ANTIGUA

 

Wartsila clinches Antigua LNG power plant gig

April 26, 2022

By LNG Prime Staff

 

Wartsila clinches Antigua LNG power plant gigWartsila 34DF engine (Image: Wartsila)
Finland’s Wartsila said it would supply and install a 46 MW dual-fuel power plant in Antigua, as part of an LNG-to-power project developed by Antigua Power Company and US firm Eagle LNG.

The tech firm signed the EPC deal with independent power producer Antigua Power in November last year and added the contract to its order book in January this year.

The project combines the power plant and an LNG storage and regasification facility.

India’s cryogenic tech firm Inoxcva recently said it has won a contract from a joint venture consisting of Antigua Power Company and US firm Eagle LNG to build the small regasification plant in Antigua.

APCL won the bid for this project on an international tender held by the tender board of Antigua and Barbuda on behalf of the Antigua Public Utilities Authority (APUA), Wartsila said.

Eagle LNG and Antigua Power are developing the project via Caribbean LNG, while APUA is the gas purchaser.

Launch in 2023
The plant will operate with five Wartsila 34DF dual-fuel engines capable of operating with both gas and light fuel oil. The plant would become operational in the third quarter of 2023 and would supply electricity to APUA for distribution to the national grid.

The decision to use regasified LNG would result in about 40 percent less carbon production. Wartsila said this would be the first project of its kind in the Eastern Caribbean region where an LNG terminal would be coupled to a Wartsila power plant.

The tech firm expects this integrative plant concept to become a model for other island utilities in the Caribbean as the acceptance of LNG fuel increases in line with efforts to reduce emission levels.

 

Inoxcva wins contract to build small LNG import terminal in Antigua

 

Inoxcva, India’s cryogenic tech firm, won a contract from a joint venture of Antigua Power Company and US firm Eagle LNG to build a small regasification plant in Antigua.

Caribbean LNG awarded the design, engineering and supply contract on a turnkey basis to Inoxcva.

The mini receiving and regasification terminal will provide natural gas for APC’s 40 MW power plant in Antigua, the major island of Antigua and Barbuda. The facility will have vacuum insulated storage tanks and a regasification system.

Vijay Kalaria, Inoxcva’s global LNG head, said  “The facility would be capable of receiving LNG via smaller ships while provisioning for LNG distribution and ship bunkering in the future. The company’s design and modularized concept would ensure “minimum site activity and enable faster implementation of the project.”

Inoxcva would manufacture all major critical equipment for the mini LNG terminal at its facility in Kandla, India.

This project follows the launch of operations of a similar multifunctional mini LNG terminal set up by Inoxcva in Scotland.

Eastern Caribbean LNG  In July last year, Antigua had started work on the island’s first plant integrating LNG infrastructure and power generation.

Houston-based Eagle LNG partnered with APC and the Antigua Public Utilities Authority (APUA) on the LNG-to-power project.

Francis Hadeed, director at Caribbean LNG, said in the statement the new modular plant, “serves as a template for our plans throughout the Eastern Caribbean, and hub for cost-effective, low-carbon fuel supply to the country and region.”

The terminal will get supplies from Eagle LNG’s facilities in Jacksonville, Florida, USA.

He said Antigua and Barbuda and the Eastern Caribbean region would “benefit from the use of this lower-carbon fuel creating opportunities. Moving to gas also enables the greater integration of renewable generation in the country, and the introduction of bio-LNG and hydrogen into the fuel mix to further reduce carbon footprint and meet committed goals for the country on carbon reduction.”

 

 

Guyana and Suriname have key role in energy policy

April 6, 2022

Guyana and Suriname are playing a key role in drafting a regional energy policy.

While accepting the credentials of the new Surinamese Ambassador to Guyana, President Irfaan Ali said bilateral cooperation between Guyana and Suriname augurs well for advancing regional integration. Both nations have key roles to play in drafting a CARICOM Energy Policy, focused on renewable energy.

Cooperation must also continue on regional food security and Guyana remains fully committed to supporting the Surinamese President in his role as lead head for industrial policy and in guiding the regional effort. It is important for Guyana and Suriname to also enhance collaboration on  climate change and the post-pandemic economic recovery.

The President said  “I remain committed to preserving and building on this solid foundation. You can be assured of my Government’s full support as you carry out your mandate in furthering the excellent relations that exist between the Co-operative Republic of Guyana and the Republic of Suriname,”

Suriname Ambassador Liselle Blankendal said Suriname and Guyana have been sharing good relations and will continue to do so. She gave the commitment of the two neighbouring states continuing their work together in a number of critical areas of cooperation.

Barbados

BHP said that, on 2 March 2022, it had signed a farm-out agreement with a subsidiary of Shell to assign 40% equity in each of the two Barbados offshore exploration licences – the Bimshire and Carlisle Bay blocks.

The agreement is subject to customary regulatory approvals and third-party consents, with completion expected by the end of the June 2022 quarter. A 3D seismic survey was acquired in November 2021 over a segment of the Bimshire and Carlisle Bay blocks. Processed data were expected to be delivered in  mid-2022.

 

IMF

St. Lucia: Technical Assistance Report-External Sector Statistics

Publication Date: April 12, 2022 Electronic Access: Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:  A remote technical assistance (TA) mission on external sector statistics (ESS) was conducted for the Central Statistical Office (CSO) of Saint Lucia during March 22–26, 2021. The mission was part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on External Sector Statistics (ESS).

Series:Country Report No. 2022/115 Subject:International organization Monetary policy
April 12, 2022

 

 

 

Dominica:  Technical Assistance Report-External Sector Statistics

Publication Date:April 12, 2022  Electronic Access:Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:  A remote technical assistance (TA) mission on external sector statistics (ESS) was conducted to the Statistics Department of Dominica (SDD) during August 30 to September 10, 2021. The mission was carried out as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS. The balance of payments and international investment position (IIP) statistics for Dominica are compiled jointly by the SDD and the Eastern Caribbean Central Bank (ECCB).  In this context, three staff from the ECCB participated in the mission in their capacity of ESS compilers for Dominica. Fadhila Alfaraj of the IMF’s Statistics Department (STA) joined the mission.

Series:Country Report No. 2022/119  Subject:Balance of payments, Balance of payments statistics. Current account deficits, Economic and financial statistics, Expenditure External sector statistics, Imports, International organization, International trade Monetary policy.

 

 

 

CARIBBEAN DEVELOPMENT BANK
NEWS RELEASE

APRIL 13, 2022

CDB supports Procurement Reform in the Eastern Caribbean

The Caribbean Development Bank (CDB) started a new phase of its public procurement reform programme helping Eastern Caribbean countries to increase efficiency and effectiveness in government procurement. The second stage of the programme, which will include finalising legal reforms and establishing electronic systems, kicked off with a 47-participant workshop in the Virgin Islands.

“Better expenditure management provides a foundation for building stronger and more inclusive economies. This can be achieved through robust public procurement that provides transparency and accountability by promoting civil society participation, stimulating private sector growth and investment, and encouraging wider improvements in governance,” said CDB Head of Procurement, Douglas Fraser.

Before the procurement reform started in 2018, CDB-financed assessments showed that few countries had dedicated procurement legal or regulatory frameworks. Existing systems relied on outdated financial and administration Acts. Often appropriate institutional structures were not in place to undertake and oversee procurement and almost none of the public servants were dedicated to procurement whilst those involved in procurement lacked suitable qualifications.

Typically, public procurement can account for over 10-15% of a country’s gross domestic product, but the amount can be considerably higher for small island developing states where US$8-11 billion is spent every year on public procurement. Consequently, there is significant need for CDB to support its Borrowing Member Countries’ development objectives.

In the past four years, with support from the Bank, legal and regulatory reform took place in Antigua and Barbuda and the Virgin Islands, and is at an advanced stage in Anguilla, Dominica, Montserrat and Saint Kitts and Nevis.

Across the Member Countries of the Organisation of Eastern Caribbean States (OECS), chief procurement officers and other senior procurement officials were appointed, often in newly created posts. 20 senior officials from Anguilla, Antigua and Barbuda, Dominica, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent received Diplomas in Procurement and Supply, accredited by the Chartered Institute of Procurement and Supply (CIPS), through the Caribbean Procurement Training Programme, after long-term study.

CDB actively advocated for all OECS countries to join and participate in the Inter-American Government Procurement Network to share technical knowledge and best practice, with the result that for first time all the OECS procurement leads had a venue to meet and build technical relationships.

