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Page 105

Ministry of Finance and the Public Service Fiscal Policy Paper 2017 102 | P a g e

System (FINMAN)- 37 ministries and departments and agencies (MDAs) on centralized payments system, upgrade to FINMAN MDA software, introduction of FINMAN treasury management module (TMM), Training in Risk Assessment and Business Continuity and approximately 60 bank accounts closed and folded into the Treasury Single Account (TSA).

With a budget of $1,497mn in FY 2017/18, implementation will continue to reform, improve and strengthen the systems and processes of Tax Administration Jamaica (TAJ), the Jamaica Customs Agency (JCA), the Debt Management Branch (DMB) of the MOFPS and the Government’s Central Treasury Management System (CTMS). Some of the additional major activities to be supported include – the implementation of an Asset, Facilities and Inventory Management System, implementation of a Document Management System for MOFPS, TAJ and JCA, the Rehabilitation of the TAJ East Street building, commence implementation of an Electronic Single Window for border agencies and acquisition of equipment for border protection.

ENHANCING COMPETITIVENESS AND GROWTH

Jamaica: Foundations for Competitiveness and Growth The objective of this project is to strengthen the enabling environment for private sector competitiveness to help unleash growth and competitiveness in the Jamaican economy. These goals are expected to be attained by enhancing competition in the business environment, facilitating large-scale private investment and supporting Small and Medium Enterprises (SMEs) by providing low-cost financing.

This project is funded by a loan of US$50mn from the World Bank and will be implemented over a 6- year period.

During the 2016/2017 fiscal year, the development of the Application Management and Data Analysis (AMANDA) system continued with the approval of the functional requirements documents by the National Works Agency, negotiation with an information technology firm and the submission of justification for the Public Portal II and the establishment of a wide area network (WAN) among all the participating agencies. A second attorney was engaged and placed at the Attorney General’s Chamber to review key commercial transaction documents. The disbursement of loan funds from the Development Bank of Jamaica (DBJ) to SMEs was over $600mn.

In the 2017/18 fiscal year, the WAN for the AMANDA is scheduled to be established and this will facilitate the further development of Public Portal II in the Municipal Corporations and other referral agencies. The feasibility study to assess the viability of establishing a ship registry is scheduled to be implemented during the fiscal year. The Logistic Hub Initiative (LHI) Master Plan which started in the early 2016/17 is expected to be completed. The engagement and placement of two (2) attorneys at the Attorney General’s Chamber will continue and this is expected to help clear the backlog of key commercial transaction documents to be reviewed. The drafting of the regulations governing of the Special Economic Zone (SEZ) Act and the subsequent promulgation of the Act are expected to be completed in fiscal year. The SEZ Authority is scheduled to be established and an interim head is to be appointed to lead the agency. The study to determine the feasibility of establishing the Caymanas Economic Zone (CEZ) is expected to commence after delays in completing the procurement processes. The firm managing the Jamaica Business Fund programme is scheduled to continue disbursing grants

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June 12, 2021


Page 107

Ministry of Finance and the Public Service Fiscal Policy Paper 2019 Page 105

environment, facilitate strategic private investments, and provide a line of credit and development grants to small and medium-size enterprises (SMEs)

During FY 2018/19, the project continued its support to the establishment of the Jamaican Development Applications Portal (JDAP) using the AMANDA software platform. The development of the portal was at an advance stage of completion with the user acceptance testing (UAT) and payment configuration being the major activities to be completed.

The provision of legal services to review key commercial transaction documents at the Attorney General’s Chamber also continued with the contracting of a third legal consultant.

A Draft Final Feasibility Report on the study to determine the feasibility of establishing the Caymanas Economic Zone (CEZ) was presented for review.

SMEs Support - the provision of loans to SMEs via the line of credit continued, with $388mn disbursed by the Development Bank of Jamaica (DBJ) during the period April to December 2018. Under the matching grants programme $191mn was spent to co-finance training and skills upgrading for SMEs as well as to provide the matching grants.

In FY 2019/20, the JDAP is scheduled to be completed with a full rollout in the three pilot parishes and linkages created in the other municipalities and referral agencies. Consultancies scheduled to be completed include: the National Investment Policy, the Merger Regime Review, National Spatial Plan Platform, National Business Portal (phases ii & iii), Downtown Kingston Commercial and Markets Districts Implementation Plan, Falmouth Drainage and Downtown Kingston Waste Water Master Plans and transaction advisory services for an Electronic Land Titling project.

The provision of loans under the line of credit is scheduled to continue and several eligible SMEs are expected to benefit from technical assistance and/or matching grants under the Jamaica Business Fund matching grants programme.

Credit Enhancement Programme for MSMEs

This project is aimed at providing loan guarantees to MSMEs which have limited or no access to collateral that is needed to access loans. The loan guarantees are funded from a Credit Enhancement Fund (CEF) which was created 10 years ago. For FY 2019/20 the project has been allocated a total of $600.0mn which will be used to capitalise the CEF, thus providing increased levels of guarantees to MSMEs.

Access to Finance for MSMEs

This project was designed to: i) support the establishment of an MSME Fund for risk capital financing for MSMEs; 2) contribute to the capitalisation of the CEF; and 3) improve the enabling environment

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June 12, 2021


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