Excerpt from Jamaica Observer column published Monday,15 March 2021
By JeanLowrie-Chin
WE have heard of the infuriating and sometimes deadly attacks on people of colour, mostly in the US when they were driving while black, birdwatching while black, waiting in a Starbucks while black, or jogging while black. Well, the sensational interview by Oprah Winfrey with the Duke and Duchess of Sussex (Harry and Meghan) has seemingly added ‘gestating while black’ to the list of horrors.
The British Royals seemed to have embraced the beautiful addition to their family — the mixed-race Meghan Markle. Yet we learned from the televised interview that during Meghan’s pregnancy there were discussions about how dark her baby’s skin might be. The British tabloids, which had praised Kate, wife of Prince William, for gently cradling her pregnant belly, went after Meghan with negative comments for doing the same thing. We are told Meghan suffered mental stress and was refused assistance by “Palace HR”.
Driven to giving up duties as senior royals, they were refused security. I love this part of the interview: Their ‘rescuer’ was the once-homeless, black billionaire Tyler Perry, who offered the couple a home and security until they were able to organise themselves.
Harry has been cut off by the British royal family and said it was his mother’s legacy that had enabled him to buy their home. Now with Netflix and Spotify contracts worth over US$180 million, we believe they can now afford the royal comforts to which they were accustomed.
We, watchers of ‘The Crown’, are fascinated by this age-old monarchy. Even as some call for its abolition, the British Monarchy has an arresting history and is Britain’s biggest tourist attraction. However, I agree that Jamaica should have our own head of State, and our Governor General Sir Patrick Allen would make a fine president of the Republic of Jamaica.
Now I am not sure if a friend of mine was, in fact, joking, but he said in a discussion about the nuts and bolts of Jamaica becoming a republic, many years ago, that it would also include the replacement of every button on the uniforms of our security forces, and that the updating of various stamps and seals would cost millions which at the time the country could not afford. Please, let us find the funds after we have recovered from this pandemic, and get it done. We would still be a member of the Commonwealth, sharing in the collegiality and goodwill of member countries.
Along the way to the Food for the Poor Jamaica complex, occupying on the main Spanish Town bypass, street vendors of various kinds festoon the roadway alongside brick and mortar businesses and other industrial enterprises. Essentially a fixture after many years, they may be viewed as entrepreneurs
Encouraging a more community-minded entrepreneurial spirit is what the folks inside the sprawling and imposing structure are increasingly focused on. What began with small-scale food distributions in Kingston has now grown into a massive network of individuals and corporate entities dedicated to lifting Jamaicans out of poverty.
Food for the Poor Kingston site along the Spanish Town bypass
While that dedication initially had as its expression the nourishment of the poor, FFP has long since grown way beyond that marker. To the “Food” in its name, the organization has added homes for the homeless (over 35,000 since its founding), the provision of medical supplies and equipment, and the training of teachers and caregivers. More than 295 schools have been assisted, some 100 schools have been built since 2012, and the organization also provided computers and workstations to schools.
But even those numbers don’t portray the breadth nor the emphasis on supporting self-reliance. FFP has programs in place to train people in Farming, animal husbandry and aquaculture development. With fishing, for instance, that metaphor of self-reliance reflected in the adage “give a man a fish, you feed him for day; teach him to fish, you feed him for life” is being backed by tangible support. At 15 fishing villages around the island, men have been equipped with 69 boats; so not “taught to fish” but specifically given the vital means by which they may pursue the livelihood. Similar projects provide water tanks to facilitate rainwater harvesting, which in turn supports cash crop and other agricultural enterprises.