The second phase of the procurement reform, estimated to last until mid-2024, will involve the completion of the outstanding legal and regulatory reforms, the formation of dedicated procurement institutions in the countries, the development of standard procurement documents and support for the introduction of electronic procurement to provide for greater transparency and efficiency.

For interview requests or additional materials, please contact:

Camille Taylor, Head, Corporate Communications,
+1 (246) 266-5639, camille.taylor@caribank.org

 

 

 

CARIBBEAN DEVELOPMENT BANK
NEWS RELEASE

APRIL 13, 2022

15,000 Caribbean Educators Set for Training in
Learning Recovery and Enhancement

April 13, 2022, BRIDGETOWN, Barbados – 15,000 educators from around the Caribbean will benefit from professional development training specially designed for them to assist students in overcoming the learning losses occasioned by the COVID-19 pandemic.
The training is part of the Learning Recovery and Enhancement Programme known as Let’s REAP, which was developed collaboratively between the Caribbean Community (CARICOM), the Caribbean Development Bank (CDB) and the Organisation of Eastern Caribbean States (OECS) and launched in July 2021.

The expected outcomes of Let’s REAP are to increase equitable access to quality education and training, enhance learning outcomes for all and increase students’ capacity to meet grade level expectations.

As CARICOM countries forge ahead with implementing the programme, their capacity to successfully execute the key elements of Let’s REAP is expected to be enhanced with the regionally coordinated training programme which will start in June 2022 and is set to run over the course of a year.

The training programme was announced at a recent consultation, in which senior education officials, national Let’s REAP focal points and representatives from the CARICOM Secretariat and CDB discussed the progress of implementation, funding support, capacity building, and the approach to programme monitoring and evaluation.

Programme Manager for Human Resource Development within the CARICOM Secretariat, Dr Laurette Bristol said the implementing partners, in responding to the expressed needs for professional development training by the national focal points, reached out to the University of the West Indies’ (UWI) Joint Boards of Teacher Education to design a training programme in the areas identified for support by national focal points.

Dr Coreen Leacock, Academic Coordinator for the Eastern Caribbean Joint Board of Teacher Education, said the 45-hour course will focus on 3 core components of Let’s REAP:

1. 1. 1. Leadership and Accountability,
      2. Formative Assessment, and
      3. Communities of Practice.

To support sustainability of implementation across the region, the UWI Joint Boards of Teacher Education will collaborate with regional teacher training institutions to roll out the training programme.

1. 1. 1. Leadership and Accountability is expected to equip school leaders with skills to lead their schools in improving learning outcomes.
      2. Formative Assessment training will focus on enhanced evaluation of and for learning.
      3. The Communities of Practices module is expected to train school leaders’ and teachers how to coordinate teamwork and collaboration to enhance the school environment and teaching-learning.

CDB’s Education Specialist, Dr Paul Murphy said that the Bank will coordinate funding support for Let’s REAP capacity development and institutional strengthening through grant resources, existing and new projects in CDB Borrowing Member Countries (BMCs), collaboration with other development partners, and through the public sector investment programmes of BMCs.

Director of the Human and Social Development Directorate in the CARICOM Secretariat, Helen Royer, advised that Let’s REAP was developed to enhance the capacity of principals, teachers and the general school community to use available resources to remediate and accelerate student learning.

“Let’s REAP is not a project but a school transformation programme that is part of the common core school improvement process. It pays attention to good practices being engaged and supports the documentation of same.”

The programme outlines nine areas for action that schools are asked to pursue based on their improvement planning priorities for accelerating learning. These are:

1. leadership and accountability,
2. management and communication,
3. teacher support and collaboration,
4. formative assessment, inclusion,
5. special needs and wellbeing,
6. resources and curriculum,
7. parents and family,
8. community and community organisations, and
9. national and regional partnerships.

Several BMCs established national implementation teams to roll out the programme. BMCs completed formative assessments to determine learning gaps and better tailor curriculum delivery. Participants further emphasised the benefit the upcoming training will bring to the implementation of Let’s REAP.

CARIBBEAN DEVELOPMENT BANK

APRIL 1, 2022

UK, CDB to provide US$68 million to increase climate resilience in Dominica

The Board of Directors of the Caribbean Development Bank (CDB) endorsed two infrastructure projects to increase climate resilience in Dominica.

A road project, which will involve the rehabilitation of 11km of the roadway between Loubiere Bridge and Grand Bay, will be financed with grant funding of £24,406,755 from the Government of the United Kingdom (UK) and a CDB loan of US$5.5 million.

Additionally, a UK Government grant of £21,970,197 will finance a water project which will improve water supply and distribution infrastructure, upgrade the Jimmita wastewater system, and enhance the operational capacity of the Dominica Water and Sewerage Company (DOWASCO).

The UK grant funding for both projects is being channelled through the UK Caribbean Infrastructure Fund (UKCIF), administered by CDB.

“The Caribbean is one of the most vulnerable regions in the world to climate change with a high susceptibility to natural hazards and aging economic infrastructure. CDB is aware that enhancing the road and water infrastructure in Dominica is critical for the country’s endeavour to become climate resilient by 2030 and the interventions that we are financing in partnership with the UK Government will support the country’s efforts to achieve that goal,” said CDB President Dr Hyginus ‘Gene’ Leon.

“The United Kingdom remains committed to supporting a more resilient, prosperous, inclusive and safe Caribbean and so we are proud to support these two significant projects which will help Dominica better withstand climate and economic shocks and transform the lives of its people,” said Stefan Kossoff, Development Director for the Caribbean, UK’s Foreign, Commonwealth & Development Office.

The road, water and drainage systems in Dominica are vulnerable to climate change and the infrastructure has sustained extensive damage and erosion from recent natural hazards such as Tropical Storm Erika in 2015 and Hurricane Maria in 2017. The water supply and distribution and wastewater treatment infrastructure are particularly susceptible to sea level rise, strong winds, landslides, and flooding.

The UKCIF road project, which will include improvements to drainage works and enhancement of five bridge structures, will also increase road safety. In addition, the initiative will provide direct employment during construction and advance social cohesion and sustainable livelihoods of fisherfolk, farmers and producers through capacity-building and other forms of support to cooperatives in the area.

The water project will improve sanitation, increase the pipe water supply, and enhance the reliability of water service to the population.

Camille Taylor – Head, Corporate Communications | +1 (246) 266-5639 |
Email: camille.taylor@caribank.org

The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its Borrowing Member Countries (BMCs). In addition to the 19 BMCs, CDB’s membership includes four regional, non-borrowing members (Brazil, Colombia, Mexico and Venezuela) and five non-regional, non-borrowing members (Canada, China, Germany, Italy, and the United Kingdom). CDB’s total assets as at December 31, 2020 stood at US$3.64 billion (bn). These include US$2.12 bn of Ordinary Capital Resources and US$1.52 bn of Special Funds Resources. The Bank is rated Aa1 Stable by Moody’s, and AA+ Stable by Standard & Poor’s and Fitch Ratings. Read more at caribank.org.

 

 

CARIBBEAN DEVELOPMENT BANK
NEWS RELEASE

MARCH 25, 2022

CDB Committed to Supporting
Development, Resilience Agendas of Montserrat

 

March 25, 2022,

Montserrat – Supporting and finding innovative solutions for countries like Montserrat confronted with the dual challenges of being a small island confronting environmental hazards, remain high on the agenda for the Bank.

President of the Bank, Dr. Gene Leon, on his first official visit to the British Overseas Territory since being appointed to lead the Bank in May 2021 said,

“Supporting the resilience agenda of our Borrowing Member Countries is a significant area of focus for us at CDB. It has to be. Our BMCs [Borrowing Member Countries] face unique challenges as small countries with high vulnerability to climate change and natural and environmental hazards. These can make it difficult to fully pursue our development agendas yet because of the criteria we are assessed by, our BMCs face challenges in unlocking the kind of concessional financing they need.”

He affirmed CDB’s commitment to supporting the development and resilience agendas of Montserrat, both through financing and through advancing solutions such as the Bank’s Recovery Duration Adjuster mechanism which specifically address the needs of Small Island Developing States.

The visit included the CDB President’s first meeting with Premier Hon. Joseph Farrell, who was accompanied by a delegation, including the Financial Secretary Hon. Lindorna Lambert and Permanent Secretary in the Office of the Premier Daphne Cassell.

