Jamaican Prime Minister Andrew Holness on Tuesday said that last week's Hurricane Melissa, the strongest-ever storm to hit its shores, caused damage to homes and key infrastructure roughly equivalent to 28% to 32% of last year's gross domestic product.
Holness told lawmakers the estimate was conservative, based on damages assessed so far, and that short-term economic output could decline by 8% to 13%.
He said costs would push up Jamaica's debt-to-GDP ratio and that his government would activate emergency provisions to temporarily suspend the country's fiscal rules.
Holness, whose government set out credit and insurance provisions for a storm similar to last year's Hurricane Beryl, said he was seeking financial support from regional allies, development agencies and the private sector.
"Experts describe Melissa to be on the very edge of what is physically possible in the Atlantic Ocean, a storm powered by record sea temperatures," he said.
"Its force was so immense that seismographs hundreds of miles away registered its passage," he added.
"Hurricane Melissa wasn't only a tragedy: It was a warning."
Scientists say storms are intensifying faster as a result of greenhouse gas emissions warming ocean surfaces, piling up fuel for seasonal storms. Caribbean leaders have long called for reparations from wealthy heavy-polluting nations in the form of aid or debt relief.
Holness pledged to rebuild infrastructure to withstand the worsening impacts of climate change, including moving parts of the electric grid underground.
"Every repaired bridge, re-roofed home and rebuilt road must be designed for the storms of tomorrow, not the storms of yesterday," he said.
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The United States has warned Oman against supporting any effort to impose tolls in the Strait of Hormuz, saying Washington would penalise any parties involved in facilitating such a system.
A renewed wave of U.S. diplomatic activity in the South Caucasus highlights Washington’s growing focus on regional connectivity, trade and security, according to Associate Professor George Mchedlishvili of European University in Tbilisi.
Kyrgyzstan has signed a series of cooperation agreements with China and Belarus at the Fifth Forum of Regional Leaders of Shanghai Cooperation Organisation (SCO) member states, underlining the country's growing economic engagement within the regional bloc.
A group of Azerbaijani civil society organisations has called for increased scrutiny of Swiss building materials giant Holcim, citing court rulings and ongoing investigations linked to its subsidiary Lafarge's activities during the Syrian conflict.
The U.S. and Iran have reportedly reached a preliminary 60-day ceasefire and nuclear talks deal, pending Donald Trump’s approval, Axios reports. Meanwhile, the GCC condemned Iran’s missile strike on a U.S. airbase in Kuwait, which Tehran said was retaliation for a U.S. strike near Bandar Abbas.
Bolivia’s President Rodrigo Paz has taken steps towards potentially declaring a state of emergency as anti-government protests intensify in the early months of his administration.
The World Health Organization (WHO) says ongoing conflict, funding pressures and international travel restrictions are complicating efforts to contain a fast-growing Ebola outbreak in the Democratic Republic of Congo (DRC).
A group of Azerbaijani civil society organisations has called for increased scrutiny of Swiss building materials giant Holcim, citing court rulings and ongoing investigations linked to its subsidiary Lafarge's activities during the Syrian conflict.
Russia and Kazakhstan signed 15 agreements during President Vladimir Putin’s state visit to Astana on Thursday (28 May), including deals on Kazakhstan’s first nuclear power plant and expanded oil cooperation with Russia.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
Kevin Warsh will be sworn in as chair of the U.S. Federal Reserve on Friday as policymakers consider higher interest rates to tackle inflation linked to the Trump administration’s Iran policy.
A government-mediated agreement has suspended an 18-day walkout by about 48,000 Samsung union members, easing fears of damage to South Korea's economy and global chip supply.
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