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IMF Approves US$80M Under Extended Fund Facility Programme For Jamaica

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The International Monetary Fund (IMF) has called on the Jamaican government to focus on facilitating private sector development as it attempts to boost growth and employment.

Speaking following the approval of a US$80 million disbursement under the Extended Fund Facility (EFF) Programme, Deputy Managing Director and Acting Chair, Mitsuhiro Furusawa said although Jamaica’s economic reform program has been “exceptional by international standards” since its implementation, concrete reforms are needed to sustainably reduce the government wage bill while boosting growth and employment.

He says as such the government needs to work on expanding financial access and reducing financing cost, lowering energy cost, maintaining external competitiveness, reducing tax compliance costs, and improving public sector resource allocation.’

The US$80 Million disbursemnt brings the total under the programme to about US$748.2 million.

It followed the completion of the combined eleventh and twelfth reviews under the EFF. This brings the total disbursements under the programme to about US$748.2 million.

Furusawa, says since May 2013, Jamaica’s implementation of the economic reform program supported by the EFF has been “exceptional by international standards”. It indicates that after three years of difficult economic reforms, inflation is at historical lows, the current account deficit has more than halved, net international reserves have doubled, and access to domestic and international financial markets has been restored, supported by upgrades in credit ratings and historically high business confidence indicators.

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John Mahfood “I Listed on the JSE to Raise Capital for My Business”

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JSE Online Trading Platform

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Grace Stockholders To Vote On 3-for-1 Stock Split Today

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Shareholders of GraceKennedy Limited will this morning meet to consider and, if thought fit, approve a recommendation for a three-for-one stock split.

If approved, shareholders will receive three stocks for each one that is currently held.

According to group CEO Don Wehby, the stock units with a market price of J$115.00 per stock unit prior to the split will now increase threefold with an initial price of J$38.33 per stock unit

He says the stock split would allow GK’s stock to be made available to more investors while further enhancing the market for the shares.

Ahead of this morning’s Extraordinary General Meeting, GK last week issued 59,360 additional GK shares.

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UK Loses S&P Triple A Rating

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The UK has lost its top AAA credit rating from ratings agency S&P following the country’s vote to leave the EU.

S&P says the referendum result could lead to “a deterioration of the UK’s economic performance, including its large financial services sector”.

Earlier the pound plunged to a 31-year low against the dollar, and UK markets closed lower for a second day. On Friday,

Moody’s cut the UK’s credit rating outlook to negative.

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Caribbean Hotels Named In Jetsetters’ 2016 Best Of The Best

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Three Caribbean hotels have been named in US-based travel and lifestyle magazine Jetsetter’s 2016 Best of the Best awards.

The list which was published recently, highlighted the world’s 20 best hotels in categories ranging from Best Over-The-Top Luxury to Best Safari Lodge.

Included in the list were Antigua and Barbuda’s Barbuda Belle Luxury Beach Hotel, Anguilla’s Zemi Beach House Resort & Spa, and St Lucia’s BodyHoliday.

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