Barbados
Barbados is set to receive US$56 million (BDS$112 million) more in financing from the International Monetary Fund (IMF).
The Washington-headquartered agency said on Friday it would immediately release the money after its executive board concluded the third review of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF). US$19 million (BDS$38 million) of the money is being paid out under the EFF while the US$37 million (BDS$74 million) falls under the RSF.
This latest release will bring the total disbursement which Barbados has received under the two funds to US$112 million (BDS$224 million).
Following a visit by a mission team May 13-21, the IMF reported on Friday that as far as the programme implementation for the EFF was concerned, “all quantitative performance criteria for this review have been met”, and in some cases surpassed target.
“Key structural benchmarks have also been completed, including those to: implement a formal and time-bound process for requalification of tax exemptions and waivers under the modernised framework; establish a Cash Management Unit in the Treasury Department; develop standard contracts for routine government procurement; and approve of plans for the reform of key state-owned enterprises,” it added.
However, two end-March structural benchmarks were not met: The National Insurance and Social Security Service (NISSS) has only submitted some financial statements, with the others to be handed in in the coming months; and efforts to launch a central online platform for government services and monitoring of public investment are still progressing,
“albeit with some technical delays”, the IMF said.
“Modifications to the June and September primary balance targets are proposed to accommodate a modest frontloading of critical capital expenditure ahead of the rainy season,” the international lender said.
As for the RSF, the IMF said the Barbadian authorities had completed both reform measures for this review. It noted that in March, the government tabled a Stormwater Management Act, replacing the Prevention of Floods Act; and Cabinet approved the Energy Efficiency and Conservation Policy
Framework to reduce energy use of all government agencies and develop efficient public lighting.
According to the IMF: “The authorities are also advancing important work on: a new Electricity Supply Bill to enhance competition and promote local participation in renewable energy investment; integration of climate risks into financial stability assessments; and integration of climate concerns into the public financial management process.”
The IMF noted that the island’s economy has recovered to pre-COVID-19 pandemic levels and its external position has improved. It further highlighted that gross domestic product (GDP) growth is expected to remain strong in 2024, driven by a rebound in tourism and related sectors.
The island’s US$1.5 billion in international reserves at the end of 2023, which represented seven months of import cover, was also highlighted by the Fund.
At the same time, the IMF highlighted a number of risks to the growth outlook for the economy, including the potential global economic and financial shocks, as well as natural disasters.
“The medium-term growth outlook remains vulnerable to potential global economic and financial shocks and natural disasters. An abrupt global slowdown or recession in key source markets (US, UK, and Canada) could impact tourism and weaken growth,” it said.
“An intensification of regional conflicts could also increase global
commodity prices and inflation, reducing real incomes in both source markets and Barbados. An abrupt adjustment in global financial markets could also see a rise in global risk aversion and a further increase in the cost of external financing, affecting the fiscal and external accounts.
“The economy remains highly vulnerable to climate change risks and natural disasters, which could have an adverse impact on economic activity, increase the fiscal deficit and public debt, and pose
financial stability risks. On the domestic front, deceleration of reform momentum could generate concerns about the fiscal consolidation and debt sustainability,” it added.
However, it added, these risks are mitigated by “the authorities’ excellent track record of implementation and strong commitment to reform”.
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Jamaica
ocal contractors are being assured that they will not be excluded from the procurement process under the Government’s $40 billion Shared Prosperity Through Accelerated Improvement (SPARK) programme.
The initiative seeks to rehabilitate several of the island’s roadways.
Recently, the Incorporated Masterbuilders’ Association of Jamaica (IMAJ) raised serious concerns that local contractors would be unable to meet the requirements to participate in the programme.
At last week’s post-Cabinet press briefing, Minister without Portfolio in the Ministry of Economic Growth and Job Creation with responsibility for works, Robert Morgan, noted the concerns of the local contractors.
“I met with the Incorporated Masterbuilders’ Association and we had very positive conversations, and I assured them that a part of the procurement process will ensure that local contractors are an essential part of the SPARK programme execution,” Morgan said.
But in an update on the move to execute the project, Morgan revealed that no local construction company has been successful at the pre-qualification stage in the bidding process so far, despite two local entities responding.
Eight construction companies responded, and of the eight, two were local.
“So far, five international companies have been successful at the pre-qualification stage, and this week we will be sending out bid proposals to those five pre-qualified enterprise construction companies,” Morgan informed.
Also, he noted that the proposals will be for the international companies “to bid on the four packages that are across the island”.
It is expected that those bid proposals will be returned by mid-August, after which approval is to be sought from the Public Procurement Commission and Cabinet to award contracts by the end of September of this year, Morgan shared.
He added that, “These contracts will be for two years, with an additional year for defects, liability, as well as where the contractor will be carrying out corrective measures if there are challenges with the completed works.”
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Guyana
As part of its efforts to improve procurement practices and promote accountability nationwide, the Public Procurement Com-mission (PPC) has been conducting training sessions in the various regions.
