BOJ interest rate cut welcome, but much more needed Posted on July 26, 2009July 26, 2009 by Your Financial FactSheet Jamaica Observer: BOJ interest rate cut welcome, but much more needed On Friday, the Bank of Jamaica (BOJ) reduced the interest rate it offers on its open market instruments by one per cent across the board. The new rates vary from between 16 per cent for its 30-day instrument, 16.5 per cent for its 60-day instrument, 19 per cent for its 90-day instrument, 19.2 per cent for its 120-day instrument, all the way up to 20.5 per cent for its key 180- day instrument. Jamaica Observer: After the IMF, then what? On Tuesday, July 21, what had been speculated, debated widely by many Jamaicans at home and abroad, and anticipated by some became a reality. After 13 years without one, the Jamaican government has decided to renew a borrowing relationship with the International Monetary Fund (IMF).
No option – Jamaica returning to IMF – Shaw – No immediate effect on public sector Posted on July 22, 2009July 22, 2009 by Your Financial FactSheet Jamaica Observer: “No option – Jamaica returning to IMF – Shaw – No immediate effect on public sector” FOURTEEN YEARS after the nation ended its borrowing relationship with the International Monetary Fund (IMF), the Government has admitted it has no choice but to return to the multilateral lending agency. Jamaica Gleaner: “IMF déjà vu” There was no global economic crisis 32 years ago to shoulder the blame for Jamaica’s economic predicament, but on Tuesday, January 19, 1977, when Prime Minister Michael Manley told the House of Representatives of his administration’s intention to pursue a borrowing relationship with the International Monetary Fund (IMF), his rhetoric closely matched that of the present government. Jamaica Observer: “Lower interest rates now, not debt restructuring, is the way forward” Yesterday’s Gleaner editorial, “Debt restructuring now crucial”, outlined very clearly how the Government’s immense borrowing needs “keep interest rates high, crowd out the private sector, limit entrepreneurial activity, stifle job creation and weaken economic growth.” Jamaica Observer: “Bernanke says Fed can take on supercop role” WASHINGTON DC, USA – Federal Reserve Chairman Ben Bernanke yesterday fended off congressional scepticism about expanding the Fed’s duties to police big financial companies given the US central bank’s failure to catch problems that led to the financial crisis.
Public needs more info on IMF, says US economist Posted on July 15, 2009July 17, 2009 by Your Financial FactSheet Jamaica Observer: “Public needs more info on IMF, says US economist” A US economist has argued that the Jamaican government needs to feed the public with more information on the implications of its return to the International Monetary Fund (IMF). Jamaica Gleaner: “Negotiation by video – BOJ governor says fully engaged in IMF talks, has no plans to quit” Bank of Jamaica Derick Latibeaudiere on Tuesday rejected as “laughable” thinly veiled suggestions that his absence from talks under way in Washington with the International Monetary Fund (IMF) was indicative of any sort of rift with the administration… Federal Reserve: “Minutes of the Federal Open Market Committee”
Government looking to lift ban on formation of new unit trusts Posted on July 12, 2009July 13, 2009 by Your Financial FactSheet Jamaica Observer: “Government looking to lift ban on formation of new unit trusts” Finance Minister Audley Shaw has said that the government was looking to lift the ban on the formation of new unit trusts in the island. He made the announcement while speaking at a function held last week at the Terra Nova All-Suite Hotel, to mark the merger of Barita Investments Limited and Barita Unit Trusts. Jamaica Observer: What will the IMF’s change in approach really mean for Jamaica On Tuesday, July 7, the Institute of Chartered Accountants of Jamaica (ICAJ) held a forum entitled “Jamaica’s economic crisis – how can we best survive”? The following is the second part of an edited version of my presentation, entitled “The current macroeconomic situation”…