India’s landmark transatlantic trek to the Occidental Sea
29 June 2025
On 2 July, intrepid Indian Prime Minister Narendra Modi embarked on a historic five-nation trans-continental journey to Ghana, Trinidad and Tobago Argentina, Brazil and Namibia.
On the transatlantic leg, July 3-4, VIP-3 flew on the Boeing 777-300ER military aircraft to Trinidad and Tobago for the first bilateral visit of a Prime Minister of India since 1999, on the invitation of new Prime Minister Kamla Persad-Bissessar.
His busy itinerary included being honoured by President Christine Kangaloo for leadership and cooperation during the pandemic, with the highest accolade, the Order of Trinidad & Tobago at an investiture ceremony.
A meeting with the Prime Minister, buoyant from victory in the April 28 general election and an address to Parliament followed a cultural festival and musical mela. Organised by Indian diaspora and citizens, it celebrated the first visit by an Indian prime minister since 2009, when Dr Manmohan Singh attended the Commonwealth Heads of Government Summit.
On June 28, Indian High Commissioner in Port-of Spain, Dr Pradeep Rajpurohit had said that the mutually beneficial relationship of the two countries will grow closer through expanded trade, investment and cultural exchange.
The visit of Prime Minister Narendra Modi to TT is of great significance . Warm and historic ties between India and TT are founded on deep-rooted cultural and familial ties. There are similarities in the way of life of people of the two countries. The visit of the Prime Minister of India is likely to give a fresh impetus to this relationship. There seems to be great excitement among people here for this visit.
Modi visited Guyana in November 2024 for the second India-Caricom Summit. His second visit to the region in eight months signifies the importance India attaches to the Occidental Sea and growing partnership between the two states.
On relations between India and two-month old UNC government, the Indian envoy said,
“It has been the endeavour of the High Commission to promote the bilateral trade and overall economic engagement between the two countries irrespective of which government is in office in TT. I feel that there is immense potential to encourage the current level of bilateral trade, which is about US$341 million in financial year 2024-25.
Some trade is also taking place through other countries, figures of which are not reflected in our bilateral trade. The need of the hour is to encourage direct channels of bilateral trade between our two countries.”
Through its technical and capacity building projects the Princely Peacock sustains the tiny Hummingbird.
“India has been at the forefront in building capacities of the youth of its friendly nations, especially in the Global South. The Indian Technical and Economic Co-operation (ITEC) is our flagship capacity building programme under which more than 15,000 candidates / officials from all over the world are trained in India every year.
For TT, there is a provision of 85 ITEC slots annually. Courses have been designed for a wide range of sectors in our world class institutions across India. The feedback received from the candidates who have undergone training under ITEC, have been highly encouraging.
The Indian government also offers scholarships to the eligible students of TT in academics, artforms and AYUSH (Ayurveda, yoga and naturopathy, unani, siddha and homeopathy) etc. “
India and TT share strong trade links but untapped business opportunities for local companies and entrepreneurs exist in some sectors
”There is definitely a high demand for Indian products in TT. In my view, pharma is one area where there is a high potential. India is considered the “Pharmacy of the World” and TT can benefit from our world class affordable generic medicines.“
High potential exists for collaboration in agriculture as India achieved its Green Revolution in the late 1960s and early 1970s.Other areas of potential collaboration include textiles, food, beverages, renewable energy, crafts and many more.
”Our country transformed from a net importing country to a net exporter of food grains after sustaining our large population. This was possible with the commitment and hard work of our scientists, policy makers and farmers. Today, India is a major producer and exporter of a number of agro-commodities.
TT is a place with fertile soil, abundant rain and favourable weather conditions. Sourcing of modern agricultural technologies from India can make a difference here. We are confident this would make a tangible difference in the life of ordinary people.”
The Unified Payment Interface (UPI) system is being introduced in TT
“Our Prime Minister had congratulated TT for adoption of UPI, India’s flagship digital payment portal. The agreement was exchanged last year. I understand that the process for its implementation in TT is currently underway.”
Asked if India will consider an air link with the region, given the familial ties and an increase in tourism and business between India and the Occidental Sea, he recalled an air services agreement between India and TT signed during Persad-Bissessar’s visit to India in January 2012.
Certain technical conditions and requirements led to delay in implementation but the TT government recently expressed interest in activating the agreement, under consideration by the Indian government.
India-Trinidad Tobago sign six MoUs to boost cooperation (link)
https://www.aninews.in/news/world/others/india-trinidad-tobago-sign-six-mous-to-boost-cooperation20250705023823/
In trapped Trinidad, philanthropist Modi signed 6 MoUs and donated sacred Indian delicacies, 2000 Laptops, 6 neem trees, river water, solar panels, medical machines, ambulances and prosthetics. Pledges cover pharma, project grants, sport , 2 UWI chairs, local drug manufacturing facilities, bio-tech parks, tele-medicine networks, culture training, energy , biofuels, money transfers, stack tools, national security, forensics, disaster preparedness and diplomacy.
