Caribbean Banking – Island Crisis http://islandcrisis.net/ Fri, 24 Sep 2021 08:03:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://islandcrisis.net/wp-content/uploads/2021/04/default1-150x150.png Caribbean Banking – Island Crisis http://islandcrisis.net/ 32 32 IMF Executive Board Concludes 2021 Article IV Consultation With … https://islandcrisis.net/imf-executive-board-concludes-2021-article-iv-consultation-with/ https://islandcrisis.net/imf-executive-board-concludes-2021-article-iv-consultation-with/#respond Fri, 24 Sep 2021 06:22:07 +0000 https://islandcrisis.net/imf-executive-board-concludes-2021-article-iv-consultation-with/ (MENAFN- Caribbean News Global) WASHINGTON, USA – On September 10, 2021, the Board of Directors of the International Monetary Fund (IMF) concluded the Article IV consultation with Brazil. Economic performance has been better than expected, in part due to the authorities’ strong political response. GDP has returned to its pre-pandemic level in the first quarter […]]]>

(MENAFN- Caribbean News Global) WASHINGTON, USA – On September 10, 2021, the Board of Directors of the International Monetary Fund (IMF) concluded the Article IV consultation with Brazil.

Economic performance has been better than expected, in part due to the authorities’ strong political response. GDP has returned to its pre-pandemic level in the first quarter of 2021 and momentum continues to be favorable, supported by booming terms of trade and robust credit growth to the private sector.

Tragically, the COVID-19 pandemic has claimed the lives of more than 550,000 Brazilians. Closures renewed after a second wave of severe COVID-19 earlier this year and the rollout of vaccination have helped bring down infections since April, with new daily COVID-19 cases and deaths down significantly from at their peaks. The government has purchased doses sufficient to inoculate the adult population in 2021, with the most vulnerable population expected to be fully inoculated by the end of the year.

Real GDP is expected to grow 5.3% in 2021. An improving labor market and high levels of household savings will support consumption, and as vaccinations continue, pent-up demand will return for in-person services. . Depleted stocks will be replenished and the rise in commodity prices will support new investments. Inflation is expected to decline steadily from recent peaks to the midpoint of the target range by the end of 2022. After jumping to 99% of GDP in 2020, public debt is expected to drop sharply to 92% of GDP in 2021 and stay around this level for the medium term. The uncertainty surrounding the outlook is exceptionally high, but the risks to growth are considered broadly balanced.

Major challenges remain. The depreciation of the currency and soaring commodity prices have fueled headline inflation and inflation expectations even as the output gap remains negative. The labor market is lagging behind the resumption of production and the unemployment rate is high, especially among young people, women and Afro-Brazilians. Emergency cash transfers will eventually expire and, without a permanent strengthening of the social safety net, poverty and inequality could worsen. Short-term fiscal risks are low, but the high level of public debt continues to pose medium-term risks. Restoring high and sustained growth, increasing employment, increasing productivity, improving living standards and reducing vulnerabilities will require political efforts to remove bottlenecks and encourage investments led by the private sector.

Board assessment

Directors praised the Brazilian authorities for their decisive political response to the COVID-19 shock, which significantly reduced the severity of the 2020 recession and cushioned its impact on the poor and vulnerable while paving the way for a strong recovery in 2021 Directors welcomed the momentum for institutional reforms, despite the pandemic, to lay the foundations for a more competitive economy. However, the pandemic has exacerbated long-standing challenges to higher growth and socio-economic inclusion. Further efforts are needed to build market confidence, encourage private sector-led investment and strengthen medium-term prospects.

Directors agreed that fiscal policy should focus on rebuilding reserves and reducing fiscal rigidities in order to create space for public investment and a stronger social safety net. The spending cap has played an important role in maintaining market confidence and continued compliance with the rule is necessary to reduce public debt. Comprehensive tax reform should aim to increase progressivity, simplify the system and improve resource allocation. The tax reform should include a bold plan to reduce tax expenditures in order to highlight the benefits in terms of fairness and efficiency. Directors encouraged the authorities to adopt a stronger medium-term fiscal framework and to strengthen subnational finances. These measures would help strengthen fiscal credibility, reduce fiscal risks and improve the government’s capacity to manage negative shocks.

Directors supported the continued tightening of monetary policy to cope with rising inflation and to keep inflation expectations firmly anchored. Given the uncertainty surrounding the outlook, policy should continue to rely on data, complemented by proactive communication and clear direction. Directors welcomed the authorities’ commitment to a flexible exchange rate and to limit intervention to tackling disorderly market conditions.

Directors noted that the banking system has shown resilience and supported the recovery. They agreed that a phasing out of crisis-related financial assistance was appropriate and endorsed the authorities’ efforts to strengthen financial inclusion and promote competition in the banking system.

Directors welcomed the ambitious supply-side reform program aimed at boosting productivity, potential growth and living standards. Concerted action is needed to liberalize foreign trade and product markets, increase the flexibility of the formal labor market, and improve governance. Strengthening the efficiency and predictability of anti-corruption and AML / CFT mechanisms remains essential. Steps are also needed to further improve the environment for private sector investment.

Directors welcomed initiatives to encourage environmentally sustainable activities in response to climate-related risks. Many directors encouraged closer collaboration between authorities and staff to analyze climate-related risks in macroeconomic assessments and financial stability assessments.

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You only need 3 dividend stocks to earn income for a lifetime https://islandcrisis.net/you-only-need-3-dividend-stocks-to-earn-income-for-a-lifetime/ https://islandcrisis.net/you-only-need-3-dividend-stocks-to-earn-income-for-a-lifetime/#respond Thu, 23 Sep 2021 14:26:15 +0000 https://islandcrisis.net/you-only-need-3-dividend-stocks-to-earn-income-for-a-lifetime/ The mandate of the Canada Pension Plan Investment Board (CPPIB) is to manage contributor funds and ensure that CPP pension payments are available for generations to come. Although the CPP is for life, the CPPIB reminds retirees that this is only a retired foundation. Since the annuity is a partial, not a total, replacement of […]]]>

The mandate of the Canada Pension Plan Investment Board (CPPIB) is to manage contributor funds and ensure that CPP pension payments are available for generations to come. Although the CPP is for life, the CPPIB reminds retirees that this is only a retired foundation.

Since the annuity is a partial, not a total, replacement of average pre-retirement income, it would help boost your CPP for greater financial security. Some companies could match the CPPIB’s commitment to retirees. The Bank of Nova Scotia (TSX: BNS) (NYSE: BNS), Imperial Oil (TSX: IMO), and North West Company (TSX: NWC) can provide sustainable income to Canadian retirees.

