President Wavel Ramkalawan chaired a scheduled meeting of the Cabinet yesterday Wednesday, 27th August, in which a number of legal and policy memoranda were approved.

Cabinet approved the revised proposal to amend subsection 8(3) of the Foreign Exchange Act, 2009. The amendment will require that any conversion of currency under subsection 8(2)(a) or (b) be calculated using the exchange rate published by an authorised dealer on the day that the payment in foreign currency is accepted. This approach ensures compliance with the IMF’s revised Multiple Currency Practices rule which conforms to a market-driven mechanism for exchange rates, and provides a practical solution for implementation by businesses and financial institutions.

Cabinet approved the L’Union Estate Tourism, Agriculture and Livestock Development Masterplan, encompassing four phases: Tourism Development, Tourism Expansion, Agriculture and Livestock Development, and a Targeted Waste Management Intervention.

Cabinet approved the Luxury Car Service Policy.  This policy will govern the operation of luxury car services, including limits on the number of operators, vehicle and driver eligibility requirements, and clear operational standards.

Cabinet considered and approved the 2025 Mid Year Budget Review and Supplementary Budget.  The Ministry of Finance, National Planning and Trade will hold a Press Conference on the subject.

Relevant Ministries will provide details.