After his altruistic visit, Trinidad and Tobago bids farewell to benefactor Modi, embarking on the 3rd leg of his five-nation trip to Argentina.
Port of Spain July 5 (ANI)
In Trinidad and Tobago, Prime Minister Narendra Modi made key announcements to boost ties between the nations, including valuable gifts of 2000 laptops to schools and extension of the Overseas Citizen of India (OCI) cards facility up to 6th generation of Indian diaspora. At a MEA press briefing, Secretary Neena Malhotra listed agreements-
Extension of OCI Card facility up to 6th generation of Indian diaspora members in this country, formerly available up to the 4th generation… This generous gesture was very enthusiastically received by the Indian diaspora, which constitutes 40 to 45% of the population of . In the education sector, we announced the gift of 2000 laptops to school pupils in Trinidad & Tobago .
An artificial limb fitment camp. As part of India’s humanitarian campaign, India announced the holding of an artificial limb fitment camp for 50 days for 800 people.
An altruistic contribution of 20 Hemodialysis units and two sea ambulances will assist in the provision of health care. Specialised treatment of 10 dignitaries of Trinidad & Tobago at accredited Indian hospitals was offered for Rs one crore per annum.
Solarisation of the T&T Ministry of Foreign and Caricom Affairs with rooftop photovoltaic solar panels was an energy benefit.
Enhancing cultural ties , PM Modi announced the celebration of Geeta Mahotsav at the Mahatma Gandhi Institute for Cultural Cooperation, coinciding with the Geeta Mahotsav celebrations in India. At the request of the Trinidad & Tobago Government, India will train 10 pundits from Trinidad and Tobago and the region in India
Neen Malhotra revealed the Memorandum of Understanding signed
PM Modi held extensive discussions with the leadership of Trinidad & Tobago covering the entire gamut of the bilateral relationship. Six landmark MoUs or agreements were signed between the countries, following delegation-level talks between PM Modi and his Trinidad and Tobago counterpart Kamla Persad-Bissessar in Port of Spain.
India’s Ministry of External Affairs (MEA) stated an agreement on the Indian Pharmacopoeia aims to provide improved access to Indian pharmaceutical products in the Trinidad and Tobago market. To strengthen the development corporation partnership between the two countries, an agreement was signed for an Indian grant to implement Quick Impact Projects (QIP).
MoU Agreements were signed to boost cooperation in sports, diplomatic training, Programme of Cultural Exchanges for the period 2025-2028 and re-establishment of two ICCR Chairs of Hindi and Indian Studies at the University of the West Indies, Trinidad.
Holy water : Modi began his first official visit to Trinidad and Tobago with a ceremonial Guard of Honour at Piarco International Airport, where he was received by Prime Minister Kamla Persad-Bissessar with 38 ministers and four Members of Parliament. Compatriot of the late Mahatma Gandhi, Prime Minister Narendra Modi presented holy water of Sangam and Saryu River from Mahakumbh and a replica of Ram Mandir to Prime Minister Kamla Persad-Bissessar, on July 3, 2025. During his address to the Indian diaspora, he praised their courage, underlined Bihar’s historic and cultural importance, called Prime Minister Kamla Persad-Bissessar “daughter of Bihar”, for her ancestral ties to the State and requested her to offer the holy water to the Ganga Dhara in the nation.
Day 2 of Prime Minister Narendra Modi’s visit included a Parliament address and investiture with the highest accolade of Trinidad and Tobago.
India, Trinidad and Tobago sign 6 MoU
Prime Minister Narendra Modi and Kamla Persad Bissessar signed six Memorandums of Understanding for extending help to Trinidad and Tobago. The ceremony aimed to enhance the bilateral ties between the two countries, to promote their shared commitment and goals .
Foreign Ministers of both countries signed the landmark MoUs in the presence of the Indian delegations and officials of Trinidad and Tobago.
Therapeutic Tree Planting Ceremony: After the exchange of MoU, Prime Minister Narendra Modi and Prime Minister Kamla Persad planted saplings of medicinal Neem trees beside the Red House . Popular neem is used to cure disease in India. PM Modi and PM Kamla Persad presented the pharmaceutic plants to primary schools to enhance sustainable growth and highlight their significance.
Sharing Natural Warmth Across Sectors : India’s National Anthem “Jana Gana Mana” was played in the parliament of Trinidad and Tobago during the joint assembly of the senate and the house of representatives.
After Prime Minister Narendra Modi and Kamla Persad Bissesser addressed the assembly, the national anthem of both countries was played. PM Modi and PM Kamla Persad highlighted their shared goals, enhanced relations and potential collaboration . PM Modi was conferred with the highest honour of Trinidad and Tobago by the President, to extend the gratitude to India and PM Modi for leadership in establishing ties.
Kamla Persad Bissessar lauds leadership of Modi: PM Kamla Persad Bissessar lauded the leadership of Prime Minister Modi for enhancing the bilateral and multilateral ties between India and Trinidad and Tobago. She noted the shared roots of the two countries and extended gratitude to India for humanitarian gifts of vaccine during the pandemic. India is a trusted friend and a reliable partner and both countries stand together for shared goals and development.
