CARIBBEAN ROUNDUP
BARBADOS
The Barbados-based Caribbean
Development Bank (CDB) is projecting
a 9.1percent gross domestic product
(GDP) growth across its 19 Borrowing
Member Countries (BMCs), accelerating
the region’s economic recovery which
started in 2021.
The region’s premier financial institution
said that the favorable outlook
is anchored by an expected surge in the
GDP of commodityexporting
economies
by an estimated 17.5
percent.
The CDB projects
strong growth in Guyana
(47.5 percent), emanating from
increased oil and gas production and
in a resurgence in energy production
in Trinidad and Tobago as supply-side
constraints are alleviated.
The CDB said higher international
price for crude oil should translate into
revenue windfall.
It is anticipated that this rebound
is likely to strengthen during 2022
as restrictions ease, on account of
strengthened protective health measures.
However, the return of international
passenger arrivals will depend
on the acceleration of vaccination rates,
effective management of the pandemic
without resorting to full and lengthy
lock downs; and continued confidence
in protocols established for safe travel
to the region.
CARIBBEAN
The Sugar Association of the Caribbean
(SAC) is of the belief that if the
CARICOM Single Market and Economy
(CSME) cannot work for sugar, it will
not work for anything.
The association’s
statement was in
response to the recent
decision by the Caribbean
Court of Justice
(CCJ) on a challenge filed by Belize
against Trinidad and Tobago of an
alleged failure by the latter to apply the
common external tariff (CET) on brown
sugar imported from outside the region
from November 2018 — June 2020.
Although Belize lost the claim, the
CCJ judges, in their ruling emphasized
the importance of maintaining
the common external tariff, especially
on the importation of brown sugar
from extra-regional, as it was important
to member states which produced the
commodity.
The SAC said the CET does not guarantee
producers of sugar in Belize an
assured market, but those producers
are entitled to the protection of the
market that the tariff is intended to
provide.
In its statement, the SAC said the
non-payment of the 40 percent CET on
Caribbean Life, F 4 ebruary 18-24, 2022
A woman watches as alleged gang members step out of a police truck after arriving at court, in Kingston, Jamaica, Jan. 28, 2022.
REUTERS/Gilbert Bellamy
imported extra-regional brown sugar
was a direct violation of the revised
Treaty of Chaguaramas.
DOMINICA
The Dominica government says it is
developing a national trade policy to
replace the ad hoc now existing in the
country.
Minister of Trade, Ian Douglas said,
“Dominica before did not have a trade
policy. Our trade policy was really
influenced by all of the other bilateral
agreements that we had. We had the
European Partnership Agreement, then
we had the the CARICOM
Single Market
and Economy which is
really governed by the
treaty.”
Speaking on a government
program on the state-owned
DBS recently Douglas said that several
trading instruments being used by
Dominica “in the past formed our trade
policy but now we are actually drafting
a new policy which will provide a comprehensive
yardstick by which Dominica
will conduct its trade locally, regionally
and internationally in the future.”
Douglas said he remains optimistic
that the policy would be in place later
this year.
He said the idea behind the policy
“is really governed to reduce our trade
deficit and to increase our exports in all
spheres.”
GUYANA
The Guyana government says the
Barbados-based Caribbean Development
Bank (CDB) has issued no objection
to negotiations starting the construction
of the US$190 million Linden
to Mabura road by a Brazilian firm.
The CDB is lending Guyana
US$112 million of the US$190 million
project costs.
Minister of Finance, Dr. Ashni Singh
said that the Construtora Queiroz Galvao
S.A had emerged as the preferred
bidder for the road works that will
include upgrading the existing alignment
to Asphaltic Concrete Surface and
the inclusion as well of five drainage
structures.
The Minister of Finance said in a
statement, the project is the first link
of the highway between Linden and
Lethem, which would provide major
support to ease travel, trade and general
connectivity between Guyana and
Brazil and open vast opportunities by
linking Guyana’s hinterland communities
to Georgetown
The contract will be to upgrade 121
kilometers of gravel road extending
from Linden to Mabura
Hill to an asphaltic
concrete road.
The statement said
10 contractors were
prequalified and the prequalified were
approved by the CDB in October 2021.
Of the 10 prequalified contractors,
five companies, including those from
China and Brazil made submissions
but Construtora, was determined as
the most responsive bid indicating full
compliance with all environmental,
social, health and safety requirements.
JAMAICA
The Jamaican government has
passed the Terrorism Prevention (Designated
Reporting Entity) and Trust
Corporate Services Providers Act 2022,
aimed at strengthening the country’s
financial systems, while making them
more robust and transparent.
Minister of National Security, Horace
Chang said money
laundering and the
financing of terrorism
are threats to the
financial sector that
must be addressed with a sense of
urgency.
“Any loopholes within our financial
system will provide opportunities
for criminals to move their funds to,
through or within jurisdictions that
do not have the requisite safeguards.
Strengthening our frameworks will,
therefore, disrupt the access of criminals
to resources and make it more difficult
for them to profit from their illicit
activities,” Chang said.
He said the order forms part of Jamaica’s
national action plan to enhance its
Anti-Money Laundering/Counter Terrorism
Financing framework.
SURINAME
Suriname-based Angel Airways says
it plans to take to the skies in October
Continued on Page 14
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