Of course, the feeding aspect continues as do the other forms of physical care; Nearly 350,000 Jamaicans are fed each month through feeding centres The Our Lady of the Poor Clinic serves over 4,200 patients every year Our Angels Of Hope program cares for 414 children. Food For The Poor today includes more than 1,800 churches as partners in the distribution of the aforementioned food, medicine, educational supplies and other needed items. With the onset of the COVID pandemic, that relief is more vital than ever, and the economic challenges have pressed donors at all levels
Development and Marketing Manager Marsha Burrell says that the organization has thus far met those challenges, “our donors responded tremendously well in 2020, and have really helped us to answer the call; we truly appreciate their contributions, not just monetary or material, but of their time and attention and skill. That has really helped us to adapt to the changing realities, and we intend to deepen that process.”
Marsha Burrell inside Warehouse with donated food supplies
She attributes the success to the core quality of the organization. “We are a family here, we do what we do primarily out of love and the commitment to see to the needs of our community, not just because it is right, but because we truly regard each other as brothers and sisters.”
Water tanks that will support rainwater harvesting in FFTP Agriculture projects
Throughout the massive warehouses and the loading bays and the containers and into the offices and meeting rooms, that spirit of love and concern for fellow man reverberates – expressed both in the direct relief offered and in the infusion of a “can-do” spirit, that in turn enables others to grow, prosper and turn their attention to their own communities.
Excerpt from Jamaica Observer column published Monday, March 08, 2021
By Jean Lowrie-Chin
Michael Lee-Chin and his wife Sonya
“Thereis life beyond this valley,” declared Michael Lee-Chin during a recent interview on a Canadian television station. He noted that “crisis equals danger plus opportunity” and stressed the importance of long-term planning. He said that, because he had done this for his businesses, there was no need to change their strategy, even in the face of the COVID-19 crisis. “Stay in your lane and stay in your long-term plan,” he advised.
For those who did not have such a plan, now is the time to get one done, and they may find Lee-Chin’s “five rules for wealth creation” useful. These are:
1) own a few high-quality businesses;
2) understand them well;
3) ensure they are in strong, long-term growth industries;
4) use other people’s money prudently;
5) hold the businesses inter-generationally.
He said that, as a Baby Boomer, he went into the investment business when he saw this large cohort of the population looking to retirement planning. Now, Baby Boomers are ageing and health care is looming large on his radar, particularly, the sub-trend, cancer. He is therefore investing in peptide receptor radionuclide therapy (PRRT), described as “molecular targeted therapies [which] use drugs or other substances to identify and attack cancer cells while reducing harm to healthy tissue”.
To entrepreneurial aspirants Lee-Chin says one should ask oneself: “How am I making sure my businesses are relevant?” He says they should look at differentiating themselves, be in a constant reputation-building mode, and focus on making sure they are solving customers’ issues. This is the practice of successful businesses — reading the market, gathering the data, making the plan, executing, and preserving your competitive advantage.
Tricia Williamson’s Bambusa straws became popular with the ban on plastic straws and since then she has expanded her line, offering world-class items made from bamboo, some with enthralling digital interface. When Monique Powell introduced her company, QuickPlate at a PSOJ meeting a few years ago, little did we dream that her service would be in such great demand with the arrival of Covid. IT companies are busy, helping companies get up to speed in the new work-from-home dispensation.
Bamboo straws made by Tricia Williamson’s Bambusa
We can take advantage of free online workshops and courses at coursera.com, network on LinkedIn, and pick up well-paying part-time jobs at Fiverr, Upwork, Toptal, Simply Hired, PeoplePerHour, Aquent, Crowded, The Creative Group, 99Designs, and Nexxt.
Job seekers should know that there are many willing executives who will spare the time to help you navigate your way forward. If you don’t ask, you won’t know! With the avalanche of COVID-19 concerns and arguments we can lose focus on that all important long-term planning for family, career, business, and community. If we do not focus, we can become drained and immobilised. We must guard our mental health, make the effort to celebrate family milestones virtually and lift the spirits of our friends and colleagues. Let us power out of this valley.
