Stephanie D Abrahams

[Nigel Clarke @NigelClarkeJa]

Sharing some #GoodNews:

As a result of the "significant progress" in improving our AML/CFT framework, Jamaica was removed from the FAFT "Grey List" to the applause of the FATF Plenary at its meeting today in Singapore!! 🇯🇲🇯🇲🇯🇲

Please see my statement below for details:

[Nigel Clarke @NigelClarkeJa]

The GOJ is working in a strategic partnership with the WB to accelerate Jamaica’s pace of development.

[Nigel Clarke @NigelClarkeJa]

The GOJ is pursuing projects with the WB that fall within the rubric of the CPF including projects to develop STEM Schools, improve access to quality secondary education, launch unemployment insurance, improve the business environment, strengthening access to finance and improve access to agricultural markets.

[Nigel Clarke @NigelClarkeJa]

Yesterday, the MOFPS collaborated with the World Bank in the WB’s Jamaica Country Partnership Framework (“CPF”) Stakeholder Event The ‘24 - ‘27 CPF, which benefited from input from the MOFPS, is constructed around the themes of human capital development, more and higher valued jobs and reduced vulnerability and enhanced resilience to climatic shocks.

[Nigel Clarke @NigelClarkeJa]

Last week we passed legislation in the House of Representatives for the creation of a National Natural Disaster Reserve Fund (“NNDRF”) through which the GOJ is mandated to place annual savings until a cap of $10 billion is achieved.

The NNDRF will be provide one layer of disaster risk financing coverage that complements the GOJ’s multi layered suite of disaster risk financing instruments.

[Ministry of Finance Jamaica @MOFJamaica]

Applicants who are desirous of serving on public body boards may create an application to become a part of our database of prospective directors.

more info: https://t.co/OUMGgGBX5P

#MOFPSJamaica

[Keenan Falconer @keenanfalconer]

“The premiums here are being paid for by Jamaica, providing an important example to other countries that might look to the catastrophe bond market as a source of disaster insurance protection. Previously these were underwritten by int’l donors https://t.co/tOU1P0rSc4

[Nigel Clarke @NigelClarkeJa]

#PressRelease For Immediate Release

Fiscal Outturn – March 2024

[Nigel Clarke @NigelClarkeJa]

#PressRelease

[Nigel Clarke @NigelClarkeJa]

For the first time, Jamaica’s Net International Reserves passed the US$5 billion mark.

As at March 31, 2024, Jamaica’s Gross Reserves stood at a historic high of US$5.231 billion & Jamaica’s Net International Reserves totaled US$5.137 billion which is also a record high.🇯🇲🇯🇲

[Nigel Clarke @NigelClarkeJa]

A high level of foreign exchange reserves is therefore a necessary precondition for achieving what we want for the Jamaican economy - sustainably supporting jobs, growth, and development while maintaining economic strength and resilience.

[Nigel Clarke @NigelClarkeJa]

Economic resilience means we can weather economic shocks - whether they be from geopolitical, commodity price related or natural disaster sources - and these shocks, though they may lead to temporary setbacks, economic resilience means they don’t derail our plans because we recover quickly.

[Nigel Clarke @NigelClarkeJa]

Economic growth requires investment. Levels and pricing of investment are linked to real and perceived levels of economic and investment risk. Having a high level of FX reserves lowers economic and investment risk and supports greater levels of investment. Increasing investment is necessary to support jobs, revenues and improved standards of living.

[Nigel Clarke @NigelClarkeJa]

Being of small size while having an open economy with a liberalized foreign exchange regime makes it imperative that Jamaica has strong levels of foreign exchange reserves if we also want economic growth and development and we want to be economically resilient and more economically independent.

[Nigel Clarke @NigelClarkeJa]

Jamaica also has a liberalized foreign exchange regime with a floating exchange rate. Anyone can buy or sell any amount of foreign exchange at anytime without permission from anyone.

[Nigel Clarke @NigelClarkeJa]

Jamaica is an open economy by virtue of the fact that as a small island we depend on the outside world for so much of what we consume. Trade in goods and services is approximately 90% of GDP for Jamaica. That is what we mean by Jamaica having an open economy. (For the US, the comparative statistic is approx 27%)

[Nigel Clarke @NigelClarkeJa]

Jamaica’s history contains painful and enduring lessons of the chronic economic vulnerability, volatility and distress that, in large part, arise from having insufficient foreign exchange reserves in our central bank.

[Nigel Clarke @NigelClarkeJa]

#GoodNewsJamaica #Update 🇯🇲 This should not go unnoticed….for the first time, Jamaica’s Net International Reserves passed the US$5 billion mark.

As at March 31, 2024, Jamaica’s Gross Reserves stood at a historic high of US$5.231 billion and Jamaica’s Net International Reserves totaled US$5.137 billion which is also a record high.🇯🇲🇯🇲🇯🇲

Source: BOJ Website

#Thread 🧵

[Nigel Clarke @NigelClarkeJa]

In 2021, Jamaica became the first small country in the world to independently sponsor a catastrophe bond.

Link: https://t.co/IVK9j9gZgT

[Nigel Clarke @NigelClarkeJa]

#CatBondUpdate #Thread

I am pleased to provide the update that Jamaica has sponsored its second consecutive catastrophe bond, with the much appreciated assistance and support of the World Bank.

This cat bond will provide fiscal resources for emergency expenditures that arise from a direct hit by a high intensity hurricane over the hurricane seasons 2024, 2025, 2026 and/or 2027.

The cat bond will be listed on the Hong Kong Exchange. See World Bank Press Release below. 🇯🇲 #TakingResponsibilityForOurVulnerability

Link: https://t.co/d3EXvbwHL0