Caribbean News
House Passes Legislation to Establish National Natural Disaster Reserve Fund
#Kingston, Jamaica, June 6, 2024 – Legislation to establish a National Natural Disaster Reserve Fund (NNDRF) was passed in the House of Representatives on Tuesday (June 4).
The Bill, the Financial Administration and Audit (Amendment) (No. 3) Act, 2023, was piloted by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke. He said the Bill, amongst other things, identifies the sources of funding for the NNDRF and the conditions under which withdrawals may be made from it.
“The establishment of the NNDRF seeks to buttress and strengthen the Government’s disaster risk management framework, given the vulnerabilities that Jamaica faces,” the Minister said.
Dr. Clarke stated that small island Caribbean states such as Jamaica are especially vulnerable to natural disasters, adding that even without the direct hit of a hurricane, the fiscal impact can exceed two per cent of gross domestic product (GDP).
He noted that the financial management of such disaster risks is a priority of the Government, especially as Jamaica faces the increased prospect of more frequent and intense natural disasters.
“Notwithstanding the reference to natural disasters in the name of the Fund, the Government is… concerned with non-natural disasters as well. So, disasters, such as a severe economic contraction, is contemplated by the amendments to the Bill,” Dr. Clarke indicated.
He said the NNDRF’s fiscal resources are intended to treat with disasters that severely affect the economy and lead to a fiscal impact of 1.5 per cent or more of GDP, whether through revenue loss, increased expenditure or both.
“It is important to note that the NNDRF is not meant to replace or displace the role of the National Disaster Fund, established under the Disaster Risk Management Act, which has an entirely different purpose, which is mitigation preparedness, rapid early response and recovery,” Dr. Clarke informed.
He explained that the NNDRF is a financial risk management tool that forms part of Jamaica’s multi-layered suite of instruments to provide fiscal resources that enable the Government to respond to the major impact of disasters or to the impact of major disasters.
“It is for these reasons that the provisions established in the NNDRF are linked to section 48c, Subsection Two of the Financial Administration and Audit Act, as it is this section that allows for the suspension of the fiscal rules under certain circumstances,” Dr. Clarke outlined.
“So, the construct of the Section is that, if there is a natural disaster or economic contraction that is projected to have or has had a fiscal impact that exceeds one and a half per cent of GDP, the fiscal rules are suspended and the Government of the day also has access to the NNDRF,” he added.
The Minister pointed out that currently, the fiscal rules are suspended and the Government must fend on its own.
“What we hope to have is a stabilisation mechanism, a counter-cyclical buffer to which the Government of the day can turn in the event of such natural or non-natural disaster,” Dr. Clarke said.
The Minister further explained that the Bill defines ‘disaster’ as any occurrence set out in Section 48c (2) of the Financial Administration and Audit Act. This includes public disasters, circumstances of severe economic crisis and periods of public emergency, among others.
“These are the circumstances that allow for the suspension of the fiscal rules, and this Bill is an important step in enhancing the fiscal buffers of the country. One of the central economic lessons from our history is that we have to always be creating, maintaining, and improving and increasing fiscal buffers that allow us to endure and recover from economic shocks,” Dr. Clarke said.
Contact: Latonya Linton
Release : JIS
Caribbean News
Sandals Resorts and Beaches Resorts celebrate a night of wins, and take home a total of 16 titles at the 32nd Annual World Travel Awards
Providenciales, Turks and Caicos Islands (October 6th, 2025) – CaribCon, the Caribbean conference celebrating culture, innovation, and creativity, will welcome some of the region’s most influential voices to its inaugural edition in the Turks and Caicos Islands. The event, set to be a dynamic gathering of thought leaders and cultural icons, will feature impactful panel discussions, inspiring and intimate fireside chats and a flow of knowledge from some of the Caribbean’s brightest and best in the creative sector.
Elizabeth “Lady” Montano
Jamaica’s own Dr. Terri-Karelle Johnson, celebrated communications specialist, media personality, and global keynote speaker, will headline CaribCon as the official keynote speaker. Known for her ability to connect authentically and inspire audiences worldwide, Dr. Reid will share her insights on Caribbean identity, storytelling, and the power of representation in shaping global narratives. Another highlight of CaribCon will be the presence of Elizabeth “Lady” Montano, mother and former manager of soca superstar Machel Montano. Lady will launch her award-winning book, King of Soca, in which she is positioned as the ultimate insider, chronicling the evolution of one of the Caribbean’s most iconic entertainers. She will also share her invaluable experiences on nurturing talent, building a brand, and sustaining longevity in the competitive music industry in an intimate fireside chat. Adding further star power to the event is Simon Baptiste, CEO of Question Mark Entertainment, co-founder of ODOS, a global collective network spanning over 1000 professionals in 35 countries, film director, talent manager and creative strategist. Baptiste will bring his expertise to conversations on shaping the region’s creative sector and talent.
Simon Baptiste
“CaribCon is where the Caribbean’s voices, ideas, and creativity converge,” says Omega Simmons, founder of CaribCon and CEO of SOS Media. “Having leaders like Terri Karelle, Lady Montano, and Simon Baptiste share their stories and expertise truly embodies the spirit of this event. Their presence reinforces the power of Caribbean culture to inspire and influence on the world stage.” CaribCon will take place at the Shore Club in Providenciales, the Turks and Caicos Islands, from October 23rd to 26th. Attendees can look forward to networking opportunities, panel discussions, and meaningful dialogue to foster an ecosystem that develops the region’s creative sector and propels it onto the global stage.
Sponsors are:
Signature Experience Partners: Ministry of Tourism, Experience Turks and Caicos, and The Shore Club.
Other sponsors: PPID, Invest TCI, InterCaribbean Airways, Subtronic Sounds, Spotlight Communications.
Hotel partners: Ocean Club Resorts, Waterloo Hotel Management, The Somerset on Grace Bay and Ports of Call Resort.
For more information, tickets, and updates, visit www.caribcon.co or follow @caribconhq on all social media platforms.
For more information please email: contact@caribcon.co
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