debt

Op-Ed: Debt Relief for Climate Action
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This Caribbean Beach Has Soft Sand, Vibrant Water, and a Barefoot Rhythm

 caribbean beach portici

There is a version of the Caribbean that lives more in novels than in real life. It is barefoot and unhurried, defined by quiet mornings and long afternoons where nothing interrupts the rhythm of the sea. It exists without crowds or schedules, without spectacle. You come upon it by chance, often on foot, and it […]

debt

Russia Writing Off $32 Billion of Cuba's Outstanding Debt

Above: Russian Federation President Vladimir Putin lays a wreath at the memorial of national hero Jose Marti in Havana (Photo: GC) By the Caribbean Journal staff Russia is writing off about $32 billion of Cuba’s outstanding debt, the two countries announced this weekend. The debt dates back to the Soviet era, and the move amounts […]

debt

S&P Affirms Rating on Puerto Rico; Outlook Remains Negative

Above: San Juan (CJ Photo) By the Caribbean Journal staff Standard & Poor’s has affirmed its “BBB-” rating on the Commonwealth of Puerto Rico’s general obligation and appropriation debt, the New York-based ratings firm announced on Wednesday. The rating reflected what the firm said were a number of factors, from Puerto Rico’s strong ties to […]

debt

Grenada Expecting "Significant Reduction" in Debt Size, Payments

Above: Grenada By the Caribbean Journal staff Grenada expects “significant reductions” in both the size of the country’s debt and its debt payments, Prime Minister Dr Keith Mitchell announced this week. Mitchell made the announcement in New York following a series of meetings with international organizations in Washington, including the Organization of American States and […]

S&P Affirms Rating on Puerto Rico; Outlook Remains Negative

By Zhivargo S. Laing Op-Ed Contributor WHILE GOVERNMENT DEBT remains worrisome for many Caribbean and Latin American countries, socio-economic depth may be the more serious worry for sustainable growth and development in the future. Socio-economic depth here refers to the level of achievement in economic and social areas which enhance development prospects. Areas such as […]

Standard & Poor's Raises Jamaica Credit Rating After Debt Exchange

 Above: Kingston (CJ Photo) By the Caribbean Journal staff Following a similar move by Fitch last week, Standard & Poor’s has raised Jamaica’s foreign and local currency sovereign credit ratings to “CCC+” and out of default. The move came after the completion of Jamaica’s debt restructuring, known as NDX. The firm also raised its short-term […]

Grenada Plans to Restructure Debt

Above: Grenada (CJ Photo) By the Caribbean Journal staff Grenada’s government will undertake a “comprehensive and collaborative restructuring of its public debt, it announced this weekend. The government said “circumstances have forced” the move, which will include its US and Eastern Caribbean-denominated bonds due in 2025. “The Grenadian economy has been severely affected by the […]

PM: Belize Set to Finalize Superbond Deal

 Above: Parliament in Belmopan By the Caribbean Journal staff Belize will officially sign an agreement on the restructuring of its large commercial debt in the early part of this month, Prime Minister Dean Barrow said in his first national address for 2013. The agreement will “resolve once and for all the crippling commercial debt burden […]

Op-Ed: Jamaica and the IMF

 By David Rowe Op-Ed Contributor Shortly after the election of the People’s National Party Government in Jamaica, I reminded in this Journal that Jamaica needed to drastically improve its murder rate and corruption index; without doing so, it was unlikely that there would be an early accord between the government and the fund. It is […]

Op-Ed: Jamaica's Debt Trap

 By Kent Gammon Op-Ed Contributor The state of the Jamaican economy over successive administrations tells the story of Jamaica’s evolving debt trap. The distinction that should be appreciated amongst successive administrations is how well each managed (or perhaps more appropriately mismanaged) the country’s affairs. How did Jamaica become so debt burdened? The current Prime Minister, […]

S&P: Grenada's Outlook Stable, Economy Recovering "Modestly"

Above: Grenada (CJ Photo) By the Caribbean Journal staff Grenada’s economic outlook remains “stable,” according to ratings firm Standard & Poor’s, which affirmed its “B-” long-term foreign and local currency ratings on the country Tuesday. S&P also raised its short-term ratings on Grenada to “B” from “C,” due to a revision of the firm’s criteria […]

Jamaica's Phillips: Country Must Put Debt on Downward Trajectory

 Above: Finance Minister Dr Peter Phillips By the Caribbean Journal staff Jamaica must develop comprehensive policies aimed at putting the country on the path toward reducing its debt burden, according to Finance Minister Dr Peter Phillips. Jamaica’s debt payments were, in fact, the highest of any country in the world as a percentage of GDP […]