Business
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IMF: Barbados recovery underway: CARICOM Business
Barbados has met all quantitative targets for end-December 2021 and end-March 2022 under the IMF’s EFF making it eligible for a drawdown of US$23 million. According to the IMF’s Bert van Selm, “international reserves, which reached a low of US$220 million (5-6 weeks of imports) in May 2018, are now at a comfortable level of US$1.5 billion.” The IMF official…
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New US$500 million Regional conglomerate on the horizon: CARICOM BUSINESS
Seprod Limited is moving to acquire a 100 year-old Trinidad & Tobago company, A.S. Bryden & Sons Holdings, “to create the leading integrated manufacturing and distribution group in the Caribbean,” the companies said In a joint announcement. Their combined revenues is estimated at US$500 million. Together, Jamaica-based Seprod and A.S. Bryden, with a team of close to 3,000 employees, will…
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Barbados records growth of 11.8% in first quarter: CARICOM BUSINESS
For the period January to March 2022, Barbados experienced inflation of 4.2%, unemployment declined from 12.4% to 10.9% and net international reserves reaching US$3.019 B or 36.4 weeks of import cover. According to the Central Bank of Barbados in its quarterly review, the economy grew by 11.8% during the reporting period. Activity in the tourism sector built on the performance…
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The Bahamas to enable payment of taxes by digital assets: CARICOM BUSINESS
The Government of the Bahamas will this year enable the access of Bahamians to digital assets using Bahamian dollars, and enable the payment of taxes using digital assets. In tabling a policy white paper on the future of $3 trillion digital of digital assets global market in The Bahamas, Prime Minister Philip Davis, is promising to transform The Bahamas into…
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Shipping costs trending downwards: CARICOM BUSINESS
Global shipping costs are starting to trend downwards, nonetheless prices remain elevated considerably above pre-pandemic levels. Indeed, there is an approximate 50% reduction being experienced by Caribbean importers. According to Richard Pandohie, former President of the Jamaica Manufacturers & Exporters Association, the cost for shipping a 40ft container now ranges between US$10,000 and US$12,000, “still above pre-pandemic level of US$4-5k…
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Jamaica begins its transition from SWIFT system: CARICOM BUSINESS
The Bank of Jamaica has given financial institutions 4 years to adapt as it co-ordinates Jamaica’s migration from the Swift Message Type (MT) standard to the ISO 20022 – ‘Universal Financial Industry Message Scheme’ format by end 2025. This in a bid to enhance end-to-end efficiency for payments. Adoption of the ISO 20022 standard should improve payment processing efficiency and…
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Jamaica grows by 6.7% in 4th quarter of 2021: CARICOM BUSINESS
The Jamaican economy grew by 6.7% during the 4th quarter of 2021 when compared to the fourth quarter of 2020. This was due to increases in both the Services Industries and the Goods Producing Industries of 9.0% and 0.5% respectively. Within the Goods Producing Industries, there were higher output levels for Agriculture, Forestry & Fishing of 13.8% and the Construction…
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IMF: Suriname economic recovery programme on track: CARICOM BUSINESS
The IMF Executive Board has completed the first review of the extended arrangement under the Extended Fund Facility (EFF) for Suriname, allowing for an immediate disbursement equivalent to SDR 39.4 million (about US$55 million). According to the Fund, Suriname’s “homegrown economic recovery program,” which through a discretionary fiscal con-solidation of 10% of GDP during 2021-24, remains on track. Suriname is…
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T&T: Parliament passes economic zones law: CARICOM BUSINESS
The newly approved T&T Special Economic Zones Bill, 2021 will result in the creation of a SEZ Authority. Entitled “An Act to provide for the designation, development, operation and management of Special Economic Zones,” the new law will repeal the existing Free Zones Act. According to Trade Minister Paula Gopee-Scoon, the new SEZ regime “will ensure that not only are…
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Grenada: Public Debt declines to 68.9% in 2021: CARICOM BUSINESS
Grenada’s recovery from the pandemic is being led by construction & agriculture, resulting in an expected expansion of real output of approximately 5% in 2022. According to the IMF, the current account deficit has widened, as weak tourism receipts, higher fuel prices and import demand from construction offset the recovery in agricultural exports. Public debt is estimated to have declined…
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