The Millennial Marketer (March/April 2022) by mrmillennialman

From the Editor In this current financial environment of ever-increasing inflation and rising interest rates, it’s becoming more and more difficult for businesses to control costs and decide how to allocate their resources appropriately to be profitable or break even. Public and private entities are rolling out initiatives to assist, but it may still be difficult for some business owners to see the light at the end of the tunnel. In this issue, we shed some light on the most impactful financial initiatives designed to help alleviate these burdens on businesses. The GOJ has announced a 28.5% increase in the national minimum wage starting April 1, 2022. While this is overall a very positive step forward for employees and reflects a rapidly-recovering economy, it does pose a budgeting challenge for small business owners. Understanding its impact, the Ministry of Finance is promising changes to the tax system and has assured the Jamaican public that there will be no new taxes in the 2022-2023 financial year. On the international front, the Governor-General has announced that steps are being taken to increase Jamaica’s global presence by strengthening ties with traditional and non-traditional partners to generate more international commerce and investment opportunities. Locally, the withdrawal of the order and measures implemented under the Disaster Risk Management Act, which includes the end of curfews that have limited small business owners’ opportunities, will allow small businesses to return to regular operating hours. Finally, our feature article, How to Properly Budget for Your Business, offers solid advice on budget allocation to help businesses get back on track and stay the course during these turbulent times. Onward and upward!

Warm Regards, Paul Bauer EDITOR, THE MILLENNIAL MARKETER

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CABINET APPROVES 28.5% NATIONAL MINIMUM WAGE INCREASE Cabinet has approved a 28.5% increase in the national minimum wage, effective April 1, 2022. Minister of Labour and Social Security, Hon. Karl Samuda says this will see the rate moving from $7,000 to $9,000 per 40-hour work. Mr. Samuda further advised that Cabinet approved increases in the minimum wage for industrial security guards, which will move from $9,700 to $10,500 per 40-hour work-week, along with accompanying allowances. He spoke during a digital press conference on Tuesday, February 22.

Mr. Samuda said while it was hoped that the minimum wage could have been further increased, "it depends largely on the pace at which the Jamaican economy recovers." "We thank God for the pace that it has recovered so far, and we have expectations that things will improve to enable this benefit to be even more meaningful soon," he stated. Mr. Samuda indicated that the Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke "had discussions with us and is fully aware of our efforts."

Mr. Samuda said security guards would also benefit from increases in laundry allowance that will move from $44 to $47.62 per hour and firearm premium allowance, which will go up from $48 to $51.95 per hour.

He has committed himself, wherever possible, that he will make an effort to see that wages for the Jamaican people improve as soon as our economy improves. Our people's productivity also needs to increase to add more wealth and value to the country.

The dog handlers' premium allowance will be increased from $33 to $35.72 per hour, while life insurance with double indemnity protection and dismemberment coverage will also increase from $2.75M to $2.97M.

Mr. Samuda pointed out that while many employers think that the minimum wage is what persons should be paid, he encourages them to pay more where possible.

"The necessary orders will give effect to these increases when tabled in the House of Representatives, which will take place as soon as the House reconvenes." the Minister stated.

"This is the minimum wage, and there are many people who use it as a guide, but it does not constitute the wage that you are expected to pay. If you can do more for those who work for you, who fall into these categories, then by all means, certainly efforts should be made to do that," Mr. Samuda emphasised.

Mr. Samuda said the National Minimum Wage Advisory Commission submitted their report outlining the recommendations in 2020. However, he pointed out that due to the pandemic, "we were losing thousands of jobs because of the challenges it posed." "The decision was taken then that it would be best to give us a chance to take the necessary action to get the labour market back on stream. I am happy to announce that we are almost there. The recovery process has been quite rapid for Jamaica, and we are enjoying the benefits of that recovery," the Minister added.

ECONOMY

The Minister also thanked all organisations participating in consultations on the minimum wage. They include the Planning Institute of Jamaica, Jamaica Security Guards Association, Jamaica Employers' Federation, Jamaica Confederation of Trade Unions, Jamaica Society for Industrial Security, Jamaica Household Workers Union, Bureau of Gender Affairs, Sugar Producers Federation of Jamaica, Jamaica Gasolene Retailers Association, the Union of Clerical, Administrative and Supervisory Employees and the Bustamante Industrial Trade Union.

