Government policies/practices and and relationship to businesses and individuals

IMF Agrees To Lower Jamaica’s Primary Surplus Target To 7.25% (This Year) And 7% In 2016/2017

The International Monetary Fund has just completed its tenth review of Jamaica’s performance on its programme and has agreed to loosen the country’s primary surplus target.

The primary surplus can be defined as what is left to service debt after the government considers its revenues and expenditure on running the country. So wages, social programmes spending, and general spending on maintaining the country is taken out of revenues, and what is left is called the primary surplus.

Jamaica’s current primary surplus target is 7.5%.

The reduced target will give the government more space to increase public spending on capital outlays that boost growth and job creation as well as to continue to protect social spending. Continue Reading

Bulletin, Macroeconomic, Tax, Rates, Debt

IMF Approves US$71.4 Million Disbursement. Completes Ja’s 3rd Review

The IMF today announced that it completed Jamaica’s third review under the Extended Fund Facility Arrangement and Approves a US$71.4 Million Disbursement.

The full release reads:

The Executive Board of the International Monetary Fund (IMF) today (March 19, 2014) completed the third review of Jamaica’s economic performance under a program supported by an Extended Fund Facility (EFF) arrangement. The completion of this review enables the disbursement of an amount equivalent to SDR 45.9 million (about US$71.4 million), which would bring total disbursements under the arrangement to the equivalent of SDR 222.6 million (about US$345.8 million). Continue Reading

Macroeconomic, Tax, Rates, Debt

Portia To Join Long List of World Leaders At Mandela’s Funeral. Queen To Be Absent

Jamaica Observer Cartoon Reflecting Current Views on Portia Simpson-Miller's Frequent Flights

According to the Daily Mail ‘Elaborate funeral plans have been set in motion in South Africa following the death of the country’s revered first black president Nelson Mandela.’

‘The memorial, expected to last ten days, will be an unparalleled event in South Africa’s history, drawing a plethora of foreign dignitaries of every stripe, royals and a smattering of celebrities.’, the report continues.

Of course this function would not have been complete without the attendance of Jamaica’s own Prime Minister and her ‘delegation’. Continue Reading

Macroeconomic, Trade

For Every $1 Earned From Exports We Add 50 Cents To Buy Oil – Ralston Hyman

Oil is 40% of Jamaica’s total imports and that is 150% of our exports. So for every $1 we earn from exports we put 50 cents on it to buy oil.
-Ralston Hyman on Real Business Oct 8, 2013

Energy, Macroeconomic

IMF Release: Jamaica Has Passed The First Test

The International Monetary Fund today confirmed that Jamaica has passed its first quarterly test and qualifies for an additional disbursement.

The Executive Board of the International Monetary Fund (IMF) today completed the first review of Jamaica’s performance under an economic program supported by a four-year, SDR 615.38 million (about US$944 million, the equivalent of 225 percent of Jamaica’s quota in the IMF) Extended Fund Facility (EFF) arrangement. The completion of this review enables the disbursement of SDR 19.97 million (about US$30.6 million), which would bring total disbursements under the arrangement to SDR 156.72 million (about US$240.4 million). Continue Reading

Tax, Rates, Debt

Since It Doesn’t Meet Their Requirements, Why Are The Goat Islands Still Being Considered?

They’re 617 acres combined and were transferred from the Commissioner of Lands on September 21, 1970 to the Urban Development Corporation. Can you guess what they are? Can you? THE GOAT ISLANDS! (Apparently there are two islands with the first being 465 acres, one rood and six perches while the 2nd island is 152 acres, two roods and 77 perches). A rood is A measure of land equal to 1/4 acre, or 40 square rods (0.10 hectare) and a perch is a linear measure equal to 5.50 yards or 16.5 feet (5.03 meters); a rod.

Sure you have heard that the government of Jamaica is having talks with the Chinese government to construct a trans-shipment port on the islands, as a part of the Jamaican government’s initiative to launch its Logistics Hub project.

But, the geography of the Goat Islands do not meet the criteria put forth by China Harbour Construction & Engineering Company for the successful construction of the port. As Daraine Luton, Senior Staff Reporter for the Gleaner reports;

“The available acreage at Goat Islands, which China Harbour Construction and Engineering Company wants for the construction of a trans-shipment port and industrial park, is less than the desired amount of the lands the Chinese are seeking for the project.”

The archipelago, located off the coast of Old Harbour, St Catherine, which is the property of the Urban Development Corporation, has 617 acres, which is far less than the 3,000 acres which Robert Pickersgill, the minister of land, environment and climate change, said is needed for the development.

If the Goat Islands are not a befitting home for the trans-shipment port, why are they still being considered as a possible site? If you know, please enlighten us in the comments section below.

Macroeconomic, News Ticker, Trade Tagged ,

Economy or Enviroment:Jamaican Government Bamboozled?

The most popular topic in Jamaica for the last few days has been the government’s creation of a logistics hub and the sudden increased interest by a set of investors in a ‘protected’ area of the country, targeted for investment. However questions abound as to the intention of the investors and the benefit for the country. Continue Reading

Macroeconomic, News Ticker, Trade Tagged

What’s At The Heart Of All This Goat Islands, Logistics Hub Argument – J-O-B-S!

While Minister of Industry, Investment and Commerce Anthony Hylton is urging the public to exercise patience in making a judgement on the proposed development of Goat Islands as a trans-shipment and logistics port, it doesn’t go unnoticed that at the heart of all this argument the key issue is clear, the economy yes, but also J-O-B-S! Continue Reading

Macroeconomic, News Ticker, Trade Tagged ,