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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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Bahamas News

CDB Leadership Passes to Belize as Region Eyes New Financing Partnerships  

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By Deandrea Hamilton

 

The Bahamas, June 9, 2026 – The Caribbean Development Bank’s annual gathering may have concluded in The Bahamas, but attention is already turning to Belize as leadership of the institution’s Board of Governors officially changed hands.

At the close of the 56th Annual Meeting in Nassau, outgoing Chairman and CDB Governor for The Bahamas, Michael Halkitis, formally transferred the chairmanship to Belize’s Dr. Hon. Osmond Martinez, continuing the Bank’s tradition of rotating leadership among its regional shareholders.

The handover capped a week of discussions focused on financing development in an increasingly uncertain global environment and strengthening the Caribbean’s ability to withstand economic and climate-related shocks.

One of the meeting’s most closely watched conversations centered on how multilateral development banks can better support vulnerable Small Island Developing States.

During the President’s Chat, titled Financing the Future: MDB Strategies for Uncertain Times, CDB President Daniel Best joined leaders from the OPEC Fund, the Central American Bank for Economic Integration and the Fund for Responding to Loss and Damage to discuss expanding development finance and building resilience.

OPEC Fund President Dr. Abdulhamid Alkhalifa emphasized that development institutions must move beyond responding to crises and instead help countries prepare for them.

“The real test is whether we can help countries move from strategy to implementation, and from implementation to results,” Alkhalifa said.

The discussions reflected a growing regional push for innovative financing solutions as Caribbean nations continue to confront climate vulnerability, infrastructure demands and economic uncertainty.

Beyond discussions on financing and resilience, the Annual Meeting also featured youth engagement activities, including the Youth FIRE Forum, where young Caribbean leaders participated in conversations about innovation, entrepreneurship, leadership and the future of regional development. Senior government officials, development professionals and youth delegates exchanged ideas on the challenges and opportunities facing the next generation, reinforcing a recurring message throughout the conference: that investments made today must ultimately improve opportunities for Caribbean youth tomorrow.

That theme was echoed by Bahamas Prime Minister Philip Davis, who used the opening ceremony to challenge regional leaders to invest in future generations.

“We must invest in the one asset that no agency can ever downgrade, and that no storm can ever wash away: the mind of a Caribbean child,” Davis told delegates.

With Belize now assuming the chairmanship, regional leaders say the focus remains on transforming ideas discussed in Nassau into tangible results for Caribbean people.

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

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Caribbean News

Beaches Turks and Caicos and Sandals Foundation share educational material with primary school in Providenciales

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PROVIDENCIALES, Turks & Caicos Islands: May 29, 2026 – Beaches Turks and Caicos Resort and the Sandals Foundation, recently brought smiles and inspiration to students at the Community Christian Academy through a meaningful Reading Road Trip and educational material donation initiative.

The outreach effort, which forms part of the Sandals Foundation’s ongoing commitment to education and community development across the Turks and Caicos Islands, saw team members and volunteers engaging directly with students while delivering a wide range of essential school supplies.

Among the donated items were books, footballs, volleyballs, pencils, rulers, sharpeners, Bibles, Christian literature, sun glasses, writing pads, educational cue cards, erasers, markers, crayons, glue, scissors, paper clips, coloured chalk, and pens. The contributions were carefully curated to support both academic learning and extracurricular development for students at the institution.

A highlight of the day’s activities was an interactive reading session with the kindergarten and grade one classes, where volunteers shared stories and encouraged early literacy in a fun and engaging environment. The young students responded with enthusiasm, creating a lively and memorable experience for all involved.

Travel Advisor Renee Rice, who participated in the initiative alongside her family, expressed heartfelt appreciation for the opportunity to give back. “We are happy for this experience as we partnered with the Sandals Foundation and Beaches Turks and Caicos Resort in sharing in the development of education in the Turks and Caicos Islands,” Rice said. Her family actively participated in reading sessions and interacting with the students, further enhancing the impact of the visit.

Principal Krystal Vincent welcomed the initiative and emphasized the importance of such partnerships in advancing the school’s mission. “These educational materials will go a far way, and we are happy for this relationship that we have established with the Sandals Foundation and Beaches Turks and Caicos Resort in helping to support the growth of the students and the institution,” Vincent noted.

