During the exchange, both parties reaffirmed their commitment to the Framework Cooperation Agreement for production capacity, which Prime Minister Holness said is a very important opportunity for Jamaica. The renewed commitment comes as the State Councillor and Director of the Central Foreign Affairs Office in China His Excellency Dr. Yang Jiechi met with Prime Minister Holness and members of the Cabinet for a one-day official visit to the island. The Governments of Jamaica and the People’s Republic of China yesterday (September 11) pledged to continue to build on the strategic partnership between both countries.The renewed commitment comes as the State Councillor and Director of the Central Foreign Affairs Office in China His Excellency Dr. Yang Jiechi met with Prime Minister Holness and members of the Cabinet for a one-day official visit to the island.Prime Minister Holness says that the relationship between both countries is evolving.“We will continue to ensure that the projects undertaken between our countries are aligned, not just for our development but for the development of China as well so that the development is mutual,” stated Prime Minister Holness.The prime minister says that Jamaica has benefitted from infrastructural development as well as investment in capacity building from the People’s Republic of China.During the exchange, both parties reaffirmed their commitment to the Framework Cooperation Agreement for production capacity, which Prime Minister Holness said is a very important opportunity for Jamaica.“We see this as the basis on which Jamaica could expand significantly its manufacturing sector through the production capacity sharing possibilities that come as a result of the framework agreement and we will be pursuing this in a deliberate way. We expect that trade between both countries will increase,” emphasised Prime Minister Holness.The Prime Minister highlighted that there has been significant trade inbound from China and he expects an increase in significant trade outbound to China especially in agriculture and bauxite.Mr Holness says it is important that development is done through investment flows and not merely loans.He assured His Excellency Dr. Yang and the Chinese delegation that the Government of Jamaica will provide the fiscal space where investments and development can flourish.“We want our relationship with China to be a model for the rest of the Caribbean,” Prime Minister Holness asserted.Jamaica has provided ten (10) scholarships for Chinese nationals to study at the premiere Caribbean Maritime Institute.In the meantime, His Excellency Dr. Yang said Jamaica and China are key development partners.He added that there has been much progress in the bilateral relationship over the last 45 years and there are opportunities for further growth particularly in sports, culture, business, education, science and other areas.His Excellency Dr. Yang said China welcomed efforts to foster wider marketing and promotion of Jamaican products particularly Blue Mountain coffee to China.The State Councillor of China arrived in the island this morning to mark the 45th anniversary of diplomatic relations between both countries. He was accompanied by a twelve (12) member delegation.The Chinese State Councillor leaves the island today. Story Highlights The Governments of Jamaica and the People’s Republic of China yesterday (September 11) pledged to continue to build on the strategic partnership between both countries.
Tag: 上海三湘大厦会所 Senate Approves Appropriation Act 2018
The Government now has the authority to spend funds allotted in the 2018/19 Estimates of Expenditure, following the passage of the Appropriation Act 2018 in the Upper House on March 23.This annual Bill provides authority for expenditure (other than statutory expenditure) for the financial year (FY) 2018/19 and specifies the manner in which the money is to be allocated to the various services and purposes of the Government.The Bill, was approved following a six-hour-long debate in the Senate, with 11 persons making contributions. The new fiscal year begins on April 1.Piloting the legislation, Minister of Education, Youth and Information, Senator the Hon. Ruel Reid noted “this is a prosperity Budget for the people of Jamaica.”“The budget for the 2018/2019 FY is smaller, and for this reason, we are able to reduce our debt to Gross Domestic Product (GDP) ratio and can declare no new taxes! This will allow the private sector to invest more in the economy, and to become the engine of growth,” he said.Senator Reid stated that the Government is balancing the books, while balancing peoples’ lives.“We are creating jobs and wealth for the population; we are creating opportunities for all persons and striving to build the foundation on which to achieve a prosperous, productive and equitable society,” he said.Senator Reid said for the financial year 2018/19, the Central Government expenditure is programmed at a total of $807.1 billion. He said of this sum $773.7 billion will be funded from the Consolidated Fund and another $33.4 billion from Appropriations-in-Aid.“Of that Consolidated Fund, the Public Debt Service amounts to $289 billion- which is $89 billion less than what was spent on debt servicing for the last fiscal year,” he said.Senator Reid added that in total, the Public Debt Service represents 34.7 per cent of the overall expenditure budget for the financial year 2018/2019, and 23.7 per cent less in debt service payment as compared to financial year 2017/2018.“Our good fiscal management has allowed the government to take even better care of the country, as we have been able to increase our non-debt spending by $58.1 billion, coming from the Consolidated Fund,” he said.The Bill was approved in the House of Representatives on March 21, following the close of the Budget Debate.