The CDB President, with Senior Advisor Dr Shelton Nicholls, held discussions with the Premier and senior officials. Dialogue focused on the Government’s economic objectives and priorities and CDB support through its assistance and lending programmes.

The CDB delegation toured several projects funded by the Bank, particularly through its Basic Needs Trust Fund (BNTF). Sites included the Old Salem Primary School which is to be refurbished and renovated into a community centre under the BNTF programme, various road projects and the Davy Hill Community Centre.

Montserrat is one of the founding members of CDB, having joined in 1970. In 2017, the Bank approved £14.4 million in grant funding for the Little Bay Port Development project, one of the largest projects in recent history in the island. The project, which was launched in 2019 and is ongoing, is funded by the United Kingdom Caribbean Infrastructure Fund (UKCIF) administered by CDB. The new port will be able to accommodate larger cruise ships and hence more passengers. The project includes new cargo handling equipment for the Montserrat Port Authority and capacity building opportunities.

 

 

 

CARIBBEAN DEVELOPMENT BANK
NEWS RELEASE

April 8, 2022

EU-funded Project Opens Doors for Greater Movement of Skilled Persons in CARICOM

April 8, 2022, BRIDGETOWN, Barbados – Citizens of Antigua and Barbuda availing themselves of Technical and Vocational Education Training (TVET) Certification through a new European Union (EU) financed project, will benefit from increased employment opportunities across CARICOM. According to Hon. E.P. Chet Greene, Minister of Foreign Affairs, Immigration and Trade, Antigua and Barbuda.

The new project managed by the Caribbean Development Bank (CDB) will “assist in closing an existing developmental gap, which has constrained the labour force and hindered the mobility of nationals to capitalize on employment opportunities at the national and regional levels.”

Leveraging access to the CARICOM Single Market and Economy (CSME) has become increasingly important in creating new economic opportunities for citizens. CARICOM agreed to the movement of twelve (12) categories of nationals including Artisans with Caribbean Vocational Qualifications (CVQ’s) and Household Domestics with CVQs or equivalent qualifications.

CDB Vice President of Operations, Mr Isaac Solomon, delivering told the project launch on April 7 in Antigua, that the “Enhanced Technical Vocational Education Training (TVET) Framework for Certification in Antigua and Barbuda Project brings into sharper focus the need for, and value of, increased investment in education and skills training particularly in non-traditional areas.”

The Bank has long recognised the importance of building social resilience and the urgency of addressing existing disparities in the education ecosystem. In response, CDB sought, through its programmes, to build the adaptive and transformative capacities of individuals, communities, and institutions to more readily sustain citizens’ well-being and improve their quality of life.

While encouraging the national partners in education to support the project, the Hon. Daryll S. Matthew, Minister of Education and Sports Antigua and Barbuda indicated, “that the elements of the project are designed to build a growth inclusive framework which places emphasis on vulnerable groups” adding that the Government will be able to realize its broader developmental objectives of raising the standard of living and reducing the incidence of poverty by empowering such groups to leverage their enhanced skills to secure greater wealth creation prospects locally and regionally.

EU Ambassador, Malgorzata Wasilewska, indicated that the “project will contribute significantly to the sustainable growth and development of the country. Benefits will include improved quality learning among youth, reduced unemployment among young people; greater inclusion of women in non-traditional TVET roles; improved access for persons living with disabilities; and the development of a highly skilled and credentialed workforce.”

The two-year project is being implemented by the Ministry of Foreign Affairs, Immigration and Trade on behalf of the Antigua and Barbuda National Training Agency (ABNTA). The project will focus on training of individuals already established in particular fields, without requisite TVET certification. This will pave the way for full utilization of the opportunities available locally and through the CSME. The two-year initiative provides EUR 257, 535 in Technical Assistance to Government of Antigua and Barbuda from the EPA & CSME Standby Facility.

The Standby Facility is a EUR 8.75 million resource managed by CDB which offers opportunities to 15 Caribbean economies to grow trade, deepen integration and economic involvement, impact competitiveness, market access and exports by implementing targeted projects in thematic areas.

 

 

 

Trinidad

Ganga Singh appointed to Guyana Consulate in Trinidad

The Public Diplomacy office at Guyana Ministry of Foreign Affairs confirmed that former United National Congress minister of the Environment Ganga Singh is now employed “by the Government of Guyana as Director of Trade, Investment and Agriculture”. Singh will report directly to the Permanent Secretary of the Ministry of Foreign Affairs Guyana. Singh confirmed that he is now attached to the Guyana Consulate in Port-of-Spain. The UNC said that he was no longer “an active member of the UNC in any of our party organs”.

The EU/CDB initiative supports Caricom cooperation amid food shortage.

 

Paria Commission of enquiry

Commissioners were appointed and began work at the commission of enquiry (CoE) into the disaster at Paria Fuel Trading Ltd’s Berth 6, two months after five divers were sucked into a 30-inch pipeline and four of them died.

Chair of the CoE, former head of Jamaica’s Appeal Court, Justice Cecil Dennis Morrison, QC, said a number of steps would be taken before public hearings began. The first order of business after collecting all the evidence will be to convene a procedural hearing in August to assess the value of material gathered to determine which will be useful.

Morrison and local subsea specialist Gregory Wilson received instruments of appointment. Their terms of reference have 13 guiding points with the end result being them making observations, findings and recommendations into whether there was any breach of duty or criminal liability, what should be the appropriate practices going forward, what policies should be implemented and any other recommendations deemed necessary.

The commissioners have six months to submit their findings from the start of the public hearings at the old office of the Attorney General on St Vincent Street. The CoE was established to probe the circumstances that led to the deaths of Kazim Ali Jr, Fyzal Kurban, Yusuf Henry and Rishi Nagassar after they were trapped in the pipeline on February 25. Their bodies were recovered on February 28 and were reported to have drowned according to their autopsies.

Only Christopher Boodram survived.

At the time, the men were doing routine maintenance and were employees of LCMS Ltd.

The commissioners said, as far as they knew, this was the first of its kind in the region and world so there was no precedent for them to be guided by.   Asked if this added pressure on them, Morrison said that the stress began when they were appointed.

“Obviously we take this very seriously it’s something that has its own inherent stresses and we take it seriously and that’s all there is.”

Attorney for the commission Lawrence Maharaj SC, sought to ease the concerns of those who believed the commissioners, because they were paid by the government, would side with Paria, a state company.

Maharaj said Morrison was an appeal court judge in his home country and several other Caribbean countries and asked why anyone would think him anything but impartial.

“I wish to assure you as counsel for the CoE, I wish to assure Trinidad and Tobago, I will do everything within my power to get all the relevant evidence to be presented to the CoE. I will discharge those duties independently and impartially and in fairness.”

The commission has the power to compel witness testimony and documents and all relevant parties will be subjected to give evidence. He said letters were sent to Paria, LCMS and the Trinidad and Tobago Coast Guard for evidence.

To insulate themselves to avoid entering the commission with “tainted minds,” Morrison and Wilson said they kept away from the information completely. They assured that they were not, in any way, connected, directly or indirectly, to the government and had no connection to Paria.

In response to a question that the CoE was a waste of taxpayers’ money, Maharaj said CoEs were one of the tools used by governments throughout the world for unearthing the truth.

“The only way that allegations which are made can be assessed properly is for it to be presented and for people to be able to get an opportunity to present the facts to an adjudicated tribunal. “What is happening with this CoE, all the allegations which are being made, the public will have an opportunity and they will be able to see the hearing. They’ll be able to assess for themselves persons who make allegations.”

The public would have an opportunity to determine whether the CoE’s findings were consistent with the evidence presented.

“So I think that the CoE is one of the important tools for a government when there are circumstances like this.”

The Jamaican judge is another example of the CDB/EU for movement of skills.

 

 

World Bank Resident Representative for Guyana and Suriname

April 2, 20220

WASHINGTON, April 1, 2022—Ms. Diletta Doretti is the new Resident Representative for Guyana and Suriname. She will be based in Georgetown, Guyana.

 Ms. Doretti brings a wide range of development experience to her new position. An Italian national, she joined the World Bank in 2002 and has held various positions throughout her 20-year career, most recently as a Senior Private Sector Development Specialist for the World Bank West Africa region based in Bamako, Mali.

“I look forward to deepening the World Bank’s engagement and partnership with Guyana and Suriname to address their most pressing development challenges,” said Diletta Doretti. “It’s critical we address climate vulnerabilities, including flood risks, strengthen private sector development, improve human capital, and support a green, resilient, and inclusive recovery from the COVID-19 pandemic. I am committed to working closely with our partners, including government, private sector, and civil society, for the betterment of the Guyanese and Surinamese peoples.”