Impeccable stock market performance

All the big banks are blue chip assets. The SNB is the third largest Canadian bank and pays the highest dividend in the banking industry. The $ 93.72 billion lender has been paying dividends for nearly 190 years. No retiree could survive or survive the longevity of BNS’s dividend history.

The bank stock trades at $ 77.13 per share and pays a dividend of 4.67%. The SNB is not immune to economic downturns or crises, but it supports them all, regardless of their magnitude. On the performance side, BNS is impeccable. Its total return over the past 48.81 years is 174,100.59% (compound annual growth rate of 16.52%). So far in 2021, investors are ahead 16.19%.

BNS’s financial results after the three quarters of fiscal 2021 were very impressive. Net income for the entire section is close to $ 7.4 billion, or 49.3% more than in the same period of fiscal 2020. Management is confident that the diversified business model will help maintain resilience. The SNB expects significant contributions from all operating segments in the coming quarters.

Dividend reliability

Imperial Oil in the energy sector does not attract the same attention as Enbridge and Pembina pipeline. The $ 26.05 billion producer of crude oil and natural gas doesn’t pay high dividends (2.65%) like the pipeline giants. However, their dividend track record is pale compared to IMO.

The $ 26.05 billion company reported profits of $ 391 million and $ 366 million in the first and second quarters of 2021. In the first half of this year, Imperial Oil’s net profit was amounted to $ 758 million, compared to a net loss of $ 714 million in the same period last year. At $ 36.97 per share (+ 56.52%), this energy value is one of the TSXthe most successful of. In addition, the price return over one year is 110.06%.

On the conference call for the first quarter of 2021, Imperial Oil CEO Brad Corson said, “We have reliably paid a dividend for over 100 consecutive years and increased it in each of the 26 last years. The horse’s mouth statement should give you the confidence to invest in Imperial Oil.

No hard sell

The North West Company is older than BNS and Imperial Oil and has been around since 1668. Its corporate existence is enough to tell you that the business is sustainable. The $ 1.6 billion retailer dominates markets in hard-to-reach areas of Canada. It also has a conquered market in Alaska, the South Pacific and the Caribbean.

I don’t need to dwell further on the merits of investing in this defensive title for consumers. North West’s total return over the past 31 years is 59,298.74% (22.87% CAGR). The current share price of $ 34.53 could go down, but the sure 4.27% dividend would provide the cushion just in case.

Incredible but true

It may sound incredible, but it is true. BNS, Imperial Oil, and North West Company are go-to assets and ideal sources of income if you want a lifetime income like your CPP.


This article represents the opinion of the author, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We are straight! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer, so we post sometimes articles that may not conform to recommendations, rankings or other content. .

Foolish contributor Christopher Liew has no position on any of the stocks mentioned. The Motley Fool owns shares and recommends Enbridge. The Motley Fool recommends BANK OF NOVA SCOTIA, PEMBINA PIPELINE CORPORATION and THE NORTH WEST COMPANY INC.


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Digitization and innovative policymaking are key to the growth of MSMEs in Latin America and the Caribbean https://islandcrisis.net/digitization-and-innovative-policymaking-are-key-to-the-growth-of-msmes-in-latin-america-and-the-caribbean/ https://islandcrisis.net/digitization-and-innovative-policymaking-are-key-to-the-growth-of-msmes-in-latin-america-and-the-caribbean/#respond Wed, 22 Sep 2021 18:00:08 +0000 https://islandcrisis.net/digitization-and-innovative-policymaking-are-key-to-the-growth-of-msmes-in-latin-america-and-the-caribbean/ The COVID-19 pandemic has accelerated digitization among micro, small and medium-sized enterprises (MSMEs) in Latin America and the Caribbean, a region with enormous potential for industrial transformation. However, several challenges, such as structural barriers to technology adoption, social inequalities and lack of financial resources, still need to be addressed. These are some of the key […]]]>

The COVID-19 pandemic has accelerated digitization among micro, small and medium-sized enterprises (MSMEs) in Latin America and the Caribbean, a region with enormous potential for industrial transformation. However, several challenges, such as structural barriers to technology adoption, social inequalities and lack of financial resources, still need to be addressed.

These are some of the key findings from the Global Manufacturing and Industrialization Summit (# GMIS2021) digital series on “Harnessing Policy Making to Strengthen Innovation and Digital Transformation of Latin American MSMEs” . Discussions highlighted the opportunity for digital transformation of MSMEs and their importance for today’s globalized economy, especially in the region, where they account for around 99.5% of businesses, 60% of jobs and 25% of regional GDP, according to the Inter-American Development Bank.

LI Yong, Director General of the United Nations Industrial Development Organization (UNIDO), said MSMEs were severely affected by the global economic recession resulting from the pandemic, which revealed a clear digital divide within and between country. “We are working closely with countries in Latin America to increase access to advanced manufacturing technologies. We, as the international community, can and must do more. We must accelerate our joint efforts to empower middle-income countries to deploy advanced technologies for transformative effect and achieve inclusive and sustainable industrial development. “

Even though the digitalization of industries was in place before the pandemic, the crisis has accelerated this process, fostering the development of innovative solutions in the form of products, processes and business models. Despite this, around 2.7 million MSMEs in the region disappeared in 2020 due to reduced access to markets and value chains and low rates of digital and financial inclusion, according to the Economic Commission for America. Latin and the Caribbean (ECLAC).

Alicia Bárcena, Executive Secretary of ECLAC, said the adoption of the technology has proven to be essential in boosting social and economic resilience in Latin America and the Caribbean. However, countries need greater government support and regional cooperation to enable digital transformation. “Unlike the developed countries or the emerging economies of Asia, the countries of our region have not reaped the fruits of successive waves of technological transformation, in particular the digital revolution that began in 1990 and the nascent 4.0 era. The productivity of MSMEs reaches only 10% of large companies in the region against 66% in Europe. Progress will require regional cooperation such as facilitation of electronic commerce and cross-border data flow. Likewise, greater digital cooperation can also promote better institutions at the national level and help define common principles and guidelines to advance digital transformation.

