Jamaica
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International economist warns Eastern Caribbean countries
KINGSTON, Jamaica – A senior economist with the International Monetary Fund (IMF) is warning member countries of the Eastern Caribbean Currency Union (ECCU) that they face similar challenges now confronting the Eurozone countries. Alfred Schipke, formerly of the IMF Western Hemisphere Division, said the Eastern Caribbean Currency and Economic Union, may be the smallest of three economic and currency unions…
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EDITORIAL – PetroCaribe and Jamaica’s energy future
KINGSTON, Jamaica – Last week's death of the Venezuelan president, Hugo Chávez, happened as the Jamaican Government was advertising its appointment of Dr Wesley Hughes, the former financial secretary, as manager of its PetroCaribe Development Fund. This, for Dr Hughes, must have been an unwelcome coincidence that would likely have concentrated his mind not only on the substance of the…
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The Caribbean after Chavez
KINGSTON, Jamaica – Seventeen countries of the Caribbean face a heightened period of economic uncertainty now that Venezuelan President Hugo Chavez has died. Twelve of the 17 Caribbean countries are members of the Caribbean Community (Caricom). They have become highly reliant on their oil supplies from Venezuela on a part payment-part loan scheme, called PetroCaribe, without which their difficult economic…
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Moody’s downgrades foreign currency credit rating
KINGSTON, Jamaica, CMC – The United States-based rating agency, Moody’s Investor Services has cut Jamaica's sovereign foreign currency credit rating to Caa3 from B3, citing the recent domestic debt exchange as a distressed event that still leaves the country with a high debt burden. Last month, Jamaica launched a National Debt Exchange (NDX) to alleviate the financing pressures of its…
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PM heads delegation to Chávez’s funeral today
KINGSTON, Jamaica – Prime Minister Portia Simpson Miller is heading a high-level team of Jamaicans who will travel to Caracas, Venezuela, today to attend the funeral for that nation's late president, Hugo Chávez. Energy Minister Phillip Paulwell and Foreign Affairs Minister A.J. Nicholson are accompanying the prime minister. Also joining the delegation are Senator Angela Brown Burke, mayor of Kingston…
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Caribbean targets 47% renewables by 2027
KINGSTON, Jamaica – CARIBBEAN Community (Caricom) energy ministers have approved an initial target of 47 per cent renewable energy contribution to total electricity generation in the region by 2027. The ministers approved the target last week in Port of Spain, Trinidad & Tobago, at the special meeting of the Council for Trade and Economic Development (COTED) on Energy. They also…
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Jamaicans, Guyanese top list of CARICOM nationals denied entry to Barbados
KINGSTON, Jamaica – Jamaican and Guyanese citizens account for the vast majority of CARICOM nationals who have been refused entry into Barbados over the last five years, according to statistics compiled by immigration officials there. However, the statistics, which are among the evidence tendered before the Caribbean Court of Justice (CCJ) in the Shanique Myrie case, have shown that the…
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Jamaica debt exchange affects Sagicor
KINGSTON, Jamaica – The fallout from Jamaica’s recently approved debt exchange arrangement has hit at least one of Barbados’ biggest financial institutions. Sagicor Financial Corporation, which has hundreds of millions of dollars in investments in Jamaica, had some of its companies placed “under review with negative implications” for its financial strength rating by international insurance rating company A.M. Best Co.…
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Jamaica’s cancer programme under review
KINGSTON, Jamaica, CMC – A delegation from the International Atomic Energy Agency (IAEA) has arrived here to carry out a comprehensive evaluation of Jamaica’s cancer control capacity in the areas of cancer planning, cancer information, prevention, diagnosis and treatment, palliative care, and training. The delegation is expected to make recommendations to the authorities following its review. Health Minister Dr. Fenton…
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‘A huge sacrifice’ – PM lauds public sector for showing concern for national interest
KINGSTON, Jamaica- THE NATIONAL Housing Trust (NHT) could be called upon by the Government to assist in ensuring the success of the economic programme Jamaica is pursuing with the International Monetary Fund (IMF). Prime Minister Portia Simpson Miller announced at Jamaica House yesterday that the Government would be making concessions, through its agencies, to public-sector workers who have agreed to…
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