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The recent dry weather conditions have allowed contractors at the site of the Gerald's Airport to push hard for completion. The project had been delayed due to heavy rains late in 2004 and early in 2005.The new terminal buiding, opened in February by HRH The Princess Royal, is already in use by the public using helicopter services and the new airport fire station is nearing completion. A new fire truck for the airport is being shipped from Britain.
The former passenger terminal has been gutted and will be refurbished as offices for the airport staff. The adjacent control tower will continue to be used when the new airport opens.
Passengers have been full of praise for the new air conditioned terminal which came in to use at the beginning of April. It has the usual checking in facilities, a waving gallery, a cafe/bar, a duty free outlet shop, departure lounge and an arrivals lounge with immigration and customs facilities. Passengers travelling to the airport pass underneath the runway through the new road tunnel which also is the route to Drummonds Village and Parcel Piece.
The western embankment which caused the delays when the weather was bad earlier in the year is now completed and the majority of the runway has been laid with tarmac. This will be completed shortly. The apron of the airport where aircraft will be parked is completed and is currently being used as the heliport.
The entire airport site is being landscaped and fenced and boulders excavated during construction are being carried by road to the port area where they will be stored for future projects.
WINAIR are to be contracted to provide fixed wing air services and they are circulating draft timings of flights to Antigua and St Maarten.
It is hoped that the airport will be in operation by mid summer.
Pictures, taken in April 2005, show various views of the airport nearing completion.
(Update) Since the SAC Preliminary Report was published, a new vent has opened up at the Soufriere Hills Volcano which was accompanied by a roaring sound which caused some concern to residents. Scientists at the MVO stated that there was no cause for concern.
The MVO reported 19 small volcano-tectonic earthquakes on the morning of 15 April. A very low level of seismic tremor began at about 8 am on that day but died down a little time later. This began again at around 1 pm and by about 4 pm on that same afternoon reports of a 'jet engine sound' was reported by scientists and residents alike.
This was due to the rapid release of steam and gases from the volcano through the newly opened vent. This is known as phreatic activity characterised by the interaction of hot rocks and groundwater and is similar to the activity seen in 1995.
Over that weekend the sounds lessened and the scientists were also able to make an observation flight early on the Monday morning as conditions were very clear. They spotted the new vent but there was no evidence that any new magma was reaching the surface what-so-ever.
The Government of Montserrat, based on scientific advice, said that there was no reason to prevent movement south of the Belham Valley into the former Day Time Entry Zone and these areas remained open as normal.
The PPA which was conducted in April 2000 provided an assessment of the hardships on Montserrat by the people of Montserrat.
The opening which took place at the Police headquarters conference room was attended by staff of the Development Unit and Other civil servants.
Mrs. Camille Thomas Gerald, Senior Economist in the Development Unit chaired the opening ceremony. In her welcome remarks she outlined the main objectives of the workshop which were; To share the Montserrat experience in implementing the findings of the PPA and the mainstreaming of social development concerns in the Government of Montserrat and to establish the objectives of a second PPA.
The feature address was presented by Mrs. Angela Greenaway Permanent Secretary in the Development Unit. Mrs. Greenaway said that in sustaining growth in our economy there is a need to actively promote policies and activities that lead to employment. She also said that from the PPA they learnt that one reason why people people were poor because they had no jobs or low paying casual jobs She highlighted the fact that PPA showed that backyard gardening is an important component of coping strategies for vulnerable households.
In concluding her presentation she encouraged all government departments to find out whether their departmental or ministerial strategies have a poverty reduction focus and if they are empowering people to make meaningful contributions to the policy development process.
Law Revision Commissioner, Mr Neil Adsett was appointed in 1999 to undertake an interim revision of certain laws. In 2002 two bound volumes of selected laws were published and brought into force. DFID in consultation with the Government of Montserrat decided to continue the law revision exercise. Mr Adsett was retained to revise the entire body of legislation enacted and in force as at January 1, 2002. The printing and publication of the revised edition was completed in 2004. Consequential amendments were finalised in March 2005.
By Order of the Governor in Council the revised edition will be operational from April 15, 2005. Electronic copies of the laws will be available on CD ROMS. Members of the public may obtain copies for purchase at the office of the Clerk of Councils, Farara Plaza in Brades.
"We chose Cheryl Andrews and her team because of the level of knowledge, enthusiasm and Caribbean expertise the firm offers. We are confident in our decision and look forward to a long-lasting relationship," stated Ms. Ernestine Cassell, Director of Tourism.
"Representing Montserrat will provide us with the opportunity to work with one of the Caribbean's most eco-centric and unique destinations," said Cheryl Andrews, President of Cheryl Andrews Marketing Communications.
Montserrat's account team will be managed by Vice President Jody C. Diamond and supported by Account Executive Janelle James. "The entire team is anxious to get started," declared Ms. Diamond. "We're thrilled about the account and look forward to educating the public regarding this unique Caribbean getaway."
Montserrat is known as a lush green and mountainous island of approximately 39 square miles. It lies in the Eastern Caribbean chain of islands. Known fondly as the Emerald Isle of the Caribbean, this pear shaped island is a traveler's paradise for nature lovers, divers, adventurers, family and villa vacationers, and honeymooners.
The British Overseas Territory boasts the spectacular Soufričre Hills Volcano, a buried former capital city in Plymouth, alongside lush, green mountains, world class nature trails, deserted dark sand beaches, untouched reefs and a quiet friendly charm reminiscent of the way the Caribbean used to be.
