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Economy Doing Well says BOJ Governor

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#Jamaica, May 27, 2022 – Bank of Jamaica (BOJ) Governor, Richard Byles, says the economy has been “doing well”, largely based on the latest growth and employment out-turns.

Speaking during the BOJ’s digital quarterly media briefing on Tuesday (May 24), Mr. Byles referenced data from the Statistical Institute of Jamaica (STATIN), showing that the economy grew by 6.7 per cent during the October to December 2021 quarter.

He said this out-turn was indicative of improving economic activity, noting that the level of growth recorded during the period was faster than that for July to September 2021.

“For the year 2021/22, the Bank expects real GDP (gross domestic product) growth to be in the range of seven to 10 per cent,” the Governor said.

Mr. Byles further indicated that growth in 2022/23 is projected to be in the range of two to four per cent.

“The Bank expects that this GDP growth will continue to be driven by the services industry, particularly tourism. The forecast also assumes that production at one of Jamaica’s main alumina plants [JAMALCO], which had been temporarily closed, will resume by June 2022,” he said.

Mr. Byles highlighted the fall in the unemployment rate to a historic low of 6.2 per cent, based on STATIN’s January 2022 labour force survey, as “an exceptional performance, by any measure”.

He noted, however, that the economy “is not yet out of the woods”, citing the impact of the Ukraine-Russia conflict and the emergence of a firth wave of the coronavirus (COVID-19) pandemic.

He pointed out that conflict “has fueled further significant increases in international commodity prices and has contributed to a substantial rise in global and domestic inflation”.

With inflation tracking above the upper end of the Bank’s four to six per cent target, Mr. Byles said the BOJ is cautiously optimistic that there could be some respite in sight, “provided that geopolitical tensions [between Ukraine and Russia] do not escalate”.

The rate of inflation for the 12-month period ending April 2022 was 11.8 per cent.

The Governor noted that while already high international commodity prices are expected to increase further over the next few months, the global consensus forecast is for a fall during the second half of 2022, influencing a decline in inflation among the country’s trading partners.

“Jamaica’s inflation is expected to follow a similar pattern, rising in May and June, but falling in the second half of the year. After carefully considering all the risks around this outlook, it is our view that the Bank of Jamaica should continue its programme of monetary tightening until we have seen the projected turn in inflation materialise,” he noted.

The Bank’s Monetary Policy Committee voted earlier this month to increase the policy rate by a further 50 basis points, to five per cent, effective May 20, 2022.

Mr. Byles said this decision was based on the BOJ’s forecast for further increases in inflation over the next two months, before the rate begins to decline.

“This forecast is, however, conditional on our assumption that tensions between Russia and Ukraine do not escalate and inflation among Jamaica’s trading partners fall,” he added.

Mr. Byles said the Bank anticipates that these measures will continue to cause interest rates on deposits and loans to rise further, “making savings in Jamaican dollars more attractive, relative to foreign currency assets, and borrowing in Jamaican dollars more expensive”.

“In turn, these measures will help to reduce the demand for foreign currency, leading to continued stability in the exchange rate, and will reduce demand in the economy, limiting the ability of businesses to pass on price increases to consumers,” he pointed out.

 

Release: JIS

Contact: Douglas McIntosh

 

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Team Trinidad & Tobago Makes Waves with Historic CARIFTA Aquatics Performance

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April 14, 2026 – Team Trinidad and Tobago delivered one of the most commanding performances at the 2026 CARIFTA Aquatics Championships, finishing third overall in swimming and second in athletics, signaling a powerful resurgence on the regional stage.

Competing in Martinique, the swim team amassed an impressive 747 points and 59 medals—20 gold, 19 silver and 20 bronze—in what officials are calling a historic showing. The result marks a significant step forward from previous years, reinforcing the country’s growing strength across disciplines and age groups.

Standout performances came from a deep and talented squad. Zahara Anthony led the charge with 72 points, dominating the Girls 11–12 division across freestyle, butterfly and individual medley events. Liam Carrington followed closely with 69 points, delivering a near-flawless campaign in the Boys 15–17 category, while Marena Martinez, Xaiden Valentine and Serenity Pantin added critical points with consistent podium finishes.

The team’s strength was not limited to individual brilliance. Athletes like Micah Alexander, Ethan McMillan-Cole and Jaden Mills showcased versatility and depth, while relay contributions from swimmers including Julius Ennals and Anpherne Bernard helped secure the team’s overall standing.

The performance drew high praise from the Ministry of Sport and Youth Affairs in Trinidad and Tobago, which welcomed the team home in celebration of what was described as a defining moment for the programme.

Minister Phillip Watts noted, “This success is not accidental. It is the result of hard work, structure, vision, and belief. Our young athletes are proving that Trinidad and Tobago is rising again.”

He added that every performance sent a clear message across the region that the country is “not standing still… we are moving forward.”

The showing in Martinique underscores the impact of sustained investment in youth development, coaching and systems, with Team TTO emerging as one of the most complete and competitive squads at CARIFTA 2026.

With momentum now firmly on their side, Trinidad and Tobago’s swimmers are not just competing—they are setting the pace for the future of Caribbean aquatics.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

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Mottley Celebrates CARIFTA Champions After Stunning Relay Upset

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Barbados, April 14, 2026 – Barbados’ Prime Minister Mia Mottley rolled out a hero’s welcome for the island’s CARIFTA athletes, celebrating a team that delivered one of the most talked-about moments of the 2026 championships.

At a reception held at Ilaro Court, Mottley met with the returning team, including the country’s Under-20 men’s 4x400m relay squad—Kyle Gale, Demario Prince, Akeem Sirjue and Jamar Marshall—whose electrifying performance at the Kirani James National Stadium stunned regional powerhouses.

The Barbadian quartet surged to gold in a dramatic finish, toppling both The Bahamas—long dominant in the event—and Jamaica, whose athletes have historically controlled the CARIFTA track scene with decades of relay success.

The victory capped a high-energy night and is already being described as a defining moment for Barbadian athletics.

Speaking after the team’s return, Mottley underscored the national pride sparked by the athletes’ achievements.

“This afternoon filled me with pride. To welcome our CARIFTA athletes to Ilaro Court, to see their smiles, feel their joy and thank them personally for what they have done for Barbados, was deeply special,” she said.

The Prime Minister also announced a $1 million investment to support athlete development, including enhancements to sporting infrastructure, sports science, nutrition and training systems.

“Our young people are soaring already. Barbados must now make sure they have every tool to go even higher,” Mottley added.

The reception signaled not just celebration, but commitment—positioning Barbados to build on a breakthrough moment that has shifted the regional athletics conversation.

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

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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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