标签： Jamaica

GEORGETOWN, Guyana — President Dr. Mohamed Irfaan Ali has authoritatively declared Guyana’s transformation into a leading tourism hub for the Caribbean and South America, asserting that the nation’s long-anticipated tourism boom is no longer a future prospect but a present reality. The announcement was made during the inauguration of the new Plaza Court Hotel in Georgetown, symbolizing the country’s aggressive push into the global tourism market.

President Ali emphasized that strategic and unprecedented government investments in critical infrastructure, national safety, and human capital development have fundamentally shifted Guyana’s position from an aspirant to a formidable competitor in the international tourism arena. ‘Guyana is not waiting for a tourism boom. The boom has already begun,’ he stated. ‘We are not speculators anymore. We are coming for the market, and we are coming to be successful.’

A central theme of his address was the necessity for industry-wide collaboration. The President framed the entire national tourism sector as a unified entity selling a single product: ‘Brand Guyana.’ He urged all hotel operators and stakeholders to embrace shared standards and accountability, moving beyond individual branding to collectively enhance the nation’s appeal.

Ali outlined a three-pillar framework—safety, service, and experience—as the cornerstone of Guyana’s tourism strategy. He detailed enhancements in security infrastructure and technology-driven monitoring systems that have significantly bolstered public safety. To elevate service quality, the government is advancing plans for a world-class Hospitality Institute designed to equip Guyanese workers with internationally recognized skills.

Regarding the visitor experience, the President highlighted comprehensive upgrades, including streamlined airport processing, revitalized public spaces and historic corridors, and improved connectivity to entertainment districts, all aimed at creating a seamless and memorable tourist journey.

The nation is already reaping the benefits of this strategic push, with a notable surge in interest from international organizations seeking to host major conferences and events in Guyana. The President credited the private sector’s confidence and substantial investments as a vital driver of this growth, reaffirming the government’s commitment to fostering a pro-business environment that generates jobs and raises living standards.

Looking to the future, President Ali described a deliberate and sustained national project, fueled by historic investments in roads, bridges, ports, and airports, to establish Guyana as a premier sustainable tourism destination. The opening of the Plaza Court Hotel was presented as a tangible marker of this readiness, with the President concluding, ‘Brick by brick, runway by runway, room by room, we are laying the foundation for shared prosperity.’

The Government of Trinidad and Tobago has declared an immediate end to all civil proceedings related to the collapsed CL Financial Group, terminating a decades-long investigation that consumed billions in public funds through extensive legal fees. Attorney General John Jeremie delivered a scathing statement to Parliament, characterizing the protracted probe as a judicial ‘feeding frenzy’ and a prolonged ‘joke’ of an investigation.

Jeremie revealed the state has expended an estimated TT$28 billion (US$4.48 billion) on the CL Financial rescue operation, with an additional TT$3-4 billion (US$480-640 million) dedicated specifically to litigation expenses. These figures exclude substantial payments to liquidators, bringing the total financial burden significantly higher.

The Attorney General presented the long-concealed Sir Anthony Colman report, which details the 2009 collapse of insurance giant Colonial Life Insurance Company (CLICO), a CL Financial subsidiary. The report, costing approximately TT$150 million (US$24 million) to produce, had never been previously disclosed to the public or Parliament despite its documentation of what Jeremie described as ‘the largest financial fraud in this country.’

Jeremie criticized his predecessors for authorizing payments approaching half a billion dollars to legal and accounting firms, including nearly TT$400 million (US$64 million) to Deloitte and Touche alone. He noted that despite the enormous expenditure, not a single individual has faced criminal charges related to the financial collapse, which he attributed to ‘unconscionable action’ by previous administrations.

The CL Financial collapse originated from excessive related-party transactions, high-risk investments, and plummeting asset values, culminating in a government bailout in January 2009. The Central Bank of Trinidad and Tobago assumed control until December 2022, when CLICO finally repaid its TT$17.3 billion (US$2.77 billion) debt.

Jeremie highlighted the investigation’s inadequate resources, noting that just one to three police officers were assigned to examine evidence including tens of millions of emails, financial records, forensic analyses of cross-border transactions, 6,414 electronic evidence pieces, and 1,650 boxes of physical documentation.

The Attorney General concluded that continuing to fund ‘professional services to persons who are sometimes golfers but who are always very wealthy’ constituted an irresponsible use of public resources, prompting the administration to terminate civil proceedings in a ‘cost-effective manner.’

Jamaica’s economic landscape closed 2025 with persistent inflationary pressures as official data revealed a concerning uptick in consumer prices. The Statistical Institute of Jamaica (STATIN) documented a 1.3 percent monthly increase in the All Jamaica Consumer Price Index (CPI) for December 2025, pushing the annual inflation rate to 4.5 percent.

The primary driver behind this inflationary surge emerged from the critical ‘food and non-alcoholic beverages’ category, which experienced a substantial 7.1 percent annual increase. Within this sector, produce prices demonstrated particularly sharp elevations, with the ‘vegetables, tubers, plantains, cooking bananas and pulses’ category soaring by 8.4 percent and the ‘fruits and nuts’ class rising by 5.6 percent. STATIN’s analysis directly attributed these agricultural price hikes to the lingering aftermath of Hurricane Melissa, which continued to disrupt local food supplies and distribution networks.

Parallel to the food inflation, housing costs presented another significant challenge for Jamaican consumers. The ‘housing, water, electricity, gas and other fuels’ division recorded a 2.6 percent monthly increase, contributing to a 3.5 percent annual rise. This escalation stemmed predominantly from elevated electricity rates and increased rental costs, compounded by a 3.7 percent increase in water supply and sewage rates.

The restaurant and accommodation services sector further exacerbated the inflationary trend with a 3.9 percent annual increase, reflecting the broader impact of rising operational costs across the service industry. Notably, every subcategory within the food and beverage division recorded price increases throughout the measurement period, indicating widespread inflationary pressure rather than isolated incidents.

Seafood prices emerged as another area of concern, with the ‘fish and other seafood’ category matching the 8.4 percent increase seen in vegetable prices. This surge was primarily driven by higher costs for staple protein sources including salted fish, sardines, mackerel, and sliced fish, affecting both household budgets and commercial food services.

The cumulative effect of these increases positions Jamaica’s economy at a critical juncture, with the December 2024 to December 2025 inflation period consistently maintaining the 4.5 percent rate, suggesting sustained rather than transient price pressures across multiple essential commodity sectors.