Excerpt from Jamaica Observer Column published Monday, March 08, 2021
By Jean Lowrie-Chin
Neville O’Riley “Bunny Wailer” Livingston
The passing of the great Bunny Wailer, born Neville O’Riley Livingston, was noted far and wide in the global media. He was Bob Marley’s stepbrother, and together they endured poverty and honed their musical excellence to become, with Peter Tosh, Junior Brathwaite and Beverly Kelso (believed to be the only surviving member), the world-famous Wailers.
My husband Hubie believes Bunny Wailer was the top singer of them all. He cited his memorable compositions Cool Runnings, Ballroom Floor, and Rootsman Skanking. We learned only last week from a Jamaica Observer article quoting Marcia Griffiths, that it was Bunny Wailer who wrote Electric Boogie for her; the classic which inspired that joyful group dance Electric Slide.
His past year was a sad, including the struggle to find his wife who went missing and is yet to be found.
We give thanks that Bunny Wailer’s passing is not the end of the phenomenal Wailers; their art will endure for generations to come. Our condolence to his family. May his soul rest in peace.
Excerpt from Jamaica Observer column published Monday, March 08, 2021
By Jean Lowrie-Chin
Jamaica’s Ambassador to the US, Audrey Marks, has initiated a monthly ‘Jamaica Connect’ conversation with members of the Jamaican Diaspora and the response was so great that some visitors on Zoom had to be redirected to the Facebook Live link. Ambassador Marks briefed attendees on the new protocols for those planning to visit Jamaica, and fielded questions.
Participants wanted to see more education in Jamaican heritage, were concerned about the well-being of our children here and expressed their willingness to contribute to their education. We felt their deep love for their homeland; there are still untapped opportunities which we need to further explore. Ambassador Marks, herself a successful entrepreneur, will no doubt be promoting this – there is strength in numbers.
The Officers, staff and members of the Private Sector Organisation of Jamaica (PSOJ) are tremendously saddened by the untimely passing of its Interim Chief Executive Officer, Miss Greta Bogues, JP.
PSOJ President Keith Duncan in expressing his deep sorrow stated that, “The PSOJ, and I personally, are experiencing an unimaginable loss that is difficult to process. Greta was committed to, and evoked excellence in those with whom she worked. She was a stalwart in the private sector and a servant to Jamaica who could be relied on to give her all in any effort with which she was tasked.”
Miss Bogues’ professional experience spanned the financial industry, non-profit, education, and the distribution and manufacturing sector. She served as the first female Chief Executive Officer (CEO) of the combined Private Sector Organisation of Jamaica (PSOJ), the Jamaica Exporters Association (JEA) and the Jamaica Bankers Association (JBA) in 2001. She returned to the PSOJ at a critical juncture in 2020, to serve as Chief Executive Officer (Interim) spearheading a number of initiatives as part of the Organisation’s response to the COVID-19 pandemic.
Duncan continued, “She was a treasure to us here at the PSOJ – and even more so to her country. We are beyond grateful for the time she served and the invaluable contribution that she made. We express our deepest condolences to her family.”.
Miss Bogues embodied servant leadership. She was a woman of indomitable spirit who led with distinction, enabling partnerships and building multilateral and multisectoral alliances for national development.
A doyenne of Corporate Governance (CG), she was a certified CG trainer who worked tirelessly to enhance the awareness of good corporate governance practices, helping to strengthen both public and private sector entities. As founding Chair of the PSOJ’s Corporate Governance Committee, she forged a legacy in the field, imbuing others with her passion through training and the willful sharing of her knowledge and expertise.
Her penchant for service extended to her involvement on numerous public and private sector boards as well as philanthropic efforts. She served on the boards of the Toll Authority of Jamaica, HEART Trust NTA, the Urban Development Corporation (UDC) and the National Council of Education, among others. She devoted untold hours of service, particularly at the St. Andrew Parish Church and the Anglican Diocesan, helping to positively impact the lives of many in St. Andrew Settlement, Majesty Gardens Infant School and Majesty Gardens Learning and Health Centre.
