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America’s mess

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America’s mess

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Friday, June 17, 2022

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America’s mess

Anyone who has never worried or thought about the future of the US must be doing so following the revelations of the January 6 panel on the US Capitol riots, which so far reveal what has been an attempted political coup. Something of course which the US has condemned in the ‘s-hole’ countries as Trump had described some countries of the world. And why should we be concerned about what is happening in the US? For one, the US still has a commanding position in the world, and whenever it sneezes many countries catch a cold. It has played a leading role in organising a coalition among European countries to defend Ukraine as it faced and is still facing an invasion by Russia. Certainly not a ‘Special Operation’! Already we are facing, like the rest of the world, increased prices that are creating enormous problems for our people. There is a shortage, among other things, of wheat, affecting particularly many African countries.

When the Ninth Summit of the Americas took place in California from June 7-10 one of the talking points was the exclusion of three countries of the Americas. The host country apparently reserves the right to decide which countries should attend and the Biden administration decided to exclude Cuba, Nicaragua and Venezuela because it claims to be concerned about strengthening democratic rule in the Americas. Some leaders stayed away in protest, including our own Prime Minister, who was recently awarded Cuba’s highest National Award, the Order of José Marti. Prime Minister Mia Motley of Barbados who attended spoke to the issue of exclusion of countries. She did not sock it to them, but politely drew attention to the matter, stating that it was wrong to exclude the countries and decried the policy of talking at rather than with each other.

But where am I going with this? While the Biden administration professes to be concerned about democracy in the Americas, the US is facing an assault on its own democracy. So, the US needs to clean its house first before urging others to do so. In fact, it has a history of ‘shacking up’, metaphorically speaking, with countries to which democracy is a bad word. Isn’t he supposed to visit Saudi Arabia, an authoritarian regime, as it is described by human rights activists. Has the Crown Prince not been linked to the assassination of Washington Post columnist Jamal Khashoggi?

There is much more. Former president, Donald Trump is seen as the one behind the attempted coup, an effort on his part to remain in power. The findings of the January 6 Panel are revealing a dark side of the US. Now we know that many of Trump’s closest allies had been warning him about his claims of election fraud. His former Attorney General, William Barr indicated to him that his claims about an election stolen from him “were completely bogus and silly and usually based on complete misinformation; . . . the stuff that his people were shovelling out to the public was ‘bullshit’ – I mean that the claims of fraud were bullshit . . . “

His efforts to take those claims to Court were all dismissed even by his own appointed judges. Hopefully justice will take its place and Trump will have to defend himself in Court. But it goes beyond Trump. His continuing claims about stolen elections have found a home among many Americans. In recent Republican Primary elections, over 100 of the GOP winners are backing Trump’s false claims of election fraud. One can only hope that in November elections most of them fail. But a number of States have already put in place measures to control the outcome of the elections. In New Mexico over the past week State Commissioners refused to approve tallies from ‘primary’ elections. Fortunately, the New Mexico Supreme Court has ordered the Commissioners to certify the election results and they were given until today to do so. Would they comply or continue their political shenanigans as dictated by Trump?

This year’s Congressional Elections and State Elections will reveal a lot. Control of both houses of Congress by Republicans will admit a number of persons who still maintain that the last presidential election was stolen from their man, while all the evidence indicate otherwise. But the real story of American democracy has never truly been told when one looks at the difficulties over the years experienced by Blacks and minorities, including the indigenous people.
There will be more startling revelations by the January 6 Panel. We already know that there is some method to Trump’s apparent madness since he has been profiting financially from his “Big Lie”. We have to stay tuned!

Dr Adrian Fraser is a social commentator and historian

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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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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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Hon. Kenneth Darroux expresses disappointment in Cuba and Venezuela not being invited to the 9th Summit of the Americas

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Hon. Kenneth Darroux expresses disappointment in Cuba and Venezuela not being invited to the 9th Summit of the Americas

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Local – Dominica Vibes News

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Hon. Kenneth Darroux expresses disappointment in Cuba and Venezuela not being i…

Minister of Foreign Affairs, International Business and Diaspora Relations Hon. Kenneth Darroux

Speaking on behalf of the Commonwealth of Dominica, Minister of Foreign Affairs, International Business and Diaspora Relations Hon. Kenneth Darroux expressed his disappointment in Cuba and Venezuela not being invited to the 9th Summit of the Americas in Los Angeles last week.