In a release on Tuesday, the PPC informed that its latest session was held on June 14, at the Bartica Learning and Resource Centre in Region Seven. It said that the session drew a diverse group of 30 participants from various sectors, including members of the Regional Executive Office, Regional Tender Board, evaluators, engineers, and members of the Bartica Town Council.
Also in attendance were procurement staff, personnel from multiple regional and municipal departments such as accounts, procurement, planning, and health, as well as representatives from the Guyana Defence Force and the Guyana Police Force.
The training session covered a wide range of topics relevant to the commission’s operations and the procurement process. These included the PPC’s role and responsibilities (mission, vision, core values and function); the legislative framework, administrative review and debarment process; the public procurement process; threshold and tender openings; and the evaluation process.
Following training sessions in regions Two,Three, Four, Five, Six, and Ten, the commission said that it received a favourable response from Region Seven. The positive feedback from Region Seven, it posited, emphasised the significant value and impact of these sessions, reinforcing the PPC’s dedication to improving procurement practices throughout all regions. “This initiative is crucial in ensuring standardised, transparent, and efficient procurement processes across the country, thereby fostering greater accountability and better resource management.”
The PPC stated its intention to extend similar training programmes to regions One, Eight, and Nine, in the upcoming weeks, which will complete coverage across all ten administrative regions. And by equipping stakeholders with the requisite knowledge and skills, the PPC aims “to cultivate a transparent, efficient, and accountable procurement ecosystem conducive to sustainable development in Guyana.”
The release pointed out that Section 19(1) of the Procurement Act, Cap. 73:05, provides for the National Procurement and Tender Administration Board to create within each administrative region, a Regional Tender Board which is subject to the provisions of the Act. Therefore, it is imperative that the Regional Tender Boards are acquainted with and have a working knowledge of the procurement processes mandated by the Act.
Persons or entities interested in procurement training or requiring further information can contact the PPC via telephone at (592) 226-3729, (592) 231-7306, and (592) 226-2364 or by email at operations@ppc.org.gy
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Jamaica
The Ministry of Education and Youth in Jamaica is actively increasing its efforts to ensure schools across the nation are equipped with state-of-the-art closed-circuit television (CCTV) surveillance systems.
This move is part of a broader strategy to enhance safety and security in educational institutions.
Comprehensive assessment and procurement drive
In a recent statement, the Portfolio Minister, Hon. Fayval Williams, highlighted the ministry’s commitment to the safety of children by outlining the current status and future plans for the CCTV systems in schools.
Following a thorough evaluation, the ministry is aware of the operational status of existing cameras and is now embarking on a significant procurement process.
This initiative is designed to ensure that every school is incorporated into the safety and security architecture essential for creating safe learning environments.
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The initiative is monitored by the Education Transformation Oversight Committee (ETOC), which oversees the implementation of various recommendations from the Jamaica Education Transformation Commission (JETC).
Chaired by Professor Orlando Patterson, the JETC’s report has set the foundation for reforms covering several key areas, including safety and security, governance, curriculum development, and infrastructure enhancements.
Implementation and training updates
Sophia Forbes-Hall, the Chief Transformation Officer, provided an update on the progress of the CCTV project. Plans are underway to prepare a project concept for submission to the public investment appraisal branch by September 2024.
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Guyana
resident General of the Joint Trade Union Movement (JTUM) Ancel Roget has accused Prime Minister Dr Keith Rowley of ‘bias’ following his official meeting with an Indian businessman who expressed his interest in the Petrotrin refinery.
Rowley met Naveen Jindal two weeks ago to discuss business prospects for the refinery. It was subsequently revealed to the public that Jindal was allegedly facing corruption and bribery charges from the Indian government.
However, Rowley said he was ‘unaware’ of the charges the billionaire industrialist was facing.
Speaking at a press conference held at the OWTU’s building in San Fernando on Tuesday, Roget said it was unfair that the prime minister chose to meet an interested party beforehand, particularly as this country’s public procurement legislation was passed in the Parliament last year.
He further raised the fact that the OWTU would have won the first bid for the refinery- against 76 other parties- in 2019 as all of the necessary requirements and documents were provided for use. Roget explained that to date, the OWTU’s bid would still be considered as valid as everything remained the same.
He said: “The process that is currently engaged to select a purchaser for those assets had been closed on May 10, 2024. Up comes last week, this Indian businessman, in the Diplomatic Centre, in the face of procurement legislation, in the face of the procedure and the process that is being engaged, up comes this Indian businessman in a display of supreme bias discussing the same asset with the prime minister.”
“Trinidad and Tobago, that could never be correct or right. That could not be ethically correct, morally correct, spiritually correct and it’s definitely not lawfully correct and right,” he added.
Roget claimed that had another political party been in government then the move would not have been met with the current silence.
He further called out the government on its decision to announce the successful bidder by the end of August this year, pushing back the original timeframe from June, to benefit taxpayers.
Roget said: “The taxpayers are we the workers, the people of this country, all of us who that asset belongs to… And we will not sit idly by, this is a scandal in the making. This is a scandal in the making where the prime minister could just get up and announce that he changed the date, changed the rules of the game, engaged a businessman, and displayed extreme bias…because nobody else was invited to the Diplomatic Centre to talk about the process and the refinery.”
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