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  • Photo of Cayman implements 5-phase tourism re-start strategy: CARICOM BUSINESS

    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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  • Photo of Jamaica: Remittances exceed US$1 billion in 4 months – CARICOM BUSINESS

    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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  • Photo of Jamaica tourism sector rebounds:  CARICOM BUSINESS

    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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  • Photo of Jamaica grants licence for third telecoms provider: CARICOM BUSINESS

    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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  • Photo of Haiti and Jamaica account for 86.2% of CARICOM remittances

    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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  • Photo of Barbados and IMF reach staff level agreement: CARICOM BUSINESS

    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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  • Photo of The Bahamas turns to the private sector to drive investment: CARICOM BUSINESS

    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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  • Photo of “No new taxes” in St Lucia’s 2021/22 $1.6B fiscal budget: CARICOM BUSINESS

    “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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  • Photo of Barbados to relax quarantine requirements effective May 8: CARICOM BUSINESS

    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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