Carib Scope

分类： business

  • Government Gives up $60 Million: Another Fuel Hike Pending

    Government Gives up $60 Million: Another Fuel Hike Pending

    The Belizean government has announced significant economic measures amid rising fuel costs, with Prime Minister John Briceño revealing a substantial reduction in tax revenue to cushion the impact on citizens. Effective midnight Tuesday, diesel prices will increase by $2.50 per gallon, compounding last week’s ten percent hike in regular and premium fuels.

    Prime Minister Briceño disclosed that his administration is forfeiting approximately $60 million in revenue by reducing fuel taxes by $1.25 per gallon on the current shipment. Without this intervention, he stated, the price increase would have exceeded $3.00 per gallon. The Prime Minister emphasized the difficult balance between providing relief and maintaining essential public services, noting that complete tax elimination would create a $200 million budget shortfall affecting teacher salaries, military funding, healthcare, and other critical expenditures.

    Simultaneously, Briceño has criticized the Department of Environment for its handling of the Humilde Viajero fuel-tanker incident, accusing the agency of overstepping its authority by offering an administrative settlement before proper review. The Prime Minister has directed the Attorney General to pursue full legal action against all parties involved in the environmental violation.

    Opposition Leader Tracy Panton issued a statement condemning the fuel price increase, warning that transportation operators, agricultural producers, tourism companies, and utility providers will face severe operational challenges. She predicted these increased costs would inevitably transfer to Belizean families already struggling with inflation.

  • In Haiti inflation continues to decline (BRH)

    In Haiti inflation continues to decline (BRH)

    Haiti’s economy continues to demonstrate positive momentum in its battle against inflation, with official data from the Bank of the Republic of Haiti (BRH) revealing a consistent downward trajectory in price growth. The latest figures indicate a significant moderation in annual inflation, dropping from 27.3% in December 2025 to 25.5% in January 2026.

    The disinflationary trend is particularly evident across both domestic and imported goods. The Consumer Price Index (CPI) for locally produced goods recorded a substantial decline, while imported product inflation decreased by one percentage point month-on-month to settle at 20.5%.

    Geographic analysis reveals broadly stable inflation patterns across most regions. The ‘West Rest’ area maintained a 1% monthly rate, followed closely by the ‘South’ at 0.9% and ‘Cross-Section’ regions at 0.7%. The Metropolitan Area experienced a slight uptick of 0.1 percentage points to reach 1.1%, while the ‘North’ region saw a modest reduction to 0.7%.

    Year-over-year comparisons show encouraging progress nationwide, with all major regions experiencing reduced inflationary pressures. The ‘South’ region demonstrated the most pronounced improvement, falling from 24.5% to 22.8%. Similar declines were observed in ‘West Rest’ (26.0% to 24.4%), ‘Cross-Section’ (25.0% to 23.6%), Metropolitan Area (25.7% to 24.4%), and ‘North’ (22.4% to 21.1%).

    Economic projections from the Directorate of Currency and Economic Analysis indicate the disinflationary process will continue through April 2026. Forecasts suggest a gradual decline to 23% in February, followed by 22.9% in March, and 22.3% in April. However, analysts note that monthly inflation rates may experience temporary fluctuations, with expected increases averaging 1.6% over the coming quarter.

    The comprehensive BRH monthly inflation report, available in PDF format, provides detailed analysis and methodology behind these economic indicators.

  • PM Briceño: “We Can’t Continue Bailing Out BSCFA”

    PM Briceño: “We Can’t Continue Bailing Out BSCFA”

    Belize’s Prime Minister John Briceño has declared that his administration will no longer provide financial bailouts to the Belize Sugar Cane Farmers Association (BSCFA), signaling a dramatic shift in the government’s approach to the ongoing crisis within the nation’s vital sugar sector. The announcement comes after months of unsuccessful negotiations between cane farmers and Belize Sugar Industries, with the government’s proposed support package being outright rejected by agricultural stakeholders.