Our hearts go out in sympathy to her church, colleagues, friends, and family who feel the tremendous pain of her loss. Greta will be dearly missed.
Businesses look to strengthen resilience of IT infrastructure and improve remote work capabilities
Kingston, Jamaica – Wednesday, 3rd March 2021. A third of businesses are not currently happy with their existing technologies and 74% are looking to improve remote working capabilities; that’s the assessment according to a survey conducted by Digicel Business.
Across the world, businesses have been feeling the impact of the Covid-19 pandemic. Not just a health issue, there have been significant changes in how businesses operate and serve customers. A survey conducted in late 2020 by Digicel Business, targeting senior decision makers or influencers within businesses (ranging from SMEs to public and private sectors organisations) in the Caribbean and the Pacific, explored the impact on business performance, current concerns and future outlook, system improvements made since Covid-19 restrictions and priorities moving forward to improve system resilience.
Covering multiple sectors from six countries in the Caribbean and two in the Pacific regions, there were many similar challenges. From the more than 3,000 respondents, some common concerns included funding challenges, business productivity, cybersecurity threats, and dissatisfaction with remote working technology.
In Jamaica, for example, 21% of businesses are struggling to pay suppliers, 29% are facing difficulties when requesting payments from customers and more than a third of businesses are seeing a 40%+ hit on revenue.
Tom Carson, Digicel Group Chief Business Officer said: “Digicel Business is in the business of providing solutions, but instead of presuming to know what the challenges are, we believe in doing the research to find out firsthand, so that we can address problems directly, and turn these challenges into opportunities for our customers. The result of this is our Covid-19 Business Impact Report and Recovery Guide.”
Disruption from the pandemic has tested system resilience at an unprecedented level and highlighted key shortcomings and vulnerabilities, and despite efforts to improve systems, almost a third of businesses are still not satisfied with their existing technologies, and are looking to make improvements primarily in areas concerned with remote working and process automation.
Of those surveyed, 48% plan to offer staff remote working options after the threat of Covid-19 has passed, so strengthening IT infrastructure resilience will be crucial, and by focusing on flexible workplace; collaboration & communication; business continuity; cyber security and smart technologies, organisations can drive long-term business resilience.
Tom continued: “We believe in listening to our customers and providing them with solutions that meet their needs, this is why we introduced the Digicel Business Hub. Whether serving SMEs, large corporate entities or regional Governments, we partner with the industry-best (Cisco, HP, Microsoft, Fortinet, Dell and IBM) to provide end-to-end fully managed business solutions to improve business efficiencies.”
Excerpt from Jamaica Observer Column published Monday , March 01, 2021
By Jean Lowrie-Chin
Clement ‘”Jimmy” Lawrence
Chairman of J Wray & Nephew Limited and Campari Group Jamaica Jimmy Lawrence retired recently after over 25 years of world-class leadership with the two companies. The elegant, understated Lawrence earned the respect of colleagues worldwide, serving on the board of the West Indies Rum & Spirits Producers’ Association (WIRSPA) and as chairman of the Spirits Pool Association, as well as the Jamaica Rum and Spirits Trade Association.
Born in St Ann, Lawrence is a York Castle High School alumnus and studied chemistry at The University of the West Indies (UWI). In an interview with the Jamaica Observer‘s H G Helps he recalled his mother’s insistence on good etiquette and shared his passion for education, sponsoring scholarships for less fortunate children.
Helps quotes Lawrence: “In terms of other plans, being a scientist, I have inventions that I have logged. I have even filed for at least one patent in the US patent office… ideas that I have but when you get engrossed into working and being part of a team it just diminishes the available time and the drive to carry these things to an end. I think in my more relaxed years — retirement — these are some of the things that I would pursue more… I look forward to retiring… it’s another phase and I want to be closer to my kids and my wife to enjoy the fruits of our labour as much as possible.”
We wish Jimmy Lawrence an enjoyable and adventurous retirement.
