Tag: International Monetary Fund (IMF)

Poor The Hardest Hit In Caribbean and LatAm By Russia’s Ukraine Invasion, IMF Says

CARACAS — The poorest will be the hardest hit across the Caribbean and Latin America by the economic fallout from Russia’s invasion of Ukraine, with the region facing further inflationary pressure, a senior official at the International Monetary Fund said on Wednesday. “High inflation, especially food inflation, affects the poor in our region the most. […]

Income Level Alone Should Not Determine How Much Benefit Aid A Country Receives: OP-ED Piece

SANTIAGO, Chile — The recent call to action by the Secretary of the Treasury of the United States, Janet Yellen, to the G-20 for a new issue of IMF Special Drawing Rights (SDRs), which the G-20 recently approved, and the re-allocation of excess SDRs to low-income countries (LICs) is a much welcome and needed initiative. […]

A New U.S. Initiative Is Needed For The Caribbean: Expert OP-ED Columnist

When the economies of the Caribbean and Central America finally exit the pandemic, most will be in crisis. As a recent [International Monetary Fund] IMF review of The Bahamas put it, recovery to pre-pandemic levels “will likely take years” and the “downside risks loom large.” The same prognosis is expected to apply to virtually every […]

Rough Road Ahead For Caribbean and Latin American Economies, IMF Says

SAN JUAN (Reuters) — Latin American and Caribbean economic activity will not return to pre-pandemic levels of output until 2023 and GDP per capita will catch up only in 2025, later than other parts of the world, the International Monetary Fund (IMF) said on Monday. Among contributing factors, the Fund listed a failure to contain […]

Caribbean Indigenous People Return To Roots As COVID-19 Shrinks Tourism

BELMOPAN — Indigenous cultures in the Caribbean, struggling as their tourism-dependent economies are ravaged by the coronavirus pandemic, are returning to traditional farming and fishing roots for their livelihoods, local experts said. Being forced to look to older, more organic ways of survival can be a silver lining within the devastation of the pandemic, connecting […]

Distressed Caribbean Countries Face A Dilemma: They’re Too Rich

BRIDGETOWN — For Caribbean nations such as Suriname, Belize and Barbados, the pandemic hasn’t just shut down local economies. It’s also led some investors to worry about how they’ll repay their bonds. Unlike eight regional nations including Haiti, Honduras and Nicaragua that may qualify for a global debt relief initiative backed by the Group of […]

Caribbean Tourism Has Been Decimated By COVID-19, But The Private Sector Can Cushion The Blow

NASSAU — We are all in the same COVID-19 storm, but not all countries are in the same boat. Here in the Bahamas, 70 percent of our GDP is generated from tourism. Tourist-based economies like ours throughout the Caribbean region have limited social safety nets. This means our people, economy and future are far more […]

IMF Sees Caribbean Economy Shrinking 6.2% In 2020 Due To Pandemic

WASHINGTON — A sudden stop in tourism caused by border closures and lockdowns aimed at containing the coronavirus pandemic will cause a 6.2% contraction of the Caribbean economy in 2020, the deepest recession in over half a century, the IMF said on Wednesday. In a blog on its website, the International Monetary Fund warned that […]

International Monetary Fund Expects ‘Modest’ Growth For Caribbean in 2018

WASHINGTON — The International Monetary Fund (IMF), says economic prospects for the region are generally improving and modest growth is expected in 2018 and 2019. The IMF, in its Regional Economic Outlook Update for Latin America and the Caribbean, released on Thursday, said the positive outlook is supported by growth in the United States following […]

Billionaire Richard Branson Says Region Needs A Marshall Plan To Rebuild After Hurricanes

ROAD TOWN, Tortola, BVI — A plan by British billionaire Richard Branson to lead a post-hurricane rebuilding effort in the Caribbean, with a focus on clean energy projects, may include debt relief negotiations mediated by the International Monetary Fund. Branson is spearheading a plan to help nations in the region recover after Hurricanes Irma and […]