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JAMAICA: Government Tables First 1 Trillion-Dollar Budget

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#Kingston, February 15, 2023 – The Government is proposing to spend a total of $1 trillion for the 2023/24 fiscal year.

This is Jamaica’s first trillion-dollar Budget.

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, made the disclosure as he tabled the Estimates of Expenditure in the House of Representatives on Tuesday (February 14).

Dr. Clarke said the funds are allocated across the main expenditure categories and is comprised of non-debt recurrent expenditure of $665.7 billion, capital expenditure of $75.3 billion, and debt servicing of $280.6 billion.

Included in the non-debt recurrent expenditure are allocations to implement the second year of the three-year public-sector compensation restructure and allocations to operationalise the Independent Fiscal Commission, which has been captured as Head 10,000 in the expenditure estimates.

“The allocation for capital expenditure takes into account the existing capacity to implement capital programmes and focuses on the priority areas to enhance development. Debt service at 9.5 per cent of gross domestic product (GDP), which reflects amortisation [that is] principal repayments and interest payments, reflects action taken over prior years to reduce the debt burden,” Dr. Clarke said.

“With interest payments this year of $155 billion being fully financed by revenue, the overall public debt is estimated to end the current fiscal year on March 31, 2023 at 79.7 per cent of GDP. This is expected to decline further to 74.2 per cent of GDP by fiscal year 2023/24,” he added.

The Minister noted that this is a projection, but should it be achieved “it would mark the first time since the nationalisation of the financial sector crisis through the Financial Sector Adjustment Company (FINSAC) in the latter half of the 1990s, that debt has entered the domain of pre-FINSAC levels”.

In addition, Central Government revenue and grant inflows are estimated at $897.6 billion, which, alongside the above-the-line expenditure of $887.7 billion, will generate the required fiscal balance surplus of $9.9 billion or 0.3 per cent of GDP, consistent with fiscal rules.

Dr. Clarke said the corresponding primary balance required for debt service and to generate the targeted fiscal balance is approximately $165 billion or 5.6 per cent of GDP.

“It should be noted that the revenue estimates tabled today reflect the original budget tabled in March of 2022, although we have indicated revisions to fiscal year 2022/23 revenue estimates at each tabling of the three supplementary expenditure estimates,” he noted.

Dr. Clarke informed that the largest single item of expenditure is the amount of $338 billion for wages and salaries, which includes provisions for the second year of implementation of the public-sector compensation restructuring.

He pointed out that the level of expenditure is approximately $100 billion higher than the wages and salaries for fiscal year 2021/2022, after adjusting for allowances previously captured in programmes.

“It should be abundantly evident that based on what I’ve just described that there is no room, in the upcoming fiscal year, which is 2023/24, for salary payments related to 2022/23 to be made,” Dr. Clarke said.

“The amount, $338 billion, only contains 2023/24 salaries… so we are, therefore, working feverishly, making ourselves available to complete negotiations on the public-sector restructuring in the remaining weeks of this fiscal year to facilitate fiscal year 2022/23 salaries in fiscal year 2022/23,” he told the House.

The Minister noted that any of the amounts not paid by March 31, will have to be paid over a number of years, beginning in the fiscal year that follows the upcoming one.

“Even if the first time is a ‘no’ we are not deterred; that does not mean that we cannot get to a yes. There are only a few weeks left and we are available morning, noon and night, weekdays and weekends. Let’s talk. Let’s get it done,” Dr. Clarke urged.

“I want to make it clear, though, that this also has an impact on those in the political directorate, councillors, parliamentarians, ministers, et cetera. The people have to come before us. We will not be in a position to make compensation adjustments until we adjust for the major groups. This may not be convenient, but it’s simply a matter of principle,” he added.

With respect to the self-financing public bodies, the fiscal year 2023/24 programme budgets overall revenue of $581 billion and an overall balance surplus of $29.2 billion or one per cent of GDP.

The capital expenditure programme for Public Bodies is budgeted at $75.9 billion or 2.6 per cent of GDP with the National Housing Trust, Clarendon Alumina Production and National Water Commission, accounting for 68 per cent of the capital expenditure.

Details on the allocations in the 2023/24 Budget will be provided during Dr. Clarke’s Budget presentation on March 7, 2023.

 

Contact: Latonya Linton

Release: JIS

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Mottley Sworn in After Historic Clean Sweep in Barbados Election

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Barbados, February 12, 2026 – Prime Minister Mia Amor Mottley was this afternoon officially sworn in for a third consecutive term, hours after delivering one of the most emphatic election victories in Caribbean political history — another complete capture of all 30 seats in Barbados’ House of Assembly.

The ceremony, conducted by President His Excellency Lt. Col. The Most Honourable Jeffrey Bostic, marked the formal start of a new administration following the February 11, 2026 general election, which returned the Barbados Labour Party (BLP) to power with a renewed and overwhelming mandate.

In a statement after taking the oath, Mottley said she accepted the responsibility “with humility and resolve,” thanking the people of Barbados for placing their trust in her leadership once again and urging national unity as her government begins its new term. Attorney Wilfred Abrahams was also sworn in as Attorney General.

The result is historic not only for its scale but for its consistency. This is the third straight general election in which the BLP has won every constituency, reinforcing Mottley’s dominance in national politics and extending an unmatched era of one-party control in the modern democratic period.

Voting day unfolded under the watch of a CARICOM Election Observation Mission, led by Antigua and Barbuda’s Supervisor of Elections Ian Hughes and supported by senior electoral officials from Belize and Jamaica. The team engaged key institutions ahead of the poll and monitored the process across the island.

Regional leaders were swift in their congratulations.

