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APRIL  2 0 0 9Issue 27
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HAITI EDUCATION FOUNDATION (HEF) LAUNCHES A FUND RAISING CAMPAIGN TO SPONSOR A MAJOR NUTRITION PROGRAM FOR HAITIAN SCHOOLS Unique Profit  CARIBBEAN NATIONS ARE URGED TO REJECT PROTECTIONISM The Caribbean and Latin American countries have been called upon to help revive global growth by safeguarding free trade and stimulating their economies through “all available tools” by the US Treasury Secretary Timothy Geithner. The US and other nations “need to affirm our commitment to maintain open policies toward international trade and investment and to avoid protectionist measures that could threaten recovery,” Geithner said on Sunday at the Inter-American Development Bank meeting in Medellin, Colombia. He called on “international institutions” to quickly provide aid.  The proposed increase, about 4 percent of which would be paid in cash over several years, could sustain annual lending of $15 billion, Kuczynski said at the bank’s annual meeting in Medellin. The IDB, the region’s largest development lender, wants to approve loans for $17 billion in 2009, up from 2008’s record $11.1 billion, he said. “We will listen to your proposals with an open mind,” Geithner said in his speech. “This is a time for the world to come together.” | ||
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OBAMA TO ATTEND THE FIFTH SUMMIT OF THE AMERICAS Trinidad will be the first Caribbean country to host the Summit of the Americas, which will bring together government officials from the 34 countries that make up the Organization of American States to discuss broad issues of cooperation, energy, security, environmental sustainability and balanced partnerships. The event will be held at the Hyatt Regency Trinidad in Port of Spain from April 17 to 19. Although the current economic crisis and access to increased credit and lending will be two of the top issues at the fifth Summit of the Americas. However, Caribbean tourism leaders are hoping that issues facing tourism in the region will be on the table as well. The summit will offer the first opportunity for President Barack Obama "to listen to his colleagues from the Americas, promote his doctrine of partnership and cooperation, and engage in dialogue with the hemisphere leaders," according to Jeffrey Davidow, the White House summit advisor. The President will be accompanied by his wife, Michelle Obama. The Summit will certainly stimulate the local economy as the Hotel is sold out and the government may need to lease two cruise ships to house government delegations and media attending the conference. Obama will lead a 1,000-member delegation, which will arrive with a fleet of 25 aircraft, according to the Trinidad Express. Summit security arrangements are in full swing. Police and soldiers from several nations will provide security for Obama and other leaders. Hundreds of troops from Barbados, Belize, Guyana Suriname and other nations will bolster Trinidad's security forces. Leaders are expected to sign the Declaration of the Port of Spain, which will outline policy goals in the fields of energy, education, environment and health during the summit. Although Obama recently eased restrictions on travel to Cuba for relatives and family members, announcements on broader changes on U.S. policies toward Cuba are not expected at the summit, according to the White House. It is not known whether Cuba will attend and if so, who will represent Cuba. Venezuela President Hugo Chavez will attend. Economist and former CARICOM Secretary General Sir Alister McIntyre, City University of New York Professor Don Robotham and former Prime Minister of Barbados Owen Arthur will be among the presenters at the Public Forum on the Caribbean Agenda for the Summit of the Americas.. With the worst global economic crisis since the Great Depression now under way, the seminar aims to examine its impact on people of the region and develop policy options to address it. This is in order to provide clear regional positions at the fifth Summit of the Americas to be held in Port-of-Spain, Trinidad, from April 17-19.  The discussion will also cover the need for the Economic Partnership Agreement with Europe to be modified to account for regional concerns. This is a critical time to consider this issue as United States President Barack Obama and Secretary of State Hillary Clinton are scheduled to visit Trinidad and Tobago for the summit. The administration will attempt to showcase its new policy direction before the democratically elected heads of state from hemispheric countries. In a 'New Partnership for the Americas' document, President Obama says that "it is time for a new alliance of the Americas". He stated that this should leave behind "eight years of failed policies" and "top-down reforms", and put forward instead an "agenda that advances democracy, security and opportunity from the bottom up". The new openness of the US Government leads to the possibility of major improvements in hemispheric relations. WORLD BANK CRISIS REVEALS FINANCE GAPS FOR DEVELOPING NATIONS Developing countries like those in the Caribbean face a financing shortfall of $270-700 billion this year, as private sector creditors shun emerging markets, and only one quarter of the most vulnerable countries have