He stated that the real value of this summit must be that it serves as the platform for mutually beneficial exchanges to address our common issues. He declared that this calls for a new approach to collaboration and economic alliances founded on the principles of solidarity, cohesion and comradery, and respect for sovereignty as individual states.

“The equitable future, which we are seeking to build, cannot be achieved if we continue to create the grounds for discord and disunity to thrive, but the deed is done this time. But I reiterate the full participation of Cuba, Venezuela, and every country in our region, in the process of addressing the dire issues faced by our countries and the people of the Americas. For the deliberations to hit the intended mark, for our presence here to truly transform and enhance lives, for the decision-making to be relevant and timely, and for the people of the Americas to feel the positive impact of our leadership, we must be open to greater participation and consideration for the views of all.”

Hon. Darroux mentioned that many Caribbean states, including Dominica, have enjoyed friendly relationships with the Republic of Cuba for many years, and have benefitted from its exceptional record of their humanitarianism, particularly in the areas of health and education.

He stated that had it not been for Cuba’s assistance during the COVID-19 pandemic, a lot of Caribbean nations would’ve suffered greatly.

“We look forward to the day when the Republic of Cuba receives the respect it truly deserves and is once again allowed a seat at the table to assist in forming solutions to our region’s most persistent problems. The Commonwealth of Dominica applauds the efforts of your administration towards reversing some of the unjust and harsh measures imposed on the Cuban people, by the former administration and the indication of the willingness of Washington to resume talks with Havana quite frankly, what better opportunity it would’ve been than at this summit, together with the rest of the OECS family, where you could signal to the world the seriousness of your intentions.”

He commended the United States for the recent measures to working with Cuba but stated quite bluntly that these measures are still not enough. He reiterated Dominica’s call for the lifting of the Cuban Economic Embargo and also called for the removal of Cuba from the State-Sponsored Terrorism List.

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America’s mess

admin — Sat, 18 Jun 2022 15:00:02 +0000

America’s mess

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America’s mess

Dr Adrian Fraser is a social commentator and historian

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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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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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#BTColumn – Eye on Russia, Ukraine tensions

admin — Thu, 24 Feb 2022 19:20:01 +0000

#BTColumn – Eye on Russia, Ukraine tensions

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admin Thu, 02/24/2022 - 19:20

Sunday, February 13, 2022

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Barbados Today

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#BTColumn – Eye on Russia, Ukraine tensions

Disclaimer: The views and opinions expressed by the author(s) do not represent the official position of Barbados TODAY.

by Sir Ron Sanders

Global tension is rising concerning Ukraine, the second largest country in Europe after Russia which it borders. Ukraine was a part of the defunct Soviet union, declaring its independence in 1991 when the Union dissolved.

Should regions, as geographically distant from Ukraine as the Caribbean, care about the hostility that is escalating over it between Russia and the countries of the North Atlantic Treaty Organisation (NATO) which includes the United States (US) and Canada?

The short answer must be yes. Every region in the world would be impacted by a conflict over Ukraine. The Caribbean would be affected by higher prices for oil and gas that would result from Russia cutting off oil supplies to Europe and the consequent competitive bidding in the markets from which Caribbean countries now purchase these commodities.

This would have been bad news for Caribbean economies at any time but, coming in a period when these countries are still struggling to recover from the adverse effects of the COVID-19 pandemic, higher oil and gas prices would plunge many economies into further decline.

There would also be a knock-on effect on the cost of imported goods and services, including food and the provision of vital utilities such as electricity and water.

Beyond the economic and financial impact on the region if oil and gas prices rise, small Caribbean countries which came to independence by exercising the right to self-determination and which treasure their sovereignty and territorial integrity, would have to be very concerned should Russia invade Ukraine to bring it back under Russian control.

Any diminution in the sanctity of these norms of international law would pose a threat to Caribbean Community (CARICOM) states, such as Belize and Guyana, which are faced with territorial claims.

The root of the problem in the Ukraine rests in two things: the belief by the Russian government and especially President Vladimir Putin that Ukraine is, historically, part of Russia; and President Putin’s further conviction that NATO countries wish to use Ukrainian territory as a staging post
against Russia.

Putin had repeatedly said that “we (Russia) are categorically against any further NATO expansion eastwards because it poses a threat to us”.

He adds, “It’s not us who’s advancing to NATO, it is NATO coming to us and its illogical to talk about Russia’s aggressive behaviour”.