“Most of our democracies are diverse, committed to development, prosperity and growth, aiming to enhance the shared goals and strengthen their bilateral ties between India and Trinidad and Tobago.”
PM Kamla Persad Bissessar expressed pride in joining India-led initiatives for strengthening trade and business sectors, aiming to promote their shared commitments. She said that the country will adopt India’s UPI system and other technological initiatives. She further thanked India and PM Modi for donating 2000 laptops to high school pupils, among gifts galore.
Mitigating climate change : PM Modi observed the significance of dialogue to mitigate climate change. Countries who contribute least to climate change must not face its wrath and the shared goals of two countries on the basis of dialogue will enhance their ambitions for development.
He thanked Trinidad and Tobago for the great honour and expressed delight in addressing the joint session of the parliament.
Flying Indians endorse blood relations : Prime Minister Modi outlined work for the enhancement of the bilateral and multilateral ties between Trinidad and Tobago and India in trade and other business sectors and discussed the digitalization model of India.
He mentioned the role of the UPI in the daily lives of Indians, marking a great transformation of the country towards the digital society. “We will share our expertise with Trinidad and Tobago in sectors such as agriculture, manufacturing and technology.”
Munificent Modi stressed that the advanced machinery of India will help in enhancing the agro-processing model of Trinidad and Tobago.
“There will be no limit on the cooperation with you as we will always be guided by your needs and our priorities. Trinidad and Tobago has great potential and I am sure that these collaborations will help in establishing greater relations.”
Partnership between two countries will set an example for the larger global landscape. Relations between India and CARICOM will help in tackling the challenges such as climate change, food security and other geopolitical tensions.
Respect for women : PM Modi admired participation of women in the parliament of Trinidad and Tobago and said respect for women is rooted in India’s culture. Icons played a great role in advancing India.
“We are in an era of women-lead development as this model was also presented by India during the G20 summit.” India has been working to empower women for their leadership in the political scenario of the country, aiming to strengthen their roles in serving society.
Joint Assembly of Senate and House of Representatives : PM Modi was delighted to visit Trinidad and Tobago and lauded its sacrifices and struggles. The country chose remarkable female leaders as Prime Minister and President who took pride to be daughters of India. From the iconic Speaker’s Chair donated by India, he declared,
” Today, both our nations stand as proud countries and democracies and I congratulate the country for enhancing peace, stability, and prosperity.
“When I look at the people of India and Trinidad and Tobago, I feel a deep sense of emotion as for India, democracy is not just a political framework, it is a way of life. Your parliament also has some members whose forefathers come from India due to which there is a natural connection, warmth and bond among the two nations.”
He offered special greetings to PM Kamla Persad for forming the government again and wished her continued success as she advances sustainable growth and prosperity. He said that the Indians also cheer the West Indies cricket team.
Oriental peacock loves occidental hummingbird : PM Modi stated that it is a matter of great pride that the Indian community is preserving traditions, customs, values and roots of their ancestral nation with great care and devotion.
Trinidad and Tobago is a close friend of India and true friendship will remain long lasting. Cricket culture and the meeting of calypso beats with Tabla showcased great cultural richness.
PM Modi stressed that they are looking forward to working with Trinidad and Tobago and said, “I see this honour as a responsibility to further strengthen our relations and enhance the skill set of the people of Trinidad and Tobago. The honour will help in promoting togetherness, shared goals between the two countries as they will work for the well-being of the greater humanity.”
Modi joins Order of the Republic of Trinidad & Tobago : Prime Minister Narendra Modi was conferred with the Order of the Republic of Trinidad & Tobago, the highest state honour. He addressed the ceremony and was delighted to accept the award on behalf of the people of India as the pride for both nations.
The award was presented by President Christine Kangaloo and Prime Minister Kamla Persad Bissessar at the President’s House. The honour symbolized enhanced diplomatic and friendly ties between Trinidad and Tobago and India. Relations were established by Indian diaspora who arrived 180 years ago, reflecting the values and customs of the country.
country. PM Modi receives ORTT award
At the investiture ceremony for the Order of the Republic of Trinidad & Tobago bestowed on Prime Minister of India Narendra Modi, President Christine Kangaloo presented the award to honour his outstanding leadership at the global and regional level.
His biography showcased his role in serving India with the vision of growth and development, significant humanitarian aid during the pandemic and benefits of bilateral and multilateral ties between India and Trinidad and Tobago.
Man of the Moment Modi saluted with Bhojpuri Chautal: PM Narendra Modi was welcomed in Trinidad and Tobago with a special performance of Bhojpuri Chautal by Indian musicians, highlighting the strong ties of Trinidad and Tobago with India and specifically the people of UP and Bihar.
Doing business with magnanimous India
10 July 2025
Indian Prime Minister Narendra Modi speaks at a special joint assembly of Parliament at the Red House on July 4. – Photo by Jeff K. Mayers
On 3 July 2025, Air India One landed at Piarco with wise man from the east, noble Narendra Modi bearing a cargo of glorious gifts, designed to transcend traditional notions of foreign aid.