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FAIRVIEW MEDICAL & DENTAL CENTRE NOW RECOGNIZED AS HOSPITAL BY THE MINISTRY OF HEALTH & WELLNESS, PRE-ACCREDITED BY JANAAC We are pleased to announce that Fairview Medical & Dental Centre is now fully approved by the Ministry of Health & Wellness to operate as a Hospital. Our Laboratory has also received pre-accreditation as a Testing Facility for COVID-19 by Jamaica National Agency for Accreditation, JANAAC.

In a recent interview with JIS News, according to Chief Executive Officer (CEO) of the Jamaica National Agency for Accreditation (JANAAC), Sharonmae Shirley, "Accreditation is integral to Jamaica's food safety, trade, consumer protection and healthcare through assuring confidence."

"We are incredibly thrilled that the process is completed. The designation as a hospital is essential for us as healthcare providers. We are proud to offer Western Jamaica a fully equipped and private Patient Ward to handle patients' admission, treatment, and care on our Ward. Our facility also includes an Isolation Room, a Maternity Room as well as an Operating Theatre," noted Mrs. Elizabeth Lee, Office Manager of Fairview Medical & Dental Centre.

She noted that JANAAC supports building robust quality infrastructure for the production, research and development, export and import of products through its accreditation services.

"We are proud to offer our patients a complete array of health care services from urgent care to primary care to advanced speciality care. Our Laboratory has the capacity for the testing of COVID-19, HIV, Urine Analysis and other testing needs. Being an approved and a pre-accredited facility also means we can continue to expand our patient care services to provide more options to serve the citizens of Western Jamaica." she added. The pre-accreditation process certifies that Fairview Medical & Dental Centre has met all the established standards and criteria for quality, patient care, safety and scope of services. Mrs. Lee added, "The final stamp of approval from the Ministry of Health & Wellness and JANAAC is further proof that we are on the right track and capable of serving the citizens of Western Jamaica."

HEALTH

"JANAAC is the only internationally recognized accreditation body in the English-speaking Caribbean that is a signatory to the ILAC MRA and the IAAC MLA for ISO/IEC 17025 (testing laboratories) and ISO 15189 (medical testing)," Mrs. Shirley added. For the past ten (10) years, Fairview Medical & Dental has offered Western Jamaicans quality healthcare services. We plan on continuing this trend with an improved facility (including a newly installed elevator) and expanded options to serve our patients. Fairview Medical & Dental is the leading Health Centre, operating every day! With a 24-hour ambulance service and fully equipped in-patient facilities, we are ready to tackle your illnesses and guide you back to health! Our specialities include Cardiology, Chiropractic Care, Dental, Maternity, Obstetrics and Gynaecology, Orthopedic, Pediatrics, Podiatry and many more!

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TAX SYSTEM TO BE UPDATED Work is being done to update the tax architecture, with “clear and coherent laws” capable of easy administration, says Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke. The Minister said that the opening of the 2022/23 Budget Debate in the House of Representatives on March 8 is integral to investment decisions and a predictable business environment. The Minister underscored that the reformed laws would foster a sustainable development path by creating a more equitable tax system and leveraging opportunities in a “global tax landscape.” Dr. Clarke said a revision of the Income Tax Act would be advanced in the coming months as part of measures for a “more responsible approach to tax expenditures, and the use of targeted tax credits rather than wholesale tax holidays.” As we aim to attract larger, US billion-dollar investments, we must do so within prescribed structures which will ultimately safeguard our economic sustainability. The Act is intended to undergo a series of amendments to create a coherent and self-contained legislative framework. This is for granting fiscal incentives regarding large-scale qualifying projects in a rules-based and transparent manner. He said the tax reform policy ensures a system that reduces distortion and consolidates four statutory deductions into one while significantly increasing the ease of doing business in Jamaica. The Minister outlined that effective May 2022, financial institutions will be required to submit information to Tax Administration Jamaica (TAJ), and the exchange of information with relevant jurisdictions will begin in September 2022. He said a search is on for a “suitable candidate” to lead the country’s Fiscal Commission, and a Commissioner will be appointed shortly. He added that the entity will be the “guardian of Jamaica’s fiscal rules and will assist in nurturing an environment that is conducive to fiscal responsibility long into the future.” Dr. Clarke pointed out that the objective of modernising the country’s economic structure is to ensure that “as we recover, we want to recover better than before.” “The purpose of the reform agenda is to improve efficiency, transparency, and fairness while providing the framework to accelerate economic growth and development,” the Minister said, adding that the Customs Act will be repealed and replaced. He said the Act, which came into effect in 1942, will give way for a modern Customs Act consistent with international best practice, noting that a Bill for the replacement has been before a Joint Select Committee of Parliament and is now “substantially completed”. Minister Clarke told the House that once the Parliament approves the Bill, Jamaica will have a brand-new Customs regime in the 2022/23 financial year that will “enhance productivity and efficiency of the Jamaican economy.”

