News
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Regional credit rating agency downgrades St. Lucia
CASTRIES, St. Lucia, CMC-Persistent and severe deterioration in government’s fiscal position and a resultant steady increase in debt stock are among reasons which the Caribbean Information and Credit Rating Services Limited (CariCRIS) has cited for its decision to downgrade St Lucia’s credit ratings. CariCRIS is a regional credit rating agency, with a market-driven initiative aimed at fostering and supporting the…
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Bermuda to borrow $800 million to cover budget deficits
HAMILTON, Bermuda, CMC — Finance Minister Bob Richards announced on Thursday that his One Bermuda Alliance (OBA) government is to borrow up to US$800 million to cover budget deficits for the next three years. Richards told the media that borrowing for the medium term in the current low interest rate environment would save the taxpayer millions of dollars in financing…
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Bharath: CAL looking to deal with spending
PORT OF SPAIN, Trinidad – Approaches have been made to Caribbean Airlines (CAL) to initiate a Colombia/T&T/London route and a Panama/T&T/London route, Trade Minister Vasant Bharath says. At yesterday’s weekly post-Cabinet press conference Bharath said the current focus for the moment was on returning to basics and dealing with capital expenditure. He said he met recently with new CAL interim…
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National pride must not override regional good
PORT OF SPAIN, Trinidad – In 2011, when Caribbean Airlines (CAL) and Air Jamaica joined forces, the plan was that this “truly Caribbean airline” would efficiently serve the region and beyond as “one airline but two brands,” replacing two loss-making airlines which had been propped up and protected by their governments for several decades. But, as this week’s ultimatum from…
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‘Govts committed to CAL/Air Jamaica union’
PORT OF SPAIN, Trinidad – The government of Trinidad and Tobago and the government of Jamaica are committed to making the Caribbean Airlines/Air Jamaica arrangement work. Therefore, both countries have set up committees to look at some of the problems affecting the CAL/Air Jamaica arrangement, Minister in the Ministry of Finance Vasant Bharath said yesterday. “The teams would look at…
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Former diplomat welcomes Canada’s deployment of peace keeping troops in Haiti
OTTAWA, Canada, CMC – A former Canadian ambassador to the United Nations, Paul Heinbecker, has welcomed the decision to send Canadian troops to Haiti as part of the peacekeeping mission on the French-speaking Caribbean Community (CARICOM) country. “I think this is a gesture that is positive and helpful and will be seen positively, although 34 soldiers isn't going to change…
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World Bank gives Haiti US$20 million to tidy public records
PORT-AU-PRINCE, Haiti – THE World Bank has given US$20 million to Haiti for cleaning up its public resources and making them more transparent. The grant will help Haiti improve public financial management, procurement practices and performance of the national electrical company. It will also create a tracking system to monitor budgets and a single treasury account to manage funds. The…
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Haiti receives US$15 million policy-based grant from IDB
WASHINGTON, CMC – The Inter-American Development Bank (IDB) has furnished a US$15 million grant to Haiti to support policy, legal and institutional reforms in the agricultural sector. The Washington-based financial institution said farming plays a “fundamental role in the Haitian economy,” accounting for around half of the country’s jobs and almost one quarter of national income. “The new grant is…
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CARICOM crabs in a barrel
KINGSTON, Jamaica – WE have never for one moment deluded ourselves into believing that the signing of the 1973 Treaty of Chaguaramas — that governs Caribbean Community (CARICOM) relations — would have ushered us overnight to the Promised Land of regional integration. In fact, we knew clearly that we would only achieve the ideal of a single economic space, binding…
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CARICOM Foreign ministers on fact finding mission to Turks and Caicos
NASSAU, Bahamas, CMC – Caribbean Community (CARICOM) foreign ministers are to visit the Turks and Caicos Islands on a fact finding mission next week. Bahamas Foreign Affairs Minister Fred Mitchell is chairing the grouping that includes his colleagues from Jamaica, St. Kitts and Nevis and Haiti. A brief statement issued here said that the ministers “have embarked on a fact-finding…
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