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FINANCE MINISTER SAYS INFLATION TARGET WILL REMAIN AT FOUR TO SIX PER CENT

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KINGSTON, May 8 (JIS):

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, has informed that the current inflation target for the Bank of Jamaica will remain at four to six per cent.

Dr. Clarke made the announcement during a statement to the House of Representatives on Tuesday (May 7).

He explained that the process for setting and renewing the target was codified into law via the Bank of Jamaica Amendment Act 2020, which, among other things, formally introduced Jamaica’s inflation targeting regime.

Dr. Clarke stated that in April 2021, after consultation with the Bank of Jamaica, documents were tabled advising of the renewal of the inflation target of four to six per cent, which was effective for three years.

“Following consultation with the Governor of the Bank of Jamaica, who is also Chairman of the Monetary Policy Committee, I confirm and have so tabled documents advising that the inflation target for Jamaica, calculated as the 12-month point-to-point percentage change in the consumer price index as measured by STATIN, will remain at four per cent to six per cent for the next three years,” Dr. Clarke said.

“The midpoint of this range of five per cent will be the operational target for the Monetary Policy Committee. This target remains consistent with Jamaica’s economic structure and stage of development,” he added.

The Minister noted that a lower inflation target than what currently obtains would require higher interest rates for longer, which could be detrimental to growth and to fiscal dynamics.

Furthermore, Dr. Clarke said Jamaica’s recent experience has highlighted that there are constraints to targeting a lower inflation rate at this time.

“In particular, the frequency of economic shocks, labour market rigidities, low productivity, a weak monetary transmission system and regulated price adjustments, constrain the ability of the Bank of Jamaica to deliver a lower inflation rate than what is currently targeted in the near term,” the Minister said.

Dr. Clarke stated that these constraints speak to inherent challenges that as a country “we must tackle if we are to target and enjoy the levels of inflation of our main trading partners”.

“Going forward, I will support all efforts to ameliorate these constraints. On the other hand, setting the target higher than four per cent to the six per cent range would be problematic for most Jamaicans who do not have the independent means to protect themselves against higher targeted inflation,” he noted.

Dr. Clarke explained that it is for these reasons that the inflation target for Jamaica, calculated as the 12-month point-to-point percentage change in the consumer price index as measured by the Statistical Institute of Jamaica (STATIN), will remain at four to six per cent for the next three years.

 

CONTACT: LATONYA LINTON

 

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‘Juju’ named official Tourism Ambassador of her home country, St Lucia

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Saint Lucia, October 7, 2024 – In a momentous ceremony on Thursday, September 26, The Saint Lucia Tourism Authority proudly announced ‘The Fastest Woman in the World’, Julien Alfred as an official Tourism Ambassador for the destination.

This landmark partnership seeks to elevate the island’s profile as a premier global travel destination.

As Tourism Ambassador, Julien will participate in promotional events for Saint Lucia in key markets globally, alongside conducting media engagements and advertising initiatives to promote the island and its marketing campaigns.

Additionally, Julien will engage in social media campaigns to highlight tourism in Saint Lucia. A key feature of this collaboration is the co-branding of the prominent Saint Lucia logo on Julien’s PUMA competition and warm-up kits.

This partnership is expected to enhance the island’s visibility and establish Julien as a contemporary global ambassador for Saint Lucia.

St Lucia declared Friday September 27 as Julien Alfred Day in honour of the dual-medal winning Olympian, who is the first to win a medal at the Olympics level for St Lucia.

On August 3, 2024 at the Summer Games in Paris, France, ‘JuJu’, in spectacular fashion captured the gold in 10.72 seconds in a shocking showdown in the Women’s 100m, now the fastest woman in the world.  Mere days later, Alfred went on to earn a second medal, in a time of 22:08 for a silver in the Women’s 200m.

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U.S. support of Haiti now $1.3 Billion, Secretary of State Anthony Blinken announces additional help

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Garfield Ekon

Staff Writer

 

Haiti, October 7, 2024 – Haiti is set to receive another US$160 million from the United States (US) Government, to boost economic activities, health, and security, which brings US assistance to US$ 1.3 billion, in the past months.

