Carib Scope

分类： business

  • Good News for Belize’s Sugar Industry?

    Good News for Belize’s Sugar Industry?

    In a significant move to revitalize Belize’s crucial sugar sector, the government has orchestrated a high-level convergence of industry stakeholders. The December meeting, spearheaded by Dr. Osmond Martinez, Minister of State in the Ministry of Economic Development, assembled a comprehensive coalition at the Sugar Industry Control Board headquarters in Buena Vista Village, Corozal.

    The strategic gathering included representation from major agricultural associations, factory management from BSI/ASR, the Sugar Industry Research and Development Institute (SIRDI), the Cane Production Committee, and multiple growers’ organizations. This collaborative forum addressed pressing operational challenges that have recently plagued the industry.

    Central to the discussions were critical path initiatives including harvest preparedness protocols, advanced cane testing methodologies, and essential infrastructure improvements—particularly the rehabilitation of sugar transportation roads. The dialogue further expanded to financial mechanisms, with particular emphasis on simplifying access to agricultural grants under the Climate Resilient and Sustainable Agriculture Project (CRESAP), alongside enhanced technical support systems for farming operations.

    A government communiqué confirmed that participants established concrete action plans with clearly defined responsibilities and monitoring frameworks to ensure improved program coordination. This development follows a disastrous previous season where approximately 100,000 tonnes of sugarcane deteriorated unharvested due to severe labor shortages.

    While Prime Minister John Briceño has identified timing and labor availability as fundamental concerns rather than financial constraints, industry representatives maintain that escalating costs associated with importing foreign cane cutters presents an ongoing operational dilemma. The meeting represents a coordinated effort to bridge these divergent perspectives through actionable solutions.

  • Big Changes Are Coming to Belize’s Power Grid

    Big Changes Are Coming to Belize’s Power Grid

    Belize’s national energy infrastructure is poised for a comprehensive technological transformation following a landmark financing agreement between Belize Electricity Limited (BEL) and the Caribbean Development Bank (CDB). The utility company has secured a $27.53 million financing package representing the largest direct loan ever extended by CDB to the company.

    The financing arrangement, notable for being the first provided without a Belizean government guarantee, comprises a $27.2 million loan complemented by a $330,000 grant through Canada’s Supporting Resilient and Green Energy initiative. BEL will contribute an additional $7.05 million in counterpart funding to complete the financial structure.

    At the core of this initiative is the nationwide deployment of Advanced Metering Infrastructure (AMI) featuring approximately 115,000 smart meters. This technological overhaul will enable near real-time energy monitoring capabilities, remote operational functions, and enhanced loss control mechanisms across the national grid system.

    BEL Chief Executive Officer John Mencias characterized the agreement as a demonstration of institutional confidence, stating: “This represents a landmark milestone that reflects CDB’s trust in BEL’s financial stability, governance, and management practices.”

    Alexander Augustine, CDB portfolio manager, emphasized the project’s significance in developing a smarter and more climate-resilient energy grid for the Caribbean nation.

    The implementation phase has already commenced in key regions including Belize City, Ambergris Caye, and Placencia, with a comprehensive three-year timeline established for nationwide deployment of the smart grid technology.

  • Toll collection for May Pen to Williamsfield set for December 27, says TJH

    Toll collection for May Pen to Williamsfield set for December 27, says TJH

    MANCHESTER, Jamaica — TransJamaican Highway Limited (TJH) has announced the imminent commencement of toll operations along the newly completed May Pen to Williamsfield segment of the PJ Patterson Highway. The official launch is scheduled for December 27, 2025, marking a significant expansion of Jamaica’s highway infrastructure network.

    The infrastructure developer, through its official Instagram channel, detailed comprehensive service offerings that will support this new roadway section. Motorists can expect round-the-clock security patrols and systematic maintenance protocols designed to meet international standards. TJH emphasized its dedication to providing a transportation corridor characterized by safety, reliability, and operational efficiency consistent with existing segments of the TransJam Highways network.