In 1991, when Ukraine became independent from the dissolved Soviet Union, it declared itself ‘neutral’. No doubt, it did so, because even then it was wary of Russian ambitions to control its neighbouring states.

Ukrainian concern turned out to be justified when, in 2014, Russia encouraged forces in Crimea to declare it an independent Republic effectively annexing it to Russia.

The Crimea is physically a peninsula of Ukraine where Russia has, traditionally, stationed its Black Sea Fleet at the Port of Sevastopol.

Russia’s annexation of the area appears to have been a response to the Ukrainian government’s attempt to join the European Union (EU) – a move that was seen as a further step to link Ukraine to European countries that are also part of NATO.

In recent years, Russian unease over Ukraine increased over the Ukrainian government’s expressed desire to join NATO, and the latter’s pledge in 2008 to allow it to do so, although no date was set and still does not exist.

Russia has now amassed over 100,000 troops near Ukraine and sent a detachment of warships into the Black Sea. All this has been interpreted by the Ukrainian government, NATO and the Western media as intent by Russia to invade.

Putin appears to have two objectives: the first is to stop Ukraine from joining NATO and the second is to limit the expansion of NATO to include any countries other than its present membership. For their part, leading NATO nations, including the US have made it clear that they will not negotiate NATO’s membership with Russia.

Thus, the standoff continues, and tensions heighten amid recent efforts from NATO leaders to engage Russia in a dialogue. An encounter between the Russian and British Foreign Ministers was summed-up by the Russian as “a mute talking to a deaf perso”. And a visit to Moscow by French President Emmanuel Macron for talks with Putin showed no sign of a solution. Russian-US talks also proved unproductive.

The danger of the Caribbean region being thrust into this row became evident when Sergei Ryabakov, who led the Russian delegation in a meeting with US officials on January 12, said he would not confirm or exclude Russia sending “military assets” to Venezuela and Cuba. US National Security Adviser, Jake Sullivan, described the Russian statement as “bluster”.

Bluster or not, the Caribbean cannot ignore events surrounding Ukraine – a country with which all CARICOM countries have diplomatic relations as they do with Russia and the NATO member states.

Considering contingency arrangements for oil and gas supplies – and their prices – is one thing that Caribbean governments should be collectively considering.

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Venezuela Recall Referendum fails

admin — Tue, 22 Feb 2022 03:20:02 +0000

Venezuela Recall Referendum fails

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Venezuela Recall Referendum fails

An Opposition attempt to force a referendum for a possible recall of Venezuela’s President, Nicolas Maduro has failed miserably.

This is according to VENEZUELA REPORTS (Feb.4, 2022) published by that country’s Ministry of Foreign Affairs.

Venezuela’s National Electoral Council has declared a request for a recall referendum against President Maduro to be “without merit”. The right to recall elected officials is guaranteed by Venezuela’s 1999 Constitution. However, those requesting it must garner the support of at least 20% of voters on the Electoral Register. It can be activated by popular will after halfway through the term of the elected official.

The request for the recall referendum was made early in January with the support of once self-styled “Opposition Leader”, Juan Guaido who has lost whatever support he once claimed to have by his rabid support for an economic blockade of his country by the USA. However, it could garner only 42,421 votes, just about 1% of the 4,231,486 votes required for the 20% needed.

The attempt therefore failed miserably, and a new request is now inadmissible. President Maduro is quoted as saying that the result is a consequence of “the coup that the Opposition has practised in recent years”.

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Venezuela Recall Referendum fails

admin — Sun, 20 Feb 2022 15:50:01 +0000

Venezuela Recall Referendum fails

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Venezuela Recall Referendum fails

An Opposition attempt to force a referendum for a possible recall of Venezuela’s President, Nicolas Maduro has failed miserably.

This is according to VENEZUELA REPORTS (Feb.4, 2022) published by that country’s Ministry of Foreign Affairs.

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Price increases tempered

admin — Sat, 19 Feb 2022 06:10:01 +0000

Price increases tempered

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admin Sat, 02/19/2022 - 06:10

Friday, February 11, 2022

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Jamaica Observer

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Price increases tempered

THE Wisynco Group has touted its decision to setup a two-megawatt (MW) liquified natural gas (LNG) power generating plant as the reason it has been able to limit price increases on its products as other manufacturers raise prices from rising fuel costs.