Excerpt from Jamaica Observer column published Monday March 01, 2021
By Jean Lowrie-Chin
Indian High Commissioner to Jamaica Masakui Rungsung Jamaica Observer photo
Here we are in March 2021, one year after the COVID-19 alert was sounded in Jamaica and we closed down our offices, started working more from home, wearing masks, sanitising; doing all the right things to stay well. Meanwhile, some of our fellow citizens were partying and going maskless about their business and taking the illness home to their elderly relatives.
You better believe that these offenders are not all poor, uneducated Jamaicans; some are well-off people whose arrogance has risen to stupidity.
With our hospitals at capacity and our medical personnel in exhaustion, we welcomed the news last Friday that a generous gift of 50,000 Oxford-AstraZeneca vaccines from the Indian Government will arrive this week. The Indian High Commissioner to Jamaica Masakui Rungsung said this was the result of the valiant efforts made with various agencies in his country: “This situation has given us sleepless nights,” he shared. Present at the announcement was Foreign Affairs Minister Senator Kamina Johnson Smith, whose diplomatic skills have brought much goodwill to Jamaica. We thank High Commissioner Rungsung and his Government for this urgently needed contribution.
Vaccine distribution
A letter widely circulated on various platforms from the Medical Association of Jamaica (MAJ) requesting information on seniors in preparation for vaccine distribution was really meant for doctors and not the general public. Information regarding individuals over 60 should be supplied to their respective general practitioners so that the MAJ can collate and share it with the Ministry of Health and Wellness.
I understand that the sequence for the administering of vaccinations is, first, health and front line workers; second, the security forces; and, third, the elderly, defined as people over 60.
A US poll has revealed an encouraging high-acceptance level of the vaccine and we are hoping that this will be the same for Jamaica. There is a lot of anti-vaccine nonsense circulating on WhatsApp. Meanwhile, those of us with elderly relatives in countries where the vaccine is being administered are reassured by their messages that there may be discomfort for one or two days, but they are well and very relieved to have the protection of the vaccine.
There are now three vaccines approved by the US Food & Drug Administration (FDA) — Pfizer-BioNTech, Moderna, and the single-shot Johnson & Johnson. We have been assured by the Center for Disease Control and Prevention (CDC) that, while they may not have 100 per cent effectiveness in preventing COVID-19, they have 100 per cent effectiveness in keeping those affected from becoming seriously ill and in need of hospital care. Well, if that is not enough assurance, I do not know what is.
Chairman of the Economic Programme Oversight Committee (EPOC), Keith Duncan
As COVID-19 Cases Spike, Risks to Economic Recovery Remain High
Kingston, Jamaica – February 19, 2021: The EPOC met on February 5, 2021 to review the macro fiscal programme of the Government of Jamaica (GOJ) and the monetary performance of the Bank of Jamaica (BOJ) for the fiscal year 2020/21. The following were key highlights noted by EPOC:
The GOJ tables third Supplementary budget as Tax Revenues projected to fall below previous targets
Macro-fiscal risks increase as GDP growth projections weaken
Pace of global economic recovery remains uncertain as global demand for vaccines outstrip supply
International Reserves remain strong due to higher than expected increase in Remittance Inflows
Based on the performance of the fiscal and monetary indicators, the GOJ and the BOJ are on track to meet the selected quantitative targets under the GOJ Economic Reform Programme (ERP) as at the end of December 2020, with the exception of the Tax Revenues target. The implementation of the majority of the Priority Actions for the GOJ ERP continues to be delayed relative to the timelines established in November 2019, due, in large part, to the impact of the COVID-19 pandemic. The timelines and scope of these priority commitments are to be reviewed.
Fiscal Performance and Outlook
GDP, Tax Revenue Projections Revised Downwards in 3rd Supplementary Budget
As the Jamaican economy continues to be impacted by the COVID-19, the projections for GDP contraction had to be revised downwards from 7.9% to 11.6% for the current fiscal year. This has also led to Tax revenues projection being revised downwards by $6.7B from $515.6B to $508.9B, which has been reflected in the Third Supplementary budget, which was laid in Parliament by the Minister of Finance on January 19, 2021.
