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Jamaica’s Upgraded Credit Training Will Yield Favourable Financing Terms – Dr. Clarke

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#Kingston, September 19, 2023 – Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says that upgrading of Jamaica’s credit rating by Standard and Poor’s will facilitate access to financing on better terms.

Standard and Poor’s (S&P) Global Ratings, on September 13, upgraded the Government of Jamaica’s Long-Term Foreign and Local Currency Issuer Default Rating (IDR) from B+ to BB-, with a ‘Stable’ outlook. 

It is the best global grading Jamaica has received from S&P since the entity started rating the country’s sovereign debt in 1999.

“Jamaica has the opportunity to access financing at costs lower than we have before, on a relative basis. Because the higher your credit rating, it means the more credit-worthy you are and the more credit-worthy you are, is the less that investors demand to lend you money,” Dr. Clarke stated.

“So, if you pay less for money that you need to finance yourself, it means more becomes available for other expenditure [such as] health, security and infrastructure. So, credit worthiness is linked to fiscal space. The higher your level of credit-worthiness, the more fiscal space that you can have, which, over a long period of time, amounts to a lot of resources,” he added.

The Minister was speaking during the opening ceremony for the Jamaica Institution of Engineers’ observance of Engineers’ Week, at The Summit in New Kingston on Monday (September 18).

Dr. Clarke also pointed out that there is a direct linkage between credit ratings and the country’s ability to finance the society’s needs.

He said Jamaica previously had a ranking of CCC, which is known as a junk credit rating status.

“There was a time where interest payments were 16 per cent of gross domestic product (GDP). Today, interest payments are like five per cent of GDP, and that is what has allowed us to rebalance the Jamaican economy, to put us on a strong footing and spend more on infrastructure than ever before,” Dr. Clarke indicated.

The Finance Minister also noted that the higher the credit rating, the more favourable the investment climate is deemed to be.

“It means that investments are less risky. Our credit rating is linked to the riskiness or the perceived riskiness of an economy. The higher the credit rating is the more open the economy will be to foreign investment. More foreign investment means more economic activity, more economic activity means more jobs for Jamaicans. So a higher credit rating provides an environment that supports the creation of more jobs for the Jamaican people,” Dr. Clarke stated.

Additionally, he said a higher credit rating affects the terms of trade that Jamaica has with the rest of the world.

Dr. Clarke pointed out that local businesses have to post bonds overseas in order to import items, while noting that Jamaica imports US$6 billion worth of items.

“For all of those imports, the businesses have to get credit… and for some of them, they have to post credit insurance, they have to put bonds up.  All of those become more affordable, the higher the credit rating of the country. So, this is wonderful news for Jamaica,” he stated.

Meanwhile, Dr. Clarke said Jamaica’s current credit rating is “just three notches below investment grade”.

“[Globally] there are trillions and trillions of institutional funds, [such as] pension funds. But you know what, because they are dealing with people’s lifetime savings, the rules forbid them to put a dollar of those kinds of money into countries that are below investment grade. When we get to investment grade credit rating, however, it is a different story,” the Minister informed.

“The kind of flows that will come to our shores represents the kind of investments that we have never imagined possible before. That is why it must be a national effort to, not only maintain the credit rating that we have earned as a country but to improve it… so that Jamaica becomes open to trillions of dollars of investable funds, to create opportunities for our people,” he added.

Dr. Clarke maintained that a higher credit rating will facilitate easier access to finance for projects.

 

Contact: Latonya Linton

Release: JIS

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BIRTH CERTIFICATE IN BRAILLE

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KINGSTON, May 8 (JIS): BY: SHERIKA HALL

For many years, members of the visually impaired community have faced significant challenges in accessing printed information, often having to rely on others for assistance.

This lack of autonomy has hindered their ability to fully participate in various aspects of society.

However, with the recent implementation of Braille birth certificates, this long-standing barrier is being removed, paving the way for a more inclusive landscape where individuals with visual impairments can navigate their own journeys with greater independence and confidence.

On May 1, 2024, Executive Director at the Jamaica Society for the Blind (JSB), Conrad Harris, was the first person to receive a copy of the freshly printed Braille document.

He expresses his elation to JIS News, describing it as a “great experience” to have a document in a format that he can easily read.

“One of the issues we have from time to time is that when we have information that is in print, we may ask somebody to read it, but the person who reads it might only read the information that they think is important and not necessarily everything in the document,” Mr. Harris explains.

This, of course, is no longer the case, as “having a Braille certificate means that I am able to go through it myself. I can easily check the spellings of names and places, which I might not be easily able to do with something that is in print,” he said.

The Braille certificate also provides an opportunity for the document to be easily identified and separated from others.