the resources to prevent a rise in poverty, the World Bank has said. In a paper for next Saturday's meeting of the Group of 20 finance ministers and central bank governors, the World Bank said that international financial institutions cannot by themselves currently cover the shortfall -- that includes public and private debt and trade deficits -- for these 129 countries, even at the lower end of the range. It said a solution will require governments, multilateral institutions, and the private sector. Only one quarter of vulnerable developing countries have the ability to finance measures to blunt the economic downturn, such as job-creation or safety net programs. "We need to react in real time to a growing crisis that is hurting people in developing countries," said World Bank Group President Robert Zoellick.  The global economy is likely to shrink this year for the first time since World War II, with growth at least five percentage points below potential. World Bank forecasts show that global industrial production by the middle of 2009 could be as much as 15 per cent lower than levels in 2008. World trade is also set this year to record its largest decline in 80 years. The paper said that 94 out of 116 developing countries have experienced a slowdown in economic growth. Of these countries, 43 have high levels of poverty. To date, the most affected sectors are those that were the most dynamic, typically urban-based exporters, construction, mining, and manufacturing. World Bank Chief Economist and Senior Vice President Justin Yifu Lin has said that developed countries should spend some of their fiscal stimulus in developing countries as the economic effect could be significant. "Clearly, fiscal resources do have to be injected in rich countries that are at the epicenter of the crisis, but channeling infrastructure investment to the developing world where it can release bottlenecks to growth and quickly restore demand can have an even bigger bang for the buck and should be a key element to recovery," Lin said. | ||
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THE GOOD LIFE AT A GREAT PRICE..JUST $99,990
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| Related Articles | ||
| March 2009 | ||
| Hot Off The Press | ||
| The Caribbean has its own bank scare as the Sanford case causes a run on Antigua banks…meanwhile history is in the making at the 29th Annual Heineken Regatta in St Marten… after years of hosting the legends of the music industry as they recorded their albums, Montserrat has established a Wall of Fame to honor those musicians…and speaking of music, the legendary reggae band the Wailers plays again in March at St Maarten… ---> Read More | ||
| February 2009 | ||
| Hot Off The Press | ||
| Caribbean foreign affairs ministers will be meeting soon in Haiti for a summit on tourism, natural disasters and climate change… The Jamaica Jazz and Blues Festival is estimated to have stimulated economic activity to the tune of J$1 billion (US $10.2 million) in three days…Antigua is ready to inaugurate Mount Obama….and there is still some hope toward repairing the Cuba – America political relationship. ---> Read More | ||
| January 2009 | ||
| Hot Off The Press | ||
| The fabulous Montecristo development in Nicaragua invites you to a special event in January; Caribbean nations are urging U.S. President Elect Barack Obama to end the decades long American trade embargo on Cuba.; Caribbean nations are trying to blunt the impact of the U.S. recession on their small economies with various stimulation plans; Caribbean Local Government Ministers have approved the final draft of the Regional Policy and Co-operation Framework on Local Governance; Dominica has secured US$9.16 million from the Caribbean Development Bank to be used for the rehabilitation of its sea defenses and roads; the leaders of the Caribbean to work together to take steps to sustain their economies, in the face of the global economic turmoil. ---> Read More | ||
| December 2008 | ||
| Hot Off The Press | ||
| Ever since Obama won the race to the White House there is jubilation in the Caribbean. President-elect Obama has committed the US to increasing security measures in the Caribbean and has apparently selected Eric Holder, Jr. as the next attorney general, but no final decision has been made. Holder, a Caribbean-American of Barbadian descent would become the first Caribbean-American to serve as the nation’s top law enforcement official. Meanwhile in the Turks and Caicos islands the government has disclosed that Britain is sending two administrators to provide direction and management of all government funds in the territory. There will be a 3rd Cuba-CARICOM Summit taking place on December 8th and Trinidad is planning to build the Caribbean’s first man-made island. ---> Read More | ||
| November 2008 | ||
| Hot Off The Press | ||
| Cuba announces an incredible oil find. France and Germany leading the offensive against offshore tax havens in the Caribbean and elsewhere. The OPP Tradeshow. ---> Read More | ||
| October 2008 | ||
| Hot Off The Press | ||
| Our Hot Off The Press section focuses primarily on hurricane related events for this issue as it has been a devastating month for several of the islands in the Caribbean, in particular Haiti and Cuba. ---> Read More | ||
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