The PSOJ is pleased to announce the appointment of prominent financial and economic analyst, accountant and author, Dennis Chung, as the new CEO of the organisation, effective May 1, 2013.
PSOJ News
PSOJ Expresses Serious Concern about the Richard Azan Matter, Calls for Speedy Resolution
The Private Sector Organisation of Jamaica (PSOJ) is very concerned that the controversy surrounding the involvement of Minister Richard Azan in the construction of structures at the Spaldings Market, has not yet been resolved in a manner that ensures the maintenance of the public's trust in the commitment of the Government to good governance and the rule of law, at a time when the entire country needs to be united in order to rebuild our economy.
PSOJ Relieved at News of Expected IMF Agreement
The Private Sector Organisation of Jamaica is expressing relief at the positive news that the IMF is expected to sign Jamaica’s much anticipated agreement by the end of the month.
IMF Statement on Jamaica
Since the conclusion of a staff-level agreement with the Jamaican authorities in February on an economic program that can be supported by the Fund, the authorities have submitted documentation to the IMF to confirm that all prior actions have been met. In addition, the Fund has engaged with the authorities and its development partners on the financing for the program, including through important contributions from the Inter-American Development Bank and the World Bank.
PSOJ Loses a Founding Member
The PSOJ is saddened to learn that prominent businessman and an inductee in the PSOJ's Private Sector Hall of Fame, Maurice Facey, passed away on Tuesday April 2. Mr. Facey was one of the founding members of the PSOJ in 1976 and was the Chairman of the Pan Jamaican Investment Trust Ltd., at the time of his death.
St. James Project – Providing Jobs for Over 200 Young People
Funded by the European Union and the Government of Jamaica through the Constituency Development Fund (CDF), the main objective of the Project was to train and certify 200 persons, mainly females, between the ages of 18 and 30, from communities in South St. James for employment in the Information and Communications Technology (ICT) sector. Specifically, the Maroon Town, Cambridge and Anchovy communities were targeted, as well as other towns in the wider St. James area. Many of these communities were former banana growing communities and are now experiencing high rates of youth unemployment due to the decline of traditional agricultural industries. The Project therefore sought to reduce unemployment, provide a skill base and increase productivity by providing training opportunities and jobs for young people in the ICT sector.
NCB invests US$567,008 for Capacity Building of SMEs
NCB invests US$567,008 for Capacity Building of SMEs
“At NCB, ensuring that our Small and Medium Enterprises (SMEs) receive the support
and training they need to propel them in their course towards nation-building is of great
importance,” stated NCB Group Managing Director, Patrick Hylton at the signing of the
Technical Cooperation Agreement partnership between National Commercial Bank
Jamaica Ltd (NCB) and the Inter-American Development Bank (IDB).
NCB invests US$567,008 for Capacity Building of SMEs
“At NCB, ensuring that our Small and Medium Enterprises (SMEs) receive the support and training they need to propel them in their course towards nation-building is of great importance,” stated NCB Group Managing Director, Patrick Hylton at the signing of the Technical Cooperation Agreement partnership between National Commercial Bank Jamaica Ltd (NCB) and the Inter-American Development Bank (IDB).
Private Sector Receives Clarifications on Treatment of Inputs for Manufacturing - Feb 20 2013
Following the PSOJ's press release which was issued Sunday, February 17, a meeting was held on Tuesday, February 19, with the private sector representatives on the Incentives Working Group, senior representatives of the Ministry of Finance, and representatives of the IMF, to discuss and seek clarification around a number of issues of concern pertaining to the proposed interim Regime for Incentives and Waivers announced by the Government of Jamaica.
PSOJ Disappointed with Govt Tax Package
Private Sector Organisation of Jamaica (PSOJ) members have unanimously expressed their disappointment at the government's surprise announcement of a supplementary $16 billion tax package. The views were expressed at an emergency meeting that was held on Friday, to discuss the new tax measures, as well as the government's overall economic programme.
IMF Mission and Jamaican Authorities Reach Staff Agreement
The mission has reached a staff-level agreement with the Jamaican authorities on the key elements of an economic program that can be supported by a 48-month arrangement under the Extended Fund Facility (EFF), in the amount equivalent to SDR479 million (about US$750 million or 175 percent of quota). We have agreed on understandings that are reflected in the authorities' economic program, as stated in the Letter of Intent that will be reviewed by IMF Management and finalized before the agreement is approved. Staff envisages that the IMF's Executive Board would consider the proposed arrangement under the EFF by the end of March, subject to the timely completion of prior actions to be taken by the Jamaican government and obtaining necessary financing assurances.
PSOJ Willing and Ready to Play Its Part
Fulfilling this and the other outlined prior conditions will be painful for all of us, but it requires a truly national effort, and we must all share the burden if we are desirous of securing an IMF deal. PSOJ members also want to see the immediate introduction and implementation of a growth plan for Jamaica, post IMF deal. The fact is, that any programme of fiscal consolidation will fail to reduce our debt to sustainable levels unless it is accompanied very quickly by economic growth," says PSOJ President, Christopher Zacca.
Statement by an International Monetary Fund Mission to Jamaica
Over the last three decades, the Jamaican economy has experienced very low economic growth, declining productivity, and reduced international competitiveness. An important factor behind these problems has been Jamaica's unsustainable debt burden, which has undermined confidence and elevated risks to economic stability. Additionally, Jamaica's high debt service has limited the government's potential to provide the services needed to achieve sustained rates of growth and increased welfare for its citizens.
ADDRESS BY PSOJ PRESIDENT CHRISTOPHER ZACCA AT THE PSOJ’S CHAIRMAN’S CLUB FORUM, JANUARY 29, 2013 AT THE WYNDHAM KINGSTON HOTEL
I know we are all gathered here today to listen to our very special guest speaker, the Leader of the Opposition, Andrew Holness, give the Opposition’s views on the state of the nation and his views on the way forward, and he may very well mention the pending IMF agreement.
PSOJ Encouraged by Post-Retreat Press Briefing
The PSOJ believes that both the Prime Minister's and the Minister of Finance's comments brought some amount of clarity to a range of issues, including some new details of the IMF agreement and the Cabinet's full support for the elements of fiscal consolidation to be undertaken.