Ms. Doretti comes to the position with strong and diversified World Bank experience. In addition to her regional and country experience, she worked on corporate assignments, as well as developed strategies for private sector engagement, entrepreneurship, and innovation. Before joining the World Bank, Ms. Doretti worked as a legal researcher. She holds a Master’s of International Economics from SAIS Johns Hopkins and a Bachelor’s of International Affairs and Law from the University of Florence.

As the new Resident Representative for Guyana and Suriname, Ms. Doretti is responsible for the policy dialogue and partnership with these two countries, as well as successful implementation of the World Bank program, which includes an active portfolio of seven projects worth $116 million in Guyana and two projects worth $58 million in Suriname.

The World Bank’s program focuses on building resilience to climate change, human capital development, private sector development, and financial inclusion. The World Bank is also providing analytical and advisory services.

 

Suriname

IMF First Review under the Extended Arrangement under the Extended Fund Facility, and Financing Assurances Review-Press Release;

Staff Report; Staff Statement; and Statement by the Executive Director for Suriname

https://www.imf.org/en/Publications/CR/Issues/2022/03/25/Suriname-First-Review-under-the-Extended-Arrangement-under-the-Extended-Fund-Facility-and-515732?cid=em-COM-789-44512

Publication Date:March 25, 2022 Electronic Access:Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:  On December 22, 2021, the IMF Executive Board approved a 36-month arrangement under the Extended Fund Facility (EFF) with access of 366.8 percent of quota (SDR 472.8 million or USD 673 million).

The Surinamese authorities’ homegrown economic recovery plan aims to address systemic fiscal and external imbalances and chart a course toward debt sustainability, declining inflation, and economic recovery while maintaining social stability. In the first few months of the program, the authorities have made good progress but important risks remain.Series:Country Report No. 2022/090Subject:International organization Monetary policy

ENGLISH
Publication Date:March 25, 2022:
:

 

 

IMF Executive Board Completes First Review of the Extended Fund Facility Arrangement for Suriname

March 23, 2022

The IMF Executive Board completed the first review of the extended arrangement under the Extended Fund Facility (EFF) for Suriname, allowing for an immediate disbursement equivalent to SDR 39.4 million (about US$55 million).

• Suriname’s homegrown economic recovery program remains on track.
• Economic stabilization is underway and both fiscal and external balances are improving.
• The authorities have continued to advance their reform agenda in key areas.
  • • These include building on fiscal consolidation efforts while enhancing social spending,
    • advancing debt restructuring discussions with creditors,
    • further strengthening the new monetary policy framework,
    • addressing banking sector vulnerabilities, and
    • continuing to tackle money laundering, corruption and other governance shortcomings.

 

Washington, DC : The Executive Board of the International Monetary Fund (IMF) completed the first review of the extended arrangement under the Extended Fund Facility (EFF) for Suriname.

The Board’s decision allows for an immediate disbursement equivalent to SDR 39.4 million (about US$55 million).

Suriname’s 36-month EFF arrangement was approved by the Executive Board on December 22, 2021 (see Press Release No. 21/400 ), in an amount equivalent to SDR472.8 million (366.8 percent of quota).

The program aims to support Suriname’s authorities’ homegrown recovery plan to restore fiscal sustainability through a discretionary fiscal consolidation of 10 percent of GDP during 2021-24,

• protect the vulnerable by expanding social safety net programs,
• bring public debt down to sustainable levels,
• upgrade the monetary and exchange rate policy framework,
• stabilize the financial system, and
• strengthen institutional capacity to tackle corruption and money laundering and improve governance.

Following the Executive Board discussion on Suriname, Mr. Kenji Okamura, Deputy Managing Director and Acting Chair, issued the following statement:

“The authorities’ recovery program is on track despite difficult social and economic conditions. The economy is showing signs of a nascent recovery, on the back of comprehensive reforms to address systemic fiscal and external imbalances.

“The authorities remain committed to fiscal consolidation while further strengthening the social safety net. Planned revenue and expenditure measures, including on social spending programs, will be crucial to strengthen public finances while protecting the most vulnerable. The authorities are also advancing debt restructuring negotiations with private and official bilateral creditors. The envisaged debt relief, together with fiscal consolidation, are important for Suriname to restore debt sustainability.

“The Central Bank of Suriname is committed to achieving a downward path for inflation and maintaining a market-determined exchange rate. Together with the program’s catalytic effect on external financing, this will help address external imbalances and build up foreign reserves. Proactive steps have also been taken to address vulnerabilities in the banking system.

“Structural reforms to strengthen capacity, governance, and data quality are key priorities. The authorities are taking important measures to strengthen central bank governance and the anti-corruption and AML/CFT frameworks. Technical assistance provided by the IMF and other development partners plays a critical role in developing institutional capacity.

“The IMF-supported program continues to face considerable risks, both domestic and external. Strong ownership and steadfast implement of the economic program, together with continued support from the international community, will be essential for its success.”

Suriname: Selected Economic and Social Indicators
	Est.	Proj.
	2020	2021	2022
(Annual percentage change, unless otherwise indicated)
Real sector
Real GDP Growth	-15.9	-3.5	1.8
Nominal GDP Growth	21.8	46.6	38.4
Consumer prices (end of period)	60.7	60.6	25.8
Consumer prices (period average)	34.9	59.1	38.9
Money and credit
Broad money	65.0	45.3	37.0
Private sector credit	27.1	18.5	26.9
(In percent of GDP, unless otherwise indicated)
Central government
Revenue and grants	18.4	27.1	27.3
Of which : Mineral revenue	6.5	13.1	13.3
Total expenditure	31.8	34.4	31.0
Overall Balance (Net lending/borrowing)	-13.4	-7.3	-3.7
Primary Balance	-9.7	-1.3	1.7
Central government debt	147.7	125.3	132.2
Domestic	53.4	43.2	42.5
External	94.3	82.1	89.7
External sector
Current account balance	9.1	5.2	-0.9
Capital and financial account	6.6	0.3	8.2
Memorandum Items
Gross international reserves (US$ millions)	585	992	1,260
In months of imports	3.6	6.2	6.8
Usable gross international reserves (US$ millions) 1/	129	512	934
In months of imports	0.8	3.2	5.0
Official exchange rate (SRD per US$, (Average)	9.3	18.4	…

Sources: Suriname authorities and IMF staff estimates and projections.

1/ Excluding the PBOC swap and ring-fenced banks’ FX required reserves.

IMF Communications Department

 

 

Suriname: Technical Assistance Report-External Sector Statistics

Publication Date:April 12, 2022   Electronic Access:Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:  A technical assistance (TA) mission on external sector statistics (ESS) was conducted in Paramaribo, Suriname, during March 2‒13, 2020.

The mission was part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS and was carried out in response to a request from the Central Bank of Suriname (CBvS).

The mission reviewed estimates and coverage of the balance of payments and international investment position (IIP), which have been prepared in the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) format.

In particular, the mission’s work mainly aimed at enhancing the coverage and the classification of

• (i) currency and deposits assets held abroad by the nonfinancial sector;
• (ii) insurance services, transport, travel account and trade credit and advances;
• (iii) offshore petroleum exploration companies;
• (iv) government external debt; and
• (v) the use of business survey. Improvements in these key areas will facilitate a more robust assessment of external sector developments.

Reliable ESS is essential for informed economic policy-making by the authorities and for IMF’s surveillance.

Series:Country Report No. 2022/118

 

Suriname

Staatsolie and Chevron sign contract for Block 7

28 Apr 2022

Staatsolie and Chevron are expanding their cooperation in shallow offshore Suriname. A production sharing contract for offshore Block 7 was signed for this purpose on 26 April 2022.

With the signing of the Production Sharing Contract (PSC), Chevron, with an eighty percent participating interest, has obtained exploration, development, and production rights in Block 7. Staatsolie has a twenty percent participation share through its subsidiary Paradise Oil Company (POC). The cooperation between POC and Chevron was confirmed with the signing of the Joint Operating Agreement (JOA) in which the arrangements between the partners are laid down. The agreements enable Staatsolie to play an active role in the block partnership from day one. The costs in the exploration phase will be carried by Chevron. The exploration period, as set out in Chevron’s PSC, will last eight years, divided into three phases.

