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JAMAICA: 90 per cent of loans from China to be repaid in 10 years

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#Kingston, November 2, 2018 – Jamaica – Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke, says 90 per cent of outstanding debt to the Export-Import (EXIM) Bank of China will be repaid in 10 years.

Dr. Clarke informed that 99 per cent of the loans secured from China on behalf of Jamaica are at fixed interest rates of two and three per cent, which “are among the lowest interest rates in our entire loan portfolio”.

“Loans from China [also] represent a mere 3.9 per cent of the total $2-trillion debt of Jamaica.  When you hear a loan being executed of (about) US$200 million from the China EXIM Bank, bearing in mind that at current exchange rates US$200 million is roughly $25 billion and then in a debt size of $2 trillion, it is just about one per cent,” he said.

The Minister was speaking at LatinFinance’s third Caribbean Finance and Investment Forum, at The Jamaica Pegasus hotel in New Kingston on November 1.

Dr. Clarke’s sentiments are consistent with those of Prime Minister, the Most Hon. Andrew Holness, who, a day before, noted that the loans secured on behalf of Jamaica are done at the best interest rates and that there is no need to fear Jamaica’s relationship with China.

“I don’t think that there needs to be any fear-mongering. The Government of Jamaica has been very strategic and the sovereignty of Jamaica is always foremost in my mind. So when we engage, we engage with that as a non-negotiable part of the partnership,” Mr. Holness said.

Meanwhile, Dr. Clarke assured the group of regional bankers and potential investors at LatinFinance’s forum that “there is no better place to invest than in Jamaica”.  He noted that all the economic indicators suggest that the Jamaican economy “is stronger than it has ever been”.

“We have inflation at record lows, but more important than being at record lows is that inflation has been stable over the past four years and is increasingly becoming predictable. On top of that, loan growth is increasing at accelerated levels… foreign direct investments have been steady and capital imports have increased by five-fold over the past six years,” he indicated.

Dr. Clarke reiterated plans for the establishment of an independent fiscal council designed to strengthen Jamaica’s fiscal responsibility framework and the modernization of the country’s central bank, the Bank of Jamaica.

Hosted in partnership with the Ministry of Finance and the Public Service, LatinFinance’s third Caribbean Finance and Investment Forum brings together global banks and investors to lay out the road map towards achieving sustainable growth and investment.

LatinFinance is the leading source of intelligence on the financial markets and economies of Latin America and the Caribbean.

The entity’s Chief Executive Officer (CEO), Taimur Ahmad, acknowledged the ongoing growth in the Caribbean, which has “picked up in recent years, supporting the (existing) view that the region has finally turned the corner”.

He said part of the aim of the forum is to explore the promise held by the region, which, he noted, is significant.

Themes explored at the finance forum included exploring the new directions in the Caribbean economic outlook, understanding Caribbean fixed-income and Caribbean corporate finance and capital markets integration, among others.

 

Release: JIS

Contact: Chad Bryan

Photo  Captions: 

Header: Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke (centre), shares a light moment with Political/Economic Specialist of the United States Embassy in Kingston, Elvis James (left); and Education, Youth and Information Minister, Senator the Hon. Ruel Reid, at the third Caribbean Finance and Investment Forum at the Jamaica Pegasus hotel in New Kingston on November 1.

Insert: Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke (left) listens attentively to a point made by LatinFinance’s Chief Executive Officer, Taimur Ahmad, at the third Caribbean Finance and Investment Forum, at The Jamaica Pegasus hotel in New Kingston on November 1.

Dave Reid photos

 

 

 

 

 

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Fighting the fungus foe of the beloved banana

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How Venezuelan farmers are learning to grow and live with a devastating plant disease

 

In the fields of Venezuela, where the banana has been for generations a symbol of sustenance and tradition, a shadow fell across the land. In 2023, Venezuela’s National Institute of Integral Agricultural Health (INSAI) declared a phytosanitary emergency: the fungus Fusarium Tropical Race 4 (TR4) (Fusarium oxysporum f. sp. cubense tropical race 4; syn. Fusarium odoratissimum) had arrived in producing areas in the states of Aragua, Carabobo and Cojedes.

This fungus, considered a devastating disease of banana and plantain (Musaceae) trees, can remain in the soil for more than two decades, threatening production and the lives of those who depend on it.

In the state of Aragua in the north of the country, the Renacer community had been growing bananas and plantains on 20 hectares since 2018. Then Fusarium arrived.

“When the disease hit, the entire plantation began to deteriorate. We refused to ‘die’ with the trees because that was our livelihood. The visits of INSAI confirmed that we had to chop down the banana trees. I cried a lot because I had worked with my banana trees for years,” recalls woman farmer, Lesbia Margarita García, with a broken voice.

In response, INSAI implemented measures to eliminate the affected plantations and improve the soil health by changing to other crops that allow agricultural production to recover. The Food and Agriculture Organization of the United Nations (FAO) offered assistance by providing corn seeds, tools, biosecurity inputs and training, with teams of experts helping farmers to start again.

