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ECFH Closing Price as at May 10, 2021: $4.50

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May 11, 2021

PM says Dominican economy is recovering; cites $22M sent by Haitians to Haiti, among other signs

Prime Minister Roosevelt Skerrit has announced that despite the economic downturn caused by COVID-19, the economy is showing signs of recovery.

Speaking during a recent cabinet press conference, the finance minister announced that although the economy has not gotten back to where it was pre-pandemic, progress is being made.

“As you know our economy was projected to grow by 5.6% in 2020, following another 9.7% the year before with a number of capital projects that were on stream but here came the pandemic,” he pointed out.

While he notes that the economy is not doing as bad as it was in the early stage of the pandemic, he disclosed that we’re not bringing in the revenue that we were bringing in at the same period in 2015.

“But we are seeing progress,” Skerrit stated. “We are seeing improvement in the economy, and of course we are marking this from the revenues coming from the income tax and the value-added tax.”

Another sign of growth in the economy he noted was the million sent out by Haitian nationals who reside here in Dominica, during the past two years.

“To also say to the Dominican public when we complain that there is no money in the economy or there are no jobs, the record shows that just Haitian nationals sent out 22 million dollars in 2020 via money gram and western union,” he stated. “22 million dollars in COVID-19 period…and in 2019 they sent out 23 million dollars. So I wanted to put this important piece of fact so that people appreciate that we may not be where we want but there are opportunities for us as Dominicans to do so.”

Notwithstanding the challenges of the economy, the head of Government emphasized that his government has continued to honour its responsibility.

“We have also maintained consistent payment to the national employment programme to the 70 and over allowance, notwithstanding the fact that there may be one of two students in between who may sometimes are not dealt with administratively in terms of the payments of the school fees, we have paid them for this financial year about 22 million dollars to students studying overseas.”

He went on to commend residents for what he has labelled as “industriousness” in the face of the pandemic.

“People have adapted as a result of COVID-19 and you have seen people change their business model. They have brought in new businesses and my hope and prayer is that we will see these things continue with us as a legacy of COVID-19,” Skerrit said.

The Prime Minister further stressed that importance for citizens to provide support to those types of enterprises going forward.

Article Published May 10, 2021 on dominicanewsonline.com

Sandals aims to hire 500 Vincies in upcoming recruitment

Five hundred Vincentians stand to benefit from direct employment opportunities within the Sandals Group when the company begins its recruitment drive in St. Vincent and the Grenadines in the next few weeks.

Last year, Sandals Resorts International (SRI) announced plans to bring its Beaches brand to SVG, and the company says the move promises expansive economic growth for the country.

Adam Stewart, the company’s executive chairman, said this recruitment drive to provide direct employment opportunities for nationals even ahead of the resort’s opening, represents only the first move towards fulfilling this promise.

“In light of the displacement many are experiencing due to the volcanic eruption, we are fast-tracking our plans for employment and training opportunities. We are committed to supporting the people of Saint Vincent and the Grenadines, especially during these challenging times and we remain even more committed to delivering on this exciting Beaches project,” Stewart said.

“Increased employment, which will continue throughout construction and beyond, is only one aspect of the massive economic footprint the Beaches brand will bring to Saint Vincent and the Grenadines”, Stewart said.

“The economic benefits will be significant – from increased airlift benefitting all surrounding islands to direct and indirect linkages to critical sectors such as transportation, tours and excursions, agriculture and manufacturing.”

The company said that the upcoming recruitment drive is a manifestation of SRI’s continued commitment to providing Caribbean nationals with training and employment opportunities across the region under its Team Member Exchange Programme.

Qualified Vincentians will be encouraged to apply for a raft of positions across the region which will be advertised in the coming week ranging from bartenders and cooks to concierge and front desk agents and restaurant managers, the company said.

Applications will be accepted by email and thereafter, shortlisted applicants will be invited to an interview with successful candidates placed at various resorts across the region.

“We are very excited to get this programme underway,” Stewart said, adding, “The successful applicants will be the very ones who will come back to lead and train other Vincentians when we officially open Beaches Saint Vincent and as a company built on training and development, we look forward to what will definitely be a full-circle moment for these team members.”

In addition to this recruitment drive, the company has also supported post-eruption relief efforts through its philanthropic arm, the Sandals Foundation, which has been working closely with local authorities to provide support.

Sandals said that Beaches Saint Vincent is just one of several exciting new projects announced by Sandals Resorts in 2021, which will also see new resorts in Jamaica and Curacao, followed by St. Lucia, and which is expected to create some 5,000 new jobs over the next five years.

Article Published May 09, 2021 on iwnsvg.com

Guyana seeking US investors for agricultural sector

President Irfaan Ali Monday urged United States companies to invest in Guyana’s agricultural sector.

A statement from the Office of the Preaident, said that he highlighted Guyana’s agricultural potential during a presentation to over 150 US companies interested in conducting business here.

It said that the webinar held under the theme: ‘Agriculture Opportunities in Guyana’ was organised by the United States Department of Commerce.

“I welcome you to a country that is open to doing business, that is ready to facilitate growth and development, and that is ready to help private investment to ensure that you have a decent return—a country and a market that believe inherently in the participation of the private sector.”

President Ali outlined several facets of the sector, including Guyana’s potential to produce a large portion of the food requirement for the Caribbean Community (CARICOM), its proximity to one of the most dynamic and robust agricultural sectors by diversification in the world- Brazil, and the under investment of the sector in realising its full potential.

He was quick to distinguish the difference between under investment and underdevelopment.

“Why I would not say underdevelopment is because you have a government that is ready to put in the necessary infrastructure investment to facilitate the private investment in the sector, to realise the potential we’ll talk about.”

