Jamaica’s Tourism Fund Initiatives Annual Assortment of $9.3 Billion

KINGSTON, Jamaica – Jamaica’s Tourism Minister, Hon. Edmund Bartlett, has introduced that, from fiscal yr so far, roughly $5.6 billion has been collected by the Tourism Enhancement Fund (TEF). This represents a powerful development of 13.54% in comparison with the identical interval final yr and a exceptional 15.68% enhance in comparison with the corresponding interval in 2019. These funds are generated via the US$20 payment for incoming airline passengers and the US$2 payment for cruise passengers, straight contributing to the Consolidated Fund.

Jamaica Tourism Boom, A Robust 13.54% Growth In Inflows
Ocho Rios, Jamaica Picture Courtesy: DepositPhotos.com

$9.3 billion Income Projections

Projections for the complete fiscal yr, spanning April 2023 to March 2024, are equally promising. The TEF estimates a complete assortment of roughly $9.3 billion, signalling a sturdy 14.98% enhance during the last monetary yr and a considerable 14.89% rise in comparison with 2019.

Minister of Tourism, Hon Edmund Bartlett American Airlines Flights to Ian Fleming Airport
Minister of Tourism, Hon Edmund Bartlett

“The TEF is on a report path for this fiscal yr and is now projected to carry $9.3 billion to our income, which is 1.2 billion greater than the final fiscal yr. That represents nearly 15% greater than our greatest yr, 2019,” mentioned Bartlett.

1.9% Development within the Financial system

This constructive information aligns with the current financial report from the Planning Institute of Jamaica (PIOJ), which revealed an estimated 1.9% development within the financial system in the course of the July–September 2023 quarter in comparison with the identical interval final yr. Notably, the lodge and eating places business skilled a notable actual value-added development of eight p.c in the course of the quarter.

The tourism business, an important contributor to this financial development, continues to flourish with elevated international nationwide arrivals. For the talked about quarter, stopover customer arrivals surged by 5.5% to 682,586 guests. Whereas cruise passenger arrivals skilled a modest decline of 20.5%, totaling an estimated 178,412 guests in comparison with the corresponding quarter in 2022.

“The tourism business continues to make constructive contributions to GDP expansions within the financial system. The tenth consecutive quarter of development was realised, the truth is, within the third quarter of this yr, when tourism’s contribution to GDP was 7.8%. This constructive pattern is just not solely when it comes to direct contribution to GDP as mirrored within the PIOJ experiences however can also be when it comes to direct income that goes into the consolidated fund,” mentioned Bartlett.

The TEF, established underneath the TEF Act, derives its income primarily from the Tourism Enhancement Charge, which stands at US$20 for incoming airline passengers and US$2 for cruise passengers. In 2017, the Tourism Enhancement Fund (TEF) transitioned from a self-financing entity to a budget-funded entity, which resulted in a number of modifications to the monetary reporting framework.

The TEF has the duty to gather the charges for all chargeable passengers by air or sea and to make sure it’s paid on to the Consolidated Fund. Moreover, TEF additionally manages the funding to the group supplied via the estimates of expenditures which is monitored by the Ministry of Finance & the Public Service. These funds are then devoted to supporting and financing varied tourism tasks geared toward enhancing Jamaica’s tourism sector.

As Jamaica positions itself as a world tourism hub, these monetary achievements underscore the boldness and assist the TEF receives from each guests and business stakeholders.

Constructive Trajectory in Tourism Development

Dr. Carey Wallace Executive Director of the Tourism Enhancement Fund
Dr. Carey Wallace Govt Director of the Tourism Enhancement Fund

Dr. Carey Wallace, Govt Director of the Tourism Enhancement Fund, expressed enthusiasm over the constructive trajectory. “The continued development in our collections is a testomony to the resilience and attraction of Jamaica as a premier vacationer vacation spot. The funds generated will contribute considerably to the continued improvement and enhancement of our tourism sector and Jamaica on the whole.”