High school pupils will get 2,000 laptops. A neem tree of medicine was planted at the Red House and 5 saplings presented to primary schools. Solar roofing to be installed at the Ministry of Foreign and Caricom Affairs, 20 dialysis machines, two sea ambulances, prosthetics and special “overseas citizen” status to sixth-generation Indian diaspora were among the bounty India offered.
15 bilateral agreements were signed across health, education, trade, ICT, culture, and justice
Cooperation was agreed on a range of matters, including biofuels, money transfers, stack tools, national security, forensics, disaster preparedness and pharmaceutical manufacturing.
The gallant Indian Prime Minister wished to send a lofty message – India means business.
TT government and private sector must take up this splendid invitation. The path to do so is clear. The Kamla Persad-Bissessar administration’s engagement with Mr Modi follows bilateral meetings between the Indian leader and officials under the last administration, who met Mr Modi in the UK on April 19, 2018, on the sidelines of the CHOGM summit in London.
They met again in the US on September 25, 2019, for the inaugural Caricom-India summit in New York and again on November 20, 2024, at the second such summit held in Georgetown, Guyana.
“The leaders discussed ways to strengthen bilateral relations in areas of digital transformation, health, defence and maritime security, transportation and cultural exchanges,” said the Indian High Commission, summarising these engagements.
The initiative to deepen embrace with India has strengthened as a non-partisan matter. The major parties see obvious benefits.
Divisive politics and disruptions caused by election cycles, do not stand in the way of business interests deepening trade. This is a rare window of opportunity, amid global geopolitical shocks and arbitrary abandonment of traditional alliances hemispheric diplomacy is crucial for peaceful progress.
Air connection with Nigeria, new trade deals with Belize and Chile, engagement of TTMA and the TT Chamber of Commerce with Guyana and St Kitts and Nevis may appear safe harbours to weather geopolitical convulsions. TT authorities must implement signed deals with tangible steps to improve ease of doing business and allow the flow of foreign investment.
Trade with India, the world’s fastest-growing economy, was estimated at $1.2 billion in 2024. In the upcoming budget the months, Minister of Finance Davendranath Tancoo must state steps to make that figure grow.
SURINAME
Secretary-General of the Caribbean Community Dr. Carla Barnett congratulated Her Excellency Dr. Jennifer Geerlings-Simons on her election as the President of Suriname.
July 15, 2025
“On behalf of the Caribbean Community (CARICOM), I extend my warm congratulations on your election as President of the Republic of Suriname. Your assumption of this high office reflects the democratic will of the People of Suriname and is a testament to their trust in your leadership. We particularly note the historic significance of your election as the first female President of Suriname.
Suriname plays a vital role in advancing the goals of regional integration, through significant contributions to the Community’s cultural richness, robust environmental advocacy, and multilateral diplomacy. We welcome Suriname’s continued commitment to the CARICOM Quasi-Cabinet for Community Development and Cultural Cooperation, encompassing the critical portfolios of Culture, Gender, Youth and Sport, and Industrial Policy.
As we collectively navigate the complex challenges facing our Region, including climate change, economic resilience, and sustainable development, your leadership will be crucial. We look forward to welcoming you to the Conference of Heads of Government of CARICOM, and to working with you and your government on initiatives and opportunities that advance the welfare and prosperity of the Surinamese People, and the wider Caribbean Community.”
Suriname eyes bounteous oil riches to dodge Dutch disease
New President will lead petrostate through predicted oil bonanza
15 July 2025
Newly-elected President Jennifer Geerlings-Simons hopes an oil boom will improve Suriname’s fortunes..
Jennifer Geerlings-Simons made history as the first female president to be elected in Suriname since independence in 1975 and will lead the South American state before oil wealth arrives.
Sworn into office on 16 July, Simons inherits economic hardship. The last government confronted debt, inflation and anger over spending cuts, triggering mass protests and widespread frustration.
Suriname :
Hess Relinquishes ultra-deepwater Block 59
Jov Onsat, July 09, 2025
Suriname’s national oil company and market regulator Staatsolie Maatschappij Suriname NV. said Hess Corp. decided to discontinue Block 59 exploration after failing to bring in new partners following Equinor ASA and Exxon Mobil Corp.’s withdrawal.
In July 2024 Norway’s majority state-owned Equinor and Texas-based ExxonMobil withdrew from the production sharing contract they signed July 2017 with New York City-based Hess. After 2D and 3D research that involved 6,000 kilometers (3,728.23 miles) and 9,000 square kilometers (3,474.92 square miles) respectively, ExxonMobil and Equinor deemed the risk for drilling an exploration well too high and transferred their stakes to Hess.
Fulfilling its minimum work obligations, Hess decided not to move forward to the next phase of the exploration period, which concludes on 8 July 2025, having failed to woo new partners to continue exploration. PSC holders fully bear the costs and risks of exploration in the South American country.
Block 59 spanned about 11,480 square kilometers in waters 2,700-3,500 meters (8,858.27-11,482.94 feet) deep. Significant volumes are required for potential economically viable oilfield development in this block.
