Jamaica has successfully completed the 18-month International Monetary Fund (IMF) programme under the Precautionary and Liquidity Line (PLL) and Resilience and Sustainability Facility (RSF).

Economic Programme Oversight Committee (EPOC) Chairman, Keith Duncan, said the IMF Executive Board concluded the third and final reviews on August 30.

“The PLL continues to be treated as precautionary and the completion of the reviews allow for an immediate disbursement of US$980 million under the PLL and US$258 million under the RSF, which was drawn on by the BOJ (Bank of Jamaica) on September 4, 2024,” Mr. Duncan explained.

He was addressing Friday’s (September 13) EPOC Quarterly Press Briefing, which was held virtually.

Mr. Duncan said that all structural benchmarks were achieved and the BOJ exceeded the indicative target for net international reserves.

“A target that was narrowly missed due to a smaller-than-expected surplus at March 31, 2024, had a negligible impact on the debt consolidation plan,” he noted.

Meanwhile, Mr. Duncan said the Fiscal Commission is to commence operation in the calendar year 2025.

The Commission, which will be the guardian and interpreter of Jamaica’s fiscal rules, will monitor compliance with these, report on outcomes and keep the public informed by providing independent analysis on fiscal policy developments.

In March 2023, Courtney Williams was sworn in as Jamaica’s first Fiscal Commissioner.

By: Judith A. Hunter, JIS

This conference will be held on October 8 – 9, 2024, at the Pegasus Suites and Corporate Centre, Seawall Road, Kingston – Georgetown, Guyana.

Guyana’s Conference will be centred on the theme, “Guyana’s Capital Markets: Wealth Creation and Retention”. The President of the Co-operative Republic of Guyana and Commander-in-Chief of the Armed Forces, His Excellency Dr Mohamed Irfaan Ali is expected to open the Conference. He will be joined by visiting government dignitaries from Jamaica, other Caribbean Regions, and the rest of the Diaspora.

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Discussions on Jamaica-Brazil Airlift Agreement Well Advanced

The Jamaica based Global Tourism Resilience and Crisis Management Centre (GTRCMC) and Brazil’s Ministry of Tourism have signed a groundbreaking Memorandum of Understanding (MOU) to facilitate cooperation in boosting tourism resilience.

The areas of cooperation covered under the MOU include: Climate resilience in tourism; Entrepreneurial tourism resilience; Tourism security resilience; and Tourism pandemic resilience.

Minister of Tourism, Hon. Edmund Bartlett revealed that the partnership will also see the establishment of a GTRCMC satellite centre at the University of San Luis.

This partnership, formalised during a ceremony in São Luís, Brazil, earlier this week, seeks to equip stakeholders with the tools to navigate future challenges and build a more resilient tourism industry.

Minister Bartlett, who signed the MOU alongside his Brazilian counterpart, Hon. Celso Sabino and Governor of Maranhão, Carlos Brandão, emphasised the importance of this collaboration.

“Building resilience has become the foundation on which sustainability can be achieved. So, my colleague, Minister Sabino and I will build, together, an intellectual institution to develop resilience and make stakeholders capable of recognising difficulties and overcoming them quickly, with the best information, good ideas and innovation,” Minister Bartlett said.

It was noted that the establishment of the GTRCMC satellite centre at the University of San Luis will take place in September 2024, coinciding with the G20 Tourism Ministers’ meeting, at which Minister Bartlett is expected to present on tourism resilience and sustainability.

Additionally, Jamaica is poised to become the most connected English-speaking Caribbean destination to Brazil and by extension South America, following high-level discussions led by Minister Bartlett, and his Brazilian counterpart, Minister Sabino.

The discussions focused on securing full air connectivity between the two countries and strengthening tourism collaboration.

Minister Bartlett also noted that the Brazilian government has expressed its willingness to offer incentives to airlines operating this route, a significant step towards enhancing connectivity and facilitating travel between the two countries.

“This will undoubtedly deepen our social and cultural ties to South America, opening the door to new economic opportunities for all countries in the region. Our meetings with Brazilian stakeholders underscore our commitment to fostering sustainable growth and expanding Jamaica’s reach in Latin America,” Minister Bartlett added.

Minister Bartlett’s visit to Brazil also included meetings with public and private sector stakeholders, where discussions focused on further strengthening the tourism partnership.

Mr. Bartlett further explained that the collaboration is expected to significantly increase the number of Brazilian visitors to Jamaica, contributing to the country’s economic growth and development.

By: Ministry of Tourism

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Private-sector stakeholders are being encouraged to seize growth opportunities in Jamaica.

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, made the call while addressing the Private Sector Organisation of Jamaica (PSOJ) Partners’ Circle Meeting at the entity’s head office in Kingston on Friday (August 23).

He emphasised the potential for economic growth through strategic partnerships and innovative initiatives within Jamaica’s business landscape.

Senator Hill further highlighted the importance of leveraging local resources to stimulate economic development.

“Making houses is one of the things that we can do. You have the land or you can get the land from [the National Housing Trust] NHT, and if you build to the [specifications] and price point of the NHT, they will buy the houses off you,” he stated.

Senator Hill said the focus should be on scalable housing projects that can create employment opportunities and empower individuals to become homeowners.

In response to the Minister’s call for innovation in the housing sector, Managing Director, Caribbean Cement Company, Jorge Martinez Mora, shared insights into the entity’s US$50-million investment to expand production capacity by 25 to 30 per cent.

“Right now, the market is one million, and with this increased capacity, we’ll be able to cover [demand],” he said.

Mr. Mora further emphasised the need to train Jamaicans in cutting-edge building techniques, to meet the industry’s evolving demands, signalling a commitment to skills development within the workforce.

Meanwhile, Senator Hill underscored the untapped potential of crops that could yield significant economic rewards for Jamaica if they were treated as orchard crops.

He referred to food items such as breadfruit, avocado, ackee and mango, urging business owners to view these crops as viable commodities for economic growth.

Highlighting the need for enhanced security measures in agricultural operations, Minister Hill drew parallels between securing perishable goods, like mangoes, and protecting valuable assets in the business world.

In a notable example of government support for local businesses, he recalled a scenario where Lydford Mining Company bought equipment for US$2.4 million and got back US$500,000 in customs duties and fees waived, as a result of the Productive Input Relief (PIR).

As such, the Minister extended an invitation for manufacturers to explore similar cost-saving opportunities through customs duty waivers, emphasising the importance of maximising incentives to drive industry growth.

Senator Hill encouraged the PSOJ Partners’ Circle to explore collaborative ventures in Special Economic Zones (SEZs), particularly highlighting the Caymanas location in St. Catherine as a prime investment destination.

With significant tax benefits and government support for private-sector ventures in SEZs, he underscored the potential for creating a robust consortium of Jamaican businesses to capitalise on emerging opportunities.

PSOJ President, Metry Seaga, echoed Minister Hill’s sentiments, advocating for members to consider SEZ investments as a strategic pathway for expanding their businesses.

Mr. Seaga emphasised the Caymanas Economic Zone’s strategic advantage as an ideal SEZ location, due to its accessibility and infrastructure support.

By: Andrew Laidley JIS