (March 17).

The Finance Minister stated that "no stone (will be) unturned" as the government tries to improve the compliance rate of paying taxes.

$31b more!

admin — Wed, 17 Mar 2010 16:14:10 +0000

Release Date:

Wednesday, March 17, 2010

BY ALICIA DUNKLEY Observer staff reporter dunkleya@jamaicaobserver.com
Wednesday, March 17, 2010

GOVERNMENT'S expenditure for the 2009/2010 fiscal year, which draws to a close in just 15 days, has overshot the original $556.7-billion to just over $593.1 billion -- a staggering $31.5 billion increase.

Country spends $31.5 billion more this year

admin — Wed, 17 Mar 2010 15:24:38 +0000

Release Date:

Wednesday, March 17, 2010

Published: Wednesday | March 17, 2010
Jamaica Gleaner Arthur Hall, Senior Staff Reporter

The Government has tacked on $31.5 billion to its Budget for this fiscal year which ends in two weeks.

With nine days to go before he presents the 2010-2011 Budget, Finance Minister Audley Shaw yesterday went to Parliament with a second Supplementary Estimates showing plans to spend $593 billion for the fiscal year.

Shaw Says Gov't will Reclaim Non-JDX Bonds

admin — Mon, 15 Mar 2010 18:40:26 +0000

Release Date:

Wednesday, March 3, 2010

KINGSTON (JIS):
Wednesday, March 03, 2010

Senate approves public fiscal management Bills

admin — Mon, 15 Mar 2010 14:47:31 +0000

Release Date:

Sunday, March 14, 2010

KINGSTON, (JIS):
Sunday, March 14, 2010

Amendments to the Financial Administration and Audit Act and the Public Bodies Management and Accountability Act were passed in the Senate on Friday (March 12), as part of measures to implement a fiscal responsibility framework in Jamaica.

Leader of Government Business and Minister of Justice, Senator Dorothy Lightbourne, who piloted both Bills, stated that the fiscal responsibility framework will provide for more prudent fiscal management within Government's institutional framework.

House Passes Fiscal Responsibility Bills

admin — Mon, 01 Mar 2010 16:16:50 +0000

Release Date:

Saturday, February 27, 2010

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%

admin — Mon, 22 Feb 2010 18:44:50 +0000

Release Date:

Monday, February 22, 2010

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

admin — Thu, 11 Feb 2010 17:22:25 +0000

Release Date:

Wednesday, February 10, 2010

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

admin — Fri, 29 Jan 2010 15:39:50 +0000

Release Date:

Thursday, January 28, 2010

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

admin — Wed, 27 Jan 2010 14:11:41 +0000

Release Date:

Wednesday, January 27, 2010

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

admin — Mon, 25 Jan 2010 15:31:58 +0000

Release Date:

Saturday, January 23, 2010

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

admin — Wed, 20 Jan 2010 16:29:23 +0000

Release Date:

Wednesday, January 20, 2010

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

admin — Fri, 15 Jan 2010 14:41:33 +0000

Release Date:

Friday, January 15, 2010

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.

No debt exchange, no IMF

admin — Thu, 14 Jan 2010 18:02:43 +0000

Release Date:

Wednesday, January 13, 2010

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.