In Costa Rica, improving access to internet connectivity and strengthening public-private collaboration to promote the digitization of MSMEs has been a key priority for the government over the past year. Thanks to these efforts, around 88% of the country’s population now use the Internet and more than 60% have access to mobile Internet, said HE Victoria Hernández Mora, Minister of Economy, Industry and Trade of the Costa Rica, during the discussion. “All of this encouraged us to continue supporting digital maturity assessments in collaboration with the Inter-American Development Bank; Continuity of SME digitization programs towards transformation with the banking system for development; promote a new digital record; as well as a new fintech that powers small businesses with high-tech tools to give them access to resources. HE Mora said these initiatives will lead to increased competitiveness, diversification of GDP growth and creation and promotion of talent.

HE Victor Bisono Haza, Minister of Industry, Trade and MSMEs of the Dominican Republic stressed the importance of developing long-term strategies to help countries successfully meet the challenges of the Fourth Industrial Revolution. “The industrial revolution and digital transformation require a profound change in businesses and professionals – changes that affect all areas of the organization and all sectors of the economy, becoming a revolutionary framework due to technological advances. The Dominican Republic has already started working on a paradigm shift, reflected by the implementation of different initiatives and policies, such as Presidential Decree No. 7121, which establishes the creation of the Cabinet for Digital Transformation.

In order to foster bilateral collaboration in the areas of technology adoption and industrialization, the Dominican Republic signed a memorandum of understanding with Spain, focusing on two initiatives: the digital self-assessment tool Advanced (ADA), which will enable industry organizations to assess their maturity and levels of digitization, and the Activa program, which provides specialist advice to businesses, including situation assessments and transformation plans.

Gabriela Dutrénit, President of the Latin American Network for Learning, Innovation and Skills Building Systems (LALICS) referred to the limited innovation approach as a barrier to digitization, followed by the structural heterogeneity of regional economies. “The challenge is to manage this heterogeneity with differentiated policies according to the type of sector. On the one hand, there are larger companies or even SMEs that have already taken a step towards technological development, and on the other hand, we have MSMEs that have taken a step forward in digitization, using and not by developing new technologies. But we need a differentiated policy, so the rest is how to combine or articulate these policies. “

According to Ruben Geneyro, president of the National Institute of Industrial Technology (INTI) in Argentina, the digital transformation and the shift to the 4.0 paradigm represent an additional challenge for the country compared to its goal of changing the productive matrix. “There is a need for active states that design smart and dynamic institutional mechanisms to generate synergies between the public and private sectors, academia and workers. A few months ago, our Ministry of Productive Development presented a new Productive Development Plan 4.0 with the idea of ​​encouraging the adoption of this paradigm and promoting the development of technological solutions in the country, taking into account the experiences other countries, but above all by considering our particularities, the production framework, our strengths and our weaknesses.

Argentina’s Productive Development Plan 4.0 includes 50 new awareness-raising measures, including training, technical assistance, investment support and institutional infrastructure that supports the process of industrial transformation. In addition, the National Institute of Industrial Technology is currently working on courses for industry and university degrees to build an institutional framework.

The Virtual Roundtable is the latest in a new series of sessions hosted by the GMIS 2021 Digital Series. The topics explored at the roundtable are closely aligned with the focus areas of the fourth edition of the Global Manufacturing Summit and industrialization (# GMIS2021). Under the theme “Rewiring Societies: Repurposing Digitalization for Prosperity”, # GMIS2021 will take place at the EXPO exhibition center in Dubai from November 22-27.
Source: World Summit on Manufacturing and Industrialization


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Flawed: Cayman Finance calls into question the credibility of the Tax Justice Network’s biannual financial secrecy index | Business https://islandcrisis.net/flawed-cayman-finance-calls-into-question-the-credibility-of-the-tax-justice-networks-biannual-financial-secrecy-index-business/ https://islandcrisis.net/flawed-cayman-finance-calls-into-question-the-credibility-of-the-tax-justice-networks-biannual-financial-secrecy-index-business/#respond Wed, 22 Sep 2021 07:10:29 +0000 https://islandcrisis.net/flawed-cayman-finance-calls-into-question-the-credibility-of-the-tax-justice-networks-biannual-financial-secrecy-index-business/ GEORGE TOWN, Cayman Islands – (BUSINESS WIRE) – Sep 22, 2021– Cayman Finance today released a new study that critically assesses the methodology and data used to rate the Cayman Islands in the Tax Justice Network (TJN) Financial Secrecy Index (FSI). Significant flaws in TJN’s choice of data and rating made the 2020 report an […]]]>

GEORGE TOWN, Cayman Islands – (BUSINESS WIRE) – Sep 22, 2021–

Cayman Finance today released a new study that critically assesses the methodology and data used to rate the Cayman Islands in the Tax Justice Network (TJN) Financial Secrecy Index (FSI). Significant flaws in TJN’s choice of data and rating made the 2020 report an unreliable source of accurate information on the Cayman Islands financial services industry. Future TJN reports will also lack credibility without critical changes in the application of their own methodology – and Cayman Finance will continue to review and analyze future editions to ensure continued accountability.

Ahead of the planned release of the remaining TJN reports this fall, Cayman Finance commissioned the review to analyze the calculations of the previous report released in 2020, which incorrectly ranked the Cayman Islands as the world’s number one ranking for secrecy. This analysis, carried out by accomplished economist Julian Morris, identified significant flaws in the way TJN applied its own original methodology, resulting in skewed final rankings, creating biased and misleading conclusions.

“The Cayman Islands have demonstrated their commitment to the common struggle for effective global transparency and standards of international cooperation. However, a transparency report must itself be transparent and the fact that the Tax Justice Network’s 2020 Financial Secrecy Index does not meet this standard undermines the credibility of its findings ”, noted Jude Scott, CEO of Cayman Finance. “TJN used unqualified estimates and assumptions when specific data was available to the public. Without substantial changes to TJN’s application of its own methodology in future reports, the credibility of these evaluations as independent resources used by other organizations will be lost.

Cayman Finance’s analysis found that TJN’s 2020 Financial Secrecy Index had:

Incorrect methodology used – the FSI report did not follow its own methodology when calculating a global weight (GSW) – the main factor in determining a jurisdiction’s score – for Cayman. TJN chose to use portfolio liabilities instead of publicly available data for financial services exports. As a result, GSW’s TJN estimate for Cayman was almost 9 times what it should have been. If TJN had precisely applied its own methodology on this one point, Cayman would already fall to 6 th place in the FSI.

Bias criteria used – The FSI report used biased key financial secrecy indicators, further skewing Cayman’s score. For example, the FSI gives Cayman a 100% secrecy score for lack of public access to civil tax procedures, even though Cayman does not have such procedures because it does not have income tax. companies or individuals. If these biased metrics were removed or scored more accurately with a correct GSW calculation, Cayman would fall even further down the FSI list at No. 34.

