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Thursday, June 17, 2021

Holness cites have to diversify Jamaica’s financial system

With the COVID-19 pandemic persevering with to negatively influence Jamaica’s tourism sector, Prime Minister Andrew Holness has cited a have to diversify the nation’s financial system.

Moreover, he mentioned the Authorities has recognised the necessity for diversification, and has been taking the mandatory steps to realize this objective.

He made the disclosure throughout an interview with Tim Stenovec, the host of QuickTake on Bloomberg Tv in the US on Friday.

Within the wide-ranging interview that centered on a number of subjects, together with tourism, Holness defined that Jamaica was depending on tourism, which accounts for roughly a 3rd of the nation’s overseas change earnings.

“Tourism is our most important overseas change earner now. It could account for about 30 per cent of our overseas change earnings, so you’ll be able to see that the financial system has taken a success,” he shared. 

“… however now we have lengthy realised now we have to diversify our financial system. Our financial system wouldn’t be categorized as considerably diversified now, however now we have taken steps.

“Our financial system fell off when it comes to progress by 10 per cent, however in all of that, our building sector grew, so we’re taking steps when it comes to our fiscal administration of our affairs, to make sure that we’re capable of final out this pandemic and never fall into systemic monetary shocks.”

Regardless of the declines in tourism, Holness mentioned the sector has been discovering artistic methods to outlive because the COVID-19 pandemic continues.

Amongst these artistic methods he talked about was the creation of COVID-19 resilient corridors.

The resilient corridors, which embody the vast majority of the island’s most important tourism areas, present the chance for guests to take pleasure in extra of the nation’s distinctive choices, as many COVID-19-compliant sights, situated alongside the corridors, are authorised for visits by the well being authorities.

There are three COVID-19 resilient corridors – the north coast from Negril to Port Antonio; the south coast from Milk River to Negril; and the Kingston Enterprise District (New Kingston and its environs).

Holness advised Bloomberg Tv that “We (Jamaica) have been capable of create an area with the appropriate protocols, the appropriate set of administration methods, the place vacationers are capable of come, and nice atmosphere and environment, and it has been working.

“We’re at about 30 per cent occupancy proper now. Our earnings are down about 70 per cent, however our trade is powerful. It’s resilient, and we’re discovering artistic methods of surviving.”

In admitting that the nation has been depending on journey and tourism, Holness mentioned he needed to see journey return safely.

“We’re depending on journey and tourism. We’re linked into the world (and) into journey and logistics. So from our perspective, we wish to see journey return, however in fact safely for everybody,” he said.

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