Ali explained that agriculture contributes 21.7 per cent of Guyana’s non-oil gross domestic product (GDP); in terms of agriculture trade, the country’s export earnings are about US$370 million which primarily comes from rice, fish, sugar, and some amount of non-traditional produce; while the sector contributes to about 12.1 per cent of employment.

Ali noted that although the employment in the sector is highest in the rural areas, a lot of investments have been made in research, technology development and skills development which have produced “a very competent skill base” in terms of human assets available.

He told the investors that about five per cent of the country’s national budget is allocated to agriculture.

With regards to the growth of the sector, President Ali outlined several key features including an ideal tropical climate, large expanse of freshwater and importantly, vast tracts of productive land.

“So those who have experience in agriculture would know when you hear vast tracts of productive land and freshwater coming together, you get excited because the natural environment with the tropical climate allows for the development of the sector.”

He also disclosed to the potential investors that the country produces 59 per cent of its internal demand.

“This is some of what Guyana offers; 215,000 square kilometres of coastline, an ideal location to access global markets, attractive fiscal incentives for investment, a private-sector friendly government and of course, a country with diverse people.”

President Ali outlined some investment opportunities in the sector which include, rice, sugar, corn, soya, coconut, spices, fruits and vegetables, agro-processing, agrochemical, the livestock sector – poultry, beef, dairy, sheep, and goat – and fisheries-agriculture and shrimp.

In pointing to Guyana’s productive capacity within CARICOM, the Head of State said that the potential is about US$25 million in poultry alone, 90 per cent of which is imported.

“Guyana has the potential of satisfying all of CARICOM’s food requirement for poultry products, eggs, beef, aquaculture; we have the land, we have the freshwater but what we don’t have is the investment. What we don’t have are the large scale mega-farms that would allow us to produce, that would allow us to facilitate the type of type of growth that will help us to enter this natural market in CARICOM.”

He reiterated the need for mega investments in the agriculture sector which will bolster Guyana’s already existing ability to satisfy the regional market.

“What we need, as I said, are the investors who are ready to make the investments into large-scale mega facilities that will support the growth and development of these different sub-sectors. In terms of land availability, in every one of these areas, we have lands that are available. We have freshwater…and we have the critical infrastructure link that will allow you to move your produce from the field to the market or to the export facility as it is now.”

Government, he added, will be heavily focused on developing the aquaculture sector in the short term to service potential markets including CARICOM, the USA, Mexico, and the EU.

“The USA, for example, imported over 550,000 metric tons of frozen shrimp and prawns valued at US$4.8B. So here is an opportunity for us to work together with the local private sector and the US investors to meet the demand in the United States. And what do we have for the aquaculture industry? We have the brackish water, we have freshwater and salted water, all of which are distinct and comparative advantages in the aquaculture industry.”

Foreign Secretary Robert Persaud and several government representatives from the Ministry of Agriculture joined President Ali for the virtual meeting, while Minister of Agriculture Zulfikar Mustapha and American Ambassador to Guyana Sarah Ann Lynch joined the proceedings virtually.

In addressing the participants, Ambassador Lynch acknowledged that “this is a time of unprecedented opportunities” in Guyana.

Article Published May 10, 2021 on barbadostoday.bb

EU: Pandemic measures to total about $5.85 trillion

BRUSSELS (AP) — The European Union’s top economy official said Monday that the recovery measures the EU and its 27 member states have in the works to emerge from the pandemic total around $5.85 trillion.

EU Economy Commissioner Paolo Gentiloni told a European Parliament committee said that if comparisons are made with U.S. President Joe Biden’s pandemic stimulus relief package, the EU can confidently stand next to Washington when all efforts are counted together.

“Measures taken until now from member states and the EU reach so far 4.8 trillion” euros, the Italian commissioner told legislators, sweeping aside criticism that authorities weren’t doing enough compared with Washington.

The EU has agreed to a common recovery fund package of 750 billion euros ($910 billion), plus a 1.1 trillion euro ($1.3 trillion) seven-year budget that will be strongly geared toward dealing with the unprecedented economic recession caused by COVID-19 that the bloc’s 450 million citizens will have to overcome. Many of those measures still need a final stamp of legislative approval.

During his first 100 days in office, Biden has secured passage of a sweeping $1.9 trillion pandemic package to bring relief to 330 million Americans. There is also a proposed $2 trillion-plus infrastructure plan and the recently unveiled $1.8 trillion proposed student-families-workers plan bringing the total to a potential $6 trillion.

“If we look at it in a certain way, we could say that the U.S. reaction was stronger, faster than the European one,” Gentiloni said.

Take note, however, “that we are not a federal state. And so we have to consider both member states and the EU level,” bringing the total to $4.8 trillion.

“So we are not used to mixing all the different interventions. But if we do this, we reach an amount which is not so different from the effort of the United States,” Gentiloni said.

Many major social affairs and economic policies are still run at a national level in the European Union, and stimulus measures for companies and the workforce also have a massive national input which is rarely visible in EU statistics.

Still the 750-billion euro “Next Generation EU” package stands out because it allows the bloc for the first time to raise money on the markets by itself. Much of the aid will be spent among the poorer and harder-hit member states.

EU Vice President Valdis Dombrovskis said that if requests from member states proceeded as planned, the first disbursements to the member states on prefinancing could already be made in July. He added that the second tranches of financing could already be made before the end of the year.

The EU has a strict set of benchmarks that member states must reach if the money is to be paid out. In all, 37% must be spent on green projects, ranging from offshore wind parks to cycling tracks. And 20% must go to digital projects, including 5G networks and digitizing public administration.

Funds will only be released piecemeal once member states have proven previous aid has been spent according to plan.

Article Published May 11, 2021 on brproud.com