The manufacturing and distribution company, which opened the plant in July 2020, has seen its utility costs drop by 45 per cent from $622.30 million in June 2020 to $342.55 million in June 2021. This is against the backdrop of other manufacturers such as Jamaica Broilers Group Limited (JBG) which has seen its energy costs go up by nearly 61 per cent in 2021. JBG increased the prices on its products by 10 per cent last month due to the increasing commodity costs.

"If we had to absorb the entire cost of JPS [Jamaica Public Service], our electricity and utility bill would have to be passed onto consumers through price increases. The cost savings allow us to hold the prices when energy prices have gone up for a lot of other producers. At the end of the day, we still had price increases, but they have been tempered by the fact that we're saving so much in energy because of the LNG investment," stated Wisynco Chairman William Mahfood in an interview with the Jamaica Observer.

The facility, which cost US$3.6 million ($500 million) to setup, has allowed the company to improve its self-generating capacity to 1,300,000 kWh per month and has exceeded initial expectations of the three-year payback period. Wisynco manufactures a variety of proprietary brands such as 'Wata' and 'Bigga' along with partnerships to produce certain goods for other entities.

Based on the savings realised so far, Wisynco will be adding more equipment to the facility in order to limit downtime which may be associated with the plant. This comes as it faces increases in the cost of bottle caps and plastics which are produced from oil which has hit seven-year highs of US$91.32 ($14,382.90) per barrel on February 7. Analysts at Goldman Sachs and Blackrock LP expect oil prices to hit US$100 ($15,763) a barrel in 2022. The last time oil hit US$100 per barrel was in 2014.

"We've seen the benefits from co-generation with the savings that we get from the investment is actually better than we had thought. We had an unfortunate incident in January where the plant had gone down for a couple days and we saw the effect on our January bill. We're actually going to put in more equipment to protect us should we have downtime on the engine. We believe that LNG is a much more practical investment for Wisynco than solar because of the activities of the company. Wisynco operates 24 hours for every day of the week including weekends. We'll have to step up our LNG investment," stated Wisynco Group CEO Andrew Mahfood at the company's annual general meeting held on Tuesday.

Other companies such as Red Stripe, Appleton, CB Group, Clarendon Distillers and The University of West Indies (UWI), Mona have switched to using LNG supplied by New Fortress Energy Inc to make up their energy needs and reduce energy costs. UWI, Mona stated in a release that its co-generation plant has saved the institution about $364 million annually, while Red Stripe is projected to save US$336,000 ($47.04 million) annually from its LNG switch.

Jamaicans have been facing additional costs related to fuel and energy as oil prices rebound to record highs. This has been manifested in the price of 87 and 90 octane gasoline surpassing $200 per litre at gas stations and higher electricity bills from the JPS.

World oil consumption has continued to eclipse world oil demand for the sixth-straight quarter, according to US Energy Information Administration. This has only been exasperated by the fear of a Russian invasion of Ukraine and further geopolitical risk if Russia stops supplying Europe with natural gas via the Nord Stream 2 pipeline.

Jamaica currently generates 47.4 per cent of its energy needs from crude oil with natural gas making up the second-largest segment at 23.8 per cent, according to the Ministry of Science, Energy and Technology's natural energy balance report for 2020. Renewable resources only make up 9.4 per cent of Jamaica's energy generation needs with petroleum products making up 14.8 per cent.

Jamaica previously benefited from the Petrocaribe agreement with Venezuela which allowed 17 members to purchase oil from the South American producer on favourable repayment terms. Former Prime Minister Portia Simpson Miller called it a lifeline for struggling Caribbean countries in September 2015 when the exchange rate was $120.03.

Although William Mahfood is pleased with the company's savings through LNG and solar power, he remains concerned about the impact rising oil prices will continue to have on inflation in Jamaica. Point-to-point inflation for 2021 was 7.3 per cent with the housing, water, electricity, gas and other fuels up 11.7 per cent. This is not far behind Jamaica's major trading partner, USA, which saw inflation close the year at seven per cent. This is a historic high for Jamaica which last saw inflation this high in 2013 which was 9.5 per cent. Jamaica's net international reserves declined by nine per cent between December and January to US$3.51 billion ($310.90 billion).

"We're mindful of when those increases come and how we pass it onto consumers through increases in our prices. What is more concerning is the balance of trade. At the end of the day, when you think of the single largest foreign exchange consumer in the country is oil. When you have increases in oil prices this way, what that does is it increases the FX demand for the country. There is going to be some impact on the reserves because that is something you have to buy. All of these factors are going to have inflationary effects on the consumer. I would not be surprised to see that number [CPI] go up," William closed.