For more information on Montserrat and its breathtaking scenery and unspoiled, unpolluted coral and volcanic vistas, visit www.visitmontserrat.com.
When floods hit the Belham Valley in November of last year, a number of tourists were in buses visiting areas south of the Belham River. When one of the buses arrived back at the road across the valley water was already flowing rapidly. As another bus in front had already crossed safely over the valley, the driver of the second bus attempted to follow suit but his bus stuck on the river bed.Working nearby, Mr William Allen of Barzey's witnessed the scene and realising the bus was stuck immediately went down to the river in his truck to attempt to pull out the bus. This proved impossible and Mr Allen, ignoring his own safety, entered the river which was flowing very heavily to assist getting the passengers to safety.
One passenger, who was physically challenged was washed away by the waters and Mr Allen, witnessing her difficulties, ran down the river bank re-entered the waters and pulled her to safety with just minor injuries. Meantime the bus was washed away and badly damaged.
Recognising his bravery over the course of that afternoon, Her Excellency the Governor, Mrs Deborah Barnes Jones, recently presented Mr Allen with a cheque at the Governor's Office in Brades. Looking on and representing the Government of Montserrat was Mrs Idabelle Meade the Hon. Minister of Education, Health and Community Services.
The Montserrat Host Training Programme is designed to promote “Excellence in Standards” among persons directly and indirectly involved in Montserrat’s tourism industry. To do so the training session will provide participants with important and accurate information on Montserrat’s history, geography, culture, government and places of interest. In introducing the initiative to a packed audience at the St. Patrick’s Credit Union Conference Room in Brades, the Host Programme’s on-island coordinator, Ms. Jadine Glitzenhirn, stressed the necessity of this initiative, “…as the island had become a melting pot of cultures from an influx of workers from across the Caribbean basin.”
The vivacious and energetic Ms. Eunice Blythe Clare, Manager of the Turks and Caicos Host Programme, which the Montserrat Programme is modeled after, gave the feature address at the launch. She emphasized the fact that “tourism is everybody’s business” and it is therefore necessary to train and equip all persons involved in the tourism sector to provide exemplary and professional service. Ms Clare highlighted many of the positive changes that had occurred in the attitudes of Taxi Drivers, Customs & Immigration Officers and Vendors, who participated in a similar programme in her home country. However, she also emphasized the fact that excellent service should not be reserved for just visitors, but first and foremost for residents as well.
The Community Awareness component of the NTSP was also officially launched. The Coordinator of this initiative, Ms. Rose Willock, stated that the programme was geared towards increasing the level of understanding by all residents about tourism, its importance, its issues, and particularly, the need to preserve and enhance the natural and socio-cultural environment. These elements were highlighted in a captivating puppetry presentation by the Salem Methodist Youth Group, as well as a recital by students of the Lookout Primary School of Ms Yasmin White’s, poem “Cleanliness is next to Godliness.”
The Montserrat Host and Community Awareness Programmes are part of Montserrat’s wider three (3) year National Tourism Strategy and Plan (NTSP), which seeks to rejuvenate and reposition Montserrat’s tourism sector by focusing on three core products – Volcano Adventure, Eco-Nature Tourism and Villa Vacations. This NTSP is being funded to the tune of EC$7 million (US$2.7 million) by the UK’s Department for International Development (DFID) and the Montserrat Government.
A prospectus is a disclosure document issued by companies and governments intending to sell securities. In the case of governments in the ECCU, the securities sold are usually treasury bills, notes and bonds. Treasury bills are short-term debt instruments (maturities up to a year), commonly referred to as T-bills. Notes are long term with maturities between one and ten years, while bonds have maturities of ten years or longer.
Any person who purchases these debt instruments is essentially making a loan to government at an agreed upon price which usually includes an interest rate to compensate the lender for the funds provided.
In order for a prospective purchaser to evaluate the potential risk and return of a particular government security, he would need to assess the level of risks that would be incurred in lending funds to government and the government’s ability to repay the loan at the specified time in the future. Such information can be determined by analyzing the prospectus issued by the particular government for the sale of securities.
So what should you as a potential investor be assessing? You will need to assess the fiscal performance of the particular government. Your assessment should include, but not be limited to an analysis of the major sources of income and expenditure, and the size and components of the government’s debt. This should allow you to determine if the particular government would have adequate income to honour its current as well as the future debt obligations that would be incurred by this new debt. You will also have to determine the buoyancy of the income sources to determine whether such sources will continue to adequately generate the funds required to meet the obligations of the government.
Another area that should be assessed is the country’s economic performance factors, such as the rate growth of gross domestic product (GDP), the consumer price index, wages and salaries in the main sectors, and balance of payment statistics. By evaluating the aforementioned data, you would be able to determine the direction of the economy - that is whether the economy is growing or contracting.
Why is this important? In a country where the economy is growing, employment opportunities are being created, the business sector is expanding and demand for goods and services are increasing. Given that most of government’s revenue is derived from taxation, a strong economy provides a favourable tax collection environment. When the economy contracts, the earnings of citizens and corporations decline and hence impact adversely on governments’ tax revenue sources. Additionally, in an environment of economic contraction, the government is less likely to attract foreign investments required to catalyse new industries and provide for additional revenue generating sources within the country.
You should also assess the government’s track record in honouring its debt obligations. This must be disclosed in the prospectus along with other material events, such as the impact of a recent hurricane, and any event, which could affect the assessment of the security being issued.
So now that you know what to look for, why not find out more about the Regional Government Securities Market?