Ja Will Not Go to Int’l Capital - Jamaica Information Service · 2016-02-15 · ADVT. Ja Will Not...

ADVT.

Ja Will Not Go to Int’l Capital Markets for 2016/17FINANCE AND Plan-

ning Minister, Dr. theHon. Peter Phillips,

says Jamaica will not needto seek funding from theinternational capital marketsfor the 2016/17 fiscal year. “At best, we may need togo to markets in the year2017/18. The only possibilityof going into the markets inthe fiscal year 2016/17would be to pre-financeanything for 2017/18, whenmore payments becomenecessary on the NDX(National Debt Exchange)bonds,” he said. Dr. Phillips was speakingwith Bloomberg News inNew York on February 10,just before accepting Jamaica’saward for the Latin AmericanBond Deal of the Year, at the2015 International FinancingReview (IFR) AmericasAwards ceremony. The US$2 billion dual-tranche bond, issued in the

international capital marketsin July 2015, is deemed bythe IFR as “record-breaking”for the year. Dr. Phillips told theBloomberg journalists thatthe economic programme

that the Government is pur-suing will facilitate expan-sion of the capital side of theBudget and secure higherlevels of growth. “The fact is that greaterlevels of growth will lead to

an ever-increasing momentumfor employment and use ofour available resources,” hepointed out. The Finance Minister,who was also interviewedby Bloomberg radio and tele-vision, and the FinancialTimes, said Jamaica is ontrack to successfully com-plete its 11th review underthe Extended Fund Facilitywith the International Mon-etary Fund (IMF). The IMF team will arrivein the island in April to con-duct the review.

PM Pledges Commitment to Political Code of Conduct

Fitch Ratings Upgrades Jamaica to ‘B’ and Revises Outlook to Stable

Minister of Finance and Planning, Dr. the Hon. PeterPhillips (left), speaks to John McCorry of Bloomberg Newsat the Bloomberg headquarters in Manhattan, New York,on February 10.

SLB to Charge Interest on Reducing Balance

PRIME MINISTER theMost Hon. Portia SimpsonMiller has pledged hercommitment to adheringto the Political Code ofConduct, which she signedon February 11 during aceremony held at Eman-cipation Park in NewKingston. She noted that the signingrepresented a reaffirmationof Jamaica’s democracy. “It is also a confirmationof the best practices in ournation’s history and politicaltraditions, as the heart ofour democratic traditionhas been the ability of theJamaican people, since1944, to freely elect politicalleaders to govern ourcountry,” she noted. Mrs. Simpson Milleralso stated that variousleaders of political parties

in Jamaica have workedvery hard to ensure thatthis proud tradition remainsintact. She further noted shewas signing the PoliticalCode in continuation ofthat legacy and in tribute tothe people of Jamaica. “We have worked tire-lessly to ensure free andfair elections; to buildelectoral institutions and tomake politics-related vio-lence a thing of the past,”the Prime Minister added. Leader of the Oppo-sition, Andrew Holness,also signed the PoliticalCode of Conduct. The Political Code ofConduct governs theactions of all legitimatepolitical parties in Jamaicaand applies to all officialsof political parties.

FITCH RATINGS Agencyhas upgraded Jamaica’slong-term foreign, andlocal currency issue ratingsto ‘B’ from ‘B-’ and revisedthe outlook to Stable fromPositive. The issue ratings onJamaica’s senior unsecuredforeign and local currencybonds were also upgradedto ‘B’.

According to a releasefrom the Ministry of Financeand Planning on February 11,the ratings upgrade is pred-icated on a number of factorsincluding the Government’scontinued commitment tofiscal consolidation and macro-economic stability. Portfolio Minister, Dr. theHon. Peter Phillips said thatthe ratings upgrade is “very

welcome news, representingfurther evidence of the Gov-ernment’s management of theeconomy and is a solid voteof confidence from the inter-national financial commu-nity in Jamaica’s EconomicReform Programme.” In the release, Fitchalso stated that there aresigns of recovery with realGDP growing 1.5 per cent

year on year in the thirdquarter of calendar year2015; with expectations thatthis will continue given majorinvestments such as theNorth-South Highway, theopening of new and refur-bished capacity in thetourism industry as well asexpected investments in theport and special economiczones.