Chairman of the School Board, Pastor Bradley Handfield, also expressed gratitude during the presentation of the items. He commended the donors for their continued investment in the community and their willingness to support the nation’s youth. Pastor Handfield highlighted the significance of corporate and philanthropic partnerships in strengthening educational foundations across the islands.

The Reading Road Trip initiative is part of a broader effort by the Sandals Foundation to promote literacy and provide access to educational resources for children throughout the Caribbean.

Beaches Turks and Caicos Resort has long been an active partner in community outreach, consistently supporting initiatives that uplift local communities and empower young people. Through collaborations such as this, the resort continues to demonstrate its commitment to social responsibility and sustainable development.

The visit to Community Christian Academy stands as a testament to the power of partnership and the positive impact that can be achieved when organizations and individuals come together with a shared purpose. For the students, the day was not only about receiving supplies but also about feeling encouraged, valued, and inspired to pursue their educational journeys with confidence.

As the Sandals Foundation and Beaches Turks and Caicos Resort continue to expand their outreach efforts, initiatives like the Reading Road Trip remain vital in shaping the future of education in the Turks and Caicos Islands—one child, one book, and one meaningful connection at a time.

Photo Caption:

The Sandals foundation is a registered charity in Jamaica with the Department of Co-operatives and Friendly Societies, a CRA registered charity in Canada, a 501(c)(3) nonprofit organization in the United States and a registered charity with the Charity Commission for England & Wales that was created in March 2009 to continue and expand upon the philanthropic work that Sandals Resorts International has undertaken.  It is the culmination of over four decades of dedication to playing a meaningful role in the lives of the communities where we operate across the Caribbean. The Sandals Foundation funds projects in three core areas: education, community and the environment. One hundred percent of the monies contributed by the general public to the Sandals Foundation go directly to programs benefiting the Caribbean community. To learn more about the Sandals Foundation, visit online at www.sandalsfoundation.org or follow us on Facebook, and Instagram.

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Caribbean News

850 Fish Pots in the Making: Further Support Helps Fishers Rebuild Their Livelihoods After Hurricane Melissa

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Whitehouse, Westmoreland, Jamaica – May 28, 2026 — Continuing its support to hurricane-affected fishing communities, the Sandals Foundation has partnered with Good360 to equip 170 fishers from Belmont in Westmoreland and Galleon and Parrottee in St. Elizabeth with critical mesh wire—materials that will be transformed into as many as 850 fish pots, further strengthening livelihoods and local food supply across Jamaica’s western coastline.

The wire, valued at J$2.97 million, supports the coastal districts where Hurricane Melissa dismantled fishing gear, disrupted income streams, and placed added strain on already vulnerable food systems. The initiative will be implemented through local fishing leaders, who will oversee the equitable distribution of materials to those most impacted by the Category 5 storm.

This latest distribution builds on a series of targeted interventions delivered by the philanthropic organization over the past six months. In November, the Sandals Foundation distributed 120 rolls of fish wire and 6,720 litres of gasoline courtesy of RUBiS Energy Jamaica to over 100 fishers in Whitehouse and Old Bay. The intervention enabled the production of up to 600 fish pots and the restart of fishing operations.  Earlier this year, a partnership with Good360 also saw the provision of more than 50 generators to fishing villages and schools to continue the recovery process.

“Rebuilding takes root when people are able to earn again,” said Heidi Clarke, Executive Director of the Sandals Foundation. “For fishers, that begins with the tools to return to sea. This continued support is about restoring independence, strengthening communities, and ensuring that the systems people rely on every day can function again.”

Recovery from a storm like Hurricane Melissa takes months, sometimes years,” said Morgan Loomis, Vice President of Disaster Response & Recovery at Good360. “For coastal communities, the storm destroyed people’s homes and livelihoods overnight. Our work with the Sandals Foundation is changing that reality. When fisherfolk have access to critical materials like fishing wire, the ripple effects reach the entire community. Fishers get back to work. Pot makers have orders to fill. Families have income. Children stay in school. That is what meaningful recovery looks like in action,” she said.

Across the Caribbean, coastal fishing communities play an outsized role in national food security and local economies. Strengthening their recovery is not just about rebuilding individual livelihoods—it is about reinforcing the systems that sustain entire populations.

Because when the sea begins to provide again, communities begin to steady.

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