Category Archives: Economics/Finance

Barbados: “Economy in dire straits” – Exchange Rate in jeopardy – IMF Report

“Economy in dire straits”

Nation News – Barbados. – 26 May 2018

imf09

Barbados’ economic situation is even more dire than initially thought – so serious that our BD$2 to US$1 exchange rate could be in jeopardy.

An analysis of the just released International Monetary Fund (IMF) Barbados Staff Report for the 2017 Article IV consultation that the Freundel Stuart administration refused to make public since January, revealed the agency was extremely concerned about Government’s inappropriate fiscal policies, poor implementation of reforms, and an overall lack of confidence, all of which contributed to Barbados’ large fiscal deficits, high debt, and low foreign exchange reserves.        Continue reading

TOURISM: Branding Guyana, capitalizing on our traditions

TOURISM: Branding Guyana, capitalizing on our traditions

Leonard Gildarie

By Leonard Gildarie

I grew up in Enmore, a quiet East Coast Demerara sugar-producing village where traditions abound. The ways of the people were set. The community centre was a gathering place for cricket and Sunday reveling. The daily and Friday markets were but a welcome getaway from the daily grind and travails.

Those days were heady and looking back, I would trade some things for a return of those days, where everyone was on a first name basis with the rest of the village.

I could not help but think of Enmore as I watched and marveled yesterday at the deep traditions of Britain as Prince Harry wedded Meghan Markle.        Continue reading

Bad Leaders Made Africa Poor – Professor P.L.O. Lumumba – video

Bad Leaders Made Africa Poor –“Africa Must Arise”- Lumumba

Godwin A. Allotey/citifmonline.com/Ghana

Renowned Kenyan Law Professor and Pan Africanist, Professor P.L.O. Lumumba, has attributed Africa’s endless challenges to the poor quality of political leadership on the continent.

According to him, leaders on the continent have failed to harness the opportunities that abound on the continent to liberate their people economically.

Speaking at a lecture dubbed “Africa Must Arise” at the University of Cape Coast, Prof. Lumumba admonished leaders on the continent to sit up.      Continue reading

Guyana: Rice exports to Cuba double by first crop

Rice exports to Cuba double by first crop

Rice being loaded for Cuba.

For the period of January-April, 2018, Guyana exported 139,501 metric tonnes of paddy, rice, and rice by-products, equivalent to US $57.7M.

This surpasses 2017’s export of 120,811 metric tonnes worth US $47M.

This has been credited to new markets in Mexico and Cuba.     Continue reading

The View from Europe: The future cost of Trump’s ‘America First’ policy – By David Jessop

The View from Europe: The future cost of Trump’s ‘America First’ policy

David Jessop

May 11, 2018 – By David Jessop

At first sight, last week’s decision by the US president to abrogate the hard-won 2015 UN Security Council deal on nuclear weapons with Iran may seem to have little bearing on the Caribbean.

What it does, however, is take US exceptionalism to a new level. It ignores the interests of the co-signatories to the agreement, including Russia and China and close allies in the EU, all of which continue to believe that the agreement represents a viable way of curbing Iran’s nuclear intent. More broadly, it demonstrates to every other state that Washington has abandoned multilateralism and in the singular pursuit of its own objectives will in future ignore previously valued allies.       Continue reading

GYD$6 million bail for Ashni Singh, Winston Brassington

Updated: GYD$6 million bail for Ashni Singh, Winston Brassington hours after arriving in Guyana ; prosecutor says more charges likely

 

Former Finance Minister, Dr. Ashni Singh and former Chief Executive Officer of the National Industrial and Commercial Investments Limited, Winston Brassington accompanied by their lawyer, Anil Nandlall as they entered they Georgetown Magistrates’ Court compound on Tuesday, May 8, 2018.

Former Finance Minister, Dr. Ashni Singh and former Chief Executive Officer of the National Industrial and Commercial Investments Limited (NICIL, Winston Brassington were Tuesday granted GY$6 million bail each on three joint charges of misconduct in public office.     READ MORE

Guyana: ‘Dynamic’ prepares to return with New York flights

‘Dynamic’ prepares to return with New York flights

Dynamic International Airways is serious about returning to the skies of Guyana.

The US company which pulled out here late last year after bankruptcy issues, leaving passengers stranded and almost 200 persons jobless, has amended previously announced plans to offer scheduled service between the United States and China, in favour of flights to South America.     Continue reading

Guyana: Gold board moving towards minted gold coins

Guyana: Gold board moving towards minted gold coins

1977 Guyana Gold $100 being sold online

The Guyana Gold Board (GBB) has started the groundwork for the implementation of minted gold coins and ingots, allowing persons to make certified purchases similar to what can be obtained in the United States and other countries.

Chairman of the Board, Gabriel Lall, told Kaieteur News that the senior managers are working closely with both local and foreign companies to design and be ready to deliver for approval various designs for consideration and the associated cost for production.      Continue reading

Islamic Bank to make US$900 million available to support Guyana’s development

Photo: Jordan and Dr Shamir Ally, Guyana’s alternate governor to the IsDB at the Islamic Development Bank governors meeting in Tunis

By Ray Chickrie  – April 10, 2018 -Caribbean News Now contributor

GEORGETOWN, Guyana — Guyana’s finance minister, Winston Jordan, who attended the annual Islamic Development Bank (IsDB) governors meeting in Tunis last week, revealed that the bank has offered Guyana US$900 million to support socio-economic and infrastructure development in form of mostly loans and grants.    Continue reading

Guyana’s Gold … Industry buckles down to harsh International Scrutiny

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