Financial Crisis/ Recession



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    Caribbean Hotel Profits Retreated in 2009

    Atlanta -- Sept. 13, 2010 --  The Caribbean lodging industry felt the full negative impact of the recent global recession in 2009, but to a lesser degree than the U.S. hotel industry.

    The European Union approves EUR 264 million to help 19 African, Caribbean and Pacific States face the consequences of the economic crisis

    Sept. 3, 2010 -- The European Commission approved the first financing decisions under the EUR 264 million 2010 allocation for the so-called Vulnerability FLEX mechanism to help the most vulnerable African, Caribbean and Pacific (ACP) countries cope with the impact of the global financial crisis and economic downturn. The V-FLEX mechanism is a short-term instrument which provided for EUR 500 million over two years (2009-2010).

    Public Information Notice: IMF Executive Board Concludes 2010 Article IV Consultation with Antigua and Barbuda


    Washington -- July 19, 2010 -- Antigua and Barbuda’s economy is experiencing its worst recession in decades.

    Cayman Islands: Three US Tourism Offices Closed to Save Cash

    June 17, 2010 -- The Department of Tourism has said it has saved over $1 million by closing three regional offices in the United States. In what it describes as a restructuring of its US operations designed to “increase the efficiency and effectiveness” of the Cayman Islands tourism investment in the US market, the offices in Miami, Houston and Chicago will be closed and 12 staff made redundant.

    IMF: Latin America and the Caribbean Are Recovering at a Robust Pace


    Washington -- April 21, 2010 --  Having weathered the global downturn comparatively well, the LAC region is posting a strong recovery. More balanced than in most other areas, output growth in the region is supported by both external and domestic demand. Recovery in the LAC region has been shaped by a number of factors.

    IMF Executive Board Approves US$13.3 Million Arrangement Under the Extended Credit Facility for Grenada


    April 3, 2010 -- The Executive Board of the International Monetary Fund (IMF) today approved Grenada’s request for a new three-year arrangement under the Extended Credit Facility (ECF),1 totaling SDR 8.775 million (about US$13.3 million).

    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.

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