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The Summit of the Americas – Picking and Choosing Attendees

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The Summit of the Americas – Picking and Choosing Attendees

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Friday, June 17, 2022

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The Summit of the Americas – Picking and Choosing Attendees

I WAS THINKING about the most recent edition of the Summit of the Americas, which closed on June 10 in Los Angeles, USA.

Who did not attend –

Not in attendance were the official leaders of Cuba, Nicaragua and Venezuela. They were not invited. Also, not in attendance, by choice, were the heads of government of Mexico, Guatemala, Honduras, El Salvador and St Vincent and the Grenadines. Their absence constituted a protest or a statement of principle, regarding the non-invitation of the aforementioned “Excluded Three”.

This story made regional news headlines and hit global news networks as well. It had the makings of a controversy that would have diminished the intended purpose of this hemispheric gathering. Yet, the Summit went on as scheduled.

It seems that they got some work done in relation to migration, climate change and general hemispheric collaboration. At least, they arrived at a position on these matters, along with accompanying action plans.

Clearly, if they want meaningful results, on the matter of immigration at least, discussions must take place with those who stayed away. Let us see what happens in the upcoming months.

The Gonsalves Stance –

I am a bit ambivalent about the position that CARICOM should have taken in relation to participating in the Summit. On the one hand, I can appreciate Dr Gonsalves’s decision to stay away. The Americas is for and about all countries and peoples who are in this hemisphere.
The Biden/Blinken administration should not decide whom to be invited or not invited because it does not agree with their political systems or the politics of their leaders. Although you may ask yourself whether you want to break bread with a leader (Daniel Ortega) who incarcerated the major opposition leaders and barred them from participating in presidential elections.

Principle versus Pragmatism –

Principle must not clash with pragmatism. There are those who argue that the Biden policies towards Latin America and the Caribbean are a bit more accommodating than those of his predecessor – there is greater dialogue between the USA and Cuba today. Whether for the right or wrong reason, since Putin’s troops have set foot on Ukrainian soil, there have been strong murmurs of USA and the Maduro government returning to the negotiating table to discuss the lifting of sanctions and increased oil production.

But whether these actions have taken place or not, I will not hold it against those CARICOM leaders for attending, with the aim of dealing with the over-arching matters. While there, they could have opted to speak on the US government invitation faux-pas, making it clear that the best way to deal with hemispheric bugbears is to talk straight-up, face to face with those you oppose or with those who oppose you.

The same view applies to those who deliberately stayed away.

An Ease in Covid-19 Protocols –

At the time of writing, the number of known active cases in SVG is fewer than 200, and currently trending downwards. Although, new cases are riding a roller-coaster, the mean number is not alarming. However, we have to keep our finger on the pulse of what is happening.

I get the impression that many persons feel that the pandemic is all but gone and life should return to normal – “tings nice agen!“

Border health in the UK and in the USA are no longer tasked with checking on travellers with vaccination certificates and Covid tests. This is a significant relief for those who are heading off/ back to any one of those countries during the upcoming weeks. It has been quite a stressor for both visitors and port health officials, over the last two years.

SVG Health’s position –

It is a bit different in SVG. At this time, SVG Health is telling the unvaccinated (only), to come with a valid Covid test and be quarantined for five days at an approved facility. Some persons are not happy with the country’s position. But, as the figures show, Covid has not yet left our shores. With Vincy Mas coming up in a matter of days, we run the risk of another major spike.

I am quite comfortable with this requirement. If you are going to SVG anytime soon, don’t stress yourself, get vaccinated within the requisite time frame and then enjoy the country’s delights, without the pre-travel bureaucratic hassle.

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Dominican Republic’s basic food basket is one of the cheapest in the region, according to study

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Dominican Republic’s basic food basket is one of the cheapest in the region, according to study

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Wednesday, June 15, 2022

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Economy – Dominican Today

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Dominican Republic’s basic food basket is one of the cheapest in the region, ac…

Santo Domingo, DR.
According to a study recently carried out by the Central American Consumer Protection Council (Concadeco), an organization that belongs to the Central American Integration System (SICA), the Dominican Republic is one of the countries with the cheapest basic food basket,

The president of the regional body, the Honduran Mario Castejon, said in a press release that the country has the staple products with the lowest prices than Panama, Nicaragua, Guatemala, Costa Rica, Honduras, and other Caribbean countries.

