Ministry of Finance Jamaica has the responsibility of designing the economic policy of the country. The ministry, for the purpose, prepares the annual budget of the country. At the same time, the ministry has the responsibility of implementing these proposals in the country.
The ministry of finance Jamaica is the tax regulating authority in the country. All the taxes that are designed and imposed in the country are planned by this ministry. All the tax proposals made by the ministry should be approved by the legislative assembly of the country. Along with this, the custom duties are also imposed and collected by the ministry.
The revenue earned through these sources are then used for several purposes. The ministry of finance Jamaica decides the projects where these revenues are needed most.
The ministry has also the responsibility of bringing down the debts of the country and to develop the infrastructure of Jamaica so that the economic development of the country can be stimulated.
The ministry of finance Jamaica is the prime authority of the capital markets of Jamaica. The financial condition of any country depends a lot on the capital markets of the country. If these markets are regulated properly, it can provide the necessary assistance in the development of the national economy.
The efforts of the ministry has caused some positive changes in the country. The economy itself has developed by 1.8% during the second quarter of 2007. The sectors like agriculture, manufacturing sector and the construction sector are the main contributors in this development. The growth rate of these sectors are also very steady. The agricultural sector grew by 3%. At the same time the manufacturing sector discovered it self newly and grew by 1.2%.
The economy of Jamaica is performing steadily. The monetary performances of the economy has developed in the second quarter of 2007. These developments are the results of the proper planning of the Central Bank of Jamaica and the ministry of finance Jamaica.
Last Updated on : 1st August 2013