Financial Crisis/ Recession



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    Cayman Islands: Remarks by the Premier, Honourable McKeeva Bush, on Meetings with the FCO

    Georgetown, Cayman Islands -- March 16, 2010 -- Last year the Cayman Islands Government, in agreement with the United Kingdom, commissioned an independent study to determine the feasibility of implementing revenue sources for the Government. This study also entailed examining the Government expenditures as well as its debt sustainability.

    Jamaica: IMF Executive Board Approves US$1.27 Billion Stand-By Arrangement with Jamaica


    Kingston -- Feb. 5, 2010 -- The Executive Board of the International Monetary Fund (IMF) Feb.4 approved a 27-month Stand-By Arrangement with Jamaica in the amount of SDR 820.5 million (about US$1.27 billion) to support the country’s economic reforms and help it cope with the consequences of the global downturn. A disbursement of SDR 414.3 million (about US$ 640 million) will become available to Jamaica immediately.

    Bermuda: Forty percent of hotel and guest house rooms were empty in 200810

    Road Town - Jan. 2, 2010 -- A compendium of Government statistics has revealed more than a third of hotel rooms and guest houses lay empty in 2008.

    IMF Staff and Jamaica Reach Broad Agreement on the Key Elements of US$1.3 Billion Loan


    Kingston -- Dec. 17, 2009 -- The Jamaican authorities and an IMF staff mission have reached agreement on the key elements of a program that the IMF would support with a loan under a Stand-By Arrangement (SBA).

    European Commission Approves € 230 million to Help 13 African and 2 Caribbean Countries Deal With Fallout of Recession


    Dec. 15, 2009 -- The European Commission approved the first financing decisions in favour of eleven African and two Caribbean countries for a total of € 230 million, including € 215 million under the so-called Vulnerability FLEX mechanism (V-FLEX).

    Governor Alistair Harrison's Speech To The Anguilla Financial Services Industry

    Nov. 21, 2009 -- The issues for Anguilla are easy to summarise - the massive downturn in our tourist industry, and other consequences of the recession; the much greater attention paid to so-called "tax havens" by the G20...the game has changed, is still changing, and will change still further.

    Caribbean Recovering from Effects of Global Crisis, but Policy Challenges Remain, IMF Report Says


    Washington -- Oct. 23, 2009 -- The global crisis had a substantial impact on the Latin American and the Caribbean (LAC) region, but the worst is over for most countries, according to the International Monetary Fund (IMF) in its latest new Regional Economic Outlook – Western Hemisphere report, launched today in São Paulo, Brazil.

    Antigua to go to the IMF

    St. John's -- Sept. 16, 2009 -- Prime Minister Baldwin Spencer has confirmed that Antigua & Barbuda will start negotiations with the International Monetary Fund (IMF) in a matter of weeks, as the country now has nowhere else to turn for financial help.

    Cayman Islands: Leader of Government Business McKeeva Bush on State of Economy and Way Forward

    Aug. 30, 2009 -- The most recent preliminary financial results for the year ended 30th June, 2009 shows that the Government's Operating Revenue was CI$487.4 million. Operating Expenses of the central government totaled CI$557.1 million and the net loss of the public authorities totaled CI$11.4 million.

    Regional Trade Will Fall 13% in 2009, Says ECLAC


    ECLAC -- Aug. 26, 2009 -- The volume of trade in Latin America and the Caribbean will drop 13% in 2009, surpassing the 10% decline in world trade expected this year, stated ECLAC in its most recent report.

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