Julian Morris, leading economist and author of the Cayman Finance report, explains further: “While the ISF is clearly an ambitious attempt to identify jurisdictions that contribute to illicit financial flows, the inappropriate and statistically questionable use of its measures compromises the integrity of their findings. Unless TJN makes significant changes in future reports, in particular to use accurate data, adjust or remove biased indicators, and aggregate the data using appropriate statistical methods, the FSI should not be taken into account. serious as an assessment of the jurisdictions’ contributions to illicit activities. financial flows. “

Scott concludes: “We are confident in the leadership shown by the Cayman Islands government and our financial services industry in adopting global standards for transparency and tax information sharing. While fraud is a global problem in which we all have a continuing role to play, the EU and the OECD recently reviewed the Cayman Islands’ tax neutral regime and found it to be transparent, in line with the principles of good tax governance and without tax regimes. These are the types of internationally recognized assessments that should be considered when assessing the Cayman Islands. “

A “Review of TJN Financial Secrecy Index” by Julian Morris, as well as analysis of other TJN reports, is available at www.caymanfinance.ky.

Cayman Finance is the Cayman Islands financial services industry association, a leading global tax-neutral financial center effectively connecting law-abiding users and providers of private equity and finance worldwide. Cayman Finance represents leading service providers in the investment funds and asset management, banking, insurance, reinsurance, capital markets and trust industries, as well as world-class fiduciary, legal and public accounting service providers. In addition, Cayman Finance represents 15 industry associations. Find out more on: www.caymanfinance.ky

Jude Scott is a respected and recognized expert in global financial services and has served as CEO of Cayman Finance since 2014. He retired as an audit partner in 2008 after spending over 23 years at Ernst & Young and previously served as Global CEO of Maples and Calder. Jude has extensive experience in the Cayman Islands financial services industry, having served on various government and private sector committees including: the Cayman Islands Financial Services Council; the Cayman Islands Society of Professional Accountants; the Board of Education; the Insolvency Rules Committee; and the Stock Exchange.

Julian Morris is an economist with over 25 years of experience in think tanks and universities. Senior Fellow at the Reason Foundation, Senior Scholar at the International Center for Law and Economics and member of the Royal Society of Arts, he is the author of dozens of scientific articles and the editor of several books. Julian’s work focuses on the role of political and legal institutions in relation to entrepreneurship, innovation and sustainable development. A graduate of the University of Edinburgh, Julian holds an MA from University College London and the University of Cambridge, and a law degree from the University of Westminster.

KEYWORD: CAMANS CARABES ISLANDS

INDUSTRY KEYWORD: FINANCING OF PROFESSIONAL SERVICES

Copyright Business Wire 2021.

PUB: 09/22/2021 03:10 / DISC: 09/22/2021 03:10

Copyright Business Wire 2021.


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10 sales jobs available now in T&T https://islandcrisis.net/10-sales-jobs-available-now-in-tt/ https://islandcrisis.net/10-sales-jobs-available-now-in-tt/#respond Tue, 21 Sep 2021 14:07:00 +0000 https://islandcrisis.net/10-sales-jobs-available-now-in-tt/ Sales professionals in Trinidad and Tobago have several job opportunities as a rrecruiters need their skills to sell a variety of services and products. According to Caribbean Jobs, employers recognize the importance of building effective sales teams. Failure to do so can result in loss of revenue and market share for businesses, as well as […]]]>

Sales professionals in Trinidad and Tobago have several job opportunities as a rrecruiters need their skills to sell a variety of services and products.

According to Caribbean Jobs, employers recognize the importance of building effective sales teams. Failure to do so can result in loss of revenue and market share for businesses, as well as their brand reputation.

Whether the sales function involves high-level negotiations, the development of business opportunities, or sales of a more transactional nature, the opportunities are there for the most qualified.

Here are 10 sales jobs available in T&T:

Investment bank manager – JMMB Trinidad and Tobago

In-branch sales representative – Island Finance Ltd

Business Development Officer, Alstons Shipping (Guyana) – ANSA McAL Group of Companies

Account Manager – Agency Services – Beacon Insurance Company Limited

OFFICE EQUIPMENT & STATIONERY SHOWROOM SALES ASSISTANT – Busy Business Systems & Equipment (Rental) Limited

SALES SUPERVISOR DTS (VEMCO) – from Agostini

Sale of vans and driver – The House of Paper Products Limited

Commercial – Rahamut Enterprises Limited

COMMERCIAL – Market Quality Distributors Ltd

Business Development Manager – CRH Associates

Tip from Caribbeanjobs.com:

  • Be aware of the equipment and devices that are needed to perform a job effectively.
  • Does the employer provide them or will you need to get them?
  • For example, some sales positions will require a vehicle, laptop, multimedia devices for presentations, and a smartphone with data.
  • Stay informed about the tools that can help you be more efficient / competitive in your role.


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Brian Benjamin, New York State Senator of Jamaican descent, was sworn in as Lieutenant Governor of the State https://islandcrisis.net/brian-benjamin-new-york-state-senator-of-jamaican-descent-was-sworn-in-as-lieutenant-governor-of-the-state/ https://islandcrisis.net/brian-benjamin-new-york-state-senator-of-jamaican-descent-was-sworn-in-as-lieutenant-governor-of-the-state/#respond Tue, 21 Sep 2021 02:02:50 +0000 https://islandcrisis.net/brian-benjamin-new-york-state-senator-of-jamaican-descent-was-sworn-in-as-lieutenant-governor-of-the-state/ In New York state, Brian Benjamin, 44, who was previously a state senator for District 30, which includes Harlem, East Harlem and the Upper East Side of Manhattan, was sworn in as the new lieutenant. Governor of New York. Less than a month ago, Governor Kathy Hochul announced that he had been selected for the […]]]>

In New York state, Brian Benjamin, 44, who was previously a state senator for District 30, which includes Harlem, East Harlem and the Upper East Side of Manhattan, was sworn in as the new lieutenant. Governor of New York. Less than a month ago, Governor Kathy Hochul announced that he had been selected for the post. Benjamin, the son of a Jamaican father and Guyanese mother, pledged to do everything possible to ensure that troubled and neglected people who live on the fringes of society are represented in government and that “l ‘Fairness, accountability and good practical decision-making’ govern the actions of government. He thanked the Governor for having trusted him and for having had the chance to serve the State.