“The area formerly designated as Block 59 will be incorporated into Staatsolie’s strategy to have as much of the offshore acreage under contract with international parties. Currently, production sharing contracts are in place with international oil and gas companies for the various blocks, covering approximately fifty percent of Suriname’s offshore”.
In late 2024 ExxonMobil exited Block 52 by transferring its 50 percent stake to partner Petroliam Nasional Bhd. (Petronas).
Staatsolie said on November 20, 2024, “This withdrawal is part of ExxonMobil’s ongoing evaluation of assets in its global portfolio. Staatsolie expects PETRONAS to continue the activities in Block 52 without interruption and is confident in the continuation of the good partnership between the two companies”.
Spanning 4,749 square kilometers north of Paramaribo’s coast, Block 52 holds the Sloanea, Roystonea and Fusaea discoveries.
On June 17, 2025, Petronas announced a new PSC adjacent to Block 52. The new license, Block 66, spans 3,390 square kilometers.
“Building on this strong foundation, PETRONAS is optimistic that the positive momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area. The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer significant resource potential and are strategically positioned to unlock synergies with PETRONAS’ existing operations in Suriname.”
Petronas considers final investment decision in Suriname FLNG project
Fabio Palmigiani South America Correspondent 14 July
Malaysian state-controlled company Petronas may take a final investment decision on Block 52 offshore Suriname later next year, potentially sanctioning a second major upstream development in the South American nation.
Deepwater oil production is bound to start in Suriname in 2028 via the TotalEnergies-operated GranMorgu field. Petronas is progressing to sanction a gas-driven project to be chieftain by the Sloanea-1 discovery in Block 52.
Petronas is conducting studies to evaluate the technical and economic viability of deploying a floating liquefied natural gas vessel at Sloanea, located approximately 120 kilometres from shore in water depths of 450 metres. Petronas is advancing 3-well programme in Block 52 to add volumes.
Suriname :
Tenaris services and technology for GranMorgu
24 July 2025
TotalEnergies has awarded Tenaris a contract to supply casing and tubing and Rig Direct® services for the GranMorgu project , located 150 kms offshore. Saipem, which secured an EPCI contract by TotalEnergies, selected Tenaris to provide the seamless line pipe and thermal insulation coatings package for the project.
With first oil expected in 2028, GranMorgu represents Suriname’s first major offshore development and an important opportunity for the local economy. Under the project, TotalEnergies and its partners aim to produce 220,000 barrels per day of oil in the central area of Block 58 through shallow and deep water wells connected to a floating production, storage and offloading (FPSO) vessel.
Tenaris to supply OCTG, line pipe and coatings for Suriname’s first offshore development
Tenaris to supply OCTG, line pipe and coatings for Suriname’s first offshore development
Tenaris will supply approximately 47,000 tons of casing and tubing with TenarisHydril Blue® and Wedge™ Series connections, as well as 13 Chrome steel grades. The supply will include proprietary Dopeless® technology, which enhances safety and improves efficiency in offshore operations by using a mill-installed coating that reduces handling and preparation for storage and running operations at the rig and in the field.
Under the Rig Direct® model , the contract also includes services such as demand planning, pipe management, preparation of pipe, and the handling of surplus tubulars and returns. Tenaris will serve these operations from a yard that it has leased in Suriname.
‘We are proud to support TotalEnergies and Suriname in the development of this new frontier. This award reflects the value we can bring through integrating our product technologies with specialized services and our presence in Suriname,’ says Andrea Bassetti, Tenaris President for the Andean region.
The contract for line pipe and coating includes the provision of 37,000 tons (190 km) of coated carbon steel seamless pipes for subsea production flowlines and for water and gas injection lines. These pipelines will be installed at water depths of up to 1,100 meters, utilizing advanced S-Lay and J-Lay vessels to ensure optimal deployment.
Production of line pipe and the application of anticorrosion coating and thermal insulation for the project will leverage the global manufacturing network of Tenaris at its facilities in Italy and Mexico. The project will be supplied under the One Line® service model, which integrates project management to streamline processes and ensure adaptability to changes throughout the project’s duration.Tenaris President in Europe, Michele Della Briotta, said,
‘We are delighted that our customers have recognized the value created through the integration of Shawcor’s coatings and expertise within the Tenaris portfolio, contributing to the award of this important contract.
The GrandMorgu project will leverage our comprehensive One Line® package, fully integrating the supply of line pipe and coatings. This will play a key role in advancing the development of one of the region’s most promising deepwater basins.”
Source: Tenaris
Guyana and Suriname to thrive with 9 FPSOs on stream by 2029
One Guyana FPSO in Guyana
10 July
Countries attracting massive investments and rapidly consolidating as new frontier plays
Global demand for floating production, storage and offloading vessels is rising rapidly, with the facilities increasingly favoured by operators as a solution to developing large offshore discoveries far from shore where construction of fixed infrastructure is not economically feasible.
