Pulse of the Caribbean

#67 Caribbean News Round Up Episode 4 Week of June 23

• Pulse of the Caribbean

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Caribbean nations are making significant policy and economic shifts as they navigate global pressures and domestic needs, as highlighted in the latest Pulse of the Caribbean News Roundup. 

  • St. Kitts and Nevis adding mandatory residency requirement to Citizenship by Investment program 
  • Barbados issuing $500M International Bond 
  • CARICOM-Afrexim Bank in the works to develop regional financing and strengthen economic ties with Africa
  • Jamaica launching $1B Solidarity Program to benefit 50,000 vulnerable citizens
  • Dominican Republic's Santiago de Caballeros attempting a Guinness World Record with the largest mofongo

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Speaker 1:

This is the Pulse of the Caribbean Caribbean News Roundup. Now today's Caribbean News Headlines.

Speaker 2:

This podcast is brought to you by Victory Run Walk, sponsored by the US Virgin Islands Department of Tourism. Register now for the 5K, 10k and Half Marathon. Labor Day weekend, august 30th. St Thomas, us Virgin Islands, and Diamond Key. Marina, yosvendike, british Virgin Islands. Home of Foxy's Taboo and Gateway to the Bubbly Pool, a natural jacuzzi and hidden gem.

Speaker 2:

Welcome to the Pulse of the Caribbean News Roundup, episode 4 for the week of June 23rd. Here's a look at what's making Caribbean headlines. We start our report in St Kitts and Nevis. The St Kitts and Nevis government is making a big change to its Citizenship by Investment program by adding a mandatory residency condition. Prime Minister of the Twin Island Federation, dr Terence Drew, indicated that the issue will soon be brought before Sinkits and Nevis Parliament. It will also feature better biometric verification systems for anyone who wished to become citizens of Sinkits and Nevis. International pressure has been put on Citizenship by Investment Programs like the one conducted in Sitts and Nevis. International pressure has been put on citizenship by investment programs like the one conducted in St Kitts and Nevis and other Caribbean islands because it grants citizenship without the need to live there.

Speaker 2:

The Trump administration in the United States said earlier this month that they were thinking about banning travel to 36 nations. Some of the countries didn't match the State Department rules, such as being able to get citizenship by investing money without having to lift air. The European Union is also working on laws that would stop countries that offer investor citizenship from traveling to the Shenzhen area in Europe without a visa. Our next stop is Barbados. Barbados is going to issue an international bond worth 500 million US dollars to refinance debt and free up hundreds of millions for social programs. The administration says this will make the economy stronger and protect important public services. On Wednesday, barbados' upper house talked about the measure as part of a resolution over the External Loan Act. Barbados Senator Lisa Cummings, the leader of the government business in the Senate, said that the bond issuance would let Barbados pay off more than $ dollars of bond that was supposed to mature in 2029. This would also free up money for national priorities. The new bond facility has an 8% rate and a five-year grace period for paying back the principal. Repaying back the principal After the grace period, the government will make 10 equal payments every year until the loan is paid off in June 2035. Senator Cummings said that the new interest rate is higher than the 6.5% on the 2029 bond it replaces. This is because of changes in the worldwide market.

Speaker 2:

Now on to CARICOM. The Caribbean may soon take a big step towards being financially independent with the plan to set up the CARICOM Afrexim Bank, a regional bank that will help to fill up longstanding shortages in funding and boost economic links with Africa. During the Afrexim Bank's 32nd annual meeting in Abuja, nigeria, the chief operating officer of the Afrexim Bank CARICOM office said that the notion is more than just an idea. It is a part of an active plan to increase the region's ability to finance projects. Afrexim Bank is already open for business in 12 of 15 CARICOM member states. They are working to include Jamaica and Trinidad and Tobago as well. The CARICOM Secretariat is collaboratively working to develop the CARICOM Afrexim Bank as they work on ways to fund regional growth in important areas like sustainable energy.