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JAMAICA TO INTRODUCE A NEW $2,000 BANKNOTE & REDESIGN NOTES BY DECEMBER 2022 Jamaica is introducing a new $2,000 banknote on which late former Prime Ministers, the Most Hon. Edward Seaga, and the Most Hon. Michael Manley will appear together. It is among a series of new and upgraded notes, which will start circulation later this year. The notes will honour seven (7) National Heroes and four (4) former Prime Ministers. Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke disclosed as he opened the 2022/23 Budget Debate on Tuesday, March 8, in the House of Representatives. He said that the new notes are part of the Bank of Jamaica's (BOJ) projects to upgrade and refresh our currency in circulation. By introducing new notes, the Ministry aims to: 1. Save cost by increasing the banknotes' durability. 2. Enhance security features to reduce counterfeiting. 3. Improvements to better help the visually impaired. 4. Ensure colour distinction so that each denomination is clear. "The BOJ advised me that the introduction of a $2,000 note is necessary and will bring greater efficiency to the currency structure, allowing cash transactions to be settled easier. With the introduction of the $2,000 note alongside the $1.000 and $5,000 notes, persons will require fewer notes per transaction," he told the House. He said that the new or upgraded notes would last 50% longer than the existing ones. Dr. Clarke pointed out that Jamaica's banknotes feature National Heroes and deceased Prime Ministers or Premiers by policy. However, the existing banknotes, comprising $50, $100, $500, $1,000 and $5,000, feature only two (2) out of seven (7) National Heroes and three (3) of four (4) deceased Prime Ministers. "Our heroes no longer appear on our banknotes. In this 60th year of our Independence, this aspect of the national project must be restored. Our National Heroes must, once again, appear on our banknotes," he said.

ECONOMY

As such, National Heroes, The Right Excellent Paul Bogle and The Right Excellent George William Gordon, who were on Jamaica's original banknotes, will now appear together on the upgraded $50 note. The Right Excellent Marcus Garvey, who previously appeared on Jamaica's 50c banknote, will now appear alone on the upgraded $100 banknote. The Right Excellent Nanny of the Maroons and The Right Excellent Sam Sharpe will appear together on the upgraded $500 note.

In addition, The Right Excellent Sir Alexander Bustamante and the Right Excellent Norman Manley, who were founding fathers of modern Jamaica, will appear together on the upgraded $1,000 banknote. Jamaica will introduce a new $2,000 banknote on which late former Prime Ministers, the Most Hon. Edward Seaga, and the Most Hon. Michael Manley will appear together. Former Prime Ministers, the Most Hon. Donald Sangster, and the Most Hon. Hugh Shearer will appear together on the upgraded $5,000 note. Dr. Clarke said that the BOJ would be holding sensitisation sessions on the new security features. These sessions will also allow the visually impaired community to become familiar with the features that differentiate the banknotes.

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Millennial Media Management and The Millennial Marketer supports Jamaica's effort to vaccinate our population from the COVID-19 virus. It is the responsibility of all Jamaicans to play our part in ensuring that our nation recovers better and stronger! Here are the facts to combat the myths surrounding the COVID-19. vaccines. #GetVaccinated #GetBackToLife

INVESTOR WANTS TO REVIVE MONTEGO BAY TO APPLETON TRAIN Trains could start rolling again in Western Jamaica, almost 30 years after the discontinuation of railway service across the country! Minister of Transport & Mining, Hon. Audley Shaw announced that a potential investor had made a formal application to the Government of Jamaica to operate Rail Service from Montego Bay in St. James to Appleton Estate in St. Elizabeth. The Minister said that the initial thinking was to lease the line to the interested company. However, a shared-use system is favoured, similar to the arrangement that now obtains with the Jamaica Railway Corporation (JRC) and the bauxite companies that utilise the railway lines to transport bauxite. This shared-use arrangement, Minister Shaw noted, has been in place for many years. Under the agreement, the Montego Bay to Appleton train operator would pay a rental fee to use the lines to provide the service within Jamaica's tourism industry. "The intent would be to be able to carry sightseers from Montego Bay, get into Montpelier, Ipswich and Appleton and then take them on a tour of Appleton Estate," the Minister said. Minister Shaw explained that the project's first phase would start in Montpelier, with the second phase, from Montego Bay to Montpelier, to come on stream later. The Transport Minister said that the reactivation of the Montego Bay to Appleton Estate service is part of the Government's thrust to resurrect the railway service across the island.

