RICHARD Byles proposes that a full-time committee should be established to address the important interfaces for persons trying to engage in commercial activity, in light of Jamaica’s 13th consecutive decline in ranking for doing business.

The country slipped four spots to rank 94 in the Doing Business 2014 report; it’s the country’s nine straight decline in the ranking, which is analysed 189 nations published by the World Bank and its affiliate the International Finance Corporation (IFC).

“I think the Government needs to reinforce the positive that is happening in the economy with more action on the doing business side,” said the chair of Economic Programme Oversight Committee (EPOC) a news conference at his Sagicor headquarters in New Kingston yesterday. “I think that it doesn’t cost money, we don’t need a budget — it takes a little more political commitment to get these changes done.”

More specifically, much progress has not been seen with the granting of approvals for construction, which has the possibility of generating employment.

On the other hand, Byles views the Government’s handling of fiscal matters as a good sign.

The Government met all the quantitative performance targets for the September quarter.

Primary balance for period April to September was $43 billion or $4.8 billion more than the International Monetary Fund programme target. While Net International Reserves of US$912.3 million surpassed the programme target of US$761 million.

Revenue collection was $162.9 billion, $12.5 billion more than targeted.

“What all of that says is that the management of the finances of the country is improving, we are borrowing less, we are using our revenues more effectively,” said Byles.

Significant positive variances on expenditure to the budget amounting to $10.9 billion, of which interest expense savings of $5.6 billion was the largest. This allowed central government to record a fiscal deficit of $6.6 billion or $10.4 billion better than budgeted.

Moreover, compared to the same period last year, revenues and grants are $27.2 billion higher, recurrent expenditure is $4.8 billion lower, capital expenditure is $8 billion higher and loan receipts are $58.5 billion lower.

The Jamaica Chamber of Commerce Index of Business Confidence pointed to an all-time low in confidence amongst the business community. This is in sharp contrast to the key performance indicators of the economy.

“I think that the private sector needs to look beyond some of the things that are of concern to them,” he said, adding that the exchange rate movement is the main ingredient in the lack of confidence.

But EPOC concludes that it is cautiously optimistic about the future of the economy.

When combined with the estimated 0.8 per cent gross domestic product growth for the September quarter, the first after six quarters of decline, and the recent Standard and Poor’s rating upgrade from CCC+ to B-, there are clear, positive achievements that should build business confidence, according to Byles.