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Jamaica And World Bank Sign US$105 Millions Loans

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WASHINGTON, D.C., Sept. 3 (JIS): Three loans totalling US$105 million were signed by the Government and the World Bank, at its headquarters in Washington, D.C., today (September 3).
Minister of Finance and Planning, Dr. the Hon. Peter Phillips, signed on behalf of Jamaica, while World Bank Country Director for the country, Sophia Sirtaine, signed for the bank.
The loans are in support of three government projects – the Foundation for Competitiveness and Growth, which will receive US$50 million; the Youth Employment in Digital Animation Industry, US$20 million, and the Strategic Public Sector Transformation Project, US$35 million.
“The projects are intended to further the overarching goals of the Government of Jamaica-World Bank Country Strategy for the period 2014 – 2017; to support the government’s investments in key strategic areas, including physical sustainability in youth employment; public sector modernization and to facilitate a more enabling environment for private sector growth,” the Finance Minister said at the signing.
Dr. Phillips added that the loans represent an important cooperation between the Government of Jamaica and the World Bank, and is aimed at advancing the prospects for growth as the country goes through a strenuous economic reform programme that forms part of the agreement with the IMF.
He said the Government will do its utmost best to ensure a smooth implementation of the three projects.
The Minister explained that funds for the Foundation for Competitiveness and Growth project will enhance competition in the business environment, facilitate strategic private investments and support Small and Medium Enterprises (SMEs).
Funds for the Youth Employment in Digital Animation Industry will provide training and coaching for over 200 young Jamaicans, enhance entrepreneurial skills and create 150 start-up companies.
Under the Strategic Public Sector Transformation Project, the funds will be used to strengthen public investment management systems, budget preparation process and property tax compliance administration.
In her remarks, Ms. Sirtaine had high praise for Jamaica regarding the programmes it has implemented to spur economic growth, and for the results it has been reaping since its implementation.
She added that the bank is committed to working with Jamaica in ensuring the success of its various economic programmes.
Dr. Phillips and his delegation are also engaged in a series of discussions with officials at the US Treasury, State Department, the IMF and the Inter-American Development Bank (IDB).
He is accompanied by the Governor of the Bank of Jamaica, Brian Wynter; Director General of the Planning Institute of Jamaica (PIOJ), Colin Bullock; Financial Secretary, Devon Rowe and Ambassador to the United States, His Excellency Stephen Vasciannie.

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

Caribbean News

Migration Is No Longer Just About Borders

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What Caribbean migration dialogues reveal about the region’s future

 

By Patrice Quesada, Coordinator, IOM Caribbean

Migration has become one of the defining issues shaping the Caribbean’s future—not simply because people are moving, but because our economies, labour markets, populations and climate realities are changing.

Over the past several weeks, I have participated in migration discussions at the global, regional and national levels. While each conversation was different, they all pointed to the same conclusion: the Caribbean is beginning to recognize migration not only as a border issue, but as a development issue.

The challenge now is moving from dialogue to action.

From Global Commitments to Caribbean Solutions

That shift was evident during the International Migration Review Forum held at the United Nations in New York, where Caribbean participation was particularly strong. Delegations from ten Caribbean countries, including ministerial representatives from Barbados and Belize, reinforced the region’s growing commitment to shaping international migration policy.

Two messages emerged clearly.

First, migration governance must be grounded in each country’s realities and supported by concrete national commitments. Second, migration cannot be viewed in isolation. It is closely linked to labour markets, demographic change, climate vulnerability and long-term development planning.

Every Caribbean Country Has Its Own Story

Across the region, governments are approaching migration through different lenses.

In Saint Lucia, the launch of the country’s draft migration policy reflected concerns about declining birth rates, labour shortages and continued emigration. The discussions recognised that labour needs, diaspora engagement, remittances, return migration and protection must all work together within one national strategy.

Jamaica demonstrated how migration planning can begin at the local level, with Clarendon becoming the country’s first parish to integrate migration considerations into its long-term development strategy.

Guyana, meanwhile, is managing migration in the context of rapid economic growth, balancing increased labour demand with worker protections and orderly migration systems.

Barbados has also begun incorporating migration into broader population planning as it addresses demographic decline and an ageing population.

The Bahamas has focused on disaster preparedness, bringing together government agencies to strengthen national plans for managing inter-island and cross-border movement during emergencies while safeguarding the rights and dignity of displaced people.

Different countries face different challenges—but all are recognising migration as an essential part of national planning.

The Caribbean’s Greatest Untapped Asset

One message resurfaced repeatedly throughout these discussions.

The Caribbean diaspora should no longer be viewed simply as a source of remittances.

Across the region, citizens living abroad continue to contribute through investment, entrepreneurship, professional expertise, advocacy and, in many cases, by returning home with new skills and experience.

The opportunity now is to engage the diaspora more deliberately as a strategic development partner.

Turning Dialogue into Action

Technical discussions held throughout May demonstrated that governments are beginning to move beyond policy conversations.

CARICOM, supported by the International Labour Organization and the Inter-American Development Bank, convened regional labour migration specialists to explore how migration can help address workforce shortages while ensuring fair recruitment and decent working conditions.

Together, these initiatives suggest the Caribbean is entering a new phase—one where migration is no longer viewed simply as movement across borders, but as a tool for economic resilience, demographic planning and sustainable development.