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SVG not on verge of economic collapse – Finance Minister

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SVG not on verge of economic collapse – Finance Minister

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SVG not on verge of economic collapse – Finance Minister

Minister of Finance, Camillo Gonsalves says a December 2 Bloomberg News Wire report falsely suggests that the International Monetary Fund (IMF) says this country is on the brink of ‘economic collapse’.

“Nowhere in the IMF blog post cited by Bloomberg does IMF managing director Kristalina Georgieva mention SVG. Not once; look it up,” Gonsalves commented to SEARCHLIGHT on Monday.

The comment was in reference to an article on BNN Bloomberg written by Ana Monteiro with the headline, “IMF Warns of Economic Collapse in Poor Nations Without Debt Fix.”

Part of the article says an IMF official commented that, “With the Group of 20’s debt-service suspension initiative expiring at the end of the year and interest rates poised to rise, low-income countries will find it increasingly difficult to service their debts.”

The article goes on to say, “We may see economic collapse in some countries unless G-20 creditors agree to accelerate debt restructurings and suspend debt service while the restructurings are being negotiated” and “Covid-19 has dealt a major blow to world’s poorest countries, causing a recession that could push more than 100 million people into extreme poverty”, according to the World Bank. The challenges are mounting with the discovery of the omicron variant, which is driving a new wave of infections.

SVG is then listed as being “At Risk”.

But Gonsalves said the article cited a separate World Bank listing of selected countries that may be at risk of “debt distress” and falsely linked that to ‘economic collapse.’

“If a country is in debt distress, which SVG is not, it may mean that some debts could have to be restructured. Restructuring a debt is in no way connected to an economic collapse. Further, there are neighbouring islands that the World Bank has determined to be firmly in debt distress already and they haven’t done any restructuring, much less collapsed,” Gonsalves argued.

He noted that the COVID-19 pandemic and the volcanic eruptions earlier this year have caused the economy of St. Vincent and Grenadines (SVG),to shrink which automatically increases the ratio of debt to the Gross Domestic Product (GDP).

“We have also taken on more debt to deal with the humanitarian challenges of the volcano, albeit low interest, long term debt. Our construction of a modern port facility in Kingstown will also raise our debt profile in the short term,” Gonsalves further explained.

He added that the worsening debt to GDP profiles as a result of COVID-19 is not unique to SVG, as Debt to GDP worsened in every OECS member state over the last two years.

“In that regard, I fully agree with the IMF and Kristalina Georgieva that the developed world could and should do more to offer debt relief to vulnerable countries. In CARICOM, prime Ministers Mia Mottley and Gaston Browne have been leading this advocacy. COVID and climate change have caused economic challenges unrelated to our own internal fiscal management, and we would welcome any initiatives to reduce that burden,” the finance minister told SEARCHLIGHT.

He added, “but we are far, far away from anything resembling an economic collapse. SVG has always paid its debts and will continue to do so. We have not even seen it necessary to enter an IMF structural adjustment programme, one of the few in CARICOM to avoid that fate.”

The finance minister said the overwhelming bulk of the country’s debt is low interest, long term, concessionary debt from the World Bank, the Caribbean Development Bank (CDB), the European Union (EU), “and friends like Taiwan or Venezuela.”

“This debt is manageable,” he stressed whole noting that SVG welcomes the IMF’s call for debt relief to vulnerable countries and the government has been advocating that for a while.

“But there is absolutely no truth in the Bloomberg article’s misleading connection between Ms. Georgieva’s blog post and the assumption that we are on the brink of economic collapse. Nothing could be further from the truth.”
On December 2, an article on the IMFBlog written by Kristalina Georgieva and Ceyla Pazarbasioglu said that despite significant relief measures brought on by the COVID-19 crisis, about 60 percent of low-income countries are at high risk or already in debt distress.

“In 2015 that number was below 30 percent,” the article said.

Reports show that SVG is listed for high risk of external debt distress and overall debt distress. The listing appears in the latest publicly available Debt Sustainability Analysis (DSA) issued under the Joint Bank-Fund Debt Sustainability Framework for low income countries (LIC-DSF).

Grenada is also on that list but noted to already be in distress.

Minister Gonsalves further stated that having a risk of debt distress does not mean economic collapse.

Island nations also listed as having high risk of overall debt distress are Haiti, Kiribati, the Maldives, the Marshall Islands, Micronesia, Papua New Guinea, Samoa, Tonga and Tuvalu.

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