    To ensure sustainable service delivery, TJH will implement a structured toll system at two distinct locations: the Toll Gate-Main Line Toll Plaza and the Toll Gate-Ramp Toll Plaza. The company’s announcement specifically highlighted preferential pricing for T-Tag users, who will benefit from reduced rates and automated frequent traveler incentives, including complimentary passage on every tenth weekly trip through each plaza.

    This development follows the Jamaican Ministry of Transport’s disclosure earlier last week regarding proposed toll structures for the Williamsfield to May Pen segment of Highway 2000. The approved toll schedule establishes three vehicle classifications: Class 1 at J$480, Class 2 at J$720, and Class 3 at J$1,400. T-Tag subscribers will receive modest discounts on mainline tolls, paying J$470 for Class 1 and J$700 for Class 2 vehicles, while ramp access will be priced at fifty percent of the standard mainline rate across all categories.

  • TT Chamber calls out Government, demands action on forex crisis

    TT Chamber calls out Government, demands action on forex crisis

    The Trinidad and Tobago Chamber of Industry and Commerce has issued an urgent appeal for coordinated national action to address the country’s escalating foreign exchange crisis. In a December 19 statement accompanied by a comprehensive working paper, the business organization warned that inaction is no longer viable for the national economy.

    The Chamber’s analysis identifies three primary drivers of the forex shortage: the current exchange-rate regime that has maintained an overvalued TT dollar for over a decade, declining energy production that traditionally supplies over 80% of forex inflows, and excessive dependence on imported goods across critical sectors including food, vehicles, and pharmaceuticals.

    Businesses throughout the economy are experiencing severe operational challenges, including delayed access to foreign currency, rising operating costs, and diminished competitiveness. The Chamber notes that black market currency trading signals deepening market imbalances that threaten economic stability.

    The organization proposes a multi-stakeholder approach involving government, the Central Bank, and private sector collaboration. Key recommendations include aligning the exchange rate with market demand and supply through a gradual transition to a more flexible and transparent framework. The Chamber emphasizes that timely, coordinated action offers a more orderly path toward stability than forced corrections later.

    For the private sector, the Chamber advocates collective measures to increase forex inflows through profit repatriation, foreign direct investment attraction, and leveraging remittances through formal channels. Import substitution initiatives are also encouraged to reduce structural dependence on foreign goods.

    The warning comes amid recent negative outlook revisions from major credit rating agencies Moody’s and Standard & Poor’s, both citing concerns about declining forex reserves.

  • Consumers face delays in major money transfers after system overhaul

    Consumers face delays in major money transfers after system overhaul

    KINGSTON, Jamaica—Significant processing delays for substantial monetary transfers have emerged across Jamaica’s banking sector following a comprehensive upgrade to the nation’s core payment infrastructure, according to an official confirmation from the Bank of Jamaica (BOJ).

    The operational disruptions originate from the banking system’s transition to a sophisticated international messaging framework designed specifically for high-value transactions, including commercial payments and real estate acquisitions. This strategic modernization initiative, which became operational on December 15, represents Jamaica’s participation in a worldwide movement toward enhancing the speed and reliability of cross-border and large-scale financial operations.

    Despite long-term advantages, the immediate consequence has been substantial system interruptions. Multiple financial institutions have encountered technical challenges in promptly allocating funds to client accounts, creating considerable difficulties for both individual customers and business entities awaiting crucial financial settlements.

    The central banking authority emphasized in an official communication that the national payment infrastructure itself remains fully functional, attributing current processing delays to internal system adaptations required at commercial banking institutions. The BOJ has directed affected customers to address specific concerns directly with their respective financial providers.

    This technological transition was previously rescheduled from its initial November implementation target after several banking organizations cited operational preparedness challenges, compounded by disruptions from Hurricane Melissa. The extended December 15 deadline was established to ensure comprehensive participant readiness.

    Central bank officials are currently collaborating with financial institutions to address the accumulated transaction backlog. “BOJ is maintaining active surveillance of the situation and continues direct coordination with payment system participants to facilitate expedited resolution,” the statement noted, while recognizing the substantial inconveniences created by deferred fund accessibility.

    The Bank of Jamaica reiterated its dedication to maintaining a robust and efficient national payments ecosystem and confirmed ongoing cooperation with all relevant stakeholders to resolve outstanding operational challenges. Customers experiencing delays are recommended to obtain transaction-specific timelines directly from their banking institutions.