BUSINESS

JAMAICA WILL CONTINUE TO INCREASE GLOBAL PRESENCE Governor-General, His Excellency, the Most Hon. Sir Patrick Allen says the Government intends to continue strengthening Jamaica’s presence across the globe, including collaborating more closely with traditional and non-traditional partners. He noted that the country has diplomatic relations with 169 countries, the most recent being the Republic of San Marino in Europe and the Togolese Republic in West Africa. “Our relations will always be underpinned by the bedrock of common goals, ideals and values, as well as a shared commitment to world peace, human rights and global equitable and sustainable development,” he said. The Governor-General was recently hosting the Annual Diplomatic Corps Cocktail Reception and Dinner at King’s House. The event was postponed over the last two years due to the onset of the coronavirus (COVID-19) pandemic.

Governor-General said that the Government and people of Jamaica are grateful for the support of the local diplomatic community and their governments in response to COVID-19. “Your assistance in the form of vaccines, field hospitals, mobile and medical units, equipment, and contribution to other improvements to our health infrastructure, has enabled us to weather the storm,” he noted. The Governor-General said that diplomatic relations were strengthened despite the challenges posed by the pandemic. “The past two years have been difficult, but we were presented with some opportunities to learn and grow. The increased use of virtual connectivity, for instance, has allowed us to remain in contact and to conduct business despite the unprecedented circumstances,” he noted. The dinner was part of activities marking Diplomatic Week 2022 under ‘Reigniting A Nation: Global Excellence, Our Mission’.

FOREIGN RELATIONS

PROTECTION COMING FOR CONSUMERS The Government has taken several steps to protect and educate consumers, says Minister of State in the Ministry of Industry, Investment and Commerce, Dr. the Hon. Norman Dunn. Among the initiatives is a National Consumer Policy, coordinated by the Consumer Affairs Commission, that establishes a formal structure to enhance consumer protection policies. Dr. Dunn spoke during an online forum for World Consumer Rights Day, held on March 15 under the theme, 'Fair Digital Finance'. Dr. Dunn said the Government has expanded the financial offerings with the Bank of Jamaica (BOJ) digital currency, Jam-Dex, which will open the door for fast, no-fee, cashless transactions enabled by a smartphone. He shared that in a 2018 World Bank report, it was posited that gaining access to essential financial services, such as transaction accounts, credit, savings, and insurance, helped the poor increase their standard of living by making simple transactions more efficiently. "In rural Jamaica, this may mean savings of thousands of dollars for transportation and removing the worry of travelling with cash to pay bills," Dr. Dunn said. However, he noted a cautionary side for engaging in the digital space and urged users to exercise responsibility to guard against pitfalls. "The Government, too, has a role to play in ensuring that the legislation is in place to protect users' data and privacy, and this is done through the Data Privacy Act 2020," Dr. Dunn said. "On World Consumer Rights Day, 2022, our goal is to ensure our consumers are informed. With this in mind, we have invited presenters to update us all about the benefits of digital payment services for everyday essentials, such as water, electricity, and telecommunications," he said. Dr. Dunn reiterated the Ministry's commitment to pursue policies and programmes that will facilitate the consumer's rights and extend its resources, where possible, to entities that offer digital financial services that place consumer protection and empowerment at their core. Meanwhile, he said the theme, Fair Digital Finance, promotes the expansion of digital products and services in Jamaica. He argued that a fair digital financial system offers many opportunities for all. Expanding the suite of digital financial services empowers Jamaicans to cope with crises and boost economic activity. Chairman, Consumer Affairs Commission (CAC), Donovan White, said the Commission would collaborate with entities to inform consumers about the development of the digital finance ecosystems in Jamaica. World Consumer Rights Day is observed on March 15 annually. The day aims to raise global awareness of consumer rights, protection, and empowerment.