The head of the General Directorate of Consumer Protection of Tegucigalpa also highlighted that according to the comparative study, the basic food basket in El Salvador is US$223.86; Dominican Republic US$275.38.

He said that for this study, the 26 essential food products marketed in rural and urban areas of these countries were taken as a fundamental sample, “where it was determined that El Salvador is the first country with the cheapest basic products, followed by the Dominican Republic.”

Food
Among the foods included in the price monitoring study are chicken, eggs, pasta, legumes, sausages, cereals and derivatives, powdered and liquid milk, dairy products, vegetables, roots and tubers, seafood and fish, fruits, canned goods, as well as rice and oils have more affordable prices in the Dominican Republic.

Castejón said that the consumer protection agencies permanently carry out these studies to maintain a consultation among all the member states of the Consumer Protection Council of Central America.

He explained that the importance of the fact that the country has one of the cheapest basic food baskets in the region benefits the pockets of Dominican consumers, mainly low-income families.

He took the opportunity to inform us that next September, the executive director of the National Institute for the Protection of Consumer Rights, Dr. Eddy Alcántara, will assume the pro tempore presidency of Concadeco in an event to be held in Santo Domingo with the presence of his counterparts from Central America.

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The Summit of the Americas – Picking and Choosing Attendees

admin — Sat, 18 Jun 2022 14:50:01 +0000

The Summit of the Americas – Picking and Choosing Attendees

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admin Sat, 06/18/2022 - 14:50

Friday, June 17, 2022

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The Summit of the Americas – Picking and Choosing Attendees

I WAS THINKING about the most recent edition of the Summit of the Americas, which closed on June 10 in Los Angeles, USA.

Who did not attend –

Clearly, if they want meaningful results, on the matter of immigration at least, discussions must take place with those who stayed away. Let us see what happens in the upcoming months.

The Gonsalves Stance –

Principle versus Pragmatism –

The same view applies to those who deliberately stayed away.

An Ease in Covid-19 Protocols –

I get the impression that many persons feel that the pandemic is all but gone and life should return to normal – “tings nice agen!“

SVG Health’s position –

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Till debt do us part

admin — Tue, 22 Feb 2022 04:00:01 +0000

Till debt do us part

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Friday, February 11, 2022

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Till debt do us part

The national debt level of a country is a measure of how much the government owes its creditors. Economists are generally divided on the question of how much debt is too much debt, both with respect to the ratio of debt to gross domestic product (GDP) as well as the total dollar amount of the debt. Some economists are concerned that excessive government debt levels can impact economic stability with broader implications for exchange rate stability, external trade, economic growth and unemployment. However, others suggest that if the debt level is manageable, there is little cause for alarm.

In the October 2021 edition of its World Economic Outlook Report, the International Monetary Fund (IMF) noted that the higher a country’s debt-to-GDP ratio is, the higher the risk of that country defaulting on its debt. In one of its studies, the World Bank also suggests that a debt-to-GDP ratio of 77% or more during prolonged periods of time can cause economic slowdowns.

In its 2021 World Economic Outlook Report, the IMF lists Japan as having the world’s highest debt-to-GDP ratio at 256.9%.

Following not far behind are Sudan and Greece, at 209.9% and 206.7% respectively. Of the countries with debt-to-GDP of over 90%, ten are in the Caribbean.

Of course, notwithstanding the conventional wisdom of the IMF and World Bank, there are many nuances that should be considered when talking about debt. For instance, Haiti has an enviable debt-to-GDP ratio of 25%. Yet, this has not resulted in economic stability for Haiti, perhaps mainly because of the decades of political and security instability in that country. Moreover, countries such as Guatemala, Chad, the Congo and many others have debt-to-GDP ratios below 50% but have yet to achieve appreciable levels of economic development. Therefore, economic success or lack thereof transcends debt.

