BRIDGETOWN – The Caribbean Development Bank (CDB) is projecting that the Region will experience economic growth of approximately 1.7 percent in 2017. However, CDB Director of Economics, Dr. Justin Ram, warns that this will not be enough to stimulate employment, particularly among youth, and reduce high regional debt levels. He points to the need for a long-term action plan that will allow the Region to participate in global supply chains, and drive sustainable economic growth.

In a presentation at the Bank’s Annual News Conference, Dr. Ram urged regional policymakers to create an environment which increases productivity and enhances competitiveness, including a more welcoming doing-business environment, access to financing for MSMEs and labour market reforms.

Dr. Ram notes that fiscal reforms are necessary if the Region is to break the cycle of high debt and low growth. These must include proper institutions and frameworks to manage and mitigate debt.

“Given the vulnerabilities to natural disasters and how this has contributed to debt accumulation, it is important for countries to use revenue windfalls to set up contingency funds or sovereign wealth funds, so as to reduce the debt burden and ensure greater economic and social resilience,” he added.

With respect to specific policy actions, Dr. Ram says that some reforms can be implemented immediately, and will have an impact on inclusive growth. These include the reduction of trade barriers, the use of public-private partnerships to close infrastructure and service gaps, the promotion of green energy production, the divestment of state owned assets to enhance value and efficiency and strengthening of the banking sector. Dr. Ram also recommended that governments make efforts to engage the Caribbean’s vast regional diaspora…[+]

Swedes are mocking President Trump’s remark about a major incident that never occurred. Trump, speaking Saturday in Florida, referred to the Scandinavian country while alluding to various terror attacks in Europe.

“You look what’s happening last night in Sweden, Sweden! Who would believe this — Sweden! They took in large numbers, they’re having problems like they never thought possible,” he said. Trump’s statement came after Fox News aired an interview with documentary filmmaker Ami Horowitz about a crime surge in the country, but the “last night” remark confused residents.The newspaper Aftonbladet took the time to list everything that happened that night — in English — for Trump.

Those incidents include a man setting himself on fire, singer Owe Thörnqvist having technical problems during a rehearsal, a man dying after a workplace accident, a road closure due to strong winds and snow, and a police chase through Stockholm. Former Swedish Prime Minister Carl Bildt criticized Trump on Twitter. “Sweden? Terror attack? What has he been smoking? Questions abound,” Bildt wrote.(nydailynews)…[+]

White House Chief of Staff Reince Priebus on Sunday denied that President Trump’s campaign didn’t have involvement with Russian officials and said former National Security Adviser Michael Flynn, who resigned last week after admitting misleading officials about talks he had with the Kremlin before the inauguration, “didn’t do anything wrong.”

“There’s nothing wrong with having a conversation about sanctions,” Priebus said on CBS’ “Face the Nation,” about Flynn having held talks about sanctions with the Russian ambassador.

“And there’s nothing wrong about having a conversation about the fact that the Obama administration put further sanctions in place and expelled some folks out of the United States,” Priebus said.(nydailynews)…[+]

Barbados _The Caribbean Development Bank (CDB) approved USD306 million (mn) in loans and grants, the highest approval total during the past five years. And of the countries for which funding was approved, Belize, Saint Lucia and Suriname were the three largest beneficiaries of loans. Dr. William Warren Smith, CDB President, made this announcement during the Bank’s Annual News Conference today in Barbados.

Dr. Smith pointed out that, in addition to the grants approved in 2016, the Bank began implementing the United Kingdom Caribbean Infrastructure Partnership Fund (UK CIF). UK CIF is a £300 million grant programme for transformational infrastructure projects in eight Caribbean countries and one British overseas territory, which CDB administers. £16.4 mn in grants was approved for projects and technical assistance in Antigua and Barbuda, Belize, Dominica and Grenada.

Last year, the Bank also signed a Credit Facility Agreement with Agence Française de Développement. It included a USD33 million loan to support sustainable infrastructure projects and a EUR3 mn grant to fund feasibility studies for projects eligible for financing under the credit facility.

Also in 2016, CDB entered an arrangement with the Government of Canada for the establishment and administration of a CAD5 million fund to build capacity in the energy sector, The Canadian Support to the Energy Sector in the Caribbean Fund.               These recent partnerships are part of the Bank’s drive to raise appropriately-priced resources mainly for financing projects with a strong focus on climate adaptation, renewable energy and energy efficiency…[+]