Newsletters
-
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.…
Read More » -
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…
Read More » -
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…
Read More » -
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…
Read More » -
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…
Read More » -
“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…
Read More » -
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,…
Read More » -
Statement on Volcano Activity in St Vincent and the Grenadines by Chair of the Caribbean Community (CARICOM) Dr the Honourable Keith Rowley Prime Minister of Trinidad and Tobago
The Caribbean Community (CARICOM) has mobilised to support St Vincent and the Grenadines as it faces the possibility of an imminent eruption of La Soufriere Volcano. Following an evacuation order of the immediate area around the volcano by Prime Minister Dr the Honourable Ralph Gonsalves, CARICOM Member States have offered support to house evacuees from the affected area. The scientific…
Read More » -
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…
Read More » -
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…
Read More »