PM Gives Update On Reconstruction & Resilience Authority | TVJ News

Welcome back to Prime Time News.

And a special welcome once again to our viewers on TVJ International in the Cayman Islands and online at onespotmedia.com. With mounting criticisms about the slow pace of government-led reconstruction efforts after Hurricane Melissa, the National Reconstruction and Resilience Authority is one step closer to reality. Prime Minister Dr. Andrew Holness tabled legislation to implement NARA and updated the nation on its progress.

The Prime Minister was giving his contribution to the budget debate where he also announced major policy changes for NHT contributors.

Andrea Chisholm reports. Hundreds are still homeless, several businesses shut, and major infrastructure yet to be repaired following the wrath of Hurricane Melissa. NARA, which was first announced in November 2025, will be the single point of coordination on national projects. NARA will have special powers to accelerate development approvals, as well as procurement, enabling the execution of resilient infrastructure projects at a scale and speed this country has never seen before.

So, who will lead the agency? The search for NARA's chief executive officer is also well advanced. Following an open advertisement, both locally and internationally, five candidates have been shortlisted, and we are going through the interview and evaluation process. There will also be a watchdog called JAMROCK, the Jamaica Reconstruction and Resilience Oversight Committee.

JAMROCK will be chaired by Professor Peter Blair Henry, a son of Jamaica, who is currently a senior fellow at Stanford University's Hoover Institution. He is a vice chair of the National Bureau of Economic Research. And I hear somebody say an academic, but listen to this part of it. A member of the boards of Citigroup and Nike, who has risen to the very pinnacle of international economics and public policy.

And we will have conversations with members of civil society, the opposition, and other interest groups to fill out that body. NARA will also be complemented by another framework to attract investments. It's called FAST Jamaica, the Facilitated Acceleration of Strategic Transformation. FAST Jamaica will establish a dedicated pathway to fast-track strategic priority investment projects critical to Jamaica's economic transformation.

Particularly, those with an investment value of US $150 million or more that can commence implementation within a year. FAST Jamaica will also be supported by a Strategic Investments Council, a high-level body to screen and evaluate major investment proposals. The council will assess the strategic merit, economic impact, and national interest considerations of each proposed projects, and will recommend to cabinet the most appropriate development modality, whether public, private partnership, joint venture, concession arrangements, or otherwise, as well as whether the project should proceed through direct negotiation or a competitive process. Turning his attention to the National Housing Trust, NHT, the Prime Minister reiterated the need to draw down another $11.4 billion for budgetary support.

He also announced that certain categories of NHT contributors will receive improved benefits. I'm pleased to announce that effective July 1, 2026, teachers, nurses, firefighters, and members of our security forces and defense forces will benefit from a specially reduced mortgage interest rate based on their length of service. For those with 5-10 years of service, the applicable interest rate will be reduced by 1%, and for those with service of 10 years or more, the rate will be reduced by 2%. For young Jamaicans under 35, the NHT will reserve a minimum of 20% of scheme units, doubling from the previous figure of 10%, and will provide an advance of 2 million to assist with deposit requirements for open market purchases.

Also effective April 1, the waiting period for a home improvement loan will move from 7 years to 5 years. Andrea Chisholm, TVJ News.