During Benjamin’s swearing-in ceremony, Governor Hochul said he understands what it is like to work hard and strive for success in life and who is now returning to his community to help him go. forward. The governor added that Benjamin’s story is the American Dream, which involves how a person who starts with small hikes is successful. She also noted that her service would help some 20 million New Yorkers, which she called an “extraordinary responsibility” that Benjamin is well positioned to shoulder.

Benjamin and Governor Hochul are used to working together on key issues, including tackling the opioid epidemic, improving drug rehab programs, supporting minority and women-owned businesses, and facilitating of the vote of New Yorkers. Hochul also called on Benjamin to help tackle the COVID-19 outbreak, particularly ensuring that tenants, small landlords and workers have the help they need to overcome the struggles imposed by the coronavirus.

As the child of Caribbean immigrants, Benjamin plans to build on his heritage as well as his background in investment banking and politics to help New Yorkers. He was born in Harlem, and although his parents did not go to college, they found well-paying union jobs that allowed them to support Benjamin and his siblings in a middle-class environment. He graduated from high school in New York City, followed by an undergraduate degree in public policy from Brown University. He also holds an MBA from Harvard Business School.

Benjamin worked for three years at Morgan Stanley in investment banking and financial management, as an advisor to not-for-profit and for-profit organizations. He also worked in the division which issued and subscribed to bonds. He returned to Harlem to build affordable housing and has successfully created over 1,000 affordable and environmentally sustainable housing units while helping young people develop skills and secure good construction jobs through programs communities for young people. He was chairman of Community Board 10 and the Land Use Committee, where he worked to preserve the character and affordability of the Harlem community.

Benjamin won a seat on New York City Council in 2017, then ran and won a seat to represent District 30 in the state senate. In the Senate, he became a leader in criminal justice reform and affordable housing efforts, and in 2018 he was successful in convincing the state’s public pension funds to divest from private prisons. . In 2019, he introduced legislation prohibiting state-chartered banks from such investments, helping to pressure Bank of America to end its relationship with Geo Group and Core Civic. He was also instrumental in the struggle for police reform in New York City.

Photo New York State


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Citi, IFC and Global Bank Partner to Fund Women’s Economic Empowerment in Panama | Business https://islandcrisis.net/citi-ifc-and-global-bank-partner-to-fund-womens-economic-empowerment-in-panama-business/ https://islandcrisis.net/citi-ifc-and-global-bank-partner-to-fund-womens-economic-empowerment-in-panama-business/#respond Mon, 20 Sep 2021 14:08:55 +0000 https://islandcrisis.net/citi-ifc-and-global-bank-partner-to-fund-womens-economic-empowerment-in-panama-business/ NEW YORK – (BUSINESS WIRE) – Sep 20, 2021– Citi, Global Bank and the International Finance Corporation (IFC) have teamed up to provide more mortgages and loans to small and medium enterprises (SMEs) to women. The joint initiative offers a one-of-a-kind co-loan transaction of a $ 90 million loan ($ 20 million funded by Citi […]]]>

NEW YORK – (BUSINESS WIRE) – Sep 20, 2021–

Citi, Global Bank and the International Finance Corporation (IFC) have teamed up to provide more mortgages and loans to small and medium enterprises (SMEs) to women.

The joint initiative offers a one-of-a-kind co-loan transaction of a $ 90 million loan ($ 20 million funded by Citi for three years and $ 70 million funded by IFC for five years) to the Bank global. The proceeds of this loan will be used either for mortgages for low income housing – Hipoteca Preferencial – for women heads of household, or for businesses owned and / or run by women. In addition, the World Bank will also partner with IFC Advisory Services to improve and further develop gender-focused products and services in Panama.

“It is an honor to support groups and institutions that seek to expand the empowerment of women in the region and to place women at the center of Panama’s recovery from the coronavirus pandemic,” said Marcelo Gorrini, manager of the Caribbean and Central America and Panama Citi Country cluster. Officer. “This is not just any kind of deal, but the one we see has the real ability to make a difference in people’s lives by providing them with this targeted funding while championing the empowerment of women.

Across the world, the struggle for comprehensive equality and women’s economic empowerment has persisted for many generations and has become more acute as the effects of the COVID-19 pandemic have disproportionately affected more women on the planet. place of work than men. This was no different in Panama, with 46.5% of employed women working in the sectors most affected by the crisis, compared to 29.6% of employed men.

“There has been growing interest in housing projects that benefit from preferential interest rates, and there is a need to adjust the supply,” said Jorge Vallarino, CEO of Global Bank. “We have steadily increased our mortgage portfolio, almost half of which is focused on low- and middle-income families,” added Vallarino.

“For Citi, this ESG transaction is a victory at all levels and illustrates how Citi succeeds together, one of our leadership principles, for the benefit of our clients, namely Global Bank in Panama and IFC as as the largest private sector-oriented development institution in the development country, ”said John Finnigan, managing director of banking, capital markets and advisory services, Citi. “We can truly say that we deliver with pride with our customers and with the ultimate benefit of on-lending and economic value creation for women in Panama.”

This successful transaction serves as a model for future transactions that Citi and IFC seek to replicate as it embodies IFC and Citi’s commitment to ESG.

About Citi

Citi, the world’s largest bank, has approximately 200 million accounts receivable and operates in more than 160 countries and jurisdictions. Citi provides consumers, businesses, governments and institutions with a wide range of financial products and services, including consumer banking and credit, business and investment banking, securities brokerage, wealth management and transaction services.

Additional information can be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About the World Bank

Global Bank is a Panamanian capital bank that began operations in 1994, initially focused on the business banking segment. Currently, Global Bank and its subsidiaries offer a wide range of financial services to its more than 200,000 clients across Panama, positioning itself as the second largest bank with a general license of Panamanian capital. It has assets of $ 8,516 million, net worth of $ 782 million and 39 branches nationwide.

About IFC

IFC, a member of the World Bank Group, is the world’s largest private sector-focused development institution in emerging markets. We work in over 100 countries, using our capital, expertise and influence to create markets and opportunities in developing countries. In FY2020, we invested $ 22 billion in private businesses and financial institutions in developing countries, harnessing the power of the private sector to end extreme poverty and foster shared prosperity.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210920005613/en/

CONTACT: Media contacts: Citi

Alexandra Ravinet

Phone. : +1 (305) 498-6769

Email: alexandra.ravinet@citi.com Ana Vilma Fagoaga

Phone. : +503 2244 1236

Email: ana.fagoaga@citi.com

KEYWORD: NEW YORK UNITED STATES PANAMA CENTRAL AMERICA NORTH AMERICA

INDUSTRY KEYWORD: FINANCE BANKING WOMEN PROFESSIONAL CONSUMPTION SERVICES

SOURCE: Citi

Copyright Business Wire 2021.

