Caribbean RoundUp

Bahamas

Bahamas announced it would refinance US$300 million of its external debt, freeing up more than US$120 million for marine conservation projects and climate change mitigation.

It is the fifth such debt-for-nature swap in the world, with the Bahamian government signing the deal with The Nature Conservancy, the Inter-American Development Bank, and other financial partners.

Shenique Albury Smith, deputy director for The Nature Conservancy, said that the project is supporting not only the country’s biodiversity and climate objectives but also the economy and livelihoods of many.

The deal involves buying back the existing debt via a new loan with reduced interest rates. This is expected to free up some US$124 million in funding for marine conservation projects for the next 15 years. An endowment fund will also be created to secure financing for the projects after the 15 years are up. Overall, the Bahamas holds some US$5.7 billion in external debt.

The agreement with The Bahamian government marks the first time a private investor, Builders Vision, provides a co-guarantee, and a private insurer, AXA XL, provides credit insurance. According to The Nature Conservancy, it’s also the first time the project includes climate change mitigation commitments.

Smith said officials would likely use some money to protect, restore, and manage the mangrove ecosystem, which stores carbon dioxide, a greenhouse gas, better than tropical forests. Officials are also looking to protect other ecosystems, including seagrass, which absorbs carbon dioxide, helping counter global warming.

Caribbean

The Pan American Health Organization (PAHO) urged countries in the Americas, including the Caribbean, to maintain Mpox surveillance following the detection of a Clade I variant case in the United States of America for the first time in the region.

In an epidemiological alert issued by the health organization recently, PAHO urged countries to remain vigilant and “to continue with their surveillance efforts, with a special emphasis on high-risk groups.”

PAHO said the Clade I case was reported to the United States Centers for Disease Control and Prevention (CDC) on Nov. 16.

“The individual had a history of recent travel to East Africa and was treated shortly after arrival in the United States,” PAHO said.

“Health authorities are working to identify and follow up with potential contacts.”

It said that no further cases of Clade I have been detected in the region thus far and added that between January 2022 and Oct. 31, 2024, 115,101 confirmed cases of Mpox, including 255 deaths, were reported in 123 World Health Organization (WHO) member-states.

PAHO also noted that, on Aug. 14, 2024, WHO Director-General Dr Tedros Adhanom Ghebreyesus determined that an upsurge of Mpox due to Clade Ib in the Democratic Republic of Congo (DRC) and a growing number of countries in Africa constitutes a public health emergency of international concern (PHEIC).

Grenada

The Grenada Development Corporation (GIDC) says the foreign capital inflows had reached a record high last year. Its investment promotion agency (IPA) was responsible for 81% of the 2,573 jobs created during 2023.

“Investment applications and project approvals have shown a steady increase over the years, with 2023 seeing record-high foreign capital inflows of EC$488 million (One EC dollar = US$0.37 cents), a 55% increase compared to 2022.

“The projects facilitated by the IPA created a total of 2,573 jobs, though the majority (81 %) were temporary due to ongoing construction and expansion activities,” the GDC said in its 2023 annual report and added that the IPA played a crucial role in driving investment, generating 181 leads.

“These leads primarily came from the manufacturing, tourism, agri-business, health and wellness, ICT, and services sectors. Of the leads generated, 26% submitted applications for incentives,” said the report.

“Investment activity surged in 2023, with the IPA processing 68 applications for incentives, surpassing the annual target by 172 %. Sixty-one projects received approval. “These projects, spanning tourism accommodation, agri-business/manufacturing, tourism services, and other service sectors, proposed investments totaling EC$35 million and aimed to create over 1,200 permanent jobs.

The report noted that 50 projects began operations last year, creating 278 jobs, a 27% increase.

In 2023, foreign direct investment (FDI) dominated Grenada’s economic landscape, amounting to EC$488,333,227.21, accounting for 96.6% of the total capital investment facilitated during the year. This represents a substantial 55% increase in FDI inflows compared to 2022, reflecting heightened investor interest and confidence.