    Speaking at a recent briefing, PM Briceño expressed growing frustration with the protracted stalemate that threatens the stability of one of Belize’s cornerstone economic industries. Despite recognizing the sector’s critical importance to the national economy, the Prime Minister emphasized that the cabinet has reached its limit regarding financial interventions.

    “We can’t continue bailing out the BSCFA,” Briceño stated unequivocally. “They have come to us several times requesting assistance, and we have complied because we recognize their significant role in our agricultural sector. However, each time we provide support to sugar cane farmers, we face mounting pressure from other industries equally deserving of government assistance.”

    The Prime Minister highlighted the dilemma his administration faces when allocating limited resources, noting that tourism operators, fisheries, cocoa producers, and other agricultural sectors all legitimately demand support. He revealed that during recent natural disasters, many small farmers lost their produce without receiving adequate government assistance, creating what he described as “frustration and jealousy within the covenant.”

    In a significant policy shift, Briceño indicated that any future support would need to be distributed equally among all four sugar associations rather than directed exclusively to BSCFA. This approach responds to complaints from other associations that they deserve equal treatment as taxpayers.

    The ongoing impasse has raised concerns about the potential disruption to fertilizer distribution and other support mechanisms traditionally provided to cane farmers. With neither side showing willingness to compromise, the Belizean sugar industry faces an uncertain future that could have ripple effects throughout the nation’s economy.

  • Saint Lucia to host major investment summit in May

    Saint Lucia to host major investment summit in May

    Saint Lucia has been selected as the host nation for the prestigious Caribbean Investment Summit 2026 (CIS26), scheduled to convene from May 6-9. The event will gather over 300 international delegates for critical dialogues on investment migration frameworks and global capital mobility trends.

    The official announcement was delivered during a press conference featuring Tourism and Investment Minister Dr. Ernest Hilaire, alongside key stakeholders including CIP Unit CEO Mc Claude Emmanuel, CIP Board Chairman Julian Charles, and Stachio Williams, CEO of summit organizer Open Interactive.

    Minister Hilaire emphasized the summit’s strategic timing, noting that the investment migration industry currently faces transformative pressures from emerging regulations, market fluctuations, and intensified international scrutiny. These factors are collectively reshaping the operational landscape of Citizenship by Investment Programs (CIPs) throughout the Caribbean region.

    While Saint Lucia’s CIP contributes less than 10% of national revenue—significantly lower than some regional counterparts that reach 50%—the program remains vital for funding critical infrastructure projects, security enhancements, healthcare services, and road rehabilitation initiatives.

    The minister underscored Saint Lucia’s commitment to rigorous due diligence protocols and strengthened collaboration with international partners. He highlighted the development of a regional regulatory body designed to enhance oversight mechanisms and promote harmonization across Caribbean investment programs.

    “We maintain acute awareness that our Citizenship by Investment Program necessitates close partnership with international allies to ensure it presents no risks to their jurisdictions,” Hilaire stated.

    CIP Unit CEO Emmanuel noted that although Saint Lucia operates the region’s newest program, it has substantially advanced its governance standards and market presence over the past decade. CIS26 will serve as a platform to position the island not merely as a citizenship jurisdiction but as a premier destination for comprehensive investment and business development.

    The summit has already secured participation from at least four Caribbean prime ministers: Saint Lucia’s Philip J. Pierre, Antigua and Barbuda’s Gaston Browne, Grenada’s Dickon Mitchel, and St Kitts and Nevis’ Terrance Drew.

    CIP Board Chairman Julian Charles observed that the region is entering an era of regulatory convergence, with governments implementing clearer frameworks and enhanced coordination. The summit will provide a collaborative environment for policymakers, regulators, and industry stakeholders to evaluate reforms and exchange innovative solutions.

    Open Interactive reported substantial international interest from North America, Europe, the Middle East, Asia, and Africa. CIS26 will conclude on May 9 with a special Caribbean Fusion night during the Saint Lucia Jazz & Arts Festival.