The PSC also states that Chevron should give preference to materials, services and products offered by Surinamese companies. The condition is that they meet the quality, price, and other commercial requirements. In this way, local participation within the offshore oil industry is stimulated.

The signing of these contracts contributes to Staatsolie’s effort to explore and develop offshore resources for Suriname. Staatsolie is enthusiastic that it has once again been able to invite Chevron, a world-class International Oil Company into a block in the offshore further validating the attractiveness of Suriname’s offshore acreage.

Block 7 is in the west of the shallow offshore area and has a size of 1867km2. The contract was signed by Staatsolie’s CEO Annand Jagesar, POC Director Rekha Bissumbhar and Chevron’s Suriname Country Manager Channa Kurukulasuriya. Minister David Abiamofo of Natural Resources was present on behalf of the shareholder (the State of Suriname) at the signing at the headquarters of Staatsolie.

In October 2021, Staatsolie and Chevron signed a PSC for Block 5, in which Staatsolie has the right to a forty percent participation through its subsidiary Paradise Oil Company N.V. (POC). In December 2021, Chevron farmed-out one-third of its sixty percent stake in Block 5 to Shell (KE Suriname BV). POC retained its forty percent stake as a non-executive partner.

2nd Suriname Energy, Oil & Gas Summit & Exhibition (SEOGS) 30th June 2022

SEOGS 2022 is hosted by Staatsolie with the full support and patronage of The Government of Suriname through The Ministry of Natural Resources and The Ministry of Foreign Affairs, International Business and International Cooperation.

 

 

 

CARIBBEAN DEVELOPMENT BANK
NEWS RELEASE

APRIL 28, 2022

CDB urges bold and urgent actions to transform the Region’s energy landscape
The Caribbean Development Bank (CDB) has made a clarion call to strategic partners to work together to execute bold and urgent actions to transform the Region’s energy landscape and lay the ground for faster progress towards attaining the Sustainable Development Goals.

Delivering the keynote address at the 14th Caribbean Renewable Energy Forum on April 27, CDB President, Dr. Hyginus “Gene” Leon highlighted the need for a targeted and structured approach to embedding energy independence, diversifying the energy mix and increasing resilience in electricity systems in the Region.

He proposed the Accelerated Sustainable Energy and Resilience Transformation 2030 Framework or ASERT-2030, as a key initiative to advance energy transition in the Caribbean Region.

“The Bank has identified an initial suite of ASERT Initiatives (ASERTives) that we consider will enable the region to achieve the targets. One of our ASERTives is Climate Resilient Sustainable Energy Roofs. Our bold proposition is for the retrofitting and deployment of standards for new construction to build climate resilient sustainable roofs in 75 percent of homes in the Region by 2035. These roof installations will be designed to withstand extreme weather events, while embedding solar, wind, water and other energy generation and storage technologies,” he said.

Dr. Leon notes that the Region’s pursuit of a sustainable energy agenda by efficiently utilising its abundant renewable sources of solar, wind, geothermal, and hydropower, will allow it to diversify its energy base, while using less energy to perform daily responsibilities in the production of goods and services.

“Making this radical shift in our energy profile to reflect a substantial uptake of renewable energy is not only necessary to adapt to climate change, but critical for improving fiscal management, and long term economic and social stability. Recent data compiled by the Bank show that our 19 Borrowing Member Countries (BMCs) import more than 80 percent of their energy supplies, at a cost of about USD7 billion per annum, which represents around 7 percent of their overall pre-COVID GDP.

This highlights the vulnerability of the Region’s economies to oil market shocks and the urgent need to accelerate the shift to sustainable energy options, namely energy efficiency and renewable energy.”

The price of electricity in the Caribbean is up to four times more than the average price in many developed countries.

 

Guyana

Hess

Apr 28, 2022

Hess Corporation provided investors with updates on its sanctioned Guyana projects that are poised to return multibillion-dollar profits based on the Stabroek Block Production Sharing Agreement (PSA) and prevailing oil prices for sweet, light crude.

On the developments in the Stabroek Block where it holds a 30 percent working interest, Hess said net production totaled 30,000 barrels of oil per day (bopd) in the first quarter of 2022 compared with 31,000 bopd in the prior-year quarter. In February, the company said production commenced from the Liza Unity FPSO and contributed 7,000 net bopd in the first quarter of 2022.

Liza Destiny FPSO vessel completed production optimization work initiated in March that expanded its production capacity to over 140,000 gross bopd from 120,000 gross bopd previously. It is currently producing 130,000 gross bopd and is expected to reach its full capacity in the second quarter.
Liza Unity FPSO is expected to reach its production capacity of approximately 220,000 gross bopd by the third quarter.

In the first quarter, Hess sold approximately 2.3 million barrels of oil from Guyana and expects to have 7 one-million barrel liftings in the second quarter and 8 one-million barrel liftings in the third and fourth quarters.

The third Stabroek Block development, Payara, will utilize the Prosperity FPSO with an expected capacity of 220,000 gross bopd, with first production now expected in late 2023.

In April 2022, the Corporation recalled that the operator of the Stabroek Block, ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), had announced the final investment decision to proceed with the Yellowtail development on the Stabroek Block after the field development plan received approval from the government in a record 52 days.

Yellowtail, the largest development thus far on the Block, is expected to utilise the ONE GUYANA FPSO, which will develop an estimated gross resource base of approximately 925 million barrels of oil. The ONE GUYANA FPSO is expected to have a capacity of up to 250,000 gross bopd, with first production expected in 2025. Six drill centers are planned with up to 26 production wells and 25 injection wells.

Excluding pre-sanction costs and FPSO purchase cost, Hess Corporation’s net share of development costs is forecast to be approximately US$2.3 billion, of which approximately US$210 million is expected in 2022, US$430 million in 2023, US$585 million in 2024, US$390 million in 2025 and US$295 million in 2026.

Three new discoveries on the Stabroek Block were announced at Barreleye, Lukanani and Patwa.

The Barreleye-1 well encountered approximately 230 feet of hydrocarbon bearing sandstone reservoirs of which approximately 52 feet is high quality oil bearing. The well was drilled in 3,840 feet of water and is located approximately 20 miles southeast of the Liza Field.

The Lukanani-1 well encountered 115 feet of hydrocarbon bearing sandstone reservoirs of which approximately 76 feet is high quality oil bearing. The well was drilled in water depth of 4,068 feet and is located in the southeastern part of the block, approximately 2 miles west of the Pluma discovery.

The Patwa-1 well encountered 108 feet of hydrocarbon bearing sandstone reservoirs. The well was drilled in 6,315 feet of water and is located approximately 3 miles northwest of the Cataback-1 discovery.

Hess Corporation reported net income of US$417 million, or US$1.34 per share, in the first quarter of 2022, compared with net income of US$252 million, or US$0.82 per share, in the first quarter of 2021. On an adjusted basis, the Corporation reported net income of US$404 million, or US$1.30 per share, in the first quarter of 2022. The improvement in adjusted after-tax earnings compared with the prior-year period was primarily due to higher realized selling prices in the first quarter of 2022, partially offset by lower sales volumes.

Chief Executive Officer (CEO) John Hess stated that as his company’s portfolio becomes increasingly free cash flow positive, it will prioritize the return of capital to shareholders through further dividend increases and share repurchases

 

 

President Ali in London

 April 28, 2022

Multiple opportunities for UK investors 
Guyana leading on many fronts

His Excellency Dr Irfaan Ali told scores of UK investors and business leaders at the Caribbean Council House of Lords Annual Reception in London about the investment opportunities in the West Indies , given its tremendous market access.

As a tourism hub enjoying a strategic location, the region has access to over 220 million people directly or through trade agreements.

“We have complete trade agreements with Venezuela, Colombia, Cuba, the Dominican Republic, Costa Rica, and of course, we are part of the economic partnership agreement.”

TREMENDOUS OPPORTUNITY

The regional food import bill includes palm oil worth $US142m; cocoa worth US$48.5m; spices worth US$10.6m; beef and beef products worth US$40m among others and will grow to at least $10b in the immediate future.

The region has the capacity to produce what it will consume and “has an investment framework that allows great competitiveness” which would benefit the business community in the UK and Europe.

The region plans to be more self-sufficient and to produce more. The 25% reduction in the food importation bill will be achieved by 2025. Guyana has a lead role and a lead responsibility in achieving that target and will host the inaugural Agri-Investment Forum and Expo from May 19-24.

