• The Government of Guyana and the CARICOM Development Fund (CDF) on Tuesday signed a US$18Mn financing agreement to kickstart the Agricultural and Infrastructural Development Programme (AIDP). The AIDP is expected to see over 4,300 farmers across the ten regions of Guyana benefitting, with 40% of the beneficiaries being women and youth.
• The agreement was signed at the Ministry of Finance in the presence of representatives of the Ministries of Agriculture and Finance. The programme will allow for a further boost to Guyana’s agriculture sector, supporting compliance with food safety, sanitary and phytosanitary standards in the sector.
• Ashni Singh, Senior Minister responsible for Finance and the Public Service, expressed gratitude to the CDF for its longstanding support. He also outlined various agricultural projects supported by the CDF over the years, including farm-to-market roads, which align with the CARICOM Region’s food security agenda.
• The AIDP will contribute to the Government’s broader diversification strategy, including further development of agriculture, one of the country’s main non-oil sectors.
• With most agriculture concentrated on the coast, facing challenges such as climate change risks and reduced availability of water and suitable land, Guyana’s Ministry of Agriculture aims to increase production and value addition in selected commodities. Through these and other projects, the Ministry expects to be in a stronger position to propose policies and investments that generate the highest return for the country, in line with Guyana’s National Strategy for Agriculture (2020 – 2030).

(Source: Kaieteur News)

• President Luis Abinader announced that the Dominican Republic’s economic dynamism and export growth result from creating favourable conditions and fostering an export culture focused on education, innovation, and sustainability.
• Speaking at the Third Presidential Meeting on the Progress of the National Export Promotion Plan (PNFE) 2020–2030, he shared that exports rose 23.6% between 2020 and 2024, reaching US$63.3Bn, with a record US$13.87Bn in 2024 alone.
• Abinader highlighted that export momentum continues into 2025, with US$5.64Bn exported from January to May. This represented an 8.6% increase compared to the previous year. Growth spans traditional markets like the United States, which saw a US$436Bn increase, and emerging markets in Asia (such as Japan) and the Caribbean, including Cuba, Guyana, and the Turks and Caicos Islands. He emphasised that coordinated efforts are essential to sustain exports as a key driver of national development.
• Biviana Riveiro, executive director of ProDominicana¹, underscored steady export growth across strategic markets, including the U.S., U.K., Cuba, France, Jamaica, Guyana, Mexico, and Turkey.
• She highlighted significant increases in high-value goods exports since 2020, with medical instruments rising 74% and electrical products up 15%. Riveiro noted that industrial exports have surpassed US$2.9Bn and projected exports could reach US$35.0Bn by 2036.

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¹ProDominicana is the Dominican Republic’s official agency for promoting exports and attracting foreign investment to boost the country's economic development.

(Source: Dominican Today)

• The U.S. central bank held interest rates steady on Wednesday and policymakers signaled borrowing costs are still likely to fall in 2025, but Federal Reserve Chair Jerome Powell cautioned against putting too much weight on that view, and said he expects "meaningful" inflation ahead as consumers pay more for goods due to the Trump administration's planned import tariffs.
• Powell noted that if it weren’t for tariffs, rate cuts could be justified, as recent inflation figures have been relatively low. But a cost shock is coming, he insisted, with producers, manufacturers, and retailers still involved in a complicated struggle over who will pay the levies imposed so far, and President Donald Trump still contemplating an aggressive set of import duties that could go into effect early next month.
• In new economic projections released alongside the Fed's statement, policymakers sketched a modestly stagflationary picture of the economy, with growth in 2025 slowing to 1.4%, unemployment rising to 4.5%, and inflation ending the year at 3%, well above the current level.
• While policymakers still anticipate cutting rates by half a percentage point this year, as they projected in March and December, they slightly slowed the pace from there to a single quarter-percentage-point cut in each of 2026 and 2027 in a protracted fight to return inflation to their 2% target.
• There was a split among the 19 policymakers, with seven of them feeling that no rate cuts would be needed. That diversity of views reflects that while uncertainty over Trump's tariff policy is down from its peak in April, it's still "a very foggy time," Powell said, adding that policymakers may have divergent assessments of the risk that inflation could stay persistently higher, or that the labour market could weaken.

(Source: Reuters)

• London stocks dropped to an over two-week low on Thursday as the Bank of England left borrowing costs unchanged, while the raging conflict in the Middle East kept risk-taking in check. The benchmark FTSE 100 (FTSE) closed down 0.6%, with a stronger pound adding additional pressure on the index.
• Israel and Iran's aerial attacks continued as U.S. President Donald Trump kept the world guessing about whether the U.S. would join Israel in air strikes on Tehran. Markets were hopeful of talks between the U.S. and Iran, and between the European Union and Iran on Friday, leading to a potential de-escalation in tensions.
• The conflict has impacted oil prices, which were higher on the day, boosting the energy sector by 1.3%. The Bank of England held interest rates at 4.25% as expected on Thursday but said it was focused on risks from a weaker labour market and higher energy prices as conflict in the Middle East escalates.
• "The big thing for UK equities ... is to see whether earnings can start picking up or not. It's something we haven't seen a lot lately, and that is what really is missing," said Lilian Chovin, head of asset allocation at the British private bank Coutts. "The slight weakness in the labour market is something you're starting to see. It's an emerging trend of loosening employment markets across the world, which should pave the way for rate cuts, maybe in the back end of this year," Chovin added.
• This follows a meeting of the U.S. Federal Reserve, where Chair Jerome Powell said he expected "meaningful" inflation ahead, due to Trump's planned tariffs, but policymakers still kept two rate cuts in 2025 on the table, offering little clarity on the overall stance.