“If you need it for a particular reason, you can easily separate it from the other documents that you have versus probably having to ask somebody to look through or using some kind of technology to scan the information, which would take a little bit longer,” the Executive Director says.

Additionally, this initiative will provide an added sense of security as there are those people who generally want to keep their personal information private.

Designed in collaboration with several key stakeholders, including the Registrar General’s Department (RGD), these Braille certificates are meticulously crafted to ensure that every detail is conveyed with precision and elegance.

Each certificate, according to the Department’s former Chief Executive Officer and Deputy Keeper of Records, Charlton McFarlane, features embossed Braille text, allowing recipients to tangibly experience the pride that comes with being able to read the information for themselves.

He further shared details on why the initiative was undertaken in the first place, during an interview with JIS News.

Mr. McFarlane said that while participating in the first post-COVID Civil Registration Conference for Latin America and Caribbean countries, held in the Dominican Republic in 2022, using civil registration as the basis for inclusivity was key among the topics discussed.

“We looked at some case studies and the one that stood out to me was for a State in Mexico that offered birth certificates and other vital documents in Braille,” he said.

He even went as far back as 2008 when he was serving as a Director within the Ministry of Health.

During that time “we collaborated with members from the disabled community to produce health education material in Braille. So, with that experience, knowing what it had done and then with what I saw happening in Mexico, I got the idea that we could really produce all vital documents in Braille”.

Before embarking on the initiative, he acknowledged that he did, in fact, reach out to members of the JSB, the Combined Disabilities Association and the Jamaica Counsel for Persons with Disabilities.

“I don’t like to waste time and resources, so I reached out to them first,” Mr. McFarlane said, adding that “once I received a resounding yes, details on how to produce the certificates were shared.

“One of the things we [had to take into consideration] was having two separate documents (one with the standard print and the other in Braille), because the Braille is bulky when printed,” he noted.

This posed another challenge as not many business entities would accept the braille copy due to their inability to read the Braille text.

However, as the consultations went on, a decision was made to have the two documents intertwined into one.

“Right now, how it’s done, is the material is printed and then the Braille is embossed over it,” the former CEO said.

The introduction of Braille certificates is not just a symbolic gesture, it represents a tangible commitment that “the Government is absolutely very, very serious about inclusion for every single citizen, regardless of the level of vulnerability that may exist,” Mr. McFarlane added.

This certificate, he added, is not only for members of the visually impaired community but for all persons who would like to have their birth certificates in both print and Braille formats on one document.

 

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Turks and Caicos Retains Championship at 28th Annual Caribbean Classic Golf Tournament

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Please note:

Photos by TCI Sports Commission

Providenciales, Turks and Caicos Islands – In an historic showing, the Turks and Caicos Islands Golf Association (TCIGA) dominated the 28th annual Caribbean Classic Golf Tournament, held in Casa de Campo, Dominican Republic, from April 25th to 27th, 2024. The victory marks a turning point for TCI golf, and much of the credit goes to the exceptional team of players assembled by Sean Wilson the Head Professional at the Royal Turks and Caicos Golf Course.

56 golfers, playing under the banner of the TCIGA were rewarded for their enthusiastic participation across both the Men’s and Women’s divisions.

“This back-to-back win is an indication of the growing interest and increased participation in the sport of golf in TCI,” stated TCIGA President Fraser Dods.

“We’ve been competing at this tournament since its inception almost 30 years ago, and finally bringing home the George Noon Cup two years in a row is a truly proud moment for Turks and Caicos golf.”

Clean Sweep for Team TCI

The team’s success was based on strong and determined performances in every flight and category.

The Turks and Caicos men’s team secured the Robert Grell Trophy, while the ladies claimed the Jodi Munn Barrow Trophy.

This clean sweep across all team divisions highlights the growing depth and talent within the TCI Golf Association membership.

The “Classic”organized by the Caribbean Golf Association, brings together golfers from the twelve membercountries of the CGA. The Caribbean Classic is an individual and team event, competed for by teams of unlimited number of players from each participating member country, playing eighteen holes of golf each , over 3 days.

Team Turks and Caicos amassed the most points overall and won the George Noon Cup last year, for the first time in 27 years of competing at this event. To repeat as champs is a proud moment for TCI sports in general and for TCI Golf specifically.

Individual Accolades Abound

Beyond the team triumphs, individual golfers from TCI shone brightly. Female players, namely Wendy Ayer, Christine Dickenson, Tazmaraa Gowans, and Andrea Todd, all secured podium finishes in their respective divisions

The men’s side also saw impressive performances from Justin Simons, Mark Fulford, Arthur Lightbourne, Mervin Cox, and Simon Dobbs. Their individual excellence contributed significantly to the overall team victory.