Petroliferous South America plays a central role in the global FPSO sector, with Brazil the dominant player on both a regional and global basis. The country accounts for nearly half of all such units in operation worldwide, with strong and steady orders from state-controlled oil company Petrobras as it seeks to exploit the massive pre-salt deposits of the prolific Santos basin.
IMF Technical Assistance Report No. 2025/069 : The Bahamas:
Technical Assistance Report-Report on External Sector Statistics Virtual Mission (March 10–14, 2025)
Summary: A virtual technical assistance (TA) mission on external sector statistics (ESS) was conducted to the Central Bank of The Bahamas (CBB) as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS. (Link)
The mission focused on improving source data and compilation techniques for producing the balance of payments (BOP) and assisting the Central Bank of The Bahamas (CBB) in finalizing the compilation of the international investment position (IIP) statistics in line with the Balance of Payments and International Investment Position Manual, sixth edition (BPM6).
Belize: Staff Concluding Statement of the 2025 Article IV Mission [Matched: Belize]
IMF
Barbados: Fifth Reviews Under the Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Alternate Executive Director
June 27, 2025
Summary
This paper presents Barbados’ Fifth Reviews under the Extended Arrangement under the Extended Fund Facility (EFF) and the Arrangement under the Resilience and Sustainability Facility (RSF).
Implementation of the home-grown Barbados Economic Recovery and Transformation plan has remained strong and the broad objectives of the EFF and RSF arrangements have been achieved.
Macroeconomic stability has been reinforced, and reforms have been implemented to boost fiscal sustainability, enhance growth, and build resilience. Barbados’ economy has continued to perform well. Growth has been robust, inflation has moderated, the fiscal and external positions have improved, and the public debt-to-gross domestic product ratio has continued to decline.
The outlook is stable but subject to downside risks, given heightened global uncertainty and vulnerabilities to external shocks and natural disasters. Reforms to improve the business environment and boost growth potential are key. Important measures include advancing the digitalization of government services and investing in skills and education.
Subject:
Keywords:
B. government policy,Caribbean,Climate change,Climate change risk,Credit,Development policy loan,Fiscal stance,Global,IMF’s Extended Fund Facility,International reserves,Monetary policy modernization,Policy architecture,RSF arrangement
Caribbean Development Bank
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49th Caricom Summit
July 9th
The summit addressed critical regional issues, including climate change, security, agricultural transformation, and intra-Caribbean trade
The 49th Ordinary Meeting of the Conference of Heads of Government of the Caribbean Community concluded in Jamaica, with a strong commitment to accelerating regional integration, strengthening cooperation, and building a more secure and resilient future.
Jamaican Prime Minister and Caricom Chair Andrew Holness stressed that cooperation with Africa, Central and South America and Asia is now an “urgent matter” for regional development, offering an alternative to protectionist trade policies.
“As a region, we have long talked about strengthening cooperation . Today, that is no longer an option; it is an urgent matter.”
He highlighted the “extraordinary resources” and the need for better public infrastructure, particularly in maritime and air transport, to enhance economic integration and intraregional trade. He urged more agile governance and implementation structures within Caricom to deliver outcomes more efficiently.
Leaders of the 15 member countries addressed priority issues of climate change, regional security, agricultural transformation, governance and intra-Caribbean trade. Progress on these initiatives will be reviewed at the Caricom–Africa Summit in Ethiopia in September.
Full free movement of people within Barbados, Belize, St. Vincent and the Grenadines and Dominica from Oct. 1, marks a significant step under the Caricom Single Market and Economy (CSME). It will allow skilled nationals to work in other member states without permits.
The four members reiterated their willingness to implement full free movement under the Protocol on Enhanced Cooperation which all member countries signed. Jamaica, though committed, noted internal legislative considerations require a more gradual approach.“We agreed that the pace and scope of implementation [was] just too slow, and we will do everything in our power to speed up implementation.”
Leaders agreed to expand the list of approved skilled categories under the CSME to include aviation personnel, with Jamaica contributing new occupations such as photogrammetry, field maintenance and aircraft maintenance personnel.
The Montego Bay Declaration on Transnational Organized Crime provided for the strengthening of security cooperation with international bodies such as Interpol and the Organization of American States (OAS)
On a hot spot of geothermal potential, Caricom can exploit indigenous energy to curb GHG and save forex.
TT to consult public on free movement
July 10
Foreign Minister Sean Sobers told media the government is considering public consultation before implementing the proposed upgrade of free movement under the Caricom Single Market and Economy (CSME). If people wanted to move throughout the region currently, they need a CSME skills certificate from the Foreign Ministry which reviewed and responded to submissions from the Homeland Security Ministry regarding immigration, the Health Ministry regarding the health sector and the Education Ministry.
“This particular evolution of the CSME now will see people moving throughout the Caribbean region without having to obtain that skill certificate. Prior to the 49th Caricom summit in Jamaica, this was handled at prime ministerial level and TT had extensive discussions internally with ministries so everyone is on the pathway for readiness to implement this framework.”
“It was important for the public to fully appreciate what that would mean after it was implemented. Some people are considering whether to have public consultations on the issue because it was not done before. As the Prime Minister indicated through us and during her discussion that we are fully engaged with Caricom… and want to reassure partners , we also need to balance that with obligations to citizens here and how they would feel.
