Govt Moving to Address Banking Sector Competition


State Minister for Finance, Fayval Williams, says the government has been addressing concerns raised by the International Monetary Fund, IMF about banking sector competition.

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The IMF Board yesterday confirmed that Jamaica has passed its 13th review, but warned that there are still threats to the continued implementation of the Programme.

One issue raised was the difficulty in processing land titles.

However, Minister Williams says work has already started in this regard.

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The IMF also raised concerns about protecting the poor, while reforming Jamaica’s tax system.

The State Minister says initiatives are in place to assist the most vulnerable in the society.

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Meanwhile, Minister Williams says the government remains committed to reducing the public sector wage bill to 9-percent of the country’s gross domestic product.

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The Minister says there’s still a greater need for efficiency in the public sector.