“Planting corn, thanks to the INSAI-FAO programme, gave us a harvest that benefited everyone. We have been improving the soil,” says Lesbia Margarita with a smile. “Now we rotate crops, observe soil health and have learned how to use natural fertilizers. Expert assistance has been key.”

The pilot project works directly with affected producers in high-risk areas, promoting alternative crops such as cereals and vegetables, delivering inputs and tools to mitigate damage and applying biosecurity measures for safe and effective containment.

“Beyond the corn received, we have already planted cassava, chili peppers, beans and pumpkin. We hope that by the end of the year [2025] we will be diversified and that each season we will have something to sell. These lands do not give up,” says Lesbia Margarita with conviction.

The Renacer community is beginning to see fruits. Their products are reaching local markets, generating income and rebuilding their livelihoods.

Key actions to manage Fusarium TR4 are ongoing, including regular monitoring, continuous training, inter‑institutional coordination, updates to the national plan, information campaigns and producer impact assessments. INSAI is sustaining regulatory, surveillance measures and training —with FAO support—as part of a comprehensive long‑term strategy.

At the global level, FAO supports awareness raising, capacity building and international collaboration in the fight against Fusarium TR4 by facilitating the World Banana Forum and its Global Network on TR4.

“The objective is for countries to strengthen their operational and technical capacity, articulating actions between the public sector, the private sector and family farmers,” says Raixa Llauger, FAO Agriculture Officer in Mesoamerica. “FAO and local partners have promoted this approach in Venezuela.”

As an essential part of the activities, a comprehensive training programme was developed with activities that taught farmers how to identify the disease contain it and protect crops. In addition, FAO has distributed laboratory equipment, biosecurity tools and a multispectral drone to INSAI. Drones are an efficient and cost‑effective tool for phytosanitary surveillance, offering rapid, high‑resolution monitoring and early detection of plant pests and diseases.

Overall, the project strengthened biosecurity measures against the Fusarium fungus through the adoption of the National Action Plan and the establishment of partnerships with national and international institutions. In addition, the pilot initiative supporting smallholder farmers in key production areas and a nationwide awareness campaign with broad outreach improved surveillance, diagnosis and phytosanitary response capacities across the country.

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Widow’s Testimony Recounts Night Haiti President Was Killed

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MIAMI, Florida — Emotional testimony from Martine Moïse, the widow of assassinated Haitian President Jovenel Moïse, has given jurors in a U.S. federal courtroom a chilling account of the night gunmen stormed the presidential residence and killed the country’s leader.

Martine Moïse took the stand this week in Miami as part of the ongoing trial of several men accused of helping plan and finance the July 7, 2021 assassination, a crime that plunged Haiti into political crisis and remains only partially solved.

She told the court that armed men forced their way into the president’s private home in the hills above Port-au-Prince during the early morning hours, firing multiple shots at her husband while she lay beside him. She testified that she was also wounded in the attack and survived by pretending to be dead until the gunmen left the room.

According to prosecutors, the plot involved a group of foreign mercenaries, including former Colombian soldiers, along with Haitian and Haitian-American suspects. Investigators say some of the men believed the mission was to detain the president, but the operation turned into an assassination.

The Miami trial is focusing on the alleged role of South Florida businessmen and others accused of organizing or financing the plan, part of a wider international investigation that has stretched across several countries.

More than four years after the killing, the question of who ultimately ordered the assassination remains unanswered, with suspects still in custody in both Haiti and the United States as the case continues to unfold.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Jamaica Joins Afreximbank Agreement, Strengthening Africa–Caribbean Partnership

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CARIBBEAN — Jamaica has become the 13th CARICOM member state to accede to the African Export-Import Bank Establishment Agreement, further strengthening economic ties between Africa and the Caribbean.

The development was confirmed during the 50th CARICOM Heads of Government Meeting, where an Afreximbank delegation led by George Elombi and Kanayo Awani met with Jamaica’s Prime Minister Andrew Holness to advance cooperation.

Prime Minister Holness thanked the bank for its support following Jamaica’s recent hurricane, noting that Afreximbank financing helped restore critical infrastructure including water, electricity, sewage systems and roads, while also assisting reconstruction efforts aimed at building stronger resilience to future disasters.

The meeting also focused on broader development opportunities tied to Jamaica’s membership in the agreement. Discussions included rebuilding and modernising infrastructure such as railways, hospitals and other public facilities, while strengthening regional transportation and trade networks to improve the movement of people and goods across the Caribbean.

Afreximbank has been expanding its presence in the Caribbean as part of its strategy to connect Africa with the region often referred to as “Global Africa.” The bank has already committed billions of dollars in financing and trade support to Caribbean economies in recent years, including funding for infrastructure, trade facilitation and private sector investment.

By joining the agreement, Jamaica gains expanded access to Afreximbank’s financial instruments, technical support and trade networks designed to promote commerce between Africa and CARICOM states.

Regional leaders say the growing partnership could unlock new opportunities in areas such as trade, logistics, tourism, manufacturing and cultural exchange, strengthening economic cooperation between the two regions with deep historical and diaspora ties.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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