Business
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Barbados and IMF reach staff level agreement: CARICOM BUSINESS
The IMF and Barbados have reached a staff-level agreement on the completion of the fifth review under the EFF arrangement, which was conducted virtually between May 3-7, 2021. According to the IMF, the economy remains severely depressed by the ongoing global pandemic with tourism operating at a fraction of normal levels. Economic growth for 2021 is premised on a modest…
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Dr. Gene Leon takes office as CDB President
Dr Hyginus ‘Gene’ Leon today took office as President of the Caribbean Development Bank (CDB), becoming the sixth chief executive of the regional multilateral institution. The seasoned economist will lead a team of more than 200 employees headquartered in Bridgetown, Barbados. He comes to the assignment with 35 years of experience in economics, financial policy development and executive management, more than…
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The Bahamas turns to the private sector to drive investment: CARICOM BUSINESS
The Bahamas will shortly select a private group to establish a new statutory body, Invest Bahamas – an independent statutory body that would facilitate the investment process from conception to implementation. The Finance Ministry is reviewing at least 7 bids received in response to a recently closed Request for Proposals (RFP). According to the RFP, Invest Bahamas would be, “a…
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Acceleration of the Regional Private Sector’s Relief Response to the crisis in St Vincent and the Grenadines
In recognition of the need to streamline the Regional Private Sector’s extraordinary individual and collective response to the devastation in St. Vincent and the Grenadines and enhance the inter-agency coordination in times of disaster, the CARICOM Private Sector Organization (CPSO), the Caribbean Manufacturers’ Association (CMA) and the Caribbean Chambers of Commerce (CARICHAM) convened a meeting on April 16th 2021 with…
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“No new taxes” in St Lucia’s 2021/22 $1.6B fiscal budget: CARICOM BUSINESS
Saint Lucian Prime Minister Allen Chastanet has presented a EC$1.12 B revenue estimate for fiscal year 2021/22. The fiscal package, which contains “no new taxes,” represents a 21.3% increase over the revised estimate for the last fiscal year. However this is lower than pre-pandemic years of 2018-19 and 2019-20 in which revenue was recorded at EC$1.20 billion and EC$1.19 billion…
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Barbados to relax quarantine requirements effective May 8: CARICOM BUSINESS
Effective May 8, vaccinated persons entering Barbados will only be made to quarantine pending the results of one locally administered COVID-19 PCR test. This could result in a quarantine period as little as 24 hours. According to Prime Minister Mia Mottley, a vaccinated person is defined as someone who in a two-dose regime had received both doses plus 14 days,…
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Guyana set to grow by 20.9% in 2021: CARICOM BUSINESS
Guyana’s economy will remain resilient against the effects of COVID-19, maintaining its growth trajectory as the petroleum sector ‘picks up steam’, the World Bank has said. Guyana grew at an extraordinary rate of 43.5% in 2020, having completed a year of oil production. The positive spill-over effects have been dampened by a deep contraction in the non-oil economy, triggered by…
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Bahamas seeking to increase cruise passenger expenditure: CARICOM BUSINESS
The Bahamas is targeting a $400m increase in annual passenger spending after data revealed more than 40% spent less than $50 in Nassau pre-COVID, thereby seeking to increase expenditure to $100 per head. According to the Ministry of Tourism in The Bahamas, data for 2019, the last full year prior to the COVID-19 pandemic, revealed that 43% of cruise passengers…
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Fitch Affirms Jamaica at ‘B+’; Outlook Stable: CARICOM BUSINESS
Fitch Ratings Agency, has affirmed Jamaica’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ with the outlook remaining stable. The Stable Outlook is supported by the expectation that the public debt level will return to a firm downward path post-pandemic, which is underpinned by political consensus to maintain a high primary surplus, the resilience of external finances, and stronger economic…
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Jamaica opens fiscal year with cash reserves of $90 billion: CARICOM BUSINESS
Jamaica’s Finance and the Public Service Minister, Dr Nigel Clarke, says the island opened the 2020/21 fiscal year with cash reserves of approximately $90 billion, or more than 4% of GDP. Clarke attributed this was to the policy of amassing the country’s cash reserves to pay down debt. This resulted in Jamaica’s ability to finance a 3.5% fiscal deficit without…
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