Looking Ahead: Building on Success

TCI Director of Sports Jarrett Forbes is optimistic about the future. “This win exemplifies the immense potential of golf in the Turks and Caicos,” he stated. “We encourage young islanders to take up this fantastic sport.”

Head Golf Professional at Royal Turks and Caicos Golf Club, Sean Wilson, echoed the sentiment. “This is a monumental achievement for TCI golf,” he said. “Bringing home trophies in all three divisions is a testament to the hard work and dedication of the TCIGA and its players.”

The Caribbean Classic second victory creates a new legacy for golf in the Turks and Caicos Islands.

The TCIGA is administrated by a golf-loving volunteer executive comprised of Fraser Dods, Mark Fulford (VP), Denise Douglas (Secretary), Paul Murray (Treasurer), Andrea Todd and Roberto Stipa.Through their collective efforts, and the growing participation of TCI golfers, the future looks bright for this sport in the region.

The Caribbean Classic is one of the highlights of the Caribbean Golf calendar. Organized by the Caribbean Golf Association, it allows participation of amateurs from 12 countries, including the Turks and Caicos, Puerto Rico, Guadalupe, the Bahamas, Jamaica, Trinidad and Tobago, Dominican Republic, Barbados, the Cayman Islands, Martinique, St Lucia, and USVI.”

 

 

 

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GRACE BAY BEACH RANKED AMONG TOP BEACHES IN THE WORLD’S 50 BEST BEACHES

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PROVIDENCIALES, TURKS AND CAICOS ISLANDS (May 3rd, 2024) The Turks and Caicos Islands’ Grace Bay Beach has once again been recognised among the top beaches in the world.

The World’s 50 Best Beaches has listed Grace Bay Beach among the top beaches in the world.

Grace Bay Beach, located on the island of Providenciales was listed at number 17 on the annual list.

The World’s 50 Best Beaches list, sponsored by Banana Boat, is a collaboration with over 1,000 of the world’s leading travel influencers and professionals.

The World’s 50 Best Beaches 2024 is a reflection of the opinions and experiences of top travel influencers and professionals around the world. The beaches were ranked according to eight important criteria: unique characteristics, wildlife, untouched, soundtrack of nature, easy to enter the water, often calm water, not too crowded and frequency of idyllic conditions.

Grace Bay Beach also featured among the top 20 in the 2023 World’s 50 Best Beaches list.

This is the latest accolade for Grace Bay Beach this year. Known for its powdery white sand and breathtakingly turquoise blue water, the famous beach was adjudged the number one Caribbean beach in February in Tripadvisor’s® Travelers’ Choice® Awards and Best of the Best for 2024, ranking number five among the Top 25 Best of the Best Beaches in the world.

In January 2024, Grace Bay was recognised as the #9 Best Beach in the Caribbean in the 10Best Reader’s Choice with Bambarra Beach in Middle Caicos ranked at #2.

Minister of Tourism, the Honourable Josephine Connolly said she is proud of the continued recognition of the leading beach in the Turks and Caicos Islands.

“As a destination that prioritises sustainable development and environmental preservation, the fact that Grace Bay Beach features consistently as one of the top beaches in the world stands as a testament to our commitment to stay “Beautiful by Nature”. I urge visitors to come to the Turks and Caicos Islands to experience this and many other of our beautiful beaches across the Turks and Caicos Islands,” said the Minister.

Tine Holst, Co-Founder of The World’s 50 Best Beaches, said the list is meant to inspire travellers.

She said: “Our 2024 list is a reflection of the countless days spent by our judges, Beach Ambassadors and World’s 50 Best team discovering beaches around the world. The list will help inspire travelers to leave the beaten path behind and enjoy the most stunning and relaxing beaches on earth”.

Read World’s 50 Best Beaches description of Grace Bay Beach here.

 

About the Turks and Caicos Islands

The Turks and Caicos Islands is made up of two groups of islands in the Lucayan Archipelago: The larger Caicos Islands and the smaller Turks Islands, thus the name. It is home to the best beaches in the world with majestic white sand and crystal-clear turquoise waters. Each island and cay are a destination of its own. Providenciales is home to world-renowned Grace Bay Beach, luxury hotels, resorts, villas, spas and restaurants. Grand Turk is ‘home away from home’ for our cruise passengers, and our sister islands are the gateway to nature, exploration, and culture. Considered the world’s best-kept secret, TCI is an effortless escape – with an ease of connectivity through direct flights from major cities in the United States, Canada, and the United Kingdom.

 

CONTACT: Laura Dowrich  Email: ldowrich@myexperiencetci.com

 

 

 

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