  • Banks DIH contributes to Jamaica’s hurricane relief

    Banks DIH contributes to Jamaica’s hurricane relief

    In a demonstration of corporate social responsibility, Guyanese conglomerate Banks DIH Limited has mobilized significant resources to assist Jamaican communities devastated by Hurricane Melissa. The company announced a major donation of essential supplies coordinated through official relief channels to address urgent humanitarian needs.

    The contribution comprises 500 cases of Rainforest Water and 500 boxes of Triskits Crackers, strategically selected for their nutritional value and extended shelf life. These resources will support immediate relief operations managed by Jamaica’s Civil Defence Commission (CDC), which will oversee distribution to severely affected regions.

    Hurricane Melissa recently wrought substantial destruction across Jamaica, severely compromising access to basic necessities for numerous residents. The catastrophic weather event damaged infrastructure, disrupted supply chains, and created critical shortages of food and clean water throughout the island nation.

    Carlton Joao, Marketing Director of Banks DIH Limited, expressed the company’s position: “We are profoundly moved by the devastation Hurricane Melissa has inflicted upon Jamaica and felt compelled to support our Caribbean neighbors during this crisis. As an organization deeply committed to regional solidarity, we recognize our responsibility to assist communities in their most challenging moments. This contribution represents our initial step in supporting Jamaica’s recovery and rebuilding efforts.”

    The CDC will collaborate with local relief organizations to ensure efficient distribution of the donated supplies to vulnerable populations, including those in emergency shelters and community centers. Colonel Nazrul Hussain, Director General of the CDC, acknowledged the significance of the donation: “We extend our sincere appreciation to Banks DIH Limited for their timely and substantial contribution. This support will substantially enhance our ongoing relief operations and provide critical assistance to affected communities as we work to address the aftermath of this devastating hurricane.”

    The corporate response highlights the growing importance of private sector involvement in disaster relief efforts throughout the Caribbean region, where climate-related emergencies increasingly require coordinated response from multiple stakeholders.

  • Syria seeks reintegration into the international financial system

    Syria seeks reintegration into the international financial system

    In a significant development for Syria’s economic landscape, the Governor of the Central Bank of Syria (CBS) has outlined a strategic pathway toward obtaining a sovereign credit rating. Through an official communication on his Facebook account, the governor emphasized that this initiative serves dual purposes: alleviating pressures from the ongoing sanctions regime and creating avenues for collaboration with international credit rating agencies.

    The proposed approach involves Syria initially seeking a ‘shadow’ sovereign rating—an advisory evaluation that remains confidential. This preliminary step would lay the groundwork for transitioning to an official public assessment once economic and political conditions become more favorable.

    Central Bank Governor Al-Hasriya provided crucial clarification regarding the nature and purpose of credit ratings. He emphasized that such ratings do not automatically translate into immediate access to international loans or financing. Instead, they function as comprehensive diagnostic tools that offer objective assessments of a nation’s economic and financial health. These evaluations are designed to strengthen fiscal discipline, prioritize necessary reforms, enhance institutional transparency, and facilitate more effective engagement with global investors and international financial organizations.

    The governor further detailed the Central Bank’s pivotal role in this process, highlighting commitments to enhanced monetary transparency, the provision of reliable economic data, and the promotion of financial stability. These elements, he noted, constitute fundamental prerequisites for establishing a credible sovereign rating that would be recognized by the international financial community.

    Acknowledging the challenging road ahead, the governor recognized that Syria would likely receive a low initial rating—a common circumstance for nations emerging from prolonged conflict situations. However, he stressed that the true value of pursuing a credit rating lies not in the numerical score itself, but in the established standards it provides and the clear roadmap it creates for systematic economic improvement and recovery.

  • New exchange rate attracts attention in Cuba

    New exchange rate attracts attention in Cuba

    Cuban financial authorities have initiated a comprehensive transformation of the country’s foreign exchange market, implementing strategic measures that took effect on December 18, 2025. The development, reported extensively by Cuban media including Cubadebate, follows a special appearance by Central Bank of Cuba President Juana Lilia Delgado Portal on the same day the reforms were enacted.

