CARIBBEAN ROUNDUP
Barbados
The International Monetary Fund
(IMF) says Barbados continues to make
good progress in implementing its ambitious
and comprehensive reform program.
And IMF delegation,
headed by Bert van
Selm recently ended a
four-day visit to Bridgetown
to discuss implementation
of Barbados’ Economic Recovery
and Transformation plan, supported
by the IMF under the Extended Fund
Facility (EFF).
The delegation also met with Prime
Minister Mia Mottley and the IMF official
said all indicative targets for the end of
June under the EFF have been met.
He said the target for the government’s
primary surplus was met with a
wide margin, with the government running
a primary surplus of 2.5 percent of
annual gross domestic product (GDP)
in the first quarter of the financial year
2019-20.
Van Selm said that good progress had
been made in implementing end-June
and July 2019 structural benchmarks
under the EFF.
He said the authorities have completed
a review of the tax system and
the governor general has proclaimed the
recently enacted Financial Management
and Audit Act.
The delegation said it is looking forward
to return to Barbados in November
to conduct the discussions for the Article
IV and second review under the EFF.
In 2018, Barbados signed a US$90
million 48-month EFF as the Mottley
administration sought to revive the ailing
economy.
Caribbean
Some nine Caribbean countries are
among a group of 27 Small Island Developing
States (SIDs) that are expected to
benefit from US$21 million to assist in
managing and eliminating toxic chemicals
and waste.
A release from the
T&T Planning Ministry
stated US$21 million
will be allocated by the
Global Environment
Facility (GEF) to fund the planning and
implementation of Caribbean activities
under the Program including the collection
of baseline information and the
identification of country needs.
The release added that the successful
development and support an integrated
regional approach to protecting health
and the environment from the negative
effects associated with releases and emission
of toxic waste and chemicals.
Guyana
The International Monetary Fund
(IMF) has projected a 4.4 percent economic
Updated daily at www.caribbeanlifenews.com
Haitians gather for a nationwide push to block streets and paralyze the country’s economy as they press for President Jovenel Moise
to give up power, in Port-au-Prince, Haiti, Monday, Sept. 30, 2019. Opposition leaders and supporters say they are angry about public
corruption, spiraling infl ation and a dwindling supply of gasoline that has forced many gas stations in the capital to close as suppliers
demand the cash-strapped government pay them more than $100 million owed. on Page 16.
Associated Press / Rebecca Blackwell
growth for Guyana this year, stating
that the medium-term prospects are
very favorable for the Caribbean Community
(CARICOM) state as oil production is
on schedule to begin in early 20220.
After concluding
Article IV Consultation
with Guyanese authorities,
the Washingtonbased
financial institution
said the broad-based expansion
extends across all major sectors.
The current account deficit is estimated
to rise to 22.7 percent of gross domestic
product (GDP) “on the back of higher
imports related to oil production, which
will be largely financed by FDI (foreign
direct investment) in the petroleum sector,
the IMF said.
It said: “The commencement of oil
production in 2020 will substantially
improve Guyana’s medium and longterm
outlook.”
“The oil sector is projected to grow
rapidly, accounting for around 40 percent
of GDP by 2024 and supporting
Caribbean L 4 ife, October 4 - 10, 2019 BQ
additional fiscal spending annually of 6.5
percent of non-oil GDP on average over
the medium term, which will help meet
critical social and infrastructure needs,”
the IMF said.
The IMF said pubic debt and the external
current account deficit are projected
to decline steadily following the onset if
oil production.
Jamaica
The Inter-American Development
Bank (IDB) is providing US$50 million
credit line to help Jamaica promote innovation
growth and entrepreneurship ecosystems.
The Washingtonbased
financial institution
said the first
individual operation
for US$25 million will
promote sustainable and robust growth
among startups and Micro, Small and
Medium Enterprises (MSMEs) in Jamaica.
The IDB said Jamaica’s productivity
growth and innovation challenges
requires a long-term vision of identifying
and promoting high-growth potential
opportunities, as well as flexibility to
accommodate to the rapidly changing
technological environment that is affecting
the private sector globally.
It said the project aims to promote
innovation and productivity among
established MSMEs with high growth in
scalable startups; and create a sustainable
pipeline of high-growth potential
startups.
Trinidad
The Law Association of Trinidad and
Tobago (LATT) is taking Prime Minister
Dr. Keith Rowley to court, challenging
his refusal to start impeachment proceedings
against the country’ s Chief
Justice Ivor Archie.
Last week 163 members of (a membership
of more than 3,500 lawyers) voted in
favor of legal action being taken against
Dr. Rowley out of the 235 who were in
Haitians continue protest
Continued on Page 22
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