October 5, 2021

Standard and Poor’s Ratings Agency, on Monday, affirmed the Government of Jamaica’s ‘B+’ long-term foreign and local currency sovereign credit ratings and ‘B’ short-term foreign and local currency sovereign credit ratings and revised the outlook from “negative” to “stable”. S&P’s rating action reflects S&P’s view that Jamaica’s “economic recovery will strengthen, [and] government finances will return to fiscal surplus this year”. S&P further noted that “Jamaica’s commitment to fiscal consolidation fosters macroeconomic stability….and supports the country’s creditworthiness” The outlook revision to “stable” is based on S&P’s analysis that the government’s finances will continue to improve which will lead to the continued reduction of economic and financial risks caused by the pandemic, and the expectation that Jamaica’s debt will resume its pre-pandemic downward trajectory. S&P opined that “the institutionalisation of fiscal consolidation policies bolsters policymaking stability and predictability” and “recent changes in the governance and mandate of the central bank have improved Jamaica’s monetary flexibility”. Minister of Finance and the Public Service, Dr Nigel Clarke, in commenting on the rating action said, “We welcome this positive rating action by S&P, which again affirms our credit rating, while revising the outlook on Jamaica up to stable and is reflective of responsive yet disciplined policy choices and of institutional strengthening, even while in a pandemic. We remain committed to prudent policymaking while continuing to pursue reform with ambition.” Source: https://jamaica.loopnews.com/content/sp-revises-jamaicas-outlook-negative-stable

World Expo 2020 Dubai is off to a good start for the Jamaican delegation, following a spectacular opening ceremony on Thursday (September 30). The event, which runs from October 1 to March 31, 2022, is one of the biggest gatherings of nations from all over the world to showcase their products and craftsmanship, while promoting the exchange of technology, trade, and culture. Thousands of persons will descend on the United Arab Emirates (UAE) over the 182 days. Commissioner General of Section, Jamaica Pavilion, Essie Gardner, said the Jamaica team has “hit the ground running”. “The expo is open to the general public from 10:00 a.m. to 10:00 p.m. minimum. In the first hour of opening, we saw over 75 persons passing through the Pavilion. Right now, we have a small team present… but we are expecting other team members to join which would give us the opportunity to see some of the other pavilions in action,” she told JIS News. Jamaica’s pavilion is conveniently located in proximity to one of the main entrances to the Expo, positioned near the main metro line in and out of the Expo grounds. Jamaica Promotions Corporation (JAMPRO) is one of the entities scheduled to join the team already in Dubai and will conduct country business briefings to secure new business partnerships, particularly in the areas of tourism and mining. JAMPRO will also play a key role in the staging of Jamaica’s ‘Country Day,’ which is slated for February, to coincide with Reggae Month. Other agencies that will make up the Jamaican delegation in Dubai include the Jamaica Tourist Board/Ministry of Tourism, the Ministry of Culture, Gender Entertainment and Sport and the Jamaica Special Economic Zone Authority. Ms. Gardner, who attended the official opening ceremony in the Al Wasl Plaza on September 30, said “it was an amazing experience”. “Each country was afforded one invitation… and I was selected to represent Jamaica. The use of technology was amazing. The Al Wasl dome is a giant screen, which allowed the audience to feel a part of the images being shown. We experienced the sensation of being underwater, in the air and on land. It was incredible to see how the setting changed before our eyes, without any interruption in the proceedings. It was a privilege to be present,” she told JIS News. For those persons, who could not attend in person, large screens were set up in the Residence Park of the Expo so that they, too, could view the proceedings. Source: https://jis.gov.jm/world-expo-2020-off-to-good-start-for-jamaica/