KINGSTON, Jamaica – The Jamaica government will continue with the implementation of the new public-sector compensation system, which commenced in December 2022, until fiscal year 2024/25.
Governor General Sir Patrick Allen delivering the Throne SpeechThe new system aims to reduce and simplify the unwieldly 325 salary scales and 185 allowances and partly represents a continuation of the Government’s public sector transformation program.
Governor-General, Sir Patrick Allen, delivering the traditional Throne speech to herald the start of a new parliamentary session, said also in 2022, Jamaica became the first country to provide Central Bank Digital Currency (CBDC), dubbed ‘JAM-DEX’, as legal tender.
Addressing legislators under the theme ‘A Stronger Jamaica: Consolidating Our Recovery, Reigniting Our Decade of Growth,” the Head of State said “JAM-DEX enables an affordable and convenient means of efficient and secure payments and is especially beneficial to those who do not have a bank account”.
Sir Patrick also highlighted the government’s acknowledgement of the importance of institutions in the preservation and maintenance of Jamaica’s macroeconomic stability and as a result, the government will appoint the Fiscal Commissioner and operationalize the independent Fiscal Commission as the guardian of Jamaica’s fiscal rules, during 2023/24.
“It is also the intention to strengthen the regulations of the financial sector by unifying prudential supervision and regulation under the Bank of Jamaica, while pursuing the establishment of a separate regulator for market conduct and consumer protection.”
The Governor-General further said regulations for nomination, selection and appointment to the Boards of Public Bodies will come into effect during the new fiscal year, to provide a transparent mechanism for persons to serve
In his address, the Governor General said that the Andrew Holness government will continue with its efforts towards transitioning Jamaica to a Republic.
Sir Patrick said that the Constitutional Reform work to facilitate the transition will be assisted by a high-level Constitutional Reform Committee that will play an advisory and oversight role.
He said other imperatives under the Ministry of Legal and Constitutional Affairs, would include the new Bail Bill, which is now being reviewed by a Joint Select Committee of the Houses of Parliament and will provide an improved legislative framework for bail when passed into law, and will assist in the fight against crime.
“Legislative teams have been established in all Ministries to work collaboratively with the Ministry of Legal and Constitutional Affairs to enhance the quality and pace of legislative reform across government,” he added.
The Governor General said the National Housing Trust (NHT) will introduce a new financing model during the 2023/2024 financial year, which will entail partner arrangements with regulated mortgage-lending institutions.
He said this framework is intended to significantly increase the supply of mortgages while at the same time release funds to focus on the development of affordable housing.
The Governor-General said that providing shelter for Jamaicans is key to inclusive growth, and steady progress is being made towards Government’s stated target of 70,000 new housing solutions by the end of 2025/2026.
He said that the Greater Bernard Lodge Development, which will provide 15,000 housing solutions, has seen strong interest from developers, noting that the buildout continues.
Outlining other imperatives under the Office of the Prime Minister, the Governor General said that the government is now in the pilot phase of the full rollout of the National Identification System (NIDS) and is on track to operationalize the National Identification and Registration Authority (NIRA).
“The HEART/NSTA Trust will continue to focus on expanding access to demand-driven training, certification and job placement by strengthening industry partnerships and increased technical and vocational education, training and integration,” he noted.
