Ministry of Finance and the Public Service
Audit Committee Performance Evaluation guideline (ACPE tool)
Kingston, Jamaica: Thursday, May 2, 2024
Today I met with over 50 stakeholders of the horse racing industry inclusive of jockeys, grooms, trainers, owners, breeders, veterinarians, horse care personnel, directors and management of Supreme Ventures Racing and Entertainment Limited Management, Commissioners from the Jamaica Racing Commission (“JRC”) among other stakeholders from the horse racing industry.
The meeting was very productive.
We agreed as follows:
1. The promoter and other industry stakeholders will make every effort to improve the punctuality of races. Delayed starts pose a health risk to jockeys. Delays also have the potential to adversely affect the health of horses.
2. Abandonment of races as a measure has the effect of collective punishment with unintended consequences. Jockeys, grooms, owners, trainers, punters, fans, the promoter and the GOJ are all impacted. The JRC will review the newly instituted Rule 44(3) which empowers stewards to abandon races and will suspend its application for the time being. In the interim, the JRC will develop a program of dissuasive fines that disincentives late starts with clear rules on the application of such fines.
3. Over the next 30 days, the respective parties will renegotiate the Deed among them that addresses the calculation of amounts allocated to purses and the distribution of such amounts.
4. On the signing of a renegotiated Deed, I will appoint a Task Force to review the horse racing industry and make recommendations for an acceleration of its development.
-end-
For further information contact:
Ministry of Finance and the Public Service
30 National Heroes Circle
Kingston 4
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The Hon. Nigel Clarke, D.Phil., MP
Minister of Finance and the Public Service
30 National Heroes Circle, Kingston 4
Tel: (876) 932-4656 / 4660 / 4655
Eml: opedjamaica@gmail.com
My fellow Jamaicans,
You may have noted that in its Economic and Fiscal Assessment Report which was published in January, the Independent Fiscal Commission said Hurricane Melissa caused an estimated US$8.8 billion in damage — which is about 41 per cent of GDP.
Fitch Ratings Agency, on February 5, 2026, affirmed the Government of Jamaica’s Long-Term Foreign-Currency and Local Currency Issuer Default Rating (IDR) at ‘BB-’ and maintained the outlook at “Stable”.
Auditors, public sector workers and government officials were urged to strengthen stakeholder confidence in public services by reinforcing trust, enhancing risk oversight and building institutional resilience at the Government of Jamaica’s (GOJ) Audit Committees’ Conference, held at the Jamaica Pegasus Hotel on Wednesday, January 21, 2026.
Reference is made to Ministry of Finance and the Public Service Press Release of November 6, 2025 regarding the relief of customs duty and general consumption tax (GCT) on a specified list of items.
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