RENEWED INTEREST

Development and prosperity of Guyana must be the prosperity of the region, often overlooked. He urged a new perspective and renewed interest in the region given the present global environment.

“What is needed now is a new development of the relationship and new perspective—a renewed interest in the Caribbean because there is tremendous opportunity and given what is taking place globally, the Caribbean is presenting itself as an interesting solution for investors and investments.”

GUYANA’S LEADING ROLE

Despite Guyana’s growing oil and gas sector, the economy would be multifaceted.

“We see ourselves as an economy in transition that is allowed this great blessing of oil as a mode of taking us into the transition we so want.”

The Government will use the resources to invest in other sectors including infrastructure expansion, ICT, tourism, health and education under a “new wave of development”.

MIND-BLOWING OPPORTUNITIES

Within this context, the projection is that Guyana’s oil and gas sector will have a “long future” which will provide the opportunity to advance the other sectors. The President outlined Guyana’s leading role in the environment, climate change mitigation and vast natural resources including freshwater reserves.

“So when we’re going to discuss climate change in the future, Guyana will be on the table; when we discuss oil and gas, Guyana will be on the table; when we discuss freshwater, Guyana will be on the table; when we discuss food sustainability and agriculture, Guyana will be on the table because we are working towards becoming the breadbasket of the Caribbean. When we talk about energy sustainability, Guyana will be on the table and when we talk about issues of regional integration. Guyana will be on the table.”

Government plans to reduce the cost of energy by 50% by 2025. “When we do that, we now become competitive with any other producer in the region.”

Amid Guyana’s many potentials, the most important asset the country possesses is its people. He promoted ‘One Guyana’ initiative and the mission to include all Guyanese in development.

The President invited guests to travel to Guyana and examine the opportunities for themselves.

“There is a lot of possibility and a lot of resources available through the UK Government. Once you have a big idea, I can tell you, there is an opportunity.”

 

 

John Mair  April 28, 2022

President Irfaan Ali spoke far and wide and not just on oil/gas at Tuesday’s Carlton House investment seminar in London. In addition to his widely reported discourse on investment opportunities and the need to grab them, he also addressed the widespread ignorance within Guyana about oil and the oil economy.

’Ignorance is a choice’ and not inevitable. ‘It is not a condition but self-imposed’ and some people ‘choose to preserve ignorance for selfish reasons’. He was very unsympathetic to those who chose not to learn more about the transformation of the country ‘Silence is the greatest killer’ he said but he was happy to leave the levels of knowledge and ignorance ‘to unravel’. The President was speaking to a room full of potential investors in the ornate setting of the British Academy in Carlton House.

The seminar was arranged by the Caribbean Council and the audience 90% male, 90% white with interests ranging from road building to electricity transformers to vetting procedures for staff and putative investment partners. Plenty with ‘Capital’ on their business card.

The President, one Cabinet minister, at least two British high commissioners and four CEOs of companies in Guyana were in attendance. The most notable and noticed absentee was the newly appointed Guyana High Commissioner to the UK Rajendra Singh. He was delayed by an ‘arbitration matter’ in New York.

Rather inconvenient at such a gathering of top men (and some women) with money. President Ali was left to work the room by himself. He did that very well. Later, he was guest at a reception on the terrace of the Houses of Parliament and hosted a meeting with the Guyanese diaspora in the UK.            The previous President avoided that encounter.

 

President urges British investors to take opportunities

Guyana urged British investors to be more aggressive in their approach to doing business in the Caribbean Community (CARICOM) country whose future development trajectory is predicated on strengthening traditional sectors and building new ones.

“Many people ask sometimes why Chinese investors find the market faster than anyone else; well I can tell you from our humble experience, their aggression is far different,” President Irfaan Alli told the Guyana Investment Seminar, at Carlton House .

The event was organised by The Caribbean Council, a trade and investment membership organisation that supports responsible and sustainable private sector-led investment and development in the Caribbean and Central America.

Ali said that while the United Kingdom has earmarked millions of pounds (One British pound=US$1.25 cents) Guyana can qualify for through investment, infrastructure development and infrastructure transformation, there is a lack of aggressiveness from the UK and European Union private sectors.

“Our development is about creating a broad platform for the future; a platform in which we are going to strengthen traditional sectors, make them more competitive…we’re going to go after new sectors,” Ali said, noting that among the sectors included Information Communication Technology (ICT), education, healthcare and tourism.

The ICT sector was one of the “new pillars” that will support the economy. Guyana also wants to create a health sector that is world-class and a “knowledge sector” where education will play an important role.

He also highlighted Guyana’s proximity to the United States as a positive for visitors, who are seeking an alternative in medical services and the country’s geographic position as a bridge linking South America with the Caribbean.

In the tourism sector, Canada will help to train Guyanese in hospitality management and the country launched a programme to get 6000 Guyanese trained in the industry.

This is necessary to not only create the opportunity but to build institutional capacity and human capacity to meet the opportunities ahead.

Guyana is a “body” confronting its challenges adding “those are the challenges our development trajectory will address and must address.”

Significant strides had been made in the agriculture sector with Guyana’s lead role in the Caribbean Community (CARICOM) to advance food production and food security in the region.

“The heads of CARICOM came together, and we have decided that by 2025, we want to reduce the food import bill of CARICOM by 25 per cent. So, the initial target is 25 by 2025. And Guyana has leadership in ensuring this target is met,” Ali said. Guyana presented an action plan to reach the target while pointing to the importance of food security and agricultural diversification at the national level.

“We have some of the largest distribution companies now ready to bring in the capital to replant coffee, cocoa, to ensure that we become self-sufficient in corn and soya as input costs for feed production for poultry and livestock. And that is where the country is going. In just 20 months, we have embarked on a programme of crop diversification.”

Ali predicted that within two years, Guyana will produce all the corn and soy needed for the feed production for its poultry and livestock sector.

Guyana and Barbados collaborated in establishing the first Guyana/ Barbados food terminal as a pilot programme that will be replicated throughout the Caribbean.

Georgetown is working with Brazil to sign an agreement to enhance Guyana’s livestock breed and expand the production of mutton and mutton products to meet the full regional demand.

“This is the type of transformation I’m talking about. This is where the revenues from oil and gas will go to build other sectors, ensuring other sectors are competitive, ensuring that those sectors are resilient,” he said, reiterating that these opportunities existed in Guyana long before the discovery of oil and gas.

With 30 of the world’s wheat taken out of the market, owing to the Russian-Ukraine crisis, global prices have soared and countries that rely on wheat heavily, like Guyana, are feeling the brunt.

“We have just launched research on finding a wheat variety that can be grown in Guyana, to satisfy our local demand to start with. So that the next generation of Guyanese must not be in a position that we are in today, where we are faced with these shocks and sudden increases in prices. And that is where the resources must go, building… an economy that is resilient and sustainable.”

President Ali acknowledged that Guyana has the highest cost of energy in the region, which places the country at a disadvantage in the manufacturing and industrial sectors. Efforts were underway to reverse that trend.

“We have already committed that by 2025 the cost of energy must be reduced by 50 per cent. And by doing that, it will put Guyana on equal footing to compete with other countries where manufacturing and industrial development plays a vital role,” he said, outlining an energy mix, including natural gas and other renewables as the country’s future.

A major macro energy policy which includes Guyana, Northern Brazil, Suriname and French Guiana is being crafted.

“We’re now studying whether we now have the potential to become an energy hub for the Guiana Shield and create a new energy corridor that will supply northern Brazil. So, our energy policy is integrated into the regional energy demand.

“We welcome your investment. We are open, and we are ready to have a conversation on how you can be part of Guyana’s development.”

 

Trinidad

EMBD debt

The amount payable by the Estate Management Business Development Company (EMBD) to contractor Namalco could grow from the $427 million awarded by a judge to about $800 million, if add-ons such as interest are also considered.

Namalco had claimed $1.2 billion for developing several sites holding plots of land awarded to ex-sugar workers of Caroni (1975) Ltd. , Justice Ricky Rahim ordered the EMBD to pay Namalco $427 million in damages, but otherwise rejected claims for millions of dollars in supplementary contracts, citing unlawful conspiracy between Namalco and former EMBD officials. He considered only four locations, as two other locations of work form part of separate court proceedings.

The $427 million represents damages for breach of contract regarding three sites, while a fourth site will be assessed separately for work done.

Contractor (Namalco) had sued the Government, not vice versa, due to the Government’s failure to meet and treat with contractors and build an agreement on debt.