While Revenues & Grants of $398.3B for April-December 2020 were marginally higher than the budget target, what is more important to note, is that the performance of Tax Revenues, April-December 2020, of $346.5B with all the efforts of the Tax Administration of Jamaica (TAJ), are slightly behind budget, but is significantly lower (by $68.3B) than the outturn for the previous year of $414.7B for the same period.
Fourth Quarter (Q-4) Tax Revenue Projections are Optimistic
Tax Revenues for Q-4 (Jan-March 2021) are projected at $162.4B which is $2.3B behind Q-4 (Jan-March 2020) tax revenue outturn of $164.6B. While tax revenues are trending in the right direction, the projections for the last quarter seem to be quite ambitious bearing in mind the spike in the spread of the virus, the restrictions on movement and the resultant impact on the economic activity.
Fiscal Deficit Increases
Total Expenditure as tabled in the third Supplementary budget is projected to close the Fiscal year at $654.5B. When taking into account the projected tax revenues, the economy will see a projected and increased fiscal deficit of $78B or 4% of GDP.
Projected Primary Surplus to fell to $58.2B or 3% of GDP due mainly to projected reduction in tax revenues. Notwithstanding the lower revenue projection, the GOJ remains committed to achieving the revised primary surplus target of 3.0% of GDP, through a reduction of non-debt expenditures by $3.5B.
Public Sector Wages and Salaries Fiscal rule – 9% of GDP
It is apparent that Jamaica will not achieve the legislated target of Wages and Salaries being 9% of GDP in the current fiscal year and with GDP not returning to pre-COVID levels over the next two years; it will be a challenge for Jamaica to achieve this fiscal rule in the 2021/22 and 2022/23 fiscal years.
Debt to GDP increases beyond initial projections
As a result of downward projections in GDP to 11.6% and the predictable fall off in tax revenues, along with the projected fall off in the Primary surplus, it is expected that the Debt to GDP ratio will increase beyond the previous projection of 102.9% to 110% of GDP.
Monetary Performance
Inflation rate remains within BOJ’s target range
The 12-Month Point-to-Point Inflationof 5.2% at December 2020 remains within BOJ’s target range of 4.0% – 6.0%.
BOJ overnight Policy Rate at 0.5% per annum remains unchanged
Subject to inflation remaining well behaved, the BOJ has remained accommodative in its monetary policy stance with the aim of supporting recovery in economic activity.
Net International Reserves remain buoyant at US$2.98B as at the end of January 2021 due to higher than anticipated Remittance Inflows and reduced imports.
Net Remittance inflows of US$1,892.6M for the period April – November 2020 was up US$446.2M (30.8%) relative to the corresponding period in 2019.
The BOJ projects that, all things being equal, the NIR should close around these levels at the end of the current fiscal year.
Foreign exchange market remains volatile since the December 2020 quarter
GDP Continues to be Impacted by the Fallout in Tourism
STATIN reported that the economy contracted by 10.7% for July–September 2020 relative to the similar period in 2019. This performance reflected the continued negative impact of COVID-19 and the measures implemented to limit its spread. The real GDP decline for the period primarily reflected a 65.2% downturn in the Hotel and Restaurants industry, due to an 86.5% (734,385) fall in visitor arrivals. There were bright spots where higher levels of output were achieved in Agriculture, Forestry & Fishing (up 2.5%) and Construction (up 7.0%). Real GDP for the July-September 2020 quarter grew 8.3% relative to the April-June 2020 quarter, reflecting an indication of quarterly improvements in economic activities.
EPOC’s OUTLOOK on Growth in GDP is Cautious Due to High Levels of Uncertainty
As the globe traverses the various phases of the pandemic and countries are in a race to vaccinate their populations to achieve herd immunity, the COVID-19 pandemic still maintains a hold globally. Many countries continue to face varying levels of the spread of the virus and the outlook and pathway to recovery at best remain highly uncertain.