The other issue to consider is that not all debt is equal. Some countries are in debt, especially unsustainable debt, due to poor economic management. However, for others, debt is sometimes the result of factors largely beyond their control. For instance, IMF figures suggest that the annual cost of disasters for small states is nearly 2% of GDP. In some instances, the impact of natural disasters on small states can be double their GDP. When added over many decades, it stands to reason that the vulnerability of small states to natural disasters would inflate their debt levels since these states must either borrow to rebuild or borrow to build resilience.

At least every decade, there is a global shock of some kind. In 2007/2008, it was the global financial crisis. Just over a decade before that were the terrorist attacks on the United States (US) and the subsequent wars in Afghanistan and Iraq which impacted global travel and tourism, energy prices and other sectors. Currently, virtually all states are working to combat the novel coronavirus (COVID-19) pandemic. Another reality of small states is that they tend to be hardest hit by these global events and also take much longer to recover. Therefore, while recovering from one crisis, they are often hit by another. These confluences of events frequently push governments toward incurring debt to shore up social safety nets, maintain employment levels, build infrastructure and generally, prevent a hard economic landing.

Greece is a recent case study of how debt can lead to a sharp and catastrophic economic calamity. However, this is an extreme example. While debt should not be ignored, narrative around it should also be balanced. For small states especially, the key is to focus on manageable debt and transformative debt. Manageable is about being able to repay. Transformative is about using debt to invest in resilient infrastructure, economic diversification and competitiveness, and to enhance the availability and delivery of public goods. The hope is that strategic investments in these areas would ultimately reduce the burden of having to borrow over time.

Joel K Richards is a Vincentian national living and working in Europe in the field of international trade and development.
Email: joelkmrichards@gmail.com

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Till debt do us part

admin — Sun, 20 Feb 2022 16:20:01 +0000

Till debt do us part

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admin Sun, 02/20/2022 - 16:20

Friday, February 11, 2022

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Till debt do us part

In its 2021 World Economic Outlook Report, the IMF lists Japan as having the world’s highest debt-to-GDP ratio at 256.9%.

Following not far behind are Sudan and Greece, at 209.9% and 206.7% respectively. Of the countries with debt-to-GDP of over 90%, ten are in the Caribbean.

Joel K Richards is a Vincentian national living and working in Europe in the field of international trade and development.
Email: joelkmrichards@gmail.com

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Mastercard, GCS International to bolster financial inclusion in Jamaica

admin — Sat, 19 Feb 2022 09:00:01 +0000

Mastercard, GCS International to bolster financial inclusion in Jamaica

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admin Sat, 02/19/2022 - 09:00

Thursday, February 10, 2022

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Jamaica Observer

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Mastercard, GCS International to bolster financial inclusion in Jamaica

Mastercard and GCS International have extended their partnership to develop and deliver digital payments solutions to underserved consumers in Jamaica.

This partnership builds on the collaborative work already underway in the Dominican Republic and now has expanded to include solutions in Jamaica.

GCS International, a fintech in the Dominican Republic, specialises in technology within the payments industry, and focuses on the development of mobile solutions such as transfers between accounts, payment of basic services, loan payments, among others.

The collaboration will strengthen the economic growth potential in the Caribbean, providing the underserved population with a simple and secure real-time payment solution.

Financial institutions will be provided with a white label mobile wallet solution, including Mastercard prepaid cards for international use, providing end users with innovative and enhanced payment options in line with market trends.

During the signing ceremony held recently, president of Mastercard's Latin America and Caribbean region Carlo Enrico highlighted, "Mastercard is committed to delivering a digital economy that works for all. As the fintech landscape evolves at an unprecedented speed, Mastercard provides the infrastructure and assets to help fintechs grow and attract more people to the digital economy".

"We look forward to collaborating with the GCS International team through this next stage of growth and provide the solutions that will drive financial inclusion at scale," he continued.

Sharing similar sentiments, CEO of GCS International Brian Paniagua noted that, "This strategic alliance with Mastercard is a natural evolution in the industry goal towards achieving the financial inclusion of more countries in the Caribbean and capitalises on GCS' proven track record ability to apply leading technology to the financial industry in benefit of those who need it most. We look forward to expand this alliance in a near future to other countries in Central America as well."