Speaker 2:

In other news from CARICOM, jamaica's Prime Minister, dr Andrew Holness, will become the chair of the Caribbean Community CARICOM on July 1, 2025. He will hold the position until December 31, 2025. This six-month position includes setting policy, helping CARICOM reach its goals and representing the community at regional and international meetings. The CARICOM chair is presently held by Barbados' Prime Minister, mia Amor Motley. As the new CARICOM chair, beginning in July, prime Minister Holdus will be in charge of the 49th meeting of the Conference of Heads of Government of CARICOM, which will take place July 6 to 8 at the Montego Bay Convention Center in St James. The subject of the conference is People Partnerships Prosperity Building a Safe and Sustainable Future. Next up 50,000 vulnerable Jamaicans to benefit from $1 billion solidarity program.

Speaker 2:

After this, ready to lace up your shoes, experience paradise and say I'm an overcomer? This labor day weekend, august 30th, join us for the victory run walk and beautiful st thomas, us virgin islands. Sponsored by the us virgin Virgin Islands Department of Tourism. Imagine yourself running along the beautiful waterfront and pushing yourself to achieve your personal best. The Victory Run-Walk is more than just a race. It's a community celebration. It's a chance to challenge yourself, connect with friends and experience the unparalleled beauty of St Thomas. Whether you're a seasoned marathoner or just starting your fitness journey, we have the race for you. Choose from the exhilarating 5k, the challenging 10k or the ultimate test, the half marathon. And it's not just about the run Bring the whole family, enjoy post-race festivities and the unforgettable island vibe. Don't miss out on this incredible event. Register today at VictoryRunWalkVIcom. Sign up now and secure your spot in the Victory Run, st Thomas Labor Day weekend, august 30th. Get ready to say I'm an overcomer. Be there to celebrate. We'll see you at the finish line. This is the Pulse of the Caribbean News Roundup, episode 4, for the week of June 23rd.

Speaker 2:

Jamaica's Ministry of Labour and Social Security's $1 billion Solidarity Program will help 50,000 vulnerable Jamaicans. Prime Minister Andrew Holness launched the initiative on Wednesday, june 25th at Jamaica House. The solidarity program will target the elderly, unattached youth ages 18 to 35, people with disabilities, informal and low-income workers, medically indigent people, small business owners affected by disaster and Jamaicans who do not have a birth certificate or taxpayer registration number. Beneficiaries will receive a one-time cash grant of $20,000. Jamaicans who already receive benefits from the Social Pension Program, path, poor relief, the national insurance scheme or the government's reverse income tax credit will not be able to get help through the program. And here's our final note On July 26, santiago de Caballeros will host Santiago Inspires, the world's biggest mofongo, which organizers revealed at a press conference in Santo Domingo.

Speaker 2:

The ambitious event seeks a Guinness World Record for the largest Dominican Republic food offering. Gastronomic College, sma Group, amigos Restaurant and many institutions and business sponsors back the event's objective to highlight the Dominican Republic's culture through food. This podcast is brought to you by Victory Run Walk, sponsored by the US Virgin Islands Department of Tourism. Register now for the 5k, 10k and half marathon, labor Day weekend, august 30, at St Thomas, us Virgin Islands, and Diamond Key, marina, yosvendike, british Virgin Islands, home of Foxy's Taboo and Gateway to the Bubbly Pool, a natural jacuzzi and hidden gem. Have news and information you'd like to share with us. Send news releases to news at pulseofthecaribbeancom. This has been your Pulse of the Caribbean News Roundup, episode 4 for the week of June 23rd. Here's a shout out to our listeners in Trinidad and Tobago and Florida. Thanks for listening and do spread the word and share our podcast with others across the region and the diaspora. I'm Keisha Blyden. See you next time diaspora.

Speaker 1:

I'm Keisha Blyden. See you next time and thank you in advance for choosing Pulse of the Caribbean Caribbean News Roundup as your source for Caribbean-centered news.