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Amortization on the external side was relatively in line with budget. However, on the domestic
front, principal payments were $3,726.0mn higher than planned reflecting the execution of a
liability management operation to buy back a nominal amount of near term debt instruments.
External amortization when compared to last year shows a significant decrease and this is due to
the transaction for the PetroCaribe Debt buy-back in July of 2015.
Jamaica’s total debt stood at $2,113,413.0mn at the end of July 2016. This represents a 2.2%
increase over the March 2016 stock. The Domestic debt stock is valued at $824,998.9mn (or
39.0% of total stock) and the External stock amounted to $1,288,414.1mn (61.0% of total stock).
Table 3C: Total Debt Stock
Domestic 815,948.5 824,998.9
External 1,252,810.7 1,288,414.1
Total 2,068,759.2 2,113,413.0
This change in the external stock was largely influenced by the depreciation of the Jamaica dollar.
The change in the domestic stock was due mainly to (i) the addition of $6.0bn to the stock from
the reopening of a fixed rate instrument as well as (ii) depreciation which added $3.0bn to the US
dollar denominated instruments in the domestic portfolio.
SELF-FINANCING PUBLIC BODIES
SELF-FINANCING PUBLIC BODIES - FY 2015/16
The Overall Balance1 of sixty-five Self-financing Public Bodies (SFPBs) as approved by Parliament for FY 2015/16 was a surplus of $7,875mn. Total revenues of the group of SFPBs were budgeted at $409,162 mn from which a current balance of $58,214mn was expected.
1 The Overall Balance reflects the financing of a PB; increase or decrease in use of credit or improvement in cash deposits.
June 12, 2021
Head No. 28033 and Title: Office of the Parliamentary Counsel
P R O P O S A L S
FUNCTION 03 - PUBLIC ORDER AND SAFETY
SUB FUNCTION 03 - LAW COURTS
PROGRAMME 162 - LEGISLATIVE DRAFTING SERVICES
SUB PROGRAMME 20 - DRAFTING OF BILLS AND SUBSIDIARY LEGISLATION
10005 Direction and Administration 76,822.0 4,000.0 72,822.0 Revised requirement
Reduction 21 Compensation of Employees 4,000.0
TOTAL HEAD 28033 125,215.0 - 4,000.0 121,215.0
THIRD SUPPLEMENTARY ESTIMATES 2020/2021
Service & Object of Expenditure
Approved Estimates 2020/2021
Estimates Remarks & Object Classification Provided
by Law (Statutory)
Savings or Under
28033 - 1
June 12, 2021
Public Bodies, FY 2016/17 Page 186 Ministry of Finance and the Public Service
The Overseas Examinations Commission (OEC) was established by an Act of Parliament in 2005, and is the only organization mandated by the Government of Jamaica to administer external examinations. The Commission partners with the Ministry of Education, Youth and Information (MOEYI) and external examining bodies on a number of key initiatives as they relate to the administration of local and external examinations. OEC’s financial year covers the period September to August and is consistent with the academic year. Operational and Financial Overview The OEC continues to be guided by its Strategic Plan 2015 – 2018 which is informed by the Education Transformation agenda for the improvement of student performance. Consequently the OEC will focus on four (4) major strategies during the academic year:
• Institutional marketing with emphasis on relationships and partnerships with key stakeholders with the focus on Caribbean Examination Council (CXC) and the MOE. The OEC will collaborate with the MOE to promote and market various examinations through technical, vocational and industry subjects.
• Infrastructure development for improved operational efficiency toward the facilitation of new/expanded training opportunities. Therefore OEC’s joint partnership with HEART Trust/NTA in the development of the Machado Complex will continue. Additionally the OEC will pursue infrastructure development at the Western Office in Montego Bay.
• Sustaining its operations the Commission through diversification of its business practices thereby enhancing its relevance and competitiveness.
In pursuing the infrastructural development, the OEC estimates capital expenditure of $338.48
million. The Commission estimates net profit of $226.08 million [2014/15: $286.54 million].
The planned staff complement is 31(2014/15: 27).
June 12, 2021
(b) has a connection with Jamaica of a kind which entitles that person to be regarded as belonging to, or as being a native or resident of, Jamaica for the purposes of the laws of Jamaica relating to immigration; or
"Jamaican ship" has the meaning assigned to it by section 2 of the Shipping Act.
Regulations. 19.-41) The Minister may make regulations in order to give effect to the purposes of this Act.
(2) Subject to affirmative resolution, regulations made under this Act may provide for penalties,. on summary con- viction or conviction on indictment for contravention of the regulations, in excess of the penalties specified in section 29(b) .of the Interpretation Act.
power to 20. The Minister may, by order subject to affirmative resolu- amend tion and published in the Gazette, amend any monetary penalty pendtiesby imposed by this Act. order.
Re~iewofAct 2 1 4 1 ) The provisions of this Act shall be reviewed by a after two Y-. joint select committee of the Houses of Parliament after the
expiration of two years from the 17th of March, 20 10.
(2) The validity of any proceedings taken, or any order in force, under this Act i&ediately before the expiration of the time specified in subsection (I) shall not be affected by any amendment or repeal of any of the provisions of this Act made pursuant to a review conducted under subsection (1) and any such proceedings shall be continued and determined, and any such order shall continue in force for such duration, as if such amendment or repeal had not been made.
[The inclusion of this page is authorized by L.N. 92d20121
June 12, 2021
Developments in the Financial Sector
During FY 2016/17, the Ministry of Finance and the Public Service (MoFPS) maintained its commitment to financial sector stability through efforts to improve the legislative framework and strengthen institutional capacity. To this end, various pieces of legislation were advanced through the legislative process. With the change in administration in February 2016, the legislative process was delayed as the new government reviewed the proposed pieces of legislation to ensure that they were aligned with their policy direction.
The Financial Investigations Division (FID) continued to actively pursue its mandate of dealing with matters relating to financial crimes, including money laundering, while the Financial Institutions Services (FIS) continued its winding down operations on behalf of the Financial Sector Adjustment Company (FINSAC).
The progress of the financial sector reforms undertaken during FY 2016/17, as well as some of the major activities and achievements of the FID and the FIS are highlighted below.
Banking Services Act (BSA)
In accordance with the provisions of the Banking Services Act, the Banking Services (Deposit Taking Institutions) (Agent Banking) Regulations was approved by Parliament during FY 2016/17 and the Banking Services (Deposit Taking Institutions) (Customer Related Matters) Code of Conduct was issued. The Banking Services (Deposit Taking Institutions) (Agent Banking) Regulations, which was passed in November 2016, provide a framework that will allow some banking businesses to be undertaken through agents authorized by the Supervisory Authority. The objective is to allow a widening of banking access channels beyond existing deposit taking institutions’ branch networks and electronic access channels. This will include the use of third-party-owned locations that will offer some banking services alongside their own products and services. These services include deposits and withdrawals, payments of bills, loan repayments, electronic transfer of funds, account balance enquiries, and the collection of “know your customer” and customer due diligence documentation. The agents could include institutions such as supermarkets, gas stations, hardware stores, and money transfer and remittance entities. The Agent Banking Regulations is also expected to facilitate financial inclusion.
The Banking Services (Deposit Taking Institutions) (Customer Related Matters) Code of Conduct, which was issued by the Bank of Jamaica (BOJ) in August 2016, establishes minimum standards of good banking practice for deposit taking institutions in respect to customer related matters.
June 12, 2021