Global shipping costs are starting to trend downwards, nonetheless prices remain elevated considerably above pre-pandemic levels. Indeed, there is an approximate 50% reduction being experienced by Caribbean importers. According to Richard Pandohie, former President of the Jamaica Manufacturers &...

The Bank of Jamaica has given financial institutions 4 years to adapt as it co-ordinates Jamaica’s migration from the Swift Message Type (MT) standard to the ISO 20022 – ‘Universal Financial Industry Message Scheme’ format by end 2025. This in a bid to enhance end-to-end efficiency for payments. ...

The Jamaican economy grew by 6.7% during the 4th quarter of 2021 when compared to the fourth quarter of 2020. This was due to increases in both the Services Industries and the Goods Producing Industries of 9.0% and 0.5% respectively. Within the Goods Producing Industries, there were higher output...

The IMF Executive Board has completed the first review of the extended arrangement under the Extended Fund Facility (EFF) for Suriname, allowing for an immediate disbursement equivalent to SDR 39.4 million (about US$55 million). According to the Fund, Suriname’s “homegrown economic recovery progr...

The economy of Antigua and Barbuda recorded growth of at 4.8% for 2021, following a sharp contraction of 20.2% in 2020. That’s the word of the IMF at the conclusion of the recent Article IV Consultations. A sustained recovery in tourism and construction activity is expected to underpin real outpu...

The newly approved T&T Special Economic Zones Bill, 2021 will result in the creation of a SEZ Authority. Entitled “An Act to provide for the designation, development, operation and management of Special Economic Zones,” the new law will repeal the existing Free Zones Act. According to Trade M...

Grenada’s recovery from the pandemic is being led by construction & agriculture, resulting in an expected expansion of real output of approximately 5% in 2022. According to the IMF, the current account deficit has widened, as weak tourism receipts, higher fuel prices and import demand from co...

Within the first 5 months of the COVID-19 pandemic, Regional tourism already afflicted by a downturn in visitor arrivals faced delayed payments from major international tour operators. According to the CHTA, by May 2020, 69% of hotels had reported being owed from US$200,000 up to US$15 million. I...

The Bahamas is now compliant with 38 out of 40 Financial Action Task Force (FATF) recommendations to strengthen its AML/CFT framework, with the Caribbean arm of the regulatory body, noting that this jurisdiction is now “compliant” with 18 recommendations and “largely compliant” on 20 of them. The...

The IMF is projecting that Dominica will record sustained annual growth of 5% from 2022 thru 2026. Coming at the conclusion of its Article IV consultation, the IMF noted that the growth outlook is promising, supported by the large public investment program and the projected gradual recovery in touri...