Fri | Sep 22, 2017

Finance Ministry hails Phillips on award win

Published:Wednesday | January 27, 2016 | 1:11 AM
Gleaner Managing Director Christopher Barnes (left) and Dr Peter Phillips at the Gleaner Honour awards held at the Pegasus Hotel on Monday.

The Financial Secretary and the team at the Ministry of Finance and Planning have extended  congratulations to Dr Peter Phillips who heads the team, for copping the 2015 Gleaner Man of the Year Award, in addition to the Award for Public Service.

“This is a most deserving recognition of Dr Phillips’ hard work as the Minister of Finance and Planning,” said Devon Rowe, permanent secretary in the Ministry of Finance and Planning.

Rowe noted that since assuming the leadership of the Ministry, Phillips has spearheaded Jamaica’s economic recovery which, according to industry experts, has returned Jamaica to its ‘powerhouse’ status as the economic leader of the Caribbean.

“Dr Phillips has led Jamaica to 10 successful International Monetary Fund (IMF) reviews and the country remains on course to complete the 11th review when the Staff Review comes up in February,” said Rowe.

The Financial Secretary said that in spite of the many challenges, Phillips has led the effort on several fiscal reforms beginning with the prior actions required to receive support for an Extended Fund Facility in 2013 and ending calendar year 2015 with inflation at 3.7 per cent, a 48-year low, and business and consumer confidence at their highest levels.

“The fruits of his stewardship have been demonstrated in the significant strides Jamaica’s rankings have taken since embarking on the Economic Reform Programme,” asserted Rowe.

He noted that Jamaica’s credit ratings have improved and the country recently moved up five places, to be ranked 59th out of 144 nations in the 2015 Forbes Best Countries for Business Report, making it the top country in the Caribbean region to do business.

Added to that Rowe said that Jamaica’s macro-economic environment continues to show positive results. The Ministry of Finance and Planning reiterates its commitment to the Economic Reform Programme which will redound to the benefit of the Jamaican people.