On entering office in 2010, the former People’s Partnership (PP) government met a $5 billion debt at the EMBD owed to contractors, and distributed 5,000 two-acre agricultural lots and 3,000 residential lots, among 12,000 acres of ex-Caroni land being developed.

Alluding to the Government’s decision to close state company Educational Facilities Company Ltd (EFCL), MP Dr Roodal Moonilal said, “We didn’t close down companies. We did not take everybody to court. What we did is..treated with the contracting community. We had an understanding that we cannot pay everything we owe you but we will pay in piece and we will negotiate and as we go along.”

Most of the locations dealt with in the judgement related to contracts entered into under the former Manning regime. He said supplementary agreements on contracts were nothing unusual.

Scoffing at an EMBD statement which said they had won the case, he said, “I can’t understand how people don’t know how much they have to pay but they say, ‘We win.’

“What they’ve been doing in this country is lighting a $100 bill to search for five cents.” Many professionals involved in this process were linked to top PNM members. “Their policy is court forever, because they do not want to pay. It is better to stay in court and make money for their friends and relatives. In addition to this $427 million, they have to pay interest, on the $427 million and other outstanding fees, interest which may be dated back to 2013.”

EMBD must also pay money owed to develop the Petit Morne site, as to be assessed by a court would determine the payments to be made. Legal fees must also be paid, he said.

“You (EMBD) do not even how much you have to pay yet but you declare victory. This is typical PNM incompetence, typical PNM arrogance, that you can declare that you win something and you don’t know how much you might have to pay.”

Total liability to Namalco could end up at $700-800 million.

“These are not matters of politics as far as the court is concerned but what I am raising here is a matter of politics – the role of Keith Rowley and his Government in undermining the business community by a pattern of behaviour to litigate against every business and every contractor, court forever, so their friends and family could get money.” Contractors smaller than Namalco might not have enough money to take the Government to court over their claims. He urged the Government not to shut the EMBD to avoid paying debts, as he said was happening to EFCL.

Forex
A private motion brought by Independent Senator Amrita Deonarine urging government to bring to Parliament a foreign-exchange policy within six months was defeated in the Senate .

If successful, the motion would have forced government to table in Parliament within six months, a comprehensive policy framework that will guide key stakeholders, how Government intends to navigate the tightness in the foreign exchange (forex) market to overcome downside risks in the medium and long-term.

This came after the Senate rejected separate amendments proposed to the motion by Deonarine and Tourism Minister Randall Mitchell. In all three cases, the votes between government, opposition and independent senators were tied, prompting Senate President Christine Kangaloo to break the tie with a casting vote.

As she concluded the debate, Deonarine proposed an amendment to her original motion, which removed the words “comprehensive” and “downside risks.” Deonarine said it was “difficult in a dynamic environment with an energy- based economy that is faced with volatility to overcome downside risks in the medium and long term because policy measures are always subject to revision.”

Leader of Government Business Dr Amery Browne requested a ten-minute suspension of the sitting. When the sitting resumed, all 15 government senators voted against Deonarine’s amendment. The six opposition senators and the nine independent senators voted for it.

Kangaloo explained that in exercising her casting vote, regarding an amendment to a motion, the consideration was to keep the motion in its original form and maintain the status quo.

After Deonarine’s amendment was rejected, the Senate considered Mitchell’s amendment which proposed that Government give a statement in Parliament in six months about how it plans to address the forex situation.

All 15 government senators voted for this amendment. The six opposition and nine independent senators did not. Kangaloo then cast her vote, resulting in Mitchell’s amendment being rejected.

When the vote on Deonarine’s original motion was called for, government, opposition and independent senators were tied for a third time. On this occasion, Kangaloo voted with the Government and the motion was defeated.

Before the vote, Minister in the Ministry of Finance Brian Manning said, “The issue is a simple one. Today in Trinidad and Tobago, the demand for forex outstrips the supply… “a situation that will be brought to equilibrium over time.”

He reiterated that devaluation of the TT dollar was not a solution to TT’s forex challenges

“What a devaluation does, is that it increases the cost of forex. That will reduce the demand for forex, to bring that excess demand in line with the normal supply.”

Government is working to avoid a devaluation of the TT dollar because “we live in a society that is heavy on importation. A devaluation will cause an increase in those costs across the board.”

This includes increases in the cost of food, education and medicine.

“What we would like to do is target some of the less productive sectors of our economy, in terms of reducing the demand for forex in those areas.” Manning revealed the ministry has added value added tax (VAT) on luxury food to reduce demand for imported items.

Government reduced VAT and duties on basic food items. “That is one way we can alleviate some of the strain on those who are more economically challenged in our society, without increasing the price of everything across the board.”

Citing the energy sector as one of the main forex earners, Manning said between January to March 11, the sector’s contribution to the domestic forex market was 71 per cent, compared to a 72 per cent contribution last year. In 2020, Manning said that contribution was 57 per cent owing to a decline in energy prices and production owing to the adverse effects of the covid19 pandemic.

The Central Bank intervenes on a fortnightly basis, selling forex to authorised dealers in order to meet their customers’ excess demand.

In 2018, Government established a forex facility with the Exim Bank, capitalised at US$100 million to fund the operations and import requirements of local manufacturers and exporters.

In December 2020 Government “approved the continuation of the facility to enable allocation to local manufacturers and exporters during 2021 in the sum of US$100 million.”

As of February 28, the Exim Bank has “accessed a cumulative total of US$265 million, providing forex to 122 manufacturers, the majority of which are small and medium enterprises.”

He identified a draft manufacturing policy 2021-2025 and a non-energy manufacturing export strategic plan 2020-2025, amongst other initiatives that Government was exploring to address forex challenges .

 

U.S. Congressional Delegation in Barbados

A delegation of six members of the U.S. Congress arrived to Barbados April 18 and 19 to reinforce the strong U.S.-Barbadian bilateral relationship and explore opportunities to expand access to financial services and banking in the Caribbean. The congressional delegation, led by the Chairwoman of the U.S. House Committee on Financial Services, Maxine Waters (D-CA), includes Representatives Joyce Beatty (D-OH), Troy Carter (D-LA), Sylvia Garcia (D-TX), Ed Perlmutter (D-CO), and Stacy Plaskett (D-VI).

The Congressional delegation began their three-day visit by meeting with Prime Minister Mia Amor Mottley on April 19. Their other engagements will include a roundtable on financial inclusion with CARICOM government representatives and U.S. and Caribbean-based financial institutions, a meeting with representatives of the Caribbean Development Bank, and an exchange with graduates of the Embassy’s Academy for Women Entrepreneurs.

 

 

 

 

Big Five abstain on vote on UNHRC  Apr.08, 2022

The United Nations General Assembly suspended RF from the U.N. Human Rights Council over “gross and systematic violations and abuses of human rights” by invading troops in Ukraine. The final vote was 93 in favour, 24 against and 58 abstentions including  Guyana, Barbados, Belize, Suriname and Trinidad and Tobago.

In February, Guyana condemned invasion of Ukraine, “gravely concerned” over “military intervention by Russia in violation of the territorial integrity and sovereignty of Ukraine”. Guyana called for “an immediate cessation of hostilities and a return to diplomacy. “..

Guyana deplores the threat or use of force in the conduct of international relations and urges a peaceful resolution of the differences that currently exist, in consonance with the rule of international law and the provisions of the United Nations Charter. The current military action in Ukraine is contrary to the principles of respect for territorial integrity, sovereignty and the non-interference in the internal affairs of another sovereign state.”

Aggression against Ukraine is a threat to the region and countries everywhere. The Government said then that it supports the efforts of the United Nations Secretary-General to bring a speedy resolution to the situation in Ukraine and end the threat to international peace and security but Caricom compromised by immorality balked while a UN majority pilloried RF for vicious violations.

Abstentions do not count

A two-thirds majority of voting members in the 193-member UNGA was needed to suspend RF from the 47-member Geneva-based Human Rights Council. It was the third resolution adopted by the UNGA since the invasion on February 24, without provocation. Two previous UNGA resolutions denouncing RF were adopted with 141 and 140 votes in favor.

The resolution adopted expresses “grave concern at the ongoing human rights and humanitarian crisis in Ukraine,” particularly at reports of rights abuses. RF in a “special military operation” aims to destroy Ukraine’s military infrastructure and denies attacking civilians and warned that a yes vote or abstention will be viewed as an “unfriendly gesture” with consequences for bilateral ties,

RF was in its second year of a three-year term on the UNHRC which cannot make legally binding decisions. Its decisions send important political message, and it can authorize investigations.

