KINGSTON, Jamaica - When we consider the state of many of the economics in the Eurozone and especially the recent near meltdown in Cyprus at the end of last month, many do contend that politicians are not at all economic managers. Some would insist that politicians - in Europe, the Caribbean and parts of Africa - have been extremely harmful to their countries' economies.
KINGSTON, Jamaica, CMC - Ahead of Thursday’s presentation of the 2013/2013 Budget Debate, a local financial analyst is warning of major challenges on the horizon . With the Budget being tabled against the background of a not yet signed deal with the International Monetary Fund (IMF), financial analyst, Dennis Chung, believes it will be difficult for the Government to meet its revenue target. “My own feeling is that the country might have gotten to a point where you getting declining returns from new tax measures.
KINGSTON, Jamaica, CMC - The islandwide protest by doctors in the public health sector has stemmed from an impending reclassification exercise to be undertaken during the 2013/2014 financial year.
Health Minister, Dr. Fenton Ferguson who made this disclosure in Parliament on Thursday afternoon said he hopes the Ministry of Finance will deal with the reclassification issue swiftly to bring back normality to the public health service.
Protest action by the doctors has led to large crowds at public hospitals and clinics across the island.
KINGSTON, Jamaica - Most government ministries and departments will have to survive with less money this fiscal year as Finance Minister Dr Peter Phillips has kept his word and dramatically tightened the Government's spending plans.
Phillips yesterday tabled a spending plan for the 2013-2014 fiscal year which reflects huge savings on interest payments and debt repayment but still leaves ministries and agencies with less to spend when inflation is factored in.
KINGSTON, Jamaica, CMC – Governor General Sir Patrick Allen says the divestment of Public Sector assets and a major infrastructural project will be some of the areas of focus by the Portia Simpson Miller administration in this legislative year. “Through a managed privatisation process, the Government intends to make a renewed effort to dispose of some Public Sector assets to the Private Sector or the community, where it is determined that these assets would be more productively employed by them on a sustainable basis.
KINGSTON, Jamaica - Jamaicans will know today just how much the Government plans to spend during this fiscal year but already some financial analysts are warning the country to brace for a tight budget.
"It is not going to be a budget of goodies," financial analyst Colin Bullock told The Gleaner.
KINGSTON, Jamaica, CMC – Two private sector organisations are warning that the Jamaican economy is nearing crisis level amid concerns of a rapid slide in the local currency.
At the end of trading on Tuesday, the US dollar was being sold at a record J$99.08. At the start of the year, the US dollar was trading just above the J$93 mark.
KINGSTON, Jamaica, CMC – The Jamaica government says it intends to significantly reduce the island’s food import bill, which stands at a staggering one billion (US) dollars.
Agriculture and Fisheries Minister Roger Clarke said the intention is to reduce the bill to US$700 in the short to medium term.“We have targeted some 8,000 acres of government lands that we intend to put into the hands of farmers and we are committed to putting in the basic infrastructure to help to get those lands into production.
KINGSTON, Jamaica - This newspaper, as a matter of principle, welcomes this week's passage by the United Nations (UN) General Assembly of the long-awaited UN treaty on trade in arms.
KINGSTON, Jamaica, CMC – The Jamaica government says it is continuing efforts for a wage restraint agreement within the public service, but not all unions have bought into the initiative which is seen as important to sealing a deal with the International Monetary Fund (IMF).
Public Utilities Minister Horrace Dalley, said the three-year agreement, which was signed last month, will result in civil servants forgoing major wage increases for the period 2013 to 2015.