US Secretary of State, Anthony Blinken who made the disclosure on Wednesday September 25, while speaking at the 79th Session of the United Nations (UN) General Assembly, and at session dubbed “Building on Progress to Address Security in Haiti,” said his country supports the Haitian people and their aspirations for a peaceful and “democratic Haiti.”

Mr. Blinken said in September, he traveled to Port-au-Prince, the Haitian capital, and he “witnessed the many positive forces that are in motion, and today, we have a chance, to build on this foundation of security, to build on this progress, to build on a renewed sense of hope,” he said.

Stressing that the US is committed to doing it part, both to address immediate needs, and to invest in Haiti’s long-term success, and “we remain the largest contributor of humanitarian aid, including US$ 45 million in additional support. We have already delivered well over US$300 million to support the MSS mission, armored vehicles, radios, night-vision goggles drones,” he said.

The Secretary of State said consideration must be given to how the mission can be sustained, over the long-term, to provide for the “predictable funding and deployment” of personnel, in a way that has the continued support and trust of the Haitian people.

A release from the US State Department said the meeting “highlighted the progress the Haitian National Police is making, in restoring security in Haiti, with the support of the Kenyan-led Multinational Security Support (MSS) mission,” the release said.

About 10 countries have pledged more than 3,100 troops to the multinational force, formally known as the MSS, but only approximately 400 of these have deployed. The mission’s one-year mandate expires in early October and the UN Security Council is set to vote on September 30 on whether to renew it.

On Wednesday, UN Secretary-General Antonio Guterres stressed that the funding for the mission, as well as the Haitian National Police, “remains totally inadequate”.

“I urge all those who have made financial commitments to deliver on them urgently. We must keep working to mobilize sufficient resources for the mission, and for the humanitarian response in Haiti.”

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TOURISM MURAL UNVEILED IN DOWNTOWN KINGSTON

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KINGSTON, Jamaica, October 6, 2024 – A mural symbolising the theme ‘Tourism and Peace: Out of Many, One Love’ was unveiled by the Ministry of Tourism on Peters Lane in downtown Kingston on Friday (September 27).

The mural was created by lead artist, Sheldon Blake, and assistant artist, Rohan Cargill, for Tourism Awareness Week 2024.

It depicts various Jamaican music genres and fruits, highlights craft vendors and popular tourist spots, including Devon House and Rio Grande rafting.

Tourism Minister, Hon. Edmund Bartlett, in a message read by Permanent Secretary in the Ministry, Jennifer Griffith, said the mural will be a visual representation of how tourism brings people together – breaking down barriers, healing divides and celebrating the beauty of diversity.

“It speaks to the enduring strength of Jamaica’s tourism product and our role in promoting peace, both locally and globally. Sheldon’s work reminds us that our history, culture and people are the foundation upon which our thriving tourism industry is built,” the Minister said.

Meanwhile, Ms. Griffith said preliminary figures show that since the start of the year, Jamaica has welcomed some three million stopover and cruise visitors to the island, earning approximately US$3 billion.

“So despite various challenges relating to travel advisories, Hurricane Beryl and tightness in relation to airlift, we are marginally ahead of last year’s performance and remain on track to achieve our target of securing five million visitors and US$5 billion in earnings by 2025,” she shared.

Ms. Griffiths underscored that these remarkable achievements highlight the strength and sustained recovery of the tourism sector, demonstrating once again that Jamaica remains a premier global destination.

“Tourism is not just an economic driver; it is a bridge to peace, understanding and collaboration. Jamaica’s tourism agenda remains steadfast in ensuring that our industry grows, while protecting the natural and cultural treasures that make us truly unique,” Ms. Griffith said.

For her part, Deputy Director of Kingston Creative, Janet Crick, said the mural is a beautiful addition to the more than 100 in the downtown district.

“These streets have now become a popular destination for locals and tourists alike. Spaces which persons once shied away from have now become a viable attraction and a veritable outdoor gathering, offering beautiful and vibrant depictions of our rich Jamaican history, heritage and culture. It is, therefore, most fitting that tourism, one of the country’s largest income earners, should have a mural in this space – paying tribute to the industry and to its importance to our island,” she said.

 

CONTACT: JUDANA MURPHY

Release: JIS

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