PUB: 09/20/2021 10:08 a.m. / DISC: 09/20/2021 10:08 a.m.

http://www.businesswire.com/news/home/20210920005613/en

Copyright Business Wire 2021.



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OP-ED: Countertrade: an alternative option to explore export markets https://islandcrisis.net/op-ed-countertrade-an-alternative-option-to-explore-export-markets/ https://islandcrisis.net/op-ed-countertrade-an-alternative-option-to-explore-export-markets/#respond Sun, 19 Sep 2021 17:03:53 +0000 https://islandcrisis.net/op-ed-countertrade-an-alternative-option-to-explore-export-markets/ The current policy framework requires that export payments be made through bank channels in convertible foreign currencies Bangladesh tries to explore untapped export markets from Central Asia to Eurasia, West Asia to Africa, the Caribbean to South America and many other destinations. This means that the export orientation will be broader without being limited to […]]]>

The current policy framework requires that export payments be made through bank channels in convertible foreign currencies

Bangladesh tries to explore untapped export markets from Central Asia to Eurasia, West Asia to Africa, the Caribbean to South America and many other destinations.

This means that the export orientation will be broader without being limited to Europe and North America.

Various initiatives have been underway for a long time, such as multilateral or bilateral free trade agreements, duty-free market access initiatives, etc.

Bangladesh’s export markets remain Europe and North America.

In a practical situation, competitive advantage does not work for business transactions.

Bangladesh exports goods to high income countries whose economies depend on the service sectors.

Banking is one of the service industries. Banking transactions in our current export destinations of Europe and North America are very strong, broad and deep.

Despite the unavailability of our duty-free access, the United States ranks first for our exports.

How is that possible, that’s a question.

The answer is that our exporters and others benefit from export invoice collection facilities from US banks at reasonable costs.

These facilities allow exporters to export to the US market at a reasonable FOB price of the goods, although the net margin is very slim.

But something is better than nothing. In addition to the EU market, there are around 50 countries of which Bangladesh enjoys easy market access.

Even so, a significant share of exports belong to a few destinations, as noted earlier. Is demand from untapped countries low?

Or can’t we do what they need? The second question may be the reality since we cannot export goods on credit unless the export invoices are cashed as needed before the deadline.

This is due to the unavailability of financing facilities for export invoices from the banks operating there.

Banking

The bank is an essential part of the export trade to facilitate the settlement of payments.

Transactions executed by banks are carried out through their correspondence relationship maintained with counterpart banks abroad.

But it is not possible to maintain correspondence relationships on a case-by-case basis.

In this case, links are found to execute the transactions. Despite this, there are some political issues for which banks cannot settle payments for parties with political embargoes from powerful countries.

In this situation, there are many options to execute the export trade with unexploited countries.

The currency swap is an option followed by China.

Such an arrangement cannot help promote exports since importers want imports on credit.

But they will not arrange advance payments before the due date of the invoices under the swap lines.

Exporters must arrange advance payments from third parties.

Better alternative?

Counter trade can be one of the best alternatives for export promotion.

The current policy framework requires that export payments be made through bank channels in convertible foreign currencies.

An alternative framework is needed to materialize counterpart trade agreements under which authorizations must be given to exporters, importers and traders to voluntarily enter into agreements with overseas counterparts for the settlement of the value of goods imported into Bangladesh against the value of goods exported from Bangladesh.

In this case, the foreign counterparties will maintain escrow accounts in convertible currencies with banks in Bangladesh. The same accounts will also be maintained by Bangladesh parties abroad.

In the event of importation into Bangladesh, accounts will be credited against import payments in equivalent convertible currencies received from importers in local currencies through local banking channels supported by documented evidence.

Balances held in the accounts will be used to make payments to exporters shipping merchandise under counter trade.

In this case, escrow accounts should be debited for export payments supported by documented evidence to exporters through local banking channels.

Bangladeshi parties working as facilitators will be paid with their commissions / service charges as agreed under the equivalent Taka arrangements.

Escrow accounts are normally non-interest bearing type accounts.

However, the balance can be transferred to short term deposit accounts with an applicable interest rate for the relevant currency.

Interest income shall only be used for the settlement of payments against exports from Bangladesh in accordance with the formalities set out above.

Escrow accounts maintained by Bangladeshi parties abroad will be deposited against the proceeds of Bangladesh exports.

Funds credited to escrow accounts are to be used for settling payments against imports into Bangladesh.

The adjustment cycle will not exceed the legal deadline for achieving export earnings from the date of shipments.

Accounts must bear interest at the applicable rate for the relevant currencies. Interest income will be used to settle payments against imports, as previously noted.

Payments for commissions / service charges on balances held in escrow accounts may be made to counterparties abroad.

The counterparty trade agreement should be monitored by the banks that maintain escrow accounts so that a periodic reconciliation can be made.

The central bank should also design procedures for reporting transactions taking into account reporting formalities.

It is said that banking agreements between countries can explore untapped markets.

It is possible, but there are challenges to overcome.

Maintaining banking relationships is a cost for which banks are reluctant to resort to bank-to-bank arrangements.

In addition, embargoes, if any, from world powers will not help banks maintain correspondent relationships with banks abroad.

Country-to-country agreements through the central bank will work in normal situations where such agreements are not relevant.

But political restrictions imposed by powerful countries will not give the central bank the comfort it needs to execute such deals because of the risks associated with managing reserve holdings in global financial centers or the assets of the foreign treasury through central banks concerned.

Currency exchange is also not as efficient for the same reason.

On the other hand, the arrangements do not support increased exports on credit.

The currency swap will not be able to charge Bangladeshi exporters unless foreign importers use the central bank’s swap line.

They will fix the line at maturity.

Exporters need prepayment before the deadline.

Bangladeshi clothing travels to Russia and many other countries with orders received from global brands from different countries.

But exporters are reluctant to export to importers in this country because an advance payment option is not available.

Counter trade is a better option for promoting export markets. But there is a challenge.

Challenge

In the proposal as discussed above, imports will be executed first, whose payments will be used for the settlement of export receivables. The question is whether Bangladesh will export first. In this case, the escrow accounts of the Bangladeshi parties will be credited with the export earnings to be paid to the exporters in Bangladesh.