    “This represents the exclusive forum where all Caribbean programs converge simultaneously,” stated Open Interactive CEO Stachio Williams. “For anyone with professional interests in these programs or seeking Caribbean investment opportunities, attendance is essential at this pivotal moment.”

    Summit deliberations will address market evolution, AI-driven transparency and accountability measures, risk and reputation management strategies, innovative investment vehicles, and global connectivity enhancements.

  • Belize Moves Towards Better, Safer, More Accessible Tourism Standards

    Belize Moves Towards Better, Safer, More Accessible Tourism Standards

    Belize City has become the epicenter of regional tourism development this week as it hosts a pivotal four-day workshop focused on elevating industry standards across Central America and the Dominican Republic. The gathering, which concludes Friday, brings together tourism authorities and certification auditors from eight participating nations to establish unified benchmarks for sustainable tourism practices.

    The collaborative initiative, jointly organized by Belize’s Ministry of Tourism, Sports, and Diaspora Relations and the Secretariat for Central American Tourism Integration (SITCA), specifically targets the enhancement of small and medium-sized tourism enterprises. Through this program, local operators will gain pathways to obtain internationally recognized certifications that validate their operational excellence.

    Chief Tourism Officer Josue Carballo emphasized the transformative potential of this standardization effort. “Many private entities already implement commendable practices, but this initiative creates a consistent quality baseline across the industry,” Carballo stated. “This alignment provides proper recognition for private sector efforts and elevates them to certification status, particularly benefiting MSMEs across diverse regions.”

    Ligia Miranda, Executive Secretary of SITCA, highlighted the regional cooperation aspect of the workshop. “Quality and accessibility should transcend national boundaries,” Miranda explained. “Whether visitors are examining hotel accommodations during peak season or requiring disability access provisions, we aim to ensure uniform standards throughout the region. This guarantees that travelers can fully experience tourist destinations regardless of which country they visit.”

    The workshop represents a significant step toward establishing comprehensive tourism standards that address multiple facets of traveler experience, including safety protocols, service quality, accessibility features, and sustainability measures across Central American tourism destinations.

  • IDB opens first office in US outside of Washington

    IDB opens first office in US outside of Washington

    MIAMI, United States – In a strategic move to amplify private-sector development, the Inter-American Development Bank Group (IDB Group) has inaugurated its first United States office outside of Washington D.C. This new Miami-based headquarters is designed to function as a critical nexus, linking international investors with burgeoning opportunities throughout Latin America and the Caribbean (LAC).

    IDB Group President Ilan Goldfajn emphasized the city’s pivotal role in global finance, stating, ‘Miami stands as a central arena for investors, a place where pivotal decisions are formulated and where major deals are architecturally structured. Our physical presence here enables us to channel vital investments into Latin America and the Caribbean while simultaneously presenting the region’s vast potential to a global audience of investors. This dual function is essential for scaling development initiatives driven by the private sector.’

    The selection of Miami is highly strategic. The IDB Group highlights the city’s status as a premier corporate and financial epicenter, hosting over 1,600 multinational corporations and more than 60 international banking institutions. Its rapidly expanding venture capital landscape and robust technology ecosystem make it an ideal location for fostering these crucial financial connections.

    This expansion coincides with a significant period of institutional growth for the IDB Group. The organization has successfully concluded a substantial US$3.5 billion subscription process aimed at the recapitalization of IDB Invest. This capital infusion supports its innovative ‘originate-to-share’ operational model. Concurrently, IDB Lab has been replenished, adopting a more scalable and sustainable framework under new leadership.

    The new Miami office is tasked with a multifaceted mission: to deepen collaborative engagements with investors and strategic partners, enhance co-financing and capital mobilization efforts, and provide expert support for project structuring across critical industrial sectors. It will specifically bolster the business development endeavors of both IDB Invest and IDB Lab, ensuring a greater flow of investment into projects across the LAC region.

