KINGSTON, Jamaica, Observer - ELIMINATING discretionary waivers altogether could return $4 billion in revenue to the Government. But the tax breaks, which are approved after applications are considered by the finance ministry, mostly go to charitable organisations, while public sector bodies and government contracts take up a significant portion of the rest. What's more, with a targeted primary surplus of 7.5 per cent of GDP, or approximately $100 billion next fiscal year, the possible savings hardly dent a $20 billion to $40 billion shortfall.
Jamaica
KINGSTON, Jamaica, Gleaner - Monday night's unprecedented joint broadcast by Prime Minister Portia Simpson Miller and Finance Minister Peter Phillips about the proposed restructuring of Jamaica's domestic debt - and other measures to reform the economy - is a welcome first step. But Mrs Simpson Miller and Dr Phillips will understand if this newspaper, as do many other Jamaicans, wants to see the Government do more to be assured that the administration is not merely flattering to deceive. For we have been here before.
KINGSTON, Jamaica, Observer -THE Jamaica Exporters' Association (JEA) is breathing a sign of relief in the face of planned fiscal cuts by the Government.
The association said it has been assured that statutory incentives to its members will remain intact though the Government continues to grapple with fiscal consolidation.
"The obligations that the Government has already put in place will not be broken, however, discretionary incentives will come under greater scrutiny in an effort to ensure transparency," the association reported.
(Jamaica Gleaner) Standard & Poor’s has downgraded Jamaica’s sovereign credit rating from B- to selective default in response to the Government’s debt exchange programme. Selective default occurs when a borrower elects to delay the repayment of some of its financial obligations while fully honouring others. Standard & Poor’s says it sees the move by Jamaica as a default of its debt.
KINGSTON, Jamaica, CMC – The International Monetary Fund (IMF) Tuesday said it would continue to work “assiduously” with the Jamaican authorities” on an economic programme that would help address the challenges caused by high debt and low growth. “Over the last three decades, the Jamaican economy has experienced very low economic growth, declining productivity, and reduced international competitiveness.
KINGSTON, Jamaica, CMC – Members of the opposition Jamaica Labour Party (JLP) walked out of Parliament during the debate on a J$15.9-billion (One Jamaica dollar = US$0.01 cents) tax package presented by government, less than 24 hours after it asked nationals to support stringent measures in order for the island to seal a multi-million dollar Stand By Agreement with the International Monetary Fund (IMF). Finance Minister Dr.
KINGSTON, Jamaica, Observer - Two news stories we published this week have, for us, been particularly heart-warming and most encouraging. For they indicate to us that, amidst the challenges being faced by this country, and the attitude of many that we cannot do anything without an International Monetary Fund agreement, there are, among us, individuals who are engaged in constructive thought.
KINGSTON, Jamaica, Gleaner - The Center on Hemispheric Affairs (COHA) says the recent decision by the World Trade Organization (WTO) siding with Antigua and Barbuda against the United States in their online gambling dispute "presents a troubling scenario" for Washington. "If the United States claim that the world's 15th smallest economy is engaged in some form of economic bullying, attempting to force its hand in altering gambling laws by increased pressure from Hollywood lobbies, seems farcical, then so be it," said COHA, a Washington-based think tank.
KINGSTON, Jamaica, Observer - Prime Minister Portia Simpson Miller has confirmed that a second debt exchange programme will be implemented. In a joint national broadcast with the Finance Minister Dr Peter Phillips this evening, Simpson Miller said the programme called a National Debt Exchange Offer will be launched Tuesday morning. The debt exchange is part of measures that the Government is relying on to reduce the debt from the current 140 per cent of the Gross Domestic Product.
KINGSTON, Jamaica, Observer - Let us pull together, PM appeals to country FINANCIAL institutions and holders of domestic bonds will this morning be asked to take a haircut on interest for the second time in three years as the Government starts implementing measures critical to signing a funding arrangement with the International Monetary Fund (IMF).