According to him, the company has provided friction-less personal finance management tools and solutions to consumers creating value for individuals and their societies in Guatemala and the Dominican Republic, and in the near future, Jamaica.

Additionally, Mastercard pointed out that it will continue to advance equitable and sustainable economic growth and financial inclusion around the world through a broad range of efforts.

Last year, the company announced the expansion of its worldwide commitment to financial inclusion by pledging to bring a total of one billion people and 50 million micro and small businesses into the digital economy by 2025.

Caribbean

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SVG U-20 men in Group C of Concacaf qualifiers

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SVG U-20 men in Group C of Concacaf qualifiers admin Mon, 10/04/2021 - 18:20

Friday, October 1, 2021

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SVG U-20 men in Group C of Concacaf qualifiers

St Vincent and the Grenadines’ male Under-20 footballers have been drawn in Group C of the CONCACAF qualifiers, set for the Dominican Republic, November 5 to 14.

The Vincentians will contest the group, alongside Bermuda, Puerto Rico, Barbados and Montserrat.

St Vincent and the Grenadines will open their quest on November 8 versus Puerto Rico and face Barbados on November 10. On November 12, St Vincent and the Grenadines entertain Bermuda and close off against Montserrat on November 14.

The other groups are Group A, which involves Curacao, Grenada, Dominica, Saint Maarten and the British Virgin Islands, while the Dominican Republic, Belize, St Lucia, Saint Martin and Anguilla are lodged in Group B. Occupying Group D are Nicaragua, Guyana, Cayman Islands and the US Virgin Islands.

The four group winners will advance to the 2022 CONCACAF Under-20 championships, joining the top 16 ranked teams.

The ranked teams are the USA, Mexico, Costa Rica, Canada, Honduras, Panama, Jamaica, Trinidad and Tobago, Haiti, St Kitts and Nevis, Aruba, Suriname, Cuba, Antigua and Barbuda, El Salvador and Guatemala.

They will be divided into four groups of four, with the three top teams in each group making it to the elimination stage. All knock-out stage matches will be played in a single match direct elimination format.

The two finalists will qualify for the FIFA Men’s Under-20 World Cup Indonesia 2023 and the 2024 Paris Summer Olympic Games. The two losing semi-finalists will also guarantee their participation in the FIFA Men’s Under-20 World Cup Indonesia 2023

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Offshore havens and hidden riches of world leaders and billionaires exposed in unprecedented leak

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Offshore havens and hidden riches of world leaders and billionaires exposed in unprecedented leak

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admin Mon, 10/04/2021 - 16:00

Sunday, October 3, 2021

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Every corner of the world

The Pandora Papers investigation unmasks the covert owners of offshore companies, incognito bank accounts, private jets, yachts, mansions, even artworks by Picasso, Banksy and other masters – providing more information than what’s usually available to law enforcement agencies and cash-strapped governments.

People linked by the secret documents to offshore assets include India’s cricket superstar Sachin Tendulkar, pop music diva Shakira, supermodel Claudia Schiffer and an Italian mobster known as “Lell the Fat One.”

The mobster, Raffaele Amato, has been tied to at least a dozen killings. The documents provide details about a shell company, registered in the United Kingdom, that Amato used to buy land in Spain, shortly before fleeing there from Italy to set up his own crime gang. Amato, whose history helped inspire the highly praised movie “Gomorrah,” is serving a 20-year prison sentence.

Amato’s attorney did not respond to ICIJ’s request for comment.

Tendulkar’s attorney said the cricket player’s investment is legitimate and has been declared to tax authorities. Shakira’s attorney said the singer declared her companies, which the attorney said do not provide tax advantages. Schiffer’s representatives said the supermodel correctly pays her taxes in the U.K., where she lives.

In most countries, it’s not illegal to have assets offshore or to use shell companies to do business across national borders. Businesspeople who operate internationally say they need offshore companies to conduct their financial affairs.