That is where we are at and that is the position adopted in the region. They are reviewing it and will signal Caricom when they are ready to implement a total free and full movement of people.”
“As a new administration, we are reviewing the consultations they had internally to ensure we are absolutely ready when we give this nod to Caricom that this rollout of this new evolution of the CSME could take place.
We are at an advanced stage as regards full and fair movement but we want to pause on certain aspects until Cabinet has a proper understanding of what this would look like. We have not imposed a time line. I have to present to Cabinet which I will do in short order and then Cabinet will make a decision on how to move forward.”
Among discussions at the Summit were:
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- Haiti,
- citizen security,
- regional transport,
- regional telecommunication strategy,
- regional security architecture,
- the Caricom Development Fund,
- external trade negotiations and
- the reparations committee.
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Bilateral discussions were held with Singapore, Jamaica, Austria and Portugal.
“Discussions enabled us to exchange information on the possibilities of signing memoranda of understanding with these countries which would be helpful for TT as we move forward in this dynamic world of uncertainty.
“We believe, having reported back to Cabinet, that participation at the 49th Caricom Heads of Government meeting was extremely pivotal to us and we should see a lot of inertia (sic) with respect to our relationship with several countries within the region as well as countries we met through their ambassadors outside the region.”
UWI Don defends TT$
2025, 07/01
Sharp criticism from St Vincent and the Grenadines Prime Minister Dr Ralph Gonsalves over the use of TT currency in regional trade, led economist Professor Roger Hosein to demur.
Last month, at the 77th Organisation of Eastern Caribbean States (OECS) Meeting, new OECS chairman Dr Gonsalves condemned T&T’s failure to settle a “miserly” US$4 million debt owed to SVG for agricultural goods. Gonsalves said Port-of-Spain proposed that the receivable should be paid in TTD—currency he says has no value outside T&T, compared to “Monopoly money”in SVG.
“This injustice has caused material difficulties to farmers and agri-traders in my country. Our country pays T&T annually in excess of US$65million. We (are) paying hard foreign currency for visible exports from Trinidad, mainly petroleum products and manufactured goods … this is absolutely unfair and ridiculous.”
While Hosein acknowledged that FOREX shortage is a serious concern for T&T and the local SME sector, he rejected characterisation of the TTD as worthless.
“It’s unfortunate, the term Monopoly money. We are not in that terrible position. From the perspective of the home countries, like St Vincent, the money has no value. So you can sympathise with why they may be thinking that way but our money is not Monopoly money,” Hosein told media.
While the foreign exchange problem will continue for the three to five years, T&T maintains a strong per capita GDP and remains a leading energy producer.
“We are still a strong player. But we have a lot of groundwork to do to fix the structure of production, employment and exports.”
Hosein echoed calls for the development of a broader regional payments system—specifically the proposed Caricom Payments and Settlement System, to offer an “intra-Caricom alternative” for countries struggling with access to foreign exchange.
His comments follow news that central banks of Barbados and The Bahamas have successfully executed a cross-border transaction directly using their local currencies, eliminating the need for a third-party currency like the US dollar.
Moonilal mocks ‘Monopoly money’ taunt
2 July
Energy Minister Dr Roodal Moonilal rebuked St Vincent and the Grenadines Prime Minister Dr Ralph Gonsalves for smearing Trinidad and Tobago’s currency as “Monopoly money.”
He told a Society of Petroleum Engineers energy symposium that Gonsalves, the longest-serving prime minister in Caricom, should have reproached the previous administration. Closure of Petrotrin and the refinery contributed in no small measure to the decline in forex. Plans to restart the refinery would be revealed at a later date.
“He should have shared his wisdom with his colleagues who are responsible for the collapse of our economy. It is a pity he did not share his thinking with the former administration over the last decade which could have reversed this crisis with prudent management and enhanced investments in the energy sector.”
Lamenting the foreign exchange crisis which affected his citizens’ trade with T&T , Gonzales cast the slur in St Vincent at the 77th Meeting of the Organisation of Eastern Caribbean States Authority on June 17.
In his address on regional integration, Gonsalves rued, “The foreign exchange control arrangements in TT conspired to reduce to near nothingness a hitherto US$12- to US$15 million annual trade in agricultural exports from St Vincent and the Grenadines.
This injustice caused manifest material difficulties to farmers and agrotraders. Our country pays annually in excess of US$65 million in hard foreign currency for visible exports from mainly petroleum products and manufactured goods but Trinidad cannot find less than a measly US$4 million in foreign exchange to pay for our agricultural products.
This is absolutely unfair and ridiculous. Our traders are paid in TT dollars which are not convertible outside TT. In Trinidad, they have to use the money to buy goods in Trinidad if they want to make some money on the backend. If they bring TT money they may as well bring Monopoly money.”
Gonsalves said benefits from Caricom favour larger territories like TT with its low energy cost encouraging manufacturing growth. He described TT’s manufacturing sector as an “uneven beneficiary from Caricom’s trade and commodities.”