Prime Minister the Most Hon. Portia Simpson Miller andActing Custos of St. Andrew, Lt. Commander JohnMcFarlane, show the Political Code of Conduct whichthe Prime Minister signed at a ceremony held atEmancipation Park in New Kingston on February 11.

EFFECTIVE APRIL 1, theStudents’ Loan Bureau(SLB) will be charginginterest on the reducingloan balances for new andreturning students. This will result in stu-dents paying 20 per centless than they were previ-ously charged. This was disclosed byMinister of Education, theHon. Rev. Ronald Thwaites,during the opening cere-mony for the JamaicaDental Association’s 52ndannual convention at theJamaica Pegasus Hotel onFebruary 11. He informed thatapproximately $4.2 billionin loans were disbursed to

12,500 beneficiaries forthe current academic year.He said that 93 per cent ofapplicants were successfulin accessing a loan. “The Students’ LoanBureau has been able toachieve this because it hasbeen recapitalised byinflows from an increasedEducation Tax, from con-tribution sourcing fromthe PetroCaribe Fund, arevolving loan from theHEART Trust/NTA, andincreased collections fromloan repayments,” theEducation Minister said. The bureau is nowaccepting applications forthe 2016/17 academicyear.

The SLB is Jamaica’spremier student loan-financing organisation com-mitted to ensuring thatqualified, needy Jamaican

students have equal accessto financial assistance topursue tertiary education.

WORK IS to commencethis week on the constructionof a new bridge in thecommunity of Rencombein St. Catherine. The Government, onFebruary 11, signed a $35million contract with ChinaHarbour Engineering Com-pany (CHEC) to undertakethe works under the MajorInfrastructure DevelopmentProgramme (MIDP). The four-month projectwill involve the installationof a pre-fabricated steel struc-ture, which will signifi-

cantly improve access tothe area, particularly whenit rains. Minister of Transport,Works and Housing, Dr. theHon. Omar Davies, whosigned the contract at hisMaxfield Avenue officesin St. Andrew, said the bridgewill bring improvementsto the community. “Once the bridge iscompleted, the opportunitiesfor development will mul-tiply,” he said. The Rencombe Bridgewill span some 170 feet

and is designed to accom-modate vehicles of up to30 tonnes. Minister with respon-sibility for Sport andMember of Parliament forNorth Central St. Catherine,Hon. Natalie Neita Headley,who witnessed the con-tract signing, said the newbridge will bring relief toresidents. She noted that studentswill have an easier timegetting to school. SurreyPaving and Aggregate is thesubcontractor for the project.

“The fact is thatgreater levels ofgrowth will lead toan ever-increasingmomentum for

employment anduse of our available

resources.”

Rencombe to Get $35 Million Bridge

Minister of Transport, Works and Housing, Dr. the Hon. Omar Davies (left), addresses acontract signing ceremony at his Maxfield Avenue offices on February 11. Looking onare Minister with responsibility for Sport and Member of Parliament for North CentralSt. Catherine, Hon. Natalie Neita Headley, and China Harbour Engineering Company(CHEC) Engineer/Business Manager, Rui Wang.

Minister of Agriculture and Fisheries, Hon. Derrick Kellier,and students, Amir Nelson (left) and Alison Johnson(centre) plant an orange tree at the Orange Hill PrimarySchool on February 5. The tree planting falls under theNational ‘Navel String’ Project, which is expected tosupport and promote interventions that encourage theengagement of youth clubs, civic organisations andcommunities in planting one million trees over the nextfour years across Jamaica.

Tree Planting Project Launched at Orange Hill Primary School

Minister of Education, the Hon. Rev. Ronald Thwaites,(centre) in discussion with Dentist, Dr. Brian Morgan(right), and Endodontist, Dr. Sashi Nallapati, during theJamaica Dental Association’s 52nd annual conventionat the Jamaica Pegasus Hotel on February 11.

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