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IATA urges halt to Bavaro airport plans

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IATA urges halt to Bavaro airport plans

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admin Fri, 10/01/2021 - 21:00

Wednesday, September 29, 2021

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Economy – Dominican Today

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IATA urges halt to Bavaro airport plans

Amid plans for the construction of Bavaro International Airport, the International Air Transport Association (IATA) “strongly” urged that the project be halted and further reviewed before further action is taken.

In a letter addressed to the Minister of Public Works, Deligne Ascención, the international organization expressed concern regarding that project by arguing that it would be at a distance of 24 kilometers from the Punta Cana International Airport and that the proximity of both terminals would bring with it complex operational and security considerations as a result of multiple runways that will require the use of shared airspace.

He argues that this would require extraordinary coordination and significant resources to operate in such an environment, which would lead to sacrificing efficiency and reducing airspace capacity in the surrounding area.

Through the letter signed by Peter Cerdá, regional vice president in the Americas, and to which el Caribe had access, IATA stressed that the Dominican Republic has eight international airports that adequately cover all the air and tourist transport needs of the country and that with an area of a little more than 48 thousand square kilometers, there is no reasonable justification for the construction of an additional airport.

The entity indicates that it had had the same position in similar cases as when it opposed the construction of an airport in the Riviera Maya in Mexico due to its proximity to Cancun International Airport.

He adds that the same observation he made in Guatemala, where it was shown that a new cargo airport had no operational or commercial justification, and also in similar projects in Panama, Peru, and Ecuador, which, he highlights, have become “white elephants.”

Caribbean

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Resurgence of COVID infections, PAHO chief reports

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Resurgence of COVID infections, PAHO chief reports admin Sun, 07/25/2021 - 03:20

Friday, July 16, 2021

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Barbados Advocate - News

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Resurgence of COVID infections, PAHO chief reports

The Head of the Pan American Health Organisation (PAHO) Dr Carissa Etienne has warned that many countries of the Americas are seeing a resurgence of coronavirus infections.

“In the Caribbean, infections are also going up,” Dr. Etienne reported, highlighting that Cuba saw the highest number of weekly cases since the start of the pandemic, and cases have tripled in the British Virgin Islands just weeks after reopening to cruise ships.

She said that COVID-19 cases rise when complacency sets in.

“We are all tired, but after experiencing successive peaks of infections in the same locations, we must break this cycle by embracing public health measures early and consistently.”

Dr. Etienne told PAHO’s weekly virtual press briefing on Wednesday that as of this week, the region reported nearly 74 million cases and 1.9 million deaths from COVID-19.

“And while new cases are down nearly 20% from last week, many countries are seeing a resurgence of infections.”

Cases are increasingin Central Americancountries, including El Salvador and Guatemala, where COVID deaths have also surged. And in Mexico and the United States, infections are rising.

“Meanwhile, South America is reporting a mixed picture. COVID infections, hospitalisations and deaths are dropping across most of the continent, including in Brazil, Peru, Uruguay, and Chile. However, infections are once again mounting in Argentina; and in Colombia, they’re reaching their highest-ever levels, raising concerns about the health system’s ability to cope as 98% of ICU beds are already in use.”

The Director said that when variants of concern circulate, it’s even more important that countries step up surveillance, especially while vaccine coverage remains low.

“Money, more than public health, has determined how quickly countries can secure the tools that they need to combat this virus. As countries that struck deals with vaccine manufacturers pull further ahead, vaccination coverage continues to linger in the single digits for much of our region.”

Moreover, Dr. Etienne warned that the pandemic is creating serious social and economic impacts.

“COVID-19 has not just ravaged our health systems, it has fractured social protection programmes and destabilised our economies,” she said, revealing that a new study from the Economic Commission on Latin America and the Caribbean (ECLAC) reported that more than seven million companies have closed amid the pandemic.

“More than a third of people in our region are living in poverty and one in four worry about where they will get their next meal. Unemployment rates are higher here than any other developing region. The report shows how the pandemic continues to be fuelled by inequality. And unfortunately, our region is the most unequal in the world.

“We urge countries to continue prioritising health and social safety nets as part of their COVID response and as they turn their sights to COVID recovery,” she added. (TL)

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