  • NCB urges Jamaican firms to rethink tax payments to ease cash flow strain

    NCB urges Jamaican firms to rethink tax payments to ease cash flow strain

    KINGSTON, Jamaica — Financial experts are advocating for Jamaican businesses to implement systematic tax planning strategies to avoid operational disruptions caused by lump-sum tax payments. National Commercial Bank Jamaica Limited (NCB) has highlighted the widespread practice among enterprises, particularly small and medium-sized businesses, of depleting cash reserves to meet tax obligations, thereby constraining their operational capabilities and growth potential.

    During a recently held educational seminar titled ‘Master Tax Season and Get Rewarded,’ banking executives emphasized the critical need for strategic financial planning. Perrin Gayle, NCB’s Executive Vice-President of Retail Banking, articulated the institution’s objective: ‘We aim to assist businesses in fulfilling their tax responsibilities while simultaneously preserving working capital and fostering sustainable expansion.’

    The event garnered substantial participation with over 100 physical attendees and 400 virtual participants, focusing on three key areas: optimized tax management, enhanced financial record-keeping practices, and increased adoption of digital banking solutions. Business proprietors reported gaining valuable insights into payment alternatives that minimize immediate cash flow impact.

    Noman Walker, Chairman of Portmore Mall, expressed enthusiasm about the discovered flexibility: ‘The repayment options presented are genuinely compelling. I can now utilize banking products to settle taxes without compromising my operational liquidity.’

    Despite progress in digital banking adoption, NCB officials revealed significant disparities between corporate clients and SMEs. While over 90% of corporate entities actively use digital platforms, only approximately 50% of small and medium enterprises have embraced these tools. Danielle Cameron Duncan, Acting Senior Vice-President of Payments and Enterprise Operations, emphasized the advantages of digital adoption: ‘Businesses achieving financial visibility through digital tools gain superior command over their cash flow management.’

    Tax Administration Jamaica (TAJ) representatives contributed to the discourse, noting that tax compliance ultimately supports business growth while identifying recurring challenges among smaller operators. These include inadequate financial documentation, improper expense categorization, and commingling of personal and business finances. Recommendations included maintaining separate financial accounts for business and personal use, implementing digital payment infrastructure, and utilizing online banking monitoring systems.

    The seminar culminated in a panel discussion featuring experts from NCB, Mastercard, and TAJ, addressing nuanced topics including filing requirements for inactive businesses and eligibility criteria for tax credit programs. NCB has made the complete seminar recording available through its official YouTube channel for continued access.

  • Telroy Morgan steps down as Petrojam general manager

    Telroy Morgan steps down as Petrojam general manager

    KINGSTON, Jamaica – Petrojam Limited, Jamaica’s national oil refinery, has confirmed the forthcoming departure of its General Manager Telroy Morgan, effective March 25, 2026. The state-owned enterprise made the announcement through an official statement released on Wednesday.

    The company has initiated a formal executive search process to identify a permanent successor. In the interim, Tamara Robinson will continue to serve as Acting General Manager, a role she has held since January 19, 2026. Ms. Robinson concurrently maintains her primary responsibilities as General Counsel and Corporate Secretary for the organization.

    The Board of Directors formally acknowledged Mr. Morgan’s service and contributions to the company. In their statement, they extended gratitude for his efforts and expressed well-wishes for his future professional endeavors. This leadership transition marks a significant moment for Jamaica’s pivotal energy sector entity as it navigates its strategic direction.

  • Xodus Carnival and Chas E Ramson celebrate 5 years of partnership

    Xodus Carnival and Chas E Ramson celebrate 5 years of partnership

    A conventional five-year sponsorship arrangement between Xodus Carnival and consumer goods distributor Chas E Ramson has evolved into a sophisticated strategic alliance built upon mutual dedication to excellence, innovation, and consumer experience enhancement. This partnership represents a paradigm shift in how brands engage with consumers through immersive experiences rather than traditional advertising channels.

