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  • Photo of CCRIF to pay out US$40 million to Haiti after earthquake: CARICOM BUSINESS

    CCRIF to pay out US$40 million to Haiti after earthquake: CARICOM BUSINESS

    Catastrophe Risk Financing Facility (CCRIF) SPC will make a payout of approximately US$40 million to the government of Haiti following the devastating magnitude 7.2 earthquake that struck Haiti on August 14th, 2021, significantly impacting the city of Les Cayes. This payout represents the full coverage limit under the country’s parametric insurance policy for earthquakes for the 2021/22 policy year. As…

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  • Photo of Guyana rolls back freight charges to pre-pandemic levels:  CARICOM BUSINESS

    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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  • Photo of Barbados records growth of 5.5%: CARICOM BUSINESS

    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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  • 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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