But the escrow accounts maintained by the counterparties are in zero balance. In this situation, overdraft facilities should be put in place by keeping balances held in escrow accounts abroad as collateral.

Otherwise, the solution will not be a win-win position.

The central bank should consider it for the sake of export trade.

The government of Bangladesh publishes an export policy every three years.

The policy describes the support to be extended to export trade. Exporting under the countertrade must be integrated into the framework of the export policy.

Otherwise, payment procedures will be confined to the banking channel in convertible currencies.

But an alternative payment method in the form of escrow accounts is needed to settle reciprocal payment obligations for exports and imports.

As such, full political support in this regard is required for which the relevant ministry and the central bank should work together.

The author works in the development sector and can be reached at [email protected]


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Obadiah Mailafia dead: death of former deputy governor of CBN Mailafia, biography https://islandcrisis.net/obadiah-mailafia-dead-death-of-former-deputy-governor-of-cbn-mailafia-biography/ https://islandcrisis.net/obadiah-mailafia-dead-death-of-former-deputy-governor-of-cbn-mailafia-biography/#respond Sun, 19 Sep 2021 16:41:15 +0000 https://islandcrisis.net/obadiah-mailafia-dead-death-of-former-deputy-governor-of-cbn-mailafia-biography/ September 19, 2021 Wia dis foto comes from, Facebook / Obadiah Mailafia Wetin we call say foto, Obadiah Mailafia Nigeria’s former central bank, Obadiah Mailafia, is not dying, Nigerian media report. Several sources say that Mailafia died on Sunday, September 19, 2021 after a little sickness. Oga Mailafia bin is in the news for August […]]]>

Wia dis foto comes from, Facebook / Obadiah Mailafia

Wetin we call say foto,

Obadiah Mailafia

Nigeria’s former central bank, Obadiah Mailafia, is not dying, Nigerian media report.

Several sources say that Mailafia died on Sunday, September 19, 2021 after a little sickness.

Oga Mailafia bin is in the news for August 2020 wen im tok say one Northern govnor na im be di leader of Boko Haram.

Dem was born Obadiah Mailafia on December 24, 1956 and I am 64 years old.

Oga Mailafia is the former Deputy Governor of the Central Bank of Nigeria and I am an economist and development consultant.

Obadiah Mailafia will also be a former head of the African Development Bank group from 2001 to 2005 for Abidjan and Tunis.

He is not a former adviser to the President of the Federal Republic of Nigeria.

Career of Obadiah Mailafia

Obadiah Mailafia was the former deputy governor of the CBN from 2005 to 2007.

Mailafia played a leading role in the 2005-2006 bank consolidation exercise which led to the reform of the Nigerian banking sector.

E bin oversees reduction of number of commercial banks in Nigeria, through mergers and acquisitions, from 89 to 25 consolidated

Mailafia works as Chief of Staff of the Africa, Caribbean and Pacific Group in Brussels.

E be a banker and strategist with over two decades of professional experience in government, academia, international development, banking and finance.

I am the former presidential candidate of the African Democratic Congress ADC in the last elections.

From 1982 to 1989, Mailafia worked as a member and sometimes acting research director of the National Institute of Political and Strategic Studies (NIPSS).

He works for the team and prepares a special report on local government reforms from 1982 to 1983.

Di economist bin dey advises hedge funds, international companies, private equity funds and oda investors on emerging market risks and opportunities.

Obadiah Mailafia na’s areas of expertise in investment research and management, industrial development and macroeconomics.

They are also good at monetary policy, international trade, strategic management, and leadership development.

Dr Obadiah Mailafia sits on a committee advising the federal military government on a peaceful approach to the Nigeria-Cameroon dispute over the Bakassi Peninsula.

Wia dis foto comes from, @drobadiahmailafia

Wetin we call say foto,

Dr Obadiah Mailafia

Obadiah Mailafia Training

He started primary education for Musha Sudan United Mission School from 1964 to 1969.

E proceed to Mada Hills Secondary School, Akwanga from 1970 to 1974.

For im A ‘Levels, we attend School of Basic Studies (SBS) at Ahmadu Bello University, Zaria, between 1974 and 1975.

E later graduated in 1978 with a B.Sc. Baccalaureate specializing in social sciences (politics, economics and sociology).

Dr. Obadiah Mailafia also obtained an M.Sc. from the same institution.

After winning a scholarship from the French government in France, I obtained a certificate in French language and civilization from the University of Clermont-Ferrand in 1985.

In 1986, he also obtained a Diploma (equivalent to an M.Phil.) In international economics from the International Institute of Public Administration (IIAP).

It is the international wing and sister institution of the prestigious National School of Administration (ENA) of France.

Mailafia obtained a doctorate in international political economy from the University of Oxford.

Obadiah Mailafia works as a lecturer for some international colleges and universities.

Until his death, Obadiah bin served on the board of directors of several companies, most notably as a member of the Advisory Council of Economists to the President of the Federal Republic of Nigeria.

Obadaiah Malafia is a political philosopher, newspaper columnist and radio / TV commentator.

E also be a public intellectual and an activist in the conservation of African wildlife.

Malafia says that I am also passionate about Orthodox Christian teaching and the spirituality of the Fathers of the Apostolic Church.


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T&T ‘invisible’ unemployed | Local company https://islandcrisis.net/tt-invisible-unemployed-local-company/ https://islandcrisis.net/tt-invisible-unemployed-local-company/#respond Sun, 19 Sep 2021 00:21:00 +0000 https://islandcrisis.net/tt-invisible-unemployed-local-company/ In the 2021 budget, Finance Minister Colm Imbert said the government’s goal was to boost jobs. But what exactly is the state of unemployment in Trinidad and Tobago? And if this figure is not readily available, how does a government adequately plan to create opportunities for the unemployed? LAST week, Finance Minister Colm Imbert said […]]]>

In the 2021 budget, Finance Minister Colm Imbert said the government’s goal was to boost jobs. But what exactly is the state of unemployment in Trinidad and Tobago? And if this figure is not readily available, how does a government adequately plan to create opportunities for the unemployed?

LAST week, Finance Minister Colm Imbert said the government had reviewed 21,656 applications for wage relief grants in 2021.

The wage relief grants, valued at $ 1,500, were to support private sector workers whose jobs were affected by public health measures imposed by the government in its handling of the Covid-19 pandemic at T&T .

The grant covered the period May-July.

