Caribbean RoundUp

Barbados

The Central Bank of Barbados (CBB) says it does n0t intend “to manipulate or distort economic data” as it dismissed accusations that it is involved in publishing questionable data in its economic report and analysis.

In a statement the CBB said, “We assure all Barbadians that there is no intent to manipulate or distort economic data. We will continue to refine our models and methodologies, ensuring that the Central Bank remains a trusted source of clear and accurate economic information.”

It said it stands by its economic reviews and “reiterates its unwavering commitment to accuracy, transparency, and public trust, values that have been at the core of our institution throughout its 50-plus-year history.”

“The Bank recognises the critical role that accurate, transparent, and objective economic reporting plays in maintaining public confidence and takes considerable care to ensure that the information we publish is both reliable and reflective of current economic realities.”

The CBB said that the economic data, including statistics on economic growth, nominal gross domestic product (GDP), inflation, and unemployment are produced using best practices.

“While the Barbados Statistical Service (BSS) is responsible for producing much of this data, we rigorously interrogate their submissions to ensure thorough- ness and reliability. Our reports are grounded in robust statistical frameworks, supported by rigor- ous analysis, and are frequently reviewed by international partners such as the International Monetary Fund (IMF) to ensure accuracy,” it added.

The CBB also said that the 2023 GDP estimates have been reviewed and validated by an IMF technical assistance mission, adding, “This external review provides additional assurance of the validity of our data, which we stand by confidently.”

Grenada

The Grenada government will postpone more than US$17 million in total payments to government bondholders. This is due to the devastation caused to the island following the passage of Hurricane Beryl on July 1, which left an estimated US$30 million in damages.

The Dickon Mitchell administration is yet to make an official statement regarding the payment to bondholders, but it was confirmed by the government’s press secretary, Neila Ettienne, that the government had triggered the hurricane clause in the bond.

It had also been reported that Grenada became the first country in the world to use a so-called hurricane clause in a government bond, a special feature that allows authorities to postpone debt payments in the wake of a major natural disaster.

In a notice to the holders of one of its international bonds, the Ministry of Finance said it had “elected to make a deferral claim as a result of the event,” adding the “modelled loss” to the economy from Beryl was greater than US$15 million.

“It means Grenada will not make the bond’s next scheduled payments due on November 12 and May 12 next year, which combined add up to just over $12.5 million. Instead, the money will be added on to the US$112 million bond’s subsequent lump sum ‘principal payments until the end of its term in 2030,” said the notice.

Grenada has elected to make a deferral claim as a result of the event.

Guyana

Luxury Hotel brand, Hilton, has announced its plans to construct two hotels in Guyana.

In a recent statement, the company said the dual brands of Hilton Georgetown and DoubleTree Suites by Hilton Georgetown will be the company’s first two hotels to be built in Guyana.

Owned by an affiliate of Assets Group and managed by Hilton, the two properties will have more than 400 rooms and form part of an ocean front, mixed-use business and entertainment complex in Georgetown, the company said.

“We believe in investing in Guyana, a country poised for significant growth and a promising future in tourism and hospitality,” said Moutaz Al Khayyat, chairman of Assets Group.

“Our choice to debut in this emerging market reflects our commitment to investing in high-potential destinations and our confidence in Guyana’s trajectory. These properties are meticulously designed to offer a diversity of high-end experiences,” the company announced.

The 11-storey Hilton Georgetown will feature an elevated stay experience with 253 guest rooms and suites.

The brand-new DoubleTree Suites by Hilton Georgetown will offer 158 contemporary suites with spaces.

The company said the hotels will stand as a testament of its dedication to creating premium and luxurious spaces that cater to the discerning needs of its guests.

Haiti

As the announcement was made that Haiti’s military wanted recruits, thousands of young Haitians are jumping at the chance to become soldiers as widespread gang violence creates a rare job opportunity in a deeply impoverished country where work is scarce.

Dismissing the possibility that they could be kidnapped, tortured or killed, Haiti’s youngest generation is answering the call of a government seeking to rebuild a once-reviled military, reinstated just years ago with the aim to macerate gangs in the country.

Haiti’s government did not announce how many soldiers it aims to hire nor how many persons have applied so far, but according to documents published online by the Defence Ministry shows that at least 3,000 people were selected in mid-August and were asked to submit documents.

If all the names published were hired, that would more than double the force’s strength of 2,000 of early last year and will give some hope on combating gang violence in the country.

Approximately 60 percent of Haiti’s population of almost 12 million people earn less than US$2 a day, with inflation soaring to double digits in recent years.

Jamaica

Minister of Energy Daryl Vaz says he intends to write to the Office of Utilities Regulations (OUR) due to several reports that the Jamaica Public Service (JPS) customers have been receiving an “unusual and major spike” in their recent electricity bills.

In a statement, Vaz said he would also be seeking an explanation from the JPS regarding the increase.

Vaz, who has been critical of the JPS since the passage of Hurricane Beryl recently which resulted in thousands of consumers being without electricity, said he would be insisting from OUR an investigation into several complaints about the issue.

“I’ve been bombarded by complaints from Jamaicans from all walks of life. I will also be sending correspondence to JPS insisting on an investigation into this development and an explanation.”

“I will insist that customers of the JPS be treated in a fair and just manner. The wide- spread reports of a major spike in bills present an opportunity for us to once and for all deal with longstanding complaints about the JPS billing cycle,” Vaz said.

He said he has also received reports that JPS customers who were without electricity for an extended time due to Hurricane Beryl have received a major increase in their bills.

“The current development is unacceptable and it would be appropriate should the OUR, which is the body authorized in law to regulate utility companies in Jamaica, immediately seek to assist the government’s efforts to ensure just and fair treatment of the Jamaican people,” he added.

St. Lucia

The St. Lucia population has declined by nearly four per cent over the 2022 figure of 172,948, the Central Statistical Office (CSO) said according to a report from the 2022 Population and Housing Census (PHC).

It said the 2022 census marks a historic transition for the CSO, as it is the first in the region to utilize the computer-assisted personal interview (CAPI) approach, replacing the traditional paper-assisted personal interview (PAPI) method.

“This shift has enabled more efficient and accurate data collection, leveraging advanced technologies and methodologies, as outlined in the UN ECLAC user guide for population and housing censuses,” CSO said.

CSO Director, Sean Mathurin, said the provisional report “marks a milestone in our on going efforts to understand and analyze the social and economic and demographic dynamics of our nation.”

Mathurin highlighted several significant enhancements in this census report, including the addition of an infographics section, improved disaggregation of tables, enhanced analytical analysis of key findings and the inclusion of several CARICOM-recommended tables.

He said the goal is to make the report available to the public as soon as possible, but according to some of the key findings from the 2022 National Population and Housing Census, St Lucia recorded a decrease in average house hold size from 228 individuals in 2010 to 2.6 in 2022.

Additionally, the report cites a high prevalence of diabetes and hypertension in the Castries and Gros Islet regions.

“The Statistics Department would like to urge not just the policymakers but the general public to make use of that wealth of information considering the time and resources that went into the production and generation of that information,” he said.

— Compiled by Devika Ragoonanan