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Jamaica and IMF Reach Staff Level Agreement

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#Kingston, December 19, 2022 – Jamaica and the International Monetary Fund (IMF) have reached a Staff Level Agreement that will enable the Government to access approximately US$1.7 billion under the IMF’s Precautionary and Liquidity Line (PLL) and Resilience and Sustainability Facility (RSF).

This provision is being made at the Government’s request and forms part of the policy response to prevailing global shocks. The request is expected to be considered by the IMF’s Executive Board in early 2023.

The Agreement was reached during in-person and virtual meetings between IMF executives and government officials, from December 5 to 15, to conduct the latest Article IV Consultation.

It will see the Government accessing approximately US$967 million under the PLL and about US$763 million through the RSF.

The PLL will provide valuable insurance to Jamaica against downside risks, including those arising from extreme weather events, while the RSF will help support the country’s ambitious agenda to increase resilience to the effects of climate change, transition to a zero-carbon economy, and catalyse official and private climate-related financing.

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, in a statement said that Jamaica is in a different era of its economic development where the Government anticipates disruptive events and provides for them.

Consequently, he said, the Administration has instituted a natural disaster strategy, capitalised a national disaster fund, and launched the first global catastrophe bond independently sponsored by a small country.

The Minister noted that “these financing arrangements are designed to protect us from natural disaster shocks”.

He pointed out, however, that “thinking ahead”, the Staff Level Agreement was reached for the RSF and PLL, “to ensure that our development can proceed and continue, even in the event of possible external shock”.

“This is an engagement of choice. These are not arrangements that we have to make, but rather financing we are choosing to take advantage of to keep us strong, to build our economic and climate resilience, to create buffers, to expand our fiscal space, to broaden our options, and to help us prepare in advance for any adverse external development that may arise,” the Minister outlined.

He assured that these arrangements “will not interfere with our already planned programmes and activities”, adding that “it is and will be business as usual, with the ability to access financing if the global outlook worsens”.

“With God’s continued guidance, we are taking charge of our economic future; and even in a time of great economic recovery and expansion and job creation, we are making preparations for possible shocks in the same way that strong and empowered countries do,” he said.

The IMF, in a statement, said the Government’s response to the recent shocks associated with the COVID-19 pandemic has been “well designed” and “nimble” and aimed to contain inflationary pressures, support those worst hit by the increase in the cost of living, and steadily reduce the public debt.

The organisation noted that the country’s efforts have facilitated a steady recovery in growth and job creation, despite the difficult global environment.

The IMF said that the measures “have struck the right balance in responding to shocks, protecting the vulnerable, countering inflationary pressures, and securing debt sustainability”, while pointing out that “the authorities continue to improve their policy frameworks”.

 

Contact: Douglas McIntosh

Release: JIS

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Men who had Murdered Man, Marley Higgs’ cell phone face Court

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Wilkie Arthur

Freelance Court Correspondent

The prosecution intends to try two young North Caicos men, both age 21 for the offense of possession of property of a murdered man, property that was stolen and landed in their possession.

The phone belonged to Peureton ‘Marley’ Higgs, who is believed to have been an innocent gunned down at his apartment complex in the Glass Shack area in a spray of bullets on February 2 that killed another man and wounded two others, including a ten-year-old little girl.

The cell phone was described as white in colour, an iPhone, in a hard black case. 

On Monday, March 18th, JEFFVANO HANDFIELD of North Caicos pleaded not guilty to the offense, and the matter was adjourned to April 2024. He was granted bail in the matter.

A second North Caicos man was charged similarly.  

SARENO CAPELLAN aka, Kino Williams is the second individual brought before the court pertaining to the said cellphone. He appeared in court a week after JEFFVANO HANDFIELD, the date being Monday March 25th 2024.

The case for the Crown is that both men sometime in February of this year possessed the cellphone knowing or suspecting it to be stolen property.

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Supreme Court Closed for Easter

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NOTICE is hereby given that the Easter Recess shall commence on Friday 29th April, 2024 and end on Friday 5th April, 2024. During the Easter Recess Judge Selochan will be available to deal only with matters that are urgent or require prompt attention.

Court Business During the Easter Recess

A person who wishes to have a matter heard during the recess must file a certificate of urgency along with an affidavit, which must set out the reasons why the matter is urgent or requires prompt attention. The matter will not be listed during the recess unless the Judge deems it fit for urgent hearing.

Opening Hours During the Easter Holiday

The Supreme Court’s last sitting day for the first term is Thursday 28th March, 2024. The Court will officially resume sittings on Monday 8th April, 2024. The Supreme Court Offices in both Grand Turk and Providenciales will continue to operate while the Court is not sitting during the recess.

The Court Office will be closed on the following public holidays:

  • Friday 29th March, 2024 (Good Friday) CLOSED
  • Monday 1st April, 2024 (Easter Monday) CLOSED

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TURKS AND CAICOS ISLANDS DELEGATION ATTENDANCE AT THE NORTH CARIBBEAN SECURITY SUMMIT 21-22 MARCH 2024

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Her Excellency the Governor, Dileeni Daniel-Selvaratnam, is in Nassau this week, leading a delegation from the Turks and Caicos Islands to the Third Annual Northern Caribbean Security Summit. The forum brings together security leads from the Turks and Caicos Islands, the Bahamas, the US and the UK to focus collective critical efforts against shared threats in the region.

The delegation from the Turks and Caicos Islands includes the Hon. Minister of Immigration Arlington Musgrove, the Hon. Attorney General, Rhondalee Braithwaite-Knowles OBE KC and senior leaders from Border Force, the Department of Rehabilitation and Community Supervision, the Financial Intelligence Agency, the National Security Secretariat, the Regiment and the Royal Turks and Caicos Islands Police Force. Additionally, the UK delegation includes the Foreign, Commonwealth and Development Office Deputy Director, the Head of the UK Joint Maritime Security Centre and regional leads from the Ministry of Defence and the National Crime Agency.

Her Excellency the Governor opened the Turks and Caicos Islands’ contribution with a strategic overview of the security situation and growing capabilities. Presentations were given by members of the delegation on the Turks and Caicos Islands’ security posture to tackle transnational organised crime, coordinated efforts in developing the intelligence picture, cyber security, border security, financial crimes and wider impacts from the deterioration of Haiti.

Her Excellency the Governor held meetings with partners to discuss and prioritise areas of tactical focus and joint operations around irregular migration and securing maritime borders, including with the Commissioner of the Royal Bahamian Police Force (with his senior leadership team), the Commodore of the Royal Bahamas Defence Force, senior leaders of the US Coast Guard and the US Customs and Border Protection. Outcomes of which, underpin increased operational coordination and information sharing. 

While in Nassau, Her Excellency also made courtesy visits to Her Excellency the Governor-General Cynthia A Pratt, Hon. Speaker of the House of Assembly Patrcia Deveaux, the Rt Rev Bishop Laish Boyd, the British High Commissioner to the Bahamas Tom Hartley, and the Turks and Caicos Islands Diaspora Office.

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