He accused TT flour manufacturers of wanting to dominate OECS markets. He worried about how long their protection in the Caricom Treaty would remain as it requires periodic review.
“Undoubtedly the producers in Trinidad want to take over the entire flour market in the Eastern Caribbean. We in St Vincent and the Grenadines will draw a line in the sand on this.”
Such tirades prove the messy single market is doomed. The pound sterling united the British West Indies, dismantled by colonies demanding independence while relying on TT aid.
Decades of dialogue on regional reform
July 22, 2025
Regional leaders and economists at the Business Outlook forum of Trinidad and Tobago Chamber of Industry and Commerce sought a bold reset of the region’s development model, urging deeper long-term planning, stronger private sector leadership and greater cross-border collaboration, particularly in agriculture and trade. They shared insights into structural barriers slowing regional progress and outlined steps to accelerate meaningful reform.>
Veteran agribusinessman Joe Pires identified weak leadership and frequent ministerial turnover as major contributors to the underperformance of the agriculture sector.
“If you go back in history and check, ministers of agriculture were replaced every two or three years. It takes about a year for them to understand the sector, and then they’re reshuffled.”
He praised Jamaica for maintaining a long-term agricultural policy that has delivered results.
“Ten years ago, Jamaica was a net importer. Last year, they exported potatoes to the Cayman Islands. That happened because the strategy outlived political cycles.”
Pires advocated for regional collaboration in crop selection and land use.
“Trinidad can’t grow everything it needs, nor can Suriname. But if we sit at the Caricom level and identify what each country can specialise in, we’ll get much closer to food security. I’d rather buy produce from a small farmer in St Vincent than import it from the US.”
Economist Dr Marlene Attzs echoed his concerns and criticised the lack of progress on long-discussed reforms. Referencing a key publication from the Sir Arthur Lewis Institute of Social and Economic Studies she said,
“We’re still discussing the same issues outlined in the 1992 Time for Action report- reduced intra-regional tariffs, regional production hubs, and stronger economies of scale, all relevant in today’s food security push.”
Despite initiatives like the “25 by 2025” food import reduction target, regional action has been slow.
“The Caricom Single Market and Economy (CSME) was envisioned over 50 years ago. Yet, we’re still debating its core tenets. We can’t afford to be stalled by our own size or perceived limitations. The region must act collectively.”
Resilience and foreign exchange shortfalls make reform urgent:
“We do not have the fiscal space to delay integration. The private sector must be placed in the driver’s seat, with governments enabling the environment, not controlling it.”
Joining virtually from Jamaica, Dr David M Gomez of the UWI Mona School of Business said private sector engagement remains too limited in the CSME process.
“Regional inte-gration can’t be driven solely by governments. The CSME is economically focused, but most private sector players are not fully aware of how to use its mechanisms to scale their businesses.”
Recent signs of progress include increasing alignment on sanitary and phytosanitary (SPS) standards.
“It’s unacceptable that a business meets SPS standards in one country but faces an entirely different set in another. Uniformity in these rules would help unlock real regional trade.”
Caricom assistant Secretary-General Wayne McCook highlighted a major step forward in regional mobility. Four Member States – Barbados, Dominica, St Vincent and the Grenadines and Belize committed to implementing full free movement among themselves by October. McCook noted that the Secretariat is simultaneously working on broader amendments to support free movement across all member states and expanding the categories of skilled workers eligible for movement. He called the move “a significant step forward” under enhanced cooperation, while acknowledging that other countries will follow at their own pace.
Offering a model of successful policy continuity, Vanessa Tore, director of Foreign Economic Cooperation at the Ministry of Economic Development in Curaçao, cited the island’s national export strategy.
“Curaçao’s economy faced steep decline after the closure of the refinery and downsizing of the financial sector. We needed a new direction. That’s why we developed a services-based export strategy with the private sector at the core.”
She credited the strategy’s early success to inclusive planning:
“The private sector led sectoral dialogues, helped design the strategy, and is leading its implementation. The government’s role is to facilitate by reducing red tape, improving the business environment, and ensuring continuity. Crucially, the strategy transcended politics.
When administrations changed, the strategy remained. It’s seen as the private sector’s plan, and they hold each new government accountable.”
Caricom remains a bloated bureaucracy. Summits conducted by Zoom save costs. 13 regional agencies and institutions can continue regional work after it is disbanded-
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- Caribbean Development Bank (CDB).
- Caribbean Court of Justice (CCJ)
- Caribbean Regional Fisheries Mechanism (CRFM)
- Caribbean Public Health Agency (CARPHA)
- University of the West Indies (UWI)
- Caribbean Community Climate Change Centre (CCCCC)
- Caribbean Regional Organization for Standards and Quality (CROSQ)
- Caribbean Meteorological Organization (CMO)
- Caribbean Agricultural Research & Development Institute (CARDI)
- Caribbean Examination Council (CXC)
- Caribbean Disaster Emergency Management Agency (CDEMA)
- CARICOM Implementation Agency for Crime and Security (IMPACS)
- CARICOM Competition Commission
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