Guyana’s President Irfaan Ali described the outcome as “emphatic and historic,” saying the clean sweep reflected how deeply Mottley’s leadership has connected with Barbadians and expressing optimism about strengthening ties between the two countries.

Jamaica’s Prime Minister Andrew Holness also hailed the victory, noting that her re-election provides an opportunity to deepen cooperation within CARICOM and advance shared regional priorities.

The scale of the win again leaves Barbados without a parliamentary opposition, a reality that has become a defining feature of the political landscape since 2018. Supporters argue the repeated mandate reflects public confidence in Mottley’s stewardship of economic reform, climate diplomacy, the transition to a republic, and Barbados’ expanding global influence.

Now, newly sworn in and backed by another unanimous parliamentary majority, Mottley begins a third term with both extraordinary political capital and equally high expectations at home and across the region.

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Liberty Caribbean Committed to ‘Elevating Region’ at CANTO  

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Simone Martin-Sulgan, Vice President and General Manager, Flow Trinidad & Tobago

Liberty Caribbean is Diamond Sponsor of CANTO Connect 2026 and 42nd AGM

 

Port of Spain, TRININDAD & TOBAGO (February 1, 2026) — Liberty Caribbean, the operators of Flow. Liberty Business and BTC, has reaffirmed its commitment to turning regional connectivity into measurable economic and social outcomes as Diamond Sponsor of CANTO Connect 2026 and its 42nd Annual General Meeting.

CANTO is the leading regional body that brings together telecommunications operators, ICT providers, regulators, governments, and industry partners to support the development of the Caribbean’s digital and communications landscape.

Simone Martin-Sulgan, Vice President and General Manager, Flow Trinidad & Tobago delivered the sponsor’s address on behalf of Liberty Caribbean.

“The work of laying fibre and lighting towers is done; connectivity is now our foundation,” she said.

“The real task before us is to translate that foundation into innovation, productivity and prosperity for our people. Intelligent connectivity, such as networks designed for 5G, AI and IoT, will be the platform for smarter public services, more resilient systems and scaled opportunities for Caribbean entrepreneurs.”

Martin-Sulgan emphasised that infrastructure alone will not deliver sustainable progress.

“Digital progress must become digital prosperity. That means creating career pathways for young people, helping local businesses scale and ensuring citizens across our communities can fully participate in the digital economy. A connected Caribbean should also be a confident, creative and globally competitive Caribbean,” she said.

Liberty Caribbean is represented by a senior delegation at CANTO Connect to support the conference objectives of aligning policy, investment and execution across the region under this year’s theme ‘Elevate the Caribbean – From Connectivity to Global Competitiveness’.

Liberty Caribbean’s delegation includes Inge Smidts, Chief Executive Officer; Desron Bynoe, VP and General Manager, Flow Barbados; Susanna O’Sullivan, VP and General Manager, North Caribbean; Marilyn Sealy, Senior Director, Head of Communications; Dominic Boon, VP, People; Daniel Neiva, Chief Commercial Officer, B2B; Bradley Ramcharan, Director, B2B, Trinidad & Tobago; Yolande Headley, Country Manager, Dutch East Caribbean; and Jade Reymond, Country Manager, Flow Anguilla.

Martin-Sulgan thanked CANTO’s local secretariat for convening the forum and urged delegates to convert conversation into action.

“If we align policy, capital and capability, the Caribbean can move from connectivity to competitiveness. Liberty Caribbean will continue to invest in resilient networks, nurture homegrown talent and partner to deliver measurable social and economic value across our markets,” she said.

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Adam Stewart named CNW’s Businessman/Philanthropist of the Year for 2025

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Executive Chairman of Sandals Resorts, Adam Stewart, has been named Businessman/Philanthropist of the Year for 2025 by the regional news publication, Caribbean National Weekly (CNW).

The publication recognised Stewart for his leadership in hospitality, his ongoing investments in regional tourism, his steady crisis response and his philanthropic work throughout what it described as a year filled with both remarkable achievements and significant challenges.

CNW highlighted how 2025 saw industry recognition for Stewart, major announcements of multimillion‑dollar developments across his all‑inclusive luxury resort brands and an invitation to join the prestigious Wall Street Journal CEO Council.

But the publication said his impact extended well beyond business milestones.

“In 2025, the Executive Chairman of Sandals Resorts didn’t just guide his iconic hospitality empire through crisis – he used its scale and influence to help shape Jamaica’s rebound and lay groundwork for future regional growth,” CNW wrote.

The defining moment, it said, came in late October when Hurricane Melissa caused severe damage to parts of Jamaica’s tourism infrastructure. Stewart responded by leading transparent communication with global travel advisors, partners and team members, and made a landmark pledge, that 100 per cent of Sandals and Beaches employees would remain on payroll and receive Christmas bonuses, even at resorts temporarily closed for extensive restoration and upgrades. The company also committed more than US$3 million in staff recovery aid, providing direct support to families affected by the storm.

CNW further highlighted the work of the Sandals Foundation under Stewart’s guidance, noting record levels of community engagement and targeted disaster‑recovery support in healthcare, livelihoods and the environment.

In response to the honour, Stewart said he was “deeply humbled” to receive the Businessman/Philanthropist of the Year recognition and expressed his gratitude to his teams and partners for their dedication during an extraordinary year.

“This award reflects far more than any one individual. It is a direct result of people showing up every day for their communities and believing business is a force for good. It belongs to the extraordinary teams who carry our shared vision forward – especially the Sandals Foundation, whose work continues to create lasting change across education, health care, disaster relief and environmental stewardship,” Stewart stated.

“To every colleague and partner who helps bring this mission to life – thank you for your commitment, heart and belief.”

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