(Source: Reuters)

• EduFocal Limited announces the resignation of its Chairman of the Board, Peter Levy, effective June 13, 2025, after 12 years of distinguished service.
• Since assuming the role in 2013, Mr. Levy has played a critical role in EduFocal’s growth—from a startup focused on exam preparation to a publicly listed company now undergoing bold transformation.
• Levy’s resignation from the board comes at a time of major expansion for BCIC, the company he leads as Managing Director. With BCIC’s recent acquisition of JN General Insurance, Mr. Levy will be dedicating even greater focus to this transformative integration and the future of the enlarged business.
• Commenting on the retirement, CEO Gordon Swaby said: “It has been an honour to work alongside Peter. Over the past 12 years, he has been a pillar of strength and stability for EduFocal. We are deeply grateful for his contributions and wish him continued success as he leads BCIC into this exciting new chapter.”
• In other news, four companies declared dividends yesterday. Productive Business Solutions Limited (PBS) declared dividends to be paid on June 30, 2025, to its 9.25% preference shareholders of US$0.23125 per share and JM$25.90 per share for 10.50% preference shareholders. A.S. Bryden & Sons Holdings Limited declared dividends of TT$0.01323 per share on July 31, 2025, to shareholders on record as of July 3, 2025. Lastly, LASCO Distributors (LASD) and LASCO Manufacturing (LASM) both have declared interim dividends of JM$0.12 and JM$0.19 per share, respectively, payable on July 24, 2025, to shareholders on record as of July 1, 2025.

(Source: JSE)

• The Agri-Linkages Exchange (ALEX) portal generated J$100.0Mn in earnings for farmers during the first four months of 2025. The portal is expected to facilitate up to three million kilogrammes of produce this year, valued at J$450.0Mn.
• This was disclosed by Minister of Tourism, Hon. Edmund Bartlett, as he made his contribution to the 2025/2026 Sectoral Debate in the House of Representatives on Tuesday (June 17). Minister Bartlett noted, however, that these figures represent only a fraction of what can be achieved.
• He referenced a study indicating that the market value of fresh fruits and vegetables exceeds J$363.0Bn. “So what the small farmers are doing is a mere drop in the bucket, so to speak. We now require the larger players to become involved,” Mr. Bartlett said.
• To boost agricultural output, the Minister highlighted a directive from Prime Minister, Dr. the Most Hon. Andrew Holness, encouraging long-term contracts between farmers and hotels. This initiative aims to create investment opportunities in agriculture and increase yields. Minister Bartlett stated that this initiative is “very much on the way”.
• “Already, we have had commitment from our large hoteliers to be able to do this, providing, of course, we build the capacity to enable a certitude of flows at the time when required,” he said. Mr. Bartlett also suggested that once long-term contracts between farmers and hotels take effect, banks will follow suit, creating avenues for agricultural producers to invest further in the sector. “When the banks… respond, then the farmers will be active out there and there will be that certitude of flow that is required,” the Tourism Minister stated.

(Source: JIS)

• The United States (US) State Department has confirmed that President Donald Trump is considering a travel ban targeting 36 countries, including four in the Caribbean.
• Over the weekend, the Washington Post reported that Antigua and Barbuda, Dominica, St Kitts-Nevis, and St Lucia were named in a leaked State Department document signed by Secretary of State Marco Rubio and circulated to US diplomatic missions, regarding potential travel restrictions. The memo reportedly cites concerns tied to these countries’ citizenship-by-investment programmes.
• Under the Citizen by Investment (CBI) programme, foreign investors are granted citizenship in exchange for substantial contributions to national development. These four Caribbean countries have previously defended their CBI programmes as legitimate economic tools, citing strong due diligence measures. All four nations have stated they have not received official communication from Washington regarding the proposed travel ban.
• Bruce explained that the US government evaluates countries based on security capabilities, information sharing, identity management practices, visa system abuses such as high overstay rates, and failure to repatriate removable nationals. Furthermore, the memo gives affected governments 60 days to meet new benchmarks.
• In addition to the Caribbean countries, the list includes 25 African nations, along with several from Central Asia and the Pacific.