    Chas E Ramson celebrates its fifth consecutive year as both sponsor and strategic partner to Xodus Carnival, demonstrating the company’s sustained commitment to premium experiential marketing and authentic consumer connectivity. The collaboration has proven particularly valuable for reaching consumers in dynamic, high-energy environments where they are most receptive to brand interactions.

    Kathryn Silvera, Director of Sales and Marketing at Chas E Ramson Limited, emphasized the strategic value: “This partnership positions us precisely where our consumers congregate—active, social settings where they seek convenient, nutritious options. Through Xodus Wet, our workout series, and Road March events, we achieve direct engagement with our target demographic in authentic environments.”

    Jamaica’s Carnival continues to demonstrate substantial economic significance, with projections indicating a J$165 billion economic impact for 2025. For Chas E Ramson, participation transcends conventional brand visibility, offering unprecedented opportunities for meaningful consumer connection within a single, vibrant marketplace.

    Pierre Goubault, CEO of Xodus Carnival, expressed satisfaction with the enduring partnership: “Chas E Ramson’s collaboration has genuinely elevated the Xodus experience throughout our years together. Their capacity to seamlessly integrate quality products into our events enhances the overall journey for participants, adding both convenience and enjoyment at every stage.”

    The partnership has generated remarkable results through experiential marketing strategies that prioritize direct consumer interaction over traditional advertising. This approach has fostered significant brand loyalty and created lasting consumer impressions through hands-on product experiences.

    The company’s product portfolio demonstrates natural synergy with carnival experiences, emphasizing premium quality and exceptional service. This year’s participants will encounter diverse brands including Foska oats, Elle & Vire yogurts, Hungry Jack pancake and waffle mixes, and Kisko Freezies—all strategically integrated to enhance the Carnival journey through energizing breakfast options, convenient snacks, and refreshing treats that maintain participant engagement throughout events.

  • Gov’t moves to help small businesses compete for State contracts

    Gov’t moves to help small businesses compete for State contracts

    In a significant move to bolster local enterprise, the Jamaican government has unveiled a comprehensive strategy to integrate small and medium-sized businesses into the national economic framework through enhanced access to state contracts and capital markets. Finance Minister Fayval Williams announced these measures during the closing of the 2026/27 Budget Debate, highlighting their importance in post-hurricane economic recovery.

    The centerpiece of this initiative is a major public meeting scheduled for March 26 at the EXIM Bank’s meeting room, organized by the Public Procurement Commission. This gathering specifically targets micro-enterprises (with annual turnover below $15 million) and small businesses (turnover between $15-75 million) to demystify government procurement processes. Participants will receive practical guidance on registration procedures, compliance standards, bidding requirements, and evaluation criteria from key institutions including the Ministry of Finance, Public Procurement Commission, Development Bank of Jamaica, and the Small Business Association.

    Minister Williams emphasized that many capable small businesses remain excluded from the billions of dollars in government contracts annually due to procedural complexities rather than capability gaps. The timing is particularly crucial as Jamaica accelerates reconstruction efforts following Hurricane Melissa’s devastation in October 2025, with substantial infrastructure and housing projects requiring local contractor participation.

    Concurrently, the government introduced an innovative Stock Market Sandbox program set to launch on April 17, 2026. This simulated market environment will allow growing companies to experience the realities of public listing without immediate formal commitment. The sandbox addresses barriers smaller firms face by providing exposure to reporting obligations, corporate governance standards, and regulatory expectations before pursuing full listing on the Jamaica Stock Exchange (JSE).

    Williams framed these interventions as complementary strategies to stimulate economic growth, create employment opportunities, and strengthen domestic private sector resilience. By first engaging small businesses through procurement opportunities and subsequently facilitating capital market access, the government aims to build a robust pipeline of enterprises capable of sustainable expansion and formal economic integration.