Business and Economic Effects Report | On latest Cabinet decisions – June 29th. 2023.

This week’s Cabinet meeting had 4 primary matters that were introduced, or request for amendments to the laws or regulations.

1). Update on actions by the Ministry of Agriculture, in addressing rising ‘Cost of Living’
a). Recommended amendments to the list of goods that are ‘Price Controlled’
b). Violators (stores) that do price gouging may be ticketed.
c). New items will be added to the list of ‘Price Controlled’ goods.

2). The Cabinet has allocated $6-million in financing for the ‘Shrimp Industry’
a). The money is earmarked for loans to ‘Shrimp Growers’
b). Loans will be administered by the DFC at a rate of 5.5% -to- 7.5% interest
c). The government is also requesting that BEL sell electricity to ‘Shrimp Growers’ at industrial rates.

3). The Cabinet approved the drafting of regulations for ‘Boat Marinas’‘ for the protection of the environment.
a). Amendments to the Harbors and Merchant Shipping Act.
b). Approved the creation of new ‘Boat Marinas’
c). Regulations for existing ‘Boat Marinas’

4). The Cabinet approved the establishment of a Sub-Committee of the ‘Maritime Technical Committee
a). To create legislation for the development of ‘Nautical Tourism’
b). Develop growth in the ‘Pleasure Yachting and Super Yacht industry’