“As of September 10, 2021, payments had been made to 6,560 eligible applicants. The process continues, ”Imbert told Parliament.

The difference between the number of people applying for the grant and those receiving payments is 15,096 people, all from the private sector in service industries.

There is little data or research to give an accurate picture of these applicants: if they do not receive financial support from the state, how do they cover their living expenses? The impact of lockdowns, the actual number of people who have lost their jobs or the number of businesses that have closed their doors and left workers unemployed are also suffering from a lack of data and research.

The National Statistical Institute project, a proposal in preparation for years, is still before a special joint committee of Parliament.

As it stands, the Central Statistical Office (CSO) is the official source of T&T data.

The latest data it released showed an unemployment rate of 5.1% for the second quarter of 2020.

With the country’s total labor force at 604,100, CSO data has 31,100 unemployed and 21,300 identified as unemployed and seeing work.

In the category “Other unemployed” in the graph above, the figure rises to 9,000.

Procurement data

In September 2020, the Sunday Express sent questions to the Ministry of Labor to determine if it had data on how the pandemic had affected jobs in the country.

In December 2020, they replied: “The ministry is currently preparing a report focusing on the impact of Covid-19 on employment in the country. Data extracted from social grant applications filed with the NIB and the Ministry of Social Development will be used in the report. In addition, similar reports prepared by other stakeholders will be used to complete this report.

In response to a question from the Sunday Express, Minister of Labor Stephen McClashie said: “The Department of Labor is not the source of truth about unemployment statistics at T&T. This is the CSO.

He said what the ministry is doing is entering information about vacant positions in the public services and layoff notices.

The Central T&T Bank collects data on the basis of business closures. For example, when Petrotrin closed, there was a specific figure on job cuts and layoff notices in the dailies.

The Central Bank’s May Monetary Policy Report, released on July 16, observed that “the labor market slowdown continues to spread to the economy despite the partial reopening.”

“The constraints on economic activity were also reflected in the labor market, with layoffs reaching 2,744 people in 2020 against 1,530 people in 2019,” the bank said in its 2020 Financial Stability Report, which reported was released on August 3.

This report noted that there was significant exposure of financial institutions to the household sector.

“Household debt contracted for the first time since its compilation (2003) due to containment measures linked to the pandemic and the resulting slowdown in economic activity. Nonetheless, the stock remained high at around 48 percent of the banking sector’s loan portfolio.

“Rising unemployment and falling income levels, exacerbated by further restrictions, may have increased the financial sector’s vulnerability to households. While extended loan deferral programs have helped cushion the immediate shock to banks’ financial soundness indicators, the quality and profitability of assets can be compromised as loan obligations mature after the end of the moratoriums. “, did he declare.

In an interview with Newsday in 2019, CSO director Sean O’Brien said workforce statistics were notoriously late due to the difficulty of obtaining data.

“If the non-response rate is too low, we have to replace this sample because the data quality is unreliable. We have to replace this neighborhood with another and then start over, ”he said.

Labor force statistics, for example, are supposed to come out quarterly, with no more than two quarters late. In T&T, they are four quarters behind.

“People think that if the labor statistics are late, it is just that the CSO does not publish them. But the CSO cannot just invent the data. We have to get it back from the source and if the source doesn’t cooperate you are going to have these delays. We cannot provide you with data that is not accurate. As you can imagine, precision and timeliness are at war in this industry.

Public sector

So how does public sector employment compare?

Public sector workers received their full pay throughout the pandemic. In his 2021 budget, Imbert said the government would seek to fill all vacant positions in the civil service.

“Madam President, in this post-pandemic era, we are improving the efficiency of the public sector apparatus. With the increase in technology, digitization and digitization, we are improving the performance of the public sector while controlling the growth in spending.

“As we take various approaches to reform key institutional arrangements, using an e-governance ecosystem, we will transform workforce human resource management arrangements, change budgeting practices and procedures, and introduce results-based approaches to policy implementation.

“Madam President, we were able to reduce our annual public spending to around $ 50 billion, of which $ 10 billion was funneled into the direct public service of approximately 62,300 people. In addition, transfers to statutory authorities and state enterprises represent over 12,000 additional employees.

“As a first step, and in the context of our situation of limited income, we are freezing the filling of all vacant positions in the public sector,” he said.

Imbert, in his Spotlight on Contribution to Budget 2020, said public sector wages and salaries cost taxpayers at least $ 20 billion per year, or about $ 1.5 to $ 1.7 billion per month. .

This includes direct charges, earmarked funds, transfers and grants, and statutory advice, and excludes the Tobago House of Assembly (THA).

IDB Report

In the Inter-American Development Bank’s (IDB) Second Quarterly Caribbean Bulletin for 2020, an article titled “The Pandemic Continues” noted strong pressures in the T&T labor market due to Covid-19, with particularly severe conditions. difficult for low-income households.

The IDB collected data from an online survey, in collaboration with Cornell University, which showed that 67% of low-income survey participants suffered job loss during the Covid lockdown -19, compared to only 23% of high-income households and 49 percent of middle-income households.

The survey also mapped business closures, with 60 percent and 59 percent of low- and middle-income businesses closing, compared with 45 percent among high-income businesses.

The report notes that labor supply has also been strongly affected, observing that during the period January to May 2020, only 180 daily job vacancies were posted in the non-energy sector, i.e. half the number for the same period last year where 340 daily ads were posted. checked in.

The report notes, however, that recent and high-frequency data on unemployment is “unfortunately lacking”, so it is not easy to estimate the employment impacts of the Covid-19 crisis.

The survey also showed that government social programs have expanded, with more people able to access measures put in place to respond to the Covid-19 crisis, including food cards, relief grants. wages and unemployment and rent assistance. But, according to the IDB, there is also room to improve targeting, as middle- and high-income households have received social benefits.

The report concluded that the Covid-19 crisis is likely to have medium-term economic consequences, which could involve sluggish economic growth, rising unemployment, rising public debt and sustained pressure on the country’s external accounts.

“While Trinidad and Tobago has substantial financial reserves – the Heritage and Stabilization Fund, significant public sector assets, liquid sinking funds – to maintain macroeconomic stability in the short term, these policies are not more affordable in the medium term.

“Engaging in economic diversification, improving the ease of doing business, improving public sector governance, mobilizing non-energy revenues and rationalizing public spending will be needed in the future. At the same time, there is a need to protect the poor and the vulnerable from the negative economic consequences of the Covid-19 crisis, ”he said.


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