Jamaica Flag Government of Jamaica

Finance and Accounts

Overview

The Finance and Accounts department prides itself on delivering professional, accurate, efficient and customer centric service to all stakeholders. In 2017, the Tourism Enhancement Fund (TEF) transitioned from a self-financing entity to a budget funded entity which resulted in several changes to the financial reporting framework as pointed out below:

The responsibility to collect the fees for all chargeable passengers by air or sea and to ensure it is paid directly to the Consolidated Fund.

Effectively manage the funding to the organization provided through the estimates of expenditures which is monitored by the Ministry of Finance & the Public Service.

TEF Loan Programmes

The Finance & Accounts department also has the responsibility of monitoring the TEF loan programmes offered through the EXIM Bank and the JN Small Business Loans. The programme with JN Small Business started in 2007 and has offered 5 loan products to sub-borrowers, EXIM started in 2016 and offers 2 financing arrangements.
These Loan Programmes are geared at providing Small & Medium Tourism Enterprise with the affordable financing options to facilitate continued growth and sustainable development of the sector.

TEF Loan Programme

TEF's commitment to funding partner

Amount disabled to funding partner

Interest rate to borrowers

Ceiling

JN SMALL BUSINESS

EXIM BANK

$          380,000,000

$          1,000,000,000

$          1,380,000,000

$          277,745,000

$          1,000,000,000

$           1,277,745,000

0 – 4.5%

4.5%

$5 mil

$25 mil

This department since TEF’s inception, has the responsibility of disbursing project funding to the respective partners. Project funding is reported by resort area and according to the programmes of the government of Jamaica.

Programmes

Direction and Management

Human Capital Development

Maintenance/Rehabilitation of Tourism Areas

Tourism Investment

Tourism Business Development

shutterstock_770118037