Record NIR signals recovery from COVID, says Dunn
Published:Thursday | May 2, 2024 | 12:11 AMAinsworth Morris/Staff Reporter
Jamaica’s Net International Reserves (NIR) being at its highest ever, at US$5 billion, illustrates how much the nation has recovered from the COVID-19 pandemic, says Norman Dunn, minister of state in the Ministry of Labour and Social Security.
As at March 31, Jamaica’s gross reserves had reached an unprecedented US$5.231 billion, with the NIR totalling an impressive US$5.137 billion, according to the Bank of Jamaica.
This achievement not only signifies a remarkable feat in Jamaica’s economic history but also holds profound implications for the nation’s economic stability and growth trajectory.
The accumulation of such substantial reserves is crucial for safeguarding against external shocks, enhancing investor confidence, and supporting sustainable economic development.
The NIR is also at a record above US$5.14 billion despite a drawdown of US$15 million to repay International Monetary Fund (IMF) loans in the month.
During his address as guest speaker at the launch of Courts 65th anniversary, held at Courts operator Unicomer’s offices on Oxford Road in St Andrew, Dunn said that “three years ago, we had to be wearing masks, but Jamaica emerged as one of the countries that not only experienced this as most countries in the world did, but came out stronger”.
“This little country, and we tend take a lot of things for granted and we do not connect the dots,” Dunn said.
“We came out stronger because we had good managers of this country. There’s no doubt about that,” he said.
He said that amid having one of the lowest vaccination rates and being “second at the bottom”, Jamaica was able to “emerge stronger than ever”.
“Our net international reserve ... the highest ever in the history of Jamaica. Please connect the dots, and you would have heard the minister yesterday in Parliament, the King of Tourism in the world, Minister [Edmund] Bartlett, indicating that for the first three months of the year, Jamaica earned US$1.27 billion. [That is in] three months from 1.34 million visitors,” Dunn said.
He was speaking under his unofficial theme ‘Connect the Dots’.
“It’s important for persons to recognise that what is happening with Courts and Unicomer is not happening in a vacuum. Connect the dots, and for persons, I believe it’s each of us responsibility, irrespective of your political persuasion, you must think for yourself. What country do you want?” Dunn said.
“We are all a part of this Jamaica that is emerging, that is stronger than ever,” he said.
He also noted that Courts can only be as strong as it now is because it is in a strong economy.
“Must be [a strong economy]. Today, Jamaica boasts so many different firsts [such as] the lowest unemployment rate in its history,” Dunn said.
He said he is having challenges finding people to work with his business, which others may also be having given the drop in the unemployment rate, which highlights the strength of the economy now.
He said that with the positive accolades happening in Jamaica, this is a country persons overseas want to be in, such as Errol Le Blanc, vice-president, Unicomer Caribbean, who said he would prefer to be in Jamaica for all the Courts 65th anniversary events during the next six months, of which Dunn noted that even he sees the good happening in Jamaica and wants to be a part of it.
Le Blanc said his wife travelled with him for the very first time on a work trip because he was journeying to Jamaica.
“I’m going to get someone to negotiate with her for me to live in Jamaica during the six-months period,” Le Blanc said, jokingly.