(Source: Caribbean National Weekly)

• The International Energy Agency (IEA) is warning that global oil supply growth is set to significantly outpace demand in the coming years, as geopolitical tensions, such as the ongoing conflict between Israel and Iran, pose serious risks to energy security.
• In its latest medium-term report, Oil 2025, the agency noted, “As the Israel-Iran conflict focuses attention on immediate energy security risks, the new IEA medium-term outlook sees global oil supply increase set to outpace demand growth in the coming years. With intensifying geopolitical strains and heightened uncertainty about global economic prospects, oil markets are undergoing structural changes as the key drivers of supply and demand growth of the past 15 years start to fade.
• The IEA projects that between 2024 and 2030, global oil demand will rise by 2.5 million barrels per day (mb/d), reaching a plateau of around 105.5 mb/d by the end of the decade. However, production capacity is expected to grow by more than 5 mb/d to 114.7 mb/d, with strong contributions from natural gas liquids and other non-crude sources.
• The United States, Canada, Brazil, Guyana, and Argentina are expected to dominate this non-OPEC+ supply increase. The IEA stated that these five countries will collectively provide nearly one-third of the world’s oil supply by 2030, with the Americas accounting for nearly all the 3.1 mb/d growth projected for non-OPEC+ during this period.
• According to the report, China, which has driven the growth in global oil demand for well over a decade, is set to see its consumption peak in 2027, following a surge in electric vehicle sales and the continued deployment of high-speed rail and trucks running on natural gas. At the same time, US oil supply is now expected to grow at a slower pace as companies scale back spending and focus on capital discipline, although the United States remains the single largest contributor to non-OPEC supply growth in the coming years
• The United States, Canada, Brazil, Guyana, and Argentina are expected to dominate this non-OPEC+ supply increase. The IEA stated that these five countries will collectively provide nearly one-third of the world’s oil supply by 2030, with the Americas accounting for nearly all the 3.1 mb/d growth projected for non-OPEC+ during this period.

(Source: Kaieteur News)

• The Federal Reserve (Fed) held interest rates steady on Wednesday, June 18, 2025, and policymakers signalled borrowing costs are still likely to fall this year but slowed the overall pace of expected future rate cuts in the face of estimated higher inflation flowing from the Trump administration's tariff plans.
• In new economic projections, policymakers sketched a modestly stagflationary picture of the U.S. economy, with economic growth slowing to 1.4% this year, unemployment rising to 4.5% by the end of this year, and inflation finishing 2025 at 3%, well above the current level.
• While policymakers still anticipate cutting rates by half a percentage point this year, as they projected in March 2025 and December 2024, they slightly slowed the pace from there to a single quarter-percentage-point cut in each of 2026 and 2027 in a protracted fight to return inflation to the central bank's 2% target.
• Under the new projections, inflation remains elevated at 2.4% through 2026 before falling to 2.1% in 2027 amid largely stable unemployment. The 1.4% growth in output this year compares to the 1.7% rate seen in the last round of projections in March, and the 4.5% unemployment rate expected at the end of the year is up from the 4.4% projected in March. The rate in May was 4.2%
• So far, however, "the unemployment rate remains low, and labour market conditions remain solid," the Fed said in its policy statement, which was approved unanimously. It did not mention the sudden outbreak of hostilities between Israel and Iran and the risk that conflict posed to global oil or other markets.
• The rate projections from Fed officials for this year, at least, are in line with recent market expectations for a quarter-percentage-point rate reduction as soon as the September meeting. The central bank continues to ignore Trump's call for immediate rate cuts, a move Fed officials feel would be counter to their effort to ensure inflation returns to their 2% target until key tariff changes are finalised and their effects are better understood.

(Source: Reuters)

• Between June 3 to June 16, 2025, a total of 34 new foreign policy measures were announced globally. Of these, 76.5% were restrictive, introducing new barriers to international trade and limiting market access, while the remainder were liberalising measures, designed to ease existing trade barriers.
• These new policy actions reveal several key trends, including greater protection of domestic industries from geopolitical risks, efforts to boost strategic sector competitiveness, and selective liberalisation with eased restrictions in some areas.
• Over the two weeks, 15 markets introduced new foreign policy measures. The United States (U.S.) and the European Union (EU) increased tariffs to shield domestic industrial and consumer sectors from foreign competition. Italy and Canada have provided financial aid to the energy, agriculture, and industrial sectors to boost their competitiveness. In contrast, New Zealand and Mainland China are taking steps to open up certain essential and strategic industries, with New Zealand granting tariff concessions and China issuing export licenses.
• Italy, India, and Russia were also particularly active in imposing new measures. The majority of their actions targeted sectors such as financial services, industrial inputs, and consumer goods. Conversely, Mainland China, the US, Germany, and France are among the markets set to be most affected by new measures, primarily in sectors such as industrial inputs, consumer goods, and pharmaceuticals.
• Key segments such as industrial inputs, consumer goods, and energy were notably impacted by policy measures. These sectors accounted for over 67% of the policies implemented during this period.
• The industrial segment faced mainly restrictive policies, especially in agriculture and precious metals, with Italy and India providing financial support to limit international competition. Australia, however, eased tariffs on rubber, aiding global trade.
• For consumer goods, Russia reduced export duties on grains, boosting international markets, while Turkey implemented price controls that could restrict exports. The energy sector saw only restrictive measures: Canada funded domestic energy firms like Eavor Technologies, strengthening local industry, and Denmark provided trade finance to support clean energy exports to Ukraine.

(Source: Fitch Connect)