#KINGSTON, April 28 (JIS): Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says the International Monetary Fund (IMF) has responded “favourably” to the Government’s request to access the institution’s Rapid Financing Instrument (RFI).
This is part of the Administration’s measures to cushion Jamaica against the economic fallout being projected as a result of the coronavirus (COVID-19) pandemic.
“I received a response to a letter that was sent to the Managing Director of the IMF [Kristalina Georgieva]… that alludes to Jamaica’s strong and long [economic] track record that favourably disposes the Fund to attend to our request expeditiously,” Dr. Clarke said, during a COVID-19 digital media briefing update, at the Office of the Prime Minister Media Centre, on Monday (April 27).
He informed that virtual discussions are now under way between the Government and Fund Mission representatives, adding that “we expect our application for access to the RFI to be before the Board of the IMF in a matter of weeks”.
“We expect that application to be considered in a few weeks and for disbursement to be made right after that,” the Minister added.
The RFI provides rapid financial assistance to IMF member countries facing urgent balance of payment requirements, consequent on extenuating circumstances, such as natural disasters, commodity price shocks, and emergencies resulting from fragility, without the need for a full-fledged programme.
The IMF has earmarked some US$50 billion to help member countries, particularly low-income and emerging market states, to tackle challenges associated with COVID-19.
The World Bank, which has a similar facility, has also pledged funding support to affected countries.
Dr. Clarke advised that the Government is also exploring the products being offered by the World Bank as well as other multilateral institutions, such as the Inter-American Development Bank (IDB) and the Caribbean Development Bank (CDB).
He pointed out that the resources from these institutions come in the form of foreign exchange that can be used to supplement and augment Jamaica’s supply of reserves, which total some US$3.2 billion.
“Obviously, these multilateral institutions have different products that suit different circumstances. So we are carefully reviewing all of those… and if we make any affirmative decisions, we will update the country,” the Minister said.
Dr. Clarke assured, however, that the Government has options “that we are considering, [which] can increase our supply and inflows of foreign exchange, even beyond what the rapid financing instrument is likely to bring”.
JIS NEWS BY DOUGLAS McINTOSH
Deputy Premier Spot on, TCI TODAY Removed from EU Blacklist
#TurksandCaicosIslands – February 20, 2024 – Sixteen months after being added to the European Union’s Black List for non-cooperative tax jurisdictions, the Turks and Caicos Islands is now off that list.
“Today,the Council removed The Bahamas, Belize, Seychelles and Turks and Caicos Islands from the list of non-cooperative jurisdictions for tax purposes.”
The release explicitly states that in the case of the Turks and Caicos and The Bahamas, “ever since October 2022, deficiencies in the enforcement of economic substance requirements had been identified in both of these jurisdictions by the OECD Forum of Harmful Tax Practices (FHTP).”
It was recommended for remedy to the deficiencies has now been “converted from hard to soft recommendations,” said the statement.
That pivot was fundamental in the de-listing of the two countries said the information from the Council.
“…which allowed the Code of Conduct Group to consider these jurisdictions with no or only a nominal corporate income tax.”
When Magnetic Media spoke to E. Jay Saunders, Turks and Caicos Deputy Premier and Finance Minister in March 2023 he had full confidence that it was only a matter of time before the TCI was given a more favourable position with the EU.
“There is no question about it. I’m confident that by February 2024, we will be off the list– I’m completely confident and there are no lasting repercussions.”
It had been sub-par computer systems that landed the TCI on the list. The Deputy Premier, at the time offered that the EU was being too dramatic and its language, disproportionate surrounding the issue.
That black listing and gray listing is often viewed as a black eye in the financial services sector, therefore this announcement today is vindication for the TCI and a huge plus for the Fintech ambitions of the Misick-led government.
Twelve others remain with the unsavory categorization including Caribbean neighbours: Trinidad and Tobago; US Virgin Islands; Anguilla and Antigua and Barbuda.
Jamaica hosts 2nd Global Tourism Resilience Conference
#GlobalTourism#Jamaica, February 19th, 2024 – Strengthening the future of global tourism against growing climate challenges, Jamaica hosted the 2nd Global Tourism Resilience Conference in Montego Bay from February 17th to the 18th, featuring high level delegates from the around the world, such as the Secretary General of the United Nations World Tourism Organization and spearheaded by its co-founder, Edmund Bartlett, the Minister of Tourism for Jamaica. The conference was under the theme “Navigating the Future of Tourism Resilience,” and addressed the swift need for more innovative strategies to combat the growing challenges that threaten Tourism. Sustainable tourism practices, crisis management, digital transformation, and the importance of promoting global partnerships, were among the topics discussed.
Dengue in Peru-Over 12 Thousand Cases
#Dengue#Peru, February 19th, 2024 – Since the start of the year, there have been more than thirteen thousand cases of dengue in Peru, with over three thousand in the fifth week alone, according to the Peruvian Ministry of Health. The northern region reportedly has the highest number of cases. Revealed in a February 16th report by the United Nations Office for the Coordination of Human Affairs, this represents a 53.4 percent increase in cases compared to 2023. This massive increase is linked to prolonged heat waves caused by the El Nino effect, the ministry reporting over 100 consecutive unusually hot days and more than 200 warm nights. Higher temperatures create favorable conditions for dengue transmission.
FIND US ON FACEBOOK
Caribbean News6 days ago
Two new Minneapolis flights connect to Turks & Caicos
Crime6 days ago
Relatives Scream and Cry, brought to their knees as GUNMEN roam free
Caribbean News6 days ago
Grenada 50th Anniversary of Independence
News1 week ago
LORENZO GERBEX CHARGED
News5 days ago
Million Dollar Royal Jewels robbery suspect on trial
Caribbean News1 week ago
TCI Police investigate Murder Plot theory in 7th Homicide; three arrested
Crime6 days ago
High Level Civil servant charged for Conspiracy to supply Guns
Caribbean News6 days ago
Canadian Semester for TCI Community College