Gov’t to implement initiatives to support financial sector

The government plans to implement a raft of initiatives aimed at supporting the financial sector as part of efforts to grow the economy.

Finance Minister Fayval Williams explained that the focus on the financial sector, which includes pension funds, insurance, securities and banks, will ultimately result in boosting  government revenues.

Speaking today in Parliament as she opened the Budget Debate, Mrs. Williams noted that the financial sector reforms are based on what was requested by stakeholders, to help produce more without additional risks.

As it relates to Pension Funds, effective April 2026 the limit for private asset will be increased from 5 to 7.5 percent.

She said the limit will be further increased to 10 percent in the following fiscal year.

Meanwhile, Mrs. Williams has welcomed projections for economic growth in the new fiscal year.

In her opening presentation for the Budget Debate Mrs. Williams highlighted the impact of Hurricane Melissa on the country.

She also highlighted the speedy rebounding which caused both the Bank of Jamaica and the Planning Institute of Jamaica to revise their growth projections.

She pointed out that for the new fiscal year, 2026 / 2027, Gross Domestic Product, GDP, growth is projected at positive 1 to 2 percent.