National News

Legislation to modernize the Bank of Jamaica (BOJ) tabled in parliament

By Derrick Scott

Washington, DC – Legislation to modernize the Bank of Jamaica (BOJ) is to be tabled in parliament within the next six months.  This was disclosed by the Minister of Finance and the Public Service, the Hon. Dr Nigel Clarke in a meeting with rating agencies while attending the International Monetary Fund (IMF)/ World Bank Governors 2018 Spring meeting in Washington, DC.

The minister disclosed that the modernization of the Jamaica’s central bank will result in increased transparency as well as achieve greater accountability in the bank’s operations.  It will ensure that the central bank has the capital to achieve a greater policy capability in its actions.

Minister Clarke, while meeting with the rating agencies, discussed the country’s increasing stable economic environment.

While in Washington, the Finance minister will have the opportunity to update the country’s multinational partners and investors on the country’s economic progress, in addition to the policies and programs that the government plans to implement.

Christine Lagarde, Dr. Nigel Clarke on Legislation to modernize the Bank of Jamaica
Minister of Finance and the Public Service, Hon. Dr. Nigel Clarke shares a light moment with the Managing Director of the International Monetary Fund (IMF), Christine Lagarde at the IMF/ World Bank Governors 2018 Spring meeting at IMF headquarters in Washington DC.
Photo by Derrick Scott

Minister Clarke met with the management of the IMF, the World Bank and the International Development Bank (IDB) where he asked for support in helping the government to implement programs and objectives Jamaica seeks to accomplish to achieve economic expansion for all, as well as fiscal sustainability and the protection of the vulnerable.

The Finance Minister, who attended his first IMF/World Bank Governor’s spring meeting, was accompanied by Minister without portfolio in the Ministry of Finance and Public Service, Hon. Fayval Williams; Governor of the BOJ, Brian Wynter; Acting Financial Secretary Darlene Morrison; Director of the Planning Institute of Jamaica, Dr. Wayne Henry; Senior Technical Advisor to the minister, Mrs. Hillary Robertson and Minister Counsellor for Trade at the Embassy of Jamaica, Mrs. Nicholette Williams.

South Florida Caribbean News

The Team provides news and information for the Caribbean-American community in South Florida and beyond.

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