Government to review payment arrangements for MSMEs
GOVERNMENT is to revise payment arrangements for micro, small and medium-sized enterprises (MSMEs) that supply goods and services to the public sector.
The announcement was made by Minister of Finance and the Public Service Audley Shaw while delivering remarks at a policy forum hosted by the Young Entrepreneurs Association of Jamaica (YEA), according to a news rlease from the ministry.
The MSME sector has long complained of the inconvenience of the lag time in receiving payment for goods and services rendered to State entities.
Addressing the young business leaders last Wednesday, Shaw said that the Government bears culpability regarding the slow payment to MSMEs and pledged to "be the conduit through which the problem is addressed".
"I want to give you the undertaking to keep the conversation going. You can use me as a conduit to find ways to speed up the payment system, starting with YEA," Shaw said, adding: "Government cannot be a part of the problem; we must be part of the solution."
Shaw emphasised Government’s role in creating an enabling environment for MSMEs to grow and contribute to nation building, especially given the ‘Five Per Cent Growth in Four Years’ plan announced last year.