BUSINESS

NO NEW TAXES THIS FINANCIAL YEAR During the National 2022-2023 Budget Debate, Minister of Finance & Public Service, the Hon. Dr. Nigel Clarke has announced that there will be no new taxes in the budget this year. The Finance Minister also announced that $200M was allocated to provide one-off payments of $10,000 each to the neediest Jamaican families impacted by rising inflation. For the Financial year 2022/23, the government plans to spend a total of JA$912B, comprised of Non-Debt Expenditure: JA$604.5B. Other points of interest include: 1. Debt Service Expenditure: JA$307.5B. 2. Public Sector Pension Payments: JA$40B. 3. Education: JA$122B (the most significant share). 4. Health & Wellness: JA$93.1B (including JA$10.6B for Drugs & Medical Supplies). 5. National Security: $92.4B 6. Farming: JA$1B (Farming Production Incentives). 7. Infrastructure: JA$800M (Maintenance of Rural Farm Roads). 8. Technology: JA$1.8B (Broadband Initiative - $1.0B and JA$800M for the Tablets in School Programme).

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It's a basic tenet of business - before you can make money, you have to figure out how to spend it. Drafting a budget is crucial to helping you turn your dreams for business success into reality. Using this vital tool, you can track cash on hand, business expenses, and how much revenue you need to keep your business growing -- or at least afloat. By committing these numbers to paper, your chances of succeeding with your business are helped by anticipating future needs, spending, profits and cash flow. It also may let you spot issues before they become problems. A business generally requires a capital and an operating budget. Capital budgets are usually projections of expensive necessities, such as new equipment or the expansion you dream of in the next few years. On the other hand, an operating budget details how much it costs to run the business for the next year. The operating budget includes the expenses for materials, sales, production, and salaries.

FEATURED ARTICLE

FINANCE MINISTER MAKES FIRST DIGITAL CURRENCY TRANSACTION Finance Minister, the Hon. Dr. Nigel Clarke conducted the first Digital Currency transaction on Tuesday, March 8, 2022. He used the Lynk app to pay his barber, Paul Mills of PaulBless Cutz, in the Central Bank Digital Currency, Jam-Dex, as he opened the 2022-2023 budget debate. Jam-Dex is the name given to the Central Bank Digital Currency (CBDC), designed to be a part of Jamaica's digital payments system to facilitate greater financial inclusion and increase transaction velocity while reducing the cost of banking for the public. "Paul came to my house yesterday to give me a haircut before this presentation. When he was finished, I realised that I didn't have the cash to pay. Paul is here today, and I will log into my Lynk account to pay Paul the JA$500 I owe him in Central Bank Digital Currency or Jam-Dex... DONE!!! That is the first public JAMDEX transaction is ever done in Jamaica!" Clarke exclaimed. The national rollout of the CDC is scheduled for the beginning of the next quarter. As an incentive for the general public to register and create a Jam-Dex electronic wallet, the GOJ will offer Jam-Dex credit of JA$2,500 to the first 100,000 wallets opened effective April 1, Dr. Clarke announced. By June, the BOJ expects to add four (4) more additional wallet providers. Last year, the BOJ minted JA$230M worth of Digital Currency and issued $1M in value to staff and another $5M to the National Commercial Bank (NCB). Natalie Haynes, Deputy Governor, Banking & Currency Operations & Financial Markets Infrastructure at the BOJ, previously said the Central Bank had created a launchpad for accelerating the Government's digital transformation through payment system infrastructure and fintech developments. As a fintech development, she noted that Lynk creates that bridge between Jamaica's core payment systems infrastructure and the public, facilitating financial inclusion. Lynk will function as a multi-currency wallet and enable users to conduct Jamaican dollar and Jam-Dex transactions. "Lynk, being Jamaica's newest digital wallet, is excited to be on the cutting edge of regulatory technology by being the first to integrate the CDC into our platform," said Lynk's Chief Executive Officer, Vernon James. "Our main goal is to ensure that our customers have frictionless access to all payment channels," he added. Lynk-to-Lynk transfers will remain free to all users, even transactions using Jam-Dex."

