Business View Caribbean - Sept. / Oct. 2014

%XVLQHVV 9LHZ ‡ &DULEEHDQ ² 6HSWHPEHU ‡ 2FWREHU 2SHQLQJ /LQHV 2SHQLQJ /LQHV« mission chief for Jamaica, said progress has been made. “The program is on track,” he said. “Overall policy implementation under the program remains strong. All quantitative performance targets, indicative targets and structural benchmarks for end-June were met. The fund mission reached preliminary understandings with the authorities on economic policies, detailed in an updated letter of intent that will support growth and employment in the months and years ahead.” He said Jamaica’s economy is improving, with 1.2 percent year-on-year growth in the second quarter when compared to April-June 2013. Net international reserves stood at US$2.2 billion at the end of July, and the country re-accessed international capital markets with a US$800 million external bond issued in early July. A 7.5 percent of GDP primary surplus is forecast by the end of 2014. “For 2014 and beyond, the critical challenge remains to support economic growth and job creation while sustaining a strong fiscal position,” Martijn said. “Key elements of the authorities’ program include actions to promote growth and employment by improving competitiveness and the business climate. “Legislation supporting flexible work arrangements and a law to modernize the insolvency framework have been tabled in parliament and are expected to be adopted shortly. Work on the new North-South highway is moving ahead, following the opening of the Mount Rosser bypass in August.” Also on the agenda as priority items are strengthening social protection and enhancing efforts to provide support for those aiming tomove fromwelfare towork; improving the efficiency of the tax system, including by offering amendments to the General Consumption Tax Act to broaden the tax base and eliminate the zero rating of government purchases under the GCT; creating a dedicated office to modernize the tax and customs administration and implementing pilot programs to automate the tax and customs administration systems; increasing the efficiency of the public sector while improving the quality of the delivery of public services; and strengthening the legal and regulatory framework for the non-bank financial sector, and implementing the Banking Services Act, adopted in June. “These preliminary understandings are subject to approval by the IMF’s Management and Executive Board,” Martijn said. “Consideration of the fifth review of Jamaica’s IMF-supported program under the EFF could take place by the IMF’s executive board in September. Upon approval, SDR 45.95 million would be made available to Jamaica.” Energy Department Invests $67 Million to Advanced Nuclear Technology The U.S. Energy Department announced nearly $67 million in nuclear energy research and infrastructure enhancement awards. Eighty-three projects were selected from across the country based on their potential to create scientific breakthroughs that both help strengthen the nation’s energy security and reduce harmful greenhouse gas emissions. “The department’s support for cutting-edge nuclear science and engineering across our universities, national laboratories, and industry reflects the key role of nuclear energy in helping ensure America’s low carbon future,” said Energy Secretary Ernest Moniz. “These awards not only provide crucial funding for research and development, but also for the training and education of the next generation nuclear energy workforce that will enhance American leadership in the 2SHQLQJ /LQHV 6HSWHPEHU ‡ 2FWREHU ² &DULEEHDQ ‡ %XVLQHVV 9LHZ Gadgets, Etc. – AppleCore Who says reducing gadget-related clutter has to mean sacrificing a device or two? 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A combo pack including one spindle of each size is available for $11.99, while a seven-piece pack that includes three large, three medium and one small can be had for $25.99. safe, secure and efficient use of nuclear energy here and around the world.” The department is awarding more than $30 million through its Nuclear Energy Research Programs to support 44 university-led nuclear energy research and development projects to develop innovative technologies and solutions. These projects will be led by 30 U.S. universities in 24 states. The announcement also includes approximately $4 million to 19 universities for research reactor and infrastructure improvements – providing important safety performance- and student education-related upgrades to the nation’s 25 university research reactors as well as enhancing university research and training infrastructure. The department is also awarding $20 million for five integrated research projects that will deliver solutions to high priority nuclear energy research challenges, including instrumentation and vacuum drying systems associated with the storage of used nuclear fuel, an integrated approach to fluoride high temperature reactor technology development and advanced instrumentation to support transient testing. Additionally, $11 million will be awarded for 12 research and development projects led by U.S. universities, national department laboratories and industry in support of the Nuclear Energy Enabling Technologies Crosscutting Technology Development Program to address crosscutting nuclear energy challenges. Two infrastructure enhancement projects totaling more than $1million will be awarded to national department laboratories to further reactor materials and instrumentation research. Since 2009, the department’s Office of Nuclear Energy has awarded approximately $350 million to 98 U.S. colleges and universities to continue American leadership in clean energy innovation and to train the next generation of nuclear engineers and scientists through its university programs.