“These large-scale developments underscore the focus on expanding Grenada’s tourism sector. In addition to these construction projects, Grenadian Health Systems Inc, a Canadian-based medical call center, commenced operations, further diversifying the FDI portfolio,” the report stated, which concluded that Grenada’s investment landscape in 2023 displayed strong growth.

Haiti

In a video that surfaced on social media, French President Emmanuel Macron criticized Haitian officials for dismissing Prime Minister Garry Conille, calling them “complete idiots.”

The remarks were made during a private conversation in Rio de Janeiro, on the sidelines of the G20 summit, in response to a Haitian individual who blamed France for Haiti’s ongoing crisis.

Macron expressed frustration over the dismissal, stating that Conille had been an effective leader and he had supported him. He regrettably added that Haiti’s political instability, fuelled by drug trafficking and gang violence, had worsened the country’s situation.

The president noted that Conille’s removal was a tragic decision, as he believed the prime minister had been doing a good job.

Conille had argued that only Haiti’s parliament had the authority to remove him, but since the legislature is not currently functioning, the transitional presidential council proceeded with the dismissal.

Conille’s dismissal on Nov. 11 by businessman Alix Didier Fils Aimé has deepened uncertainty in Haiti.

The nation remains leaderless following the assassination of President Jovenel Moïse in 2021, and gang violence controls much of the capital.

Jamaica

The main opposition People’s National Party (PNP) brushed aside as a “run-with-it, vote-buying scheme” by Prime Minister Andrew Holness recently as he announced the promises of a reduction in the General Consumption Tax (GCT) on electricity as well as a write-off for some National Water Commission (NWC) customers.

Addressing the 81st conference of the ruling Jamaica Labour Party (JLP), Prime Minister Andre Holness recently said that the new initiatives should not be regarded solely as promises to the electorate.

“The Jamaican people can see that it is one thing to listen to a bag-a-mouth and a bag-a-promise, but nothing that I have said here is a promise. All of what I have said here is happening, about to happen, or will happen shortly,” said Holness.

“Jamaica today is a different place from Jamaica ten years ago, and I am very pleased to be with you on the journey in transforming Jamaica. Yes, there are still challenges; yes, there are still hardships; yes, we see that there are inequities… but it depends, my friends, on the perspective you take,” he added.

But speaking at a news conference, Opposition (PNP) Leader Mark Golding said the promised reduction in the rate of GCT on electricity would not impact the majority of Jamaica Public Service (JPS) customers who consume less than 150-kilowatt hours per month of electricity.

Golding said that strong leadership is needed to reduce the cost of electricity through transforming the energy sector. The PNP already has a plan and a shadow minister who will introduce modern laws to achieve reductions in electricity bills and massive investment in the energy sector.

St. Vincent and the Grenadines

The ruling Unity Labour Party says it will field new candidates in at least four of the 15 constituencies in the next general elections, which are expected to be held within the next year before the February 2026 constitutional deadline.

The political leader of the ULP, Prime Minister Ralph Gonsalves, said at the party’s 26th annual convention recently that two MPs have indicated their intention to bow out of politics, while another candidate, who has lost five times, also wants to quit.

He announced that North Windward MP and Deputy Prime Minister Montgomery Daniel, who is also the deputy leader of the ULP, and South Windward MP Frederick Stephenson are retiring from politics.

Edwin Snagg, the ULP chairman, who has failed to win the Southern Grenadines since 2001, also wants to quit.

“We have to have candidates selection properly,” Gonsalves told the convention. “There are some persons who ran last time and may not run next time. Gommery, for instance, has already said he is retiring, and we have to thank him for his tremendous service,” he said, referring to the North Winward MP.

“Montgomery has taken North Windward safe thus far, and grace will lead us home,” Gonsalves said.

Compiled by Devika Ragoonanan