The conversations have begun.

The next challenge is ensuring they lead to meaningful action.

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Africa

Africa’s Latest Economic Report Sees Caribbean Price Pressures Easing

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By Deandrea Hamilton | Editor

For years, Caribbean families have endured relentless increases in the cost of food, fuel, housing and everyday essentials. Now, one of Africa’s leading financial institutions says the worst of those inflationary pressures may finally be easing.

The African Trade Report 2026, published by the African Export-Import Bank (Afreximbank), shows inflation across Latin America and the Caribbean fell sharply from 16.6 percent in 2024 to 7.6 percent in 2025. The report compares economic performance across the world’s major regions, placing Latin America and the Caribbean alongside Africa, Asia, Europe and advanced economies.

The figures suggest regional price pressures have moderated considerably after several years of high inflation driven by supply chain disruptions, rising energy costs and global economic uncertainty.

Consumers, however, should not expect prices to suddenly return to pre-pandemic levels.

Economists note that lower inflation does not mean goods and services become cheaper. Rather, it means prices are continuing to rise, but at a much slower pace than before. That distinction helps explain why many Caribbean households may still feel the strain at the supermarket, petrol station and on utility bills despite improving economic indicators.

The report also points to a relatively stable regional economy. Gross domestic product growth for Latin America and the Caribbean held steady at 2.4 percent in both 2024 and 2025, suggesting economic expansion continues, albeit at a modest pace.

For Caribbean governments, the findings provide cautious encouragement. Lower inflation can reduce pressure on household budgets, improve consumer confidence and give central banks greater flexibility as they balance economic growth with price stability.

Perhaps most intriguing is the source of the analysis.

Rather than coming from a traditional Western financial institution, the assessment comes from Africa’s premier trade finance bank. The report treats Latin America and the Caribbean as an important global economic region and repeatedly highlights the growing importance of ties between Africa and its diaspora, including the Caribbean. It argues that stronger economic, trade and investment relationships across what it calls “Global Africa” could become a powerful driver of shared prosperity in the years ahead.

For Caribbean readers, the report offers more than encouraging inflation figures.

It provides an outside perspective on the region’s economic performance and serves as a reminder that the Caribbean is increasingly being viewed not only as a tourism destination, but also as an emerging partner in trade, investment and global development conversations.

As governments continue searching for ways to ease the cost of living, Africa’s latest economic report suggests there is at least one reason for cautious optimism: the pace of price increases across the Caribbean is finally beginning to slow.

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Cruise Decline Emerges as Turks and Caicos Tourism Watchpoint

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By Deandrea Hamilton | Editor

PROVIDENCIALES, Turks and Caicos Islands – While the Turks and Caicos Islands continues to celebrate growth in its high-value overnight visitor market, tourism data shared in April 2026 suggests another critical sector of the industry deserves closer attention.

Experience Turks and Caicos reported that stayover arrivals climbed five percent during the first quarter of 2026, with 203,587 visitors between January and March—10,557 more than during the same period in 2025.  March, traditionally the destination’s strongest month for overnight tourism, also posted a three percent increase over the previous year.

But tucked within the same report was another statistic moving in the opposite direction.

Cruise passenger arrivals fell by 16 percent during the first quarter, with 344,287 passengers visiting the destination compared to the same period in 2025.  Preliminary figures for March also showed a seven percent year-over-year decline to 116,911 passengers—even though the destination welcomed an additional cruise ship call during the month.

The report offered no explanation for the decline, placing its emphasis instead on the continued strength of the stayover market and a series of international marketing initiatives designed to sustain overnight visitor growth.

Among those efforts are a partnership with TravelView to distribute destination videos to more than 80,000 travel advisors across the United States, expanded engagement with travel professionals in the United Kingdom through the UNITE Caribbean programme, and increased participation in tourism trade shows in Canada and Latin America.

Those initiatives are aimed primarily at attracting overnight visitors—travelers who typically stay longer and generate significantly more spending within the local economy than cruise passengers.

However, the decline in cruise arrivals raises important questions, particularly for Grand Turk, where the cruise industry remains a major economic driver supporting taxi operators, tour companies, restaurants, retailers and other small businesses that depend heavily on ship calls.

Following publication of the report, Magnetic Media was informed that cruise arrivals have been trending downward, suggesting the first-quarter figures may not represent a one-time fluctuation but part of a broader pattern.

If that is the case, industry observers will be looking for answers.

The report does not indicate whether the decline reflects changes in cruise line deployment, smaller vessels serving Grand Turk, reduced passenger occupancy, itinerary adjustments, or increasing competition from other Caribbean destinations.

Whatever the cause, the contrast between the two sectors is striking.

One segment of the tourism industry continues to post record gains through expanded air service and targeted destination marketing. The other appears to be facing headwinds that have yet to be publicly explained.

For the Turks and Caicos Islands, where tourism remains the country’s economic engine, understanding the reasons behind diverging performance in the stayover and cruise sectors will be essential to long-term planning.

As the destination moves into the traditionally slower months of the tourism calendar, attention is likely to turn not only to sustaining growth in overnight arrivals but also to whether the Government and Experience Turks and Caicos can identify the factors behind the cruise slowdown and outline a strategy to reverse what now appears to be an emerging trend.

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