    The Central Bank has been systematically preparing conditions for these foreign exchange market changes, operating under principles of gradualism and strategic timing. The current Cuban economy suffers from multiple coexisting exchange rates that create significant economic distortions, encourage informal market activities, and complicate banking and tax oversight of economic transactions.

    This currency reform initiative aims to restore convertibility to the Cuban peso, strengthen monetary institutions, and facilitate an orderly transition toward exchange rate and monetary convergence. Authorities emphasize that establishing a functional foreign exchange market requires fundamental prerequisites: macroeconomic stability, operational banking system capacity, and a regulatory framework adapted to contemporary economic conditions.

    Financial experts caution that immediate exchange rate unification without a transitional period could trigger severe currency devaluation, potentially generating higher inflationary pressures than currently experienced and further eroding the national currency’s purchasing power against foreign denominations. After careful consideration of these economic factors, Cuban officials determined that implementing measured reforms represents the most prudent approach to foreign exchange market transformation.

  • China: International tourism fair opens, Cuba attends

    China: International tourism fair opens, Cuba attends

    The Chinese island province of Hainan is currently hosting the nation’s premier tourism trade exhibition, a significant event organized by China’s Ministry of Culture and Tourism. Spanning three days, the fair marks a historic relocation, being held for the first time in Hainan since its establishment in 2001, after previously alternating between the major mainland cities of Shanghai and Kunming.

    This year’s edition, operating under the vibrant theme “Hello China,” occupies an expansive 65,000 square meters of exhibition space. The event is strategically designed to foster direct business engagement, featuring dedicated rounds of in-person professional negotiations between tourism industry buyers and sellers to facilitate concrete partnerships.

    The fair’s layout is organized into five distinct thematic areas, creating a comprehensive showcase of tourism products and opportunities. The event has attracted global participation, notably including a delegation from the Caribbean nation of Cuba. The Cuban contingent is led by First Deputy Tourism Minister Jorge Alberto García, signaling the importance the country places on the Chinese outbound travel market.

    Highlighting Cuba’s unique offerings, Cuban Ambassador to China Alberto Blanco Silva conducted a specialized presentation titled “Cuba as a Tourist Destination.” During his address, Ambassador Silva emphasized the distinctive attractions promoted under the “Cuba Única” (Unique Cuba) initiative, specifically tailoring the message to highlight the exceptional opportunities awaiting Chinese travelers seeking unique cultural and leisure experiences.

  • Economist wary of financial benefits of cruise tourism to Barbados

    Economist wary of financial benefits of cruise tourism to Barbados

    Dr. Delisle Worrell, former Governor of the Central Bank of Barbados, has issued a compelling call for Caribbean governments to reassess the economic value of cruise tourism through updated data analysis. In his December economic letter, the distinguished economist presents evidence suggesting traditional retail sectors across the region no longer benefit from cruise ship arrivals due to fundamental industry transformations.

    Dr. Worrell identifies three structural shifts undermining local economies: The proliferation of massive cruise vessels now feature extensive onboard shopping complexes offering brands previously exclusive to shore-based retailers. Additionally, the democratization of cruising has altered passenger demographics and spending patterns, with contemporary tourists showing preference for inexpensive imported souvenirs rather than high-value duty-free purchases. Finally, local artisans cannot compete with mass-produced imports on price points, despite offering superior quality and authenticity.

    These market transformations have produced visible economic consequences. The economist cites Punda in Curaçao—once a thriving commercial Mecca for cruise tourists—as now representing a mere shadow of its former glory. Similarly, Bridgetown’s Broad Street in Barbados, which historically flourished with venerable retail establishments and international banking operations, has experienced significant commercial decline. Contemporary travel bloggers now focus on Swan Street’s bazaar rather than the formerly prestigious shopping district.

    Dr. Worrell’s observations extend beyond these documented cases. A recent visit to Bermuda’s Dockyard, despite substantial government investment converting historic naval buildings into commercial spaces, revealed quiet streets and empty shops despite nearby cruise ship presence. The former IMF consultant concludes that the assumed positive economic net balance of cruise tourism requires urgent empirical verification through updated research methodologies.