My understanding is that the Bill is a done deal, giving the Min of Fin access the HSF “in exceptional circumstances” up to 1.5 billion (presumably TTD - it was not specified in the Bill). It’s unclear whether this is one-off, once per fiscal year, or once per crisis. #SaveOurHSF
This is the section of the Bill pertaining to the HSF. Even if you are not a lawmaker, one can see that there is scope for subjectivity, interpretation, & abuse, given the wording. I don’t expect that anyone in the Govt will now prioritize the safeguarding of the HSF. #SaveOurHSF
T&T was an extractive colony. Almost 60 years later, clearly this mentality & modus operandi is persistent & pervasive. We rape & plunder, ignoring the spillover effects, & trivializing the medium to long-term effects. Why? Because we not here to stay. #SaveOurHSF
We have an extractive mentality, not a settler mentality. We have an extractive, weak institutional framework & governance structure - pick up something & run! - Not one of taking ownership & responsibility, & nation building. Each of us is responsible for this. #SaveOurHSF
When will my country ever get a Minister of Finance like Minister McTaggert in Cayman, Lord?
Cayman was the only country in the Caribbean experiencing positive and steady growth over 2% for so long, before Covid. And this was alongside fiscal surpluses, which means they have strong buffers to support their people during the current tourism shutdown.
The Cayman economy is expected to contract by 7.2% this year and rebound somewhat by 6.4% next year. Govt spending on health, social services, construction in particular, is expected to drive economic activity.
I’ve updated my Caribbean Economic Outlook for 2020 with the latest growth numbers from the IMF & various Govts. Every country in the Caribbean will contract this year, except maybe Guyana. Many will contract in the double digits. I include 2009 as a floor
These 2020 GDP numbers are all estimates. But the one thing we know is that this year, each country’s economic performance will be worse than 2009. I think the most vulnerable to Balance of Payments crises are Suriname, T&T, & the Bahamas. Guyana also has weak reserves
And revenue from oil is increasingly uncertain for Guyana, so a BoP crisis is also possible there. Barbados I think is well protected based on the IMF supported BERT program, & the multilateral support that was already in place before