Moscow is among the most vocal members and  suspension bars it from speaking and voting, although its diplomats could still attend debates. “They would probably still try to influence the Council through proxies,” said a Geneva-based diplomat.

Last month, the council began investigation into allegations of rights violations, including possible war crimes  in Ukraine since the attack.

Before the vote, Ukraine’s U.N. Ambassador Sergiy Kyslytsya said a yes vote would “save the Human Rights Council and many lives around the world and in Ukraine,” but a no vote was “pulling a trigger, and means a red dot on the screen – red as the blood of the innocent lives lost.”

The USA announced it would seek suspension after Ukraine accused invaders of killing hundreds of civilians in Bucha.

RF deputy U.N. Ambassador Gennady Kuzmin said now was not the time for “theatrical performances” and accused Western countries and allies of trying to “destroy existing human rights architecture. We reject the untruthful allegations against us based on staged events and widely circulated fakes,”

Kuzmin told the General Assembly before the vote, defending Russia’s record as a Human Rights Council member.

U.N. Ambassador Zhang Jun of ally, PRC, said before the vote, “Such a hasty move at the General Assembly, which forces countries to choose sides, will aggravate the division among member states, intensify the confrontation between the parties concerned – it is like adding fuel to the fire,” After abstaining on the previous two General Assembly votes, PRC predictably opposed the resolution .

 

CARICOM split on UN vote to oust RF from rights coucil

A day after CARICOM Heads reaffirmed an obligation to co-ordinate foreign policy, a division in the ranks threatened unity at UNGA . The resolution to suspend RF from UNHRC for alleged “gross and systematic violations and abuses of human rights” by its army in Ukraine was carried by a vote of 93 in favour, 24 against and 58 abstentions. Guyana was among abstainers and this disgraceful CARICOM decision was queried given the atrocities in Ukraine after troops withdrew. Of 14 voting members seven abstained and only seven displayed courage to vote to suspend the aggressor, with the famously neutral Austria, Denmark, FInland, Sweden and Switzerland.

 

 

USA can add unincorporated territories

A roundtable discussion on de-risking and correspondent banking in Barbados missed a key opportunity to resolve the Caricom conundrum.

The forum failed to propose USA inclusion of Caricom states as Unincorporated Territories to benefit from the US economy because of the bloc’s geographical position. This would satisfy the Trinidad Prime Minister who declared,

“We are neighbours to the richest, most powerful economy in the world, and we are making not a request but a demand that we be allowed to participate and benefit from that accident of geography and history.”

Accompanied by state-controlled Republic Bank and First Citizens Bank representatives, he urged a corrupt US congesswoman chair to encourage decisions mutually beneficial to the US and Caricom. A status similar to Puerto Rico seems best to promote democracy, security and progress.

The discussion was co-chaired by Prime Minister Mia Mottley of Barbados, a debt-ridden rum republic flirting with a totalitarian tyrant, enjoying GDP per capita of USD 16,250.00. Rowley was proud to participate in the world economy and see buildings in Barbados with a Trinidad and Tobago bank logo.

“They got their footprint as far as Ghana Our TT bank in Ghana is representative of how financial services could bring about growth and good processes for us. Indigenous banking can grow and provide to .. our region an area of economic activity which would be safe and productive for us. Banking is something we can do.. we must be allowed to do, and it represents successful diversification of the economies of the Caribbean.”

He agreed with Mottley on stereotyping of banks from Caribbean countries which often cause them to be blacklisted. Despite not participating in offshore banking, TT banks are labeled as dangerous because of other Caribbean islands.

“This family gathering should have a family position that we remain innocent until proven guilty and.. should not be listed for any wrongdoing that we have not participated in. What the banks are concerned about are the risks that could come from doing business with us. That is a position we find unacceptable because we believe there is great progress to be made from doing business with us. The facts will support that, not the fiction and discrimination.”

On obstacles to youth  opening a bank account, he moaned,

“That is not right. The regulations should encourage us to take part in banking.”

 

 

 

Repatriation trumps reparation

Rowley said, ” I was very pleased to hear Prince William say that he acknowledged that slavery was wrong … I believe you more if you… offer some reparation to the people who were wronged”

The PNM regime denies land promised to Indian farmers as compensation for closure of Caroni Ltd. but donated 20 arable acres in Couva for a cathedral and cemetery for progeny of slaves, as PAD iconoclasts vandalise mainstream churches which run schools and minister to the populace.

In a diverse colonial culture of religious harmony, with record murders and misconduct he warned,   “There are a lot of challenges .. But we have earned.. kudos. Do not sell this country short, We still have some building to do… but we are in the mould of a modern nation. Don’t sell our country short.”

 

 

 

Archipelago applauds Platinum Jubilee

Planning of the royal tour involved discussions between the host countries, royal officials. Foreign Office diplomats, cultural commercial and other parties.

A red carpet welcomed the Earl and Countess of Wessex at Argyle International Airport in St Vincent and the Grenadines. Prince Edward was greeted by governor-general Dame Susan Dougan, and acting prime minister Montgomery Daniel. They planted a tree in the famous Botanic Garden created in 1765, where the first breadfruit plant was brought to St. Vincent by Captain Bligh. At Government House they presented 13 Duke of Edinburgh International Gold Awards.

In St Lucia the Earl and Countess of Wessex exchanged gifts with the Prime Minister, met military veterans, the Red Cross and St John’s Ambulance personnel at the high commisioner’s residence, before travelling to the governor general’s residence for a Duke of Edinburgh award event.

They arrived at VC Bird International Airport, Antigua and Barbuda and met Sir Rodney Williams, Governor-General of Antigua and Barbuda and Lady Sandra Williams. They visited historic English Harbour and planted a Jubilee tree.

 

Powerlust politicians hijacked the royal presence ahead of Her Majesty’s Platinum Jubilee to further their foolish campaigns to remove the Queen an outstanding head of state who is Governor of the Church of England which educates and ministers to the populace.  The couple enjoyed a friendly welcome at all engagements and received numerous messages of good will towards the Queen on their seven-day tour of the archipelago of the West Indies in the Caribbean Sea.
Iconoclasts milked the Royal occasion and repeated the greedy reparation canard, creating a  grotesque spectacle in a region with an economy dependent on hospitality and international tourism.

The majority of polite citizens condemn rudeness towards dignified visitors and regret the spurious credibility of grandstanding alongside royal representatives of the very institution charged with upholding international civilised values of peace and progress.

Witnessing cantankerous hostility, aggressive antagonism and egregious violations of lofty royal ideals of loyalty, ,harmony and friendship, patriotic monarchsts deplore denial of spectacular achievements of education and trade to celebrate HM jubilee.

Industrial icons BP and Shell continue investment underpinning the regional economy and supporting principles of ethics, democracy, rule of law, rights and freedom . Celebrating its centenary amid food shortage, Imperial College of Tropical Agriculture , UWI Faculty of Agriculture since 1960, trained students across the Empire, with countless benefits.

Arthur Anstey, Archbishop of the West Indies pioneered education and founded a girls high school but has no statue in his birthplace Bristol, as dreadful sacrilege of heritage is driven by ghastly identity politicians in  parliament, academe, town halls, media, sport and entertainment, galvanised by belligerent BLM and BPM.

Abhorrent racial envy of ethnic Britons, British Indians and descendants of indentured workers from Europe, Asia and the Middle East continued after independance in the 1960s The W.I. inherited 113 million acres of prime real estate, abounding in Universities, Colleges, Institutes, libraries, Farms, Factories, Mines, Energy, Industries, Utilities, Churches, Resorts, botanic gardens and other investments.

The Royal Navy stationed in the Caribbean Sea, provides humanitarian relief in disasters and protection from traffickers in drugs and arms.. This generous legacy plus massive ongoing aid and Commonwealth projects more than compensates for ancestral hardship ending in 1834.

Windrush migrants gained valuable skills and flourish in all fields. There is no excuse for revolting behaviour with USD Per capita income of 25,700 in The Bahamas compared to 13,260 in Ukraine 11,870 in S. Africa and 5,000 in Nigeria. The AU offers its diaspora repatriation to domiciles of origin and Britain can promote this alternative to reparation, ending the saga sapping energy, charity, resources and goodwill. Britons can then focus on national needs and priorities amid challenges of rising costs and shortages, paralysing development.