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The ministries of Jamaica are created at the discretion of the prime minister of Jamaica to carry out the functions of government. As of 2016, the prime minister is Andrew Holness . The agencies of Jamaica are created by both parliamentary law and assigned to ministers to oversee.
The Jamaican Free Zones are a government free trade zone initiative in Jamaica.Designed to encourage foreign investment and international trade, businesses operating within these zones have no tax on their profits, and are exempted from customs duties on imports and exports (capital goods, raw materials, construction materials, and office equipment) and import licensing requirements.
Nigel Clarke was born in St. Andrew, Jamaica on 20 October 1971, in an upper middle class family. His father, Justice Neville Clarke, served as a Jamaican Supreme Court judge for several decades while his mother, Mary Clarke, served as head of the Planning Institute of Jamaica (PIOJ) for almost 20 years.
The Minister of Finance and the Public Service is Jamaica's chief financial official in charge of formulating both monetary and financial policies. He works alongside the Bank of Jamaica and its Governor. It is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion. [1]
The economy of Jamaica is heavily reliant on services, accounting for 71% of the country's GDP. [17] Jamaica has natural resources and a climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar , and bananas .
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The Financial Services Commission was established to improved the Financial Supervision in Jamaica after the 1995 Financial Crisis. [1] After the act was passed, the senior directors and key executive members were hired in November 2001. The General Manager was on-boarded in February 2002 and in April, the operations was started. [3]
Jamaica is an upper-middle-income country [15] with an economy heavily dependent on tourism; it has an average of 4.3 million tourists a year. [20] Jamaica is a parliamentary constitutional monarchy, with power vested in the bicameral Parliament of Jamaica, consisting of an appointed Senate and a directly elected House of Representatives. [9]