TECHNOLOGY

DRMA ORDERS WITHDRAWN The Order and all the measures under the Disaster Risk Management Act (DRMA) will be withdrawn across the island effective Friday, March 18, 2022. Prime Minister, the Most Hon. Andrew Holness announced the 2022/23 Budget Debate in the House of Representatives on March 17. Mr. Holness noted that while the Government acknowledges that the pandemic is not over, “it must be mainstreamed into the general, normal management of public health, safety and public order.” “It is no longer sustainable to manage the pandemic as a special project by Executive Order, through the Disaster Risk Management Act. However, risks remain, and continued vigilance is necessary, especially for vulnerable populations. For this reason, some measures will be retained and incorporated into Regulations issued under the Public Health Act instead,” he said. The measures being incorporated will include: 1. the requirement for persons who test positive to isolate, 2. laboratories to protect the privacy and identity of persons testing positive for the coronavirus (COVID-19), and 3. handwashing and hand sanitisation measures. Mask-wearing in enclosed spaces to which the public has access, for example, supermarkets, banks, and tax collectorates, will be retained until April 15, 2022. Mr. Holness noted, however, that mask-wearing will not be mandated but will be recommended in establishments that serve food, liquor or other drink for consumption within the premises. Regarding travel, the Prime Minister pointed out that “we have decided to retain the requirement to obtain a pre-test within three days before travel, until April 15, 2022, and will then reassess with a view to its removal.” Mr. Holness said. In addition, maintaining physical distance will be highly recommended but no longer mandated. “The general infection prevention and control protocols applicable to workplaces will also be highly recommended but not mandated. Curfews will end, but we still recommend that you use your discretion, staying out late only if it is a must and ensuring your safety and security,” the Prime Minister said.

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ENTERTAINMENT SECTOR REOPENS The prohibition on entertainment events was lifted on Friday, March 18, 2022. Prime Minister, the Most Hon. Andrew Holness made the announcement during his contribution to the 2022/23 Budget Debate in the House of Representatives on Thursday, March 17, 2022. Mr. Holness reminded the public that events are regulated under various laws and administered by multiple entities, such as the Municipal Corporations and the Jamaica Constabulary Force (JCF), from whom party holders and promoters must seek permits and pay licences. The permits granted will include a condition that the number of persons in any venue must be below 70 per cent of the capacity. This limitation will be in place until April 15 2022. In addition, certain restrictions currently applicable to hospitals, nursing homes, infirmaries, and correctional facilities will become matters for policy at the Ministry of Health and Wellness level, the Ministry of Local Government and Rural Development, and the Ministry of National Security as applicable. “I re-emphasise, we are not declaring an end to the pandemic. There are still outbreaks happening all over the world. We are maintaining the disease management under our existing public health laws,” Mr. Holness said.

ENTERTAINMENT

HOW THE REGION KEPT EXTREME POVERTY AT BAY The World Bank is reporting that the social protection measures implemented to mitigate the effects of the novel coronavirus pandemic have been a success. In a recent announcement by World Bank VicePresident for Latin America and the Caribbean, Carlos Felipe Jaramillo said, "Region-wide, estimates suggest that 28 million more people would have been poor in 2020 without these interventions." He also pointed to evidence that shows that the pandemic response helped cushion the impact on inequality. "All across the region, coverage increases most benefited the poorest. And response measures resulted in income growth for the lowest category of the income distribution," he noted. This is even more poignant when data shows that income fell for two-thirds of households and nearly half of workers stopped working, while 16% lost their jobs in Latin America and the Caribbean (LAC). At the pandemic's start, governments throughout the region expanded and created a slew of new programmes to cover additional beneficiaries. Data from high-frequency phone surveys implemented by the World Bank and United Nations Development Programme (UNDP) show how widespread these efforts were. Coverage of income support programmes increased from 22% of all households in the region before the pandemic to nearly half receiving support during the pandemic.

The World Bank supported the increased outreach by committing more than US$3.5B to 10 COVID-19-related projects in the region, more than a threefold increase from the support provided in the fiscal years before the pandemic. "By 2019, almost every country in LAC had formal cash transfer programmes covering at least 37 million households (22% of the region's total) before the pandemic. Importantly, many countries also invested in building core delivery systems to better identify the poorest and deliver efficiently," Jaramillo stated. The World Bank has played an essential role in constructing this new safety net infrastructure, supporting its construction in 23 countries with financing and knowledge over the last two decades. Despite the enormous progress, the World Bank Vice-President maintains there is much left to do to bolster the tower of social protection that has been built in the region. He stated, "In the short-term, the focus remains on improving delivery systems of these programmes, building on the digital innovations that emerged through the pandemic response in areas such as social registries and payments."

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