Connect with us

Business

CENTRAL BANK’S GOVERNOR REVIEWED THE BARBADOS ECONOMY : JAN – MAR 2024

Despite challenges, Barbados’ economy grew in early 2024, further strengthening key economic
aggregates like the current account balance and debt-to-GDP ratio. 

Amidst challenges such as elevated foreign interest rates, geopolitical tensions, higher freight costs, and adverse local weather
conditions, the economy sustained its growth trajectory. 

Real GDP increased by 4.1 percent during the first quarter of 2024, fuelled by visitor arrivals that surpassed the industry’s 2019 peak along with broadbased growth across various sectors. 

This economic expansion contributed to achieving an external current account surplus and a further strengthening of financial sector’s resilience. Moreover, it helped to attain the 2023/24 fiscal year primary surplus target and further reduced the debt-to-GDP ratio. (PR/GIS)

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Afreximbank Lon to upgrade and maintain Kensington Oval

The stage is set for the 2024 ICC Men’s T20 World Cup matches to be held at Kensington Oval
This assurance comes from Chairman of Kensington Oval Management Inc (KOMI), Damien Gaskin, as he spoke during the recent signing of a US$25 million (BDS$50 million) loan to upgrade and maintain the historic Kensington Oval site, between Prime Minister Mia Mottley and Chairman of Afreximbank Professor Benedict Oramah.
Gaskin stated that key work at the facility has already been completed in time for the June tournament.
“We have done a lot of work to this point. We started the work in earnest in November to bring us to probably over 80 per cent complete in a lot of the works that we have had to do. We spent close to probably $30 million already, we are going to spend another five to eight of what we see as the current redevelopment at Kensington Oval.
“Legacy was a major aspect of the entire plan around the redevelopment. That legacy will include an indoor facility with the latest technology to help our cricketers training year round, and even be able to add science to their training and rehabilitation. We are looking at drop-in pitches, we want to increase the utilisation of the Oval, we want to be able to hold a big concert one day, and then hold a huge cricket match three to four days later without any negative impacts on the field,” Gaskin added.

Continue Reading

Business

BTFL Hosts Graduation Ceremony For Manufest

The Barbados Trust Fund Limited (BTFL) is continuing to work tirelessly to support local entrepreneurs.

General Manager of BTFL, Gerald Amos, outlined its various initiatives and plans on Wednesday night as he addressed the graduation ceremony of the 2023 Edition of the Manufest Manufacturing Incubator Programme (Cohort Two), at Bagnall Point Training Room, Pelican Village, St. Michael.

Mr. Amos noted that the Trust Fund had invested in technology and innovation with its new Loans Management System (LMS), where clients are now being offered an “end-to-end process”.

“One can apply for a loan and be disbursed electronically without having to physically visit the offices of the BTFL…. That system will provide online repayment methods for our clients, and for us to remit payments directly to suppliers and vendors on behalf of our clients.

“To support our new LMS, we have upgraded and redesigned our website to be more accessible and user-friendly for all who engage with us,” he told the audience.

With the 2024 International Cricket Council Men’s T20 World Cup being held in June, the General Manager stated that the BTFL intends to exploit available opportunities for entrepreneurs, so they can showcase and offer their goods and services, while ensuring their products are of world-class status.

During his wide-ranging remarks, Mr. Amos said BTFL had budgeted to host two Manufest programmes yearly, but the overwhelming response it received from entrepreneurs meant that three would have to be undertaken this year. The next cohort will start in May.

The Manufest Manufacturing Incubator Programme aims to enhance the quality and standards of products offered for export. Entrepreneurs are taken through a developmental journey tailored at improving business acumen, product standards, creating best practices, and providing clients with the insight needed to strengthen their businesses.

Mr. Amos said completion of the training did not signify that the participants’ journey had now come to an end. “We will seek to enroll …many of them into the Export Voyager Programme at Export Barbados, where they will be further exposed to understanding the roadmap of navigating export markets. We, at the BTFL, are absolutely delighted for the guidance and support offered by Export Barbados,” he shared. 

Over 35 persons from Cohorts One and Two received their certificates at the graduation ceremony. (PR/GIS)

Caption: General Manager of the Barbados Trust Fund Limited, Gerald Amos, speaking at the 2023 graduation ceremony of the Manufest Manufacturing Incubator Programme (Cohort Two), at Bagnall Point Training Room

Continue Reading

Business

Barbados & China Sign Agreement For Electric Buses

Government has signed an Exchange of Notes agreement for the acquisition of electric buses with the China International Development Cooperation Agency (CIDCA) of the People’s Republic of China.

Minister of Foreign Affairs and Foreign Trade, Kerrie Symmonds, and CIDCA’s Chairman Luo Zhaohui, signed the agreement at the Ministry’s Office, Culloden Road, St. Michael.

The agreement is based on a request by the Government of Barbados for the donation of electric buses from the Government of the People’s Republic of China, as part of the effort to reduce reliance on fossil fuels and to reduce the island’s carbon footprint. 

The specifications have been submitted and the Chinese authorities are in the process of assessing the request.  The Exchange of Notes is a further step in the process of acquiring approval for the Barbados request.

CIDCA was established in March 2018, with the aim to formulate strategic guidelines, plans and policies for foreign aid; coordinate and offer advice on major foreign aid issues; advance the country’s reforms in matters involving foreign aid; and identify major programmes and supervise and evaluate their implementation. Specific assignments will be allocated to different departments.

During the bilateral engagement, Minister Symmonds and Chairman Zhaohui both acknowledged the longstanding, cooperative, friendly diplomatic relations between the two countries and expressed a desire for deepening their levels of engagement.

The two officials also conversed widely on several subject areas, including the Bridgetown Initiative, the Global Development Initiative; climate crisis, the Belt and Road Initiative, the Hope Agricultural Training Institute, The UWI Centre for Food Security and Entrepreneurship, educational scholarships, increasing people-to-people contact, and cultural exchanges.

Also present for the signing and bilateral meeting were Permanent Secretary, Joy-Ann Skinner; Director General of Foreign Affairs and Foreign Trade, Donna Forde; Senior Foreign Service Officer, Trecia King; Foreign Service Officer II, Asha Pitt; China’s Ambassador to Barbados, Yan Xiusheng; and a delegation from the CIDCA. 

Barbados and China established diplomatic relations on May 30, 1977. (PR/GIS)

Caption: Minister of Foreign Affairs and Foreign Trade, Kerrie Symmonds, and Chairman of China International Development Cooperation Agency (CIDCA), Luo Zhaohui, shake hands and exchange documents following the signing of an agreement to acquire electric buses from China

Continue Reading

Trending

© 2022 Advomag. All rights reserved.