The Planning Institute of Jamaica (PIOJ) and the BOJ expect a contractionwithin the range of 10% – 12% in FY2020/21, which is consistent with the Ministry of Finance and Public Service’s projection of a contraction of 11.6%. The BOJ noted that, in its most recent assessment of the impact of COVID-19 on the Jamaican economy, economic activities have improved relative to previous projections.
The BOJ forecasts a partial recovery of 3% in FY 2021/22, which could trend up to 6% if there is a strong recovery in the tourism sector. However, there continues to be significant downside risks with the increasing number of positive daily cases being recorded recently, necessitating a nationwide tightening of curfew restrictions by the GOJ. The implementation of more stringent containment measures, despite being a reasonable response to the worsening COVID-19 situation in the country, is likely to result in further disruptions in economic activities.
Achieving Herd Immunity – Critical to full Economic Recovery
The updated global outlook of 5.5% reflects the expectations of increased economic activities later in the year as multiple vaccine approvals and vaccination launches in some countries have raised hopes of an eventual end to the COVID-19 pandemic.
Against this background, EPOC noted that the vaccination of the population and achieving herd immunity in the shortest possible period is the single most important imperative that can return Jamaica to a sustainable economic growth path. Private Sector Associations have entered into a Memorandum of Understanding (MOU) with the Ministry of Health and Wellness (MOHW) to participate in Jamaica’s COVID-19 Vaccination program. Notably, Private sector bodies and entities have indicated their willingness to fund the vaccination of their employees and dependents and to look at contributing to vaccinating the at-risk population. As Vaccines become available, this public-private sector partnership should see Jamaica significantly surpassing the initial target of 16% inoculation of the population.
Monetary Policy Outlook
Jamaica’s Net International Reserves are adequate and the BOJ has indicated that it will maintain an accommodative monetary stance until there are clear signs of that economic activity is returning to pre-COVID levels.
Fiscal Outlook
Jamaica faces the greatest shock to its economy in history and is struggling through the pandemic to get back to pre-COVID levels of growth and tax revenues. Once again, we face a period of fiscal consolidation as the recently amended fiscal rules, which allowed for a gentler correction of the current fiscal deviation, will see Jamaica having to return to primary surplus targets close to 6% in 2021/22 and 7% in 2022/23 to put Jamaica on a credible trajectory to achieve a 60% Debt to GDP target in 2027/2028.
Bank of Jamaica Dividend of $33B Payable in April 2021
The Minister of Finance and the Public Service announced, in the tabling of the fiscal year 2021/22 budget on February 18, 2021, a one off Bank of Jamaica Dividend of $33B, which will ease the level of fiscal consolidation required. This will also give the GOJ some fiscal space to provide a stimulus package to the economy, which will include a Vaccination programme, social and business support, along with significant infrastructure and capital expenditure.
Public-Private Sector Partnerships Critical to Recovery
With the limited fiscal space, EPOC believes that the private sector will have to play a major role in driving economic recovery and Public-Private partnerships will be instrumental in returning Jamaica to a growth path.
EPOC firmly believes that the prioritization and the coordinated implementation of the recommendations of the COVID-19 Economic Recovery Task Force, led by Dr. the Hon. Nigel Clarke will certainly put Jamaica on a firm path of recovery.
EPOC urges all Jamaicans to remain vigilant and adhere to the COVID-19 Protocols
Jamaica is now at a critical juncture in our economic recovery path. As such, EPOC urges all Jamaicans to remain vigilant while adhering to the COVID-19 protocols to safeguard our lives and livelihoods.
Again, we express our gratitude and thanks to the GOJ, our health care workers, the MOHW and the security forces who have been working assiduously, putting their lives at risks to manage and curtail the spread of the virus.
Jamaica Highlights 