Caribbean RoundUp

Bahamas

The Central Bank of the Bahamas (CBB) says provisional data suggest that in November, the domestic economy experienced growth but at a tempered pace compared to the previous year.

“In particular, economic indicators continued to trend closer to their expected medium-term trajectory,” the CBB said in the Monthly Economic and Financial Developments (MEFD) November 2024 report.

It said that tourism sector activity continued to expand, reflecting robust gains in the cruise market. It added that monetary sector trends were marked by an expansion in bank liquidity despite the growth in domestic credit exceeding the build-up in the deposit base.

Meanwhile, it added that the decline in external reserves moderated considerably, owing primarily to net foreign currency inflows through the private sector, which offset net public sector outflows.

Barbados

Barbados has completed an unmatched debt-for-climate operation to finance water and sewage projects resilient to climate change.

CIBC Caribbean said that with support from its international funding partners, Barbados replaced outstanding, more expensive debt with more affordable financing, generating US$125 million in fiscal savings. These savings will be used to enhance water resource management and increase water and food security.

“The loan was backed by US$300 million in guarantees — US$150 million each from the Inter-American Development Bank (IDB) and the European Investment Bank (EIB), the latter under the European Union’s Global Gateway Initiative. With the support of the guarantees, Barbados secured a long-tenor, local currency loan at favorable conditions arranged by CIBC Caribbean, with regional banks investing in the transaction,” the release stated.

CIBC Caribbean noted that the debt conversion will create the necessary fiscal space to finance upgrading the South Coast sewage treatment plant into a modern water reclamation facility plus several associated facilities.

“The reduction in marine and groundwater pollution will help protect marine ecosystems and nearshore reefs, groundwater quality and safeguard public health. The IDB and the Green Climate Fund (GCF) are providing a total of US$110 million upfront funding for the project, including a US$40 million grant from the GCF,” the release added.

One of the world’s most water-scarce countries, it has an average per capita water availability four times less than the global average, which is set to worsen with climate change. It also faces a large annual food import bill, as farmers lack water to expand crop production.

Barbados’ Prime Minister Mia Mottley said in the release that the buy-back will finance a new facility to boost water management, food security, and resilience.

CIBC Caribbean’s CEO, Mark St. Hill, commented on the completion, “Barbados’ initiative enhances climate resilience and sets a benchmark for sustainable adaptation for the Caribbean.

“CIBC Caribbean is honored to again collaborate with the Government of Barbados and multilateral agencies like the IDB and EIB in setting precedents for innovative financial mechanisms that drive environmental stewardship in our region. This partnership underscores our commitment to accelerating climate action and fostering sustainable development across the Caribbean.”

Guyana

The United States Export-Import Bank (Exim) recently announced that it has approved a US$526 million loan for a gas-to-energy project in Guyana.

The bank decided during a meeting after completing the 30-day congressional notice period.

When completed, the gas-to-energy project is slated to deliver 300MW of power to the grid, expanding the electricity supply, cutting the carbon footprint per kilowatt hour, and reducing energy costs to consumers by 50 %.

Ali thanked the president and chair of the US Exim Bank, Reta Jo Lewis, and her team for the approval and confidence in this gas-to-energy project in Guyana.

Ali also commended the Guyana team at the Office of the President, Ministry of Finance, Ministry of Natural Resources, and the Guyana Embassy in Washington, DC, whose work assisted in securing the country’s outcome.

Haiti

The United Nations raised the death toll of a recent massacre in which many older people and Vodou religious leaders were killed by a gang in Haiti and called on officials to bring the perpetrators to justice.

The UN Integrated Office in Haiti said in a report that the Wharf Jeremie gang killed more than 207 people. The gang took people from their homes and a place of worship interrogated them, and then executed them with bullets and machetes.

Early last month, human rights groups in Haiti had estimated that more than 100 people were killed in the massacre, but the new UN investigation doubles the number of victims.

“We cannot pretend that nothing happened,” said María Isabel Salvador, the UN secretary-general’s special representative in Haiti.

“I call on the Haitian justice system to thoroughly investigate these horrific crimes and arrest and punish the perpetrators, as well as those who support them,” she said in a statement.

Human rights groups in Haiti said the massacre began after the son of Micanor Altès, the leader of the Wharf Jeremie gang, died from an illness.

St. Vincent and the Grenadines

A senior police officer says reputable agencies have identified between four and six gangs operating in St. Vincent and the Grenadines, despite Prime Minister Dr. Ralph Gonsalves and Commissioner of Police Enville Williams insisting that this is not the case.

“I’ve seen and read reports that were generated from agencies outside of St. Vincent and the Grenadines who refer to as much as four to six and the names that were mentioned in the report and names that are known to us as law enforcement,” said the head of the crime-fighting division of St. Vincent and the Grenadines Police Force, acting Assistant Commissioner of Police Trevor “Buju” Bailey.

Speaking on a local radio program, Boom (radio station), Bailey said while there are no anti-gang laws, meaning that one person associating with another is not a crime, the police would not allow gangs to control any public space in the country.

Bailey, who has 34 years of experience in law enforcement, explained that a gang is a group of people who associate themselves together. There is a command structure with identification marks, such as a color or symbol they claim as theirs. Gang members may be involved in criminal activity, and things may not necessarily be done without the leader’s approval.

“So, if Boom is labeled as a gang, and Boom holds as a symbol a big stone, you will see Boom members wearing a T-shirt with a big stone,” Bailey told radio listeners.

“You will see a stone, or stones may be placed on your building… and you will hear even when they speak, the reference will be made of stones.”

— Compiled by Devika Ragoonanan