Business
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Guyana rolls back freight charges to pre-pandemic levels: CARICOM BUSINESS
Effective August 1, 2021, Guyana by statute reduced freight charges to pre-pandemic levels (March 31, 2020) in the calculation of customs duties, excise taxes, and input VAT on goods imported. This facility however expires on January 31, 2022. This was occasioned by marked increase in shipping costs from some countries, moving from an average of US$2,500 to as much as…
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Grenada fiscal revenues exceed target by 10.6%: CARICOM BUSINESS
The Fiscal Reports for the months of April, May and June have shown that the Government of Grenada earned more than the targeted revenue as projected in the 2021 Estimate of Revenue. For the 3-month period total revenue collections equalled EC$175.9 million, $18.6 million above target or $32.7 million more than revenues collected for the comparable 3-month period in 2020.…
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Barbados records growth of 5.5%: CARICOM BUSINESS
Barbados has recorded growth of 5.5% during the April to June quarter of 2021. That’s the word from Governor of the Central Bank of Barbados Cleviston Haynes who is predicting growth of 1 to 3% for calendar 2021. Haynes said the performance of the economy continued to be constrained by the protracted COVID-19 pandemic, which resulted in a dramatic falloff…
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Cayman implements 5-phase tourism re-start strategy: CARICOM BUSINESS
The Cayman Islands has announced a five-phase approach to reopening its tourism sector. During the first phase or ‘reduced quarantine period’, which began in June, fully vaccinated travellers are subject to a mandatory 5-day quarantine while the unvaccinated undergo 14-days isolation. In the second phase, or “reduced reparations restrictions”, effective August 9, additional travel restrictions will be eased, including the…
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Jamaica: Remittances exceed US$1 billion in 4 months – CARICOM BUSINESS
For the first 4 months of 2021, remittance inflows into Jamaica exceeded the US$1-billion mark. Net remittance inflows of US$1012.7 million increased by 52.6% or US$349.1 million relative to the previous corresponding period. This improvement resulted from an increase of 46.2% or S$345.7 million in total remittance inflows aided by a decline of 4.1% or US$3.5 million in total remittance…
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St. Kitts and Nevis launches $15M income support programme: CARICOM BUSINESS
St. Kitts and Nevis is implementing another round of income support for residents who became redundant in March 2020 and remain unemployed because of the global COVID-19 pandemic. Prime Minister Dr Timothy Harris announced the $15 million, 2021 Income Support Programme on July 08. Under the programme qualified applicants will receive “a monthly stipend of $1,000” which will be paid…
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Jamaica tourism sector rebounds: CARICOM BUSINESS
Jamaica’s tourism sector continues to lead the recovery efforts for the island’s economy, earning US$1.31 billion, of which US$97.58 million has been accrued directly by the Government. According to Tourism Minister Edmund Bartlett, “Based on our run rate forecast of visitor arrivals for June 2021, Jamaica would have received an estimated total of 816,632 visitors since reopening in June 2020.…
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Barbados delivers benefits to 88% of its unemployed: CARICOM BUSINESS
Barbados leads the Region in protecting its citizens during the pandemic through unemployment payments, delivering benefits to 88% of unemployed workers, while The Bahamas captured about 26%. That’s the information contained in the World Bank’s report, titled “Employment in Crisis” which asserts that only about one-third of the countries in Latin America and the Caribbean (LAC) offer a national unemployment…
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Jamaica grants licence for third telecoms provider: CARICOM BUSINESS
The Cabinet of the Government of Jamaica has given its approval for a third telecommunications service provider, Rock Mobile, to be granted a licence to operate locally. According to Technology Minister Daryl Vaz, the RFP for the new provider is in keeping with the Government’s policy objectives to increase broadband access to unserved and underserved areas; promote competition, innovation and…
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Haiti and Jamaica account for 86.2% of CARICOM remittances
Remittances flows to Latin America and the Caribbean grew an estimated 6.5% to $103 billion in 2020, supported by a recovering economy and moderately improving labour market in the USA. CARICOM Member States however only accounted for 6.8% with total remittances equalling $7.074 B. According to the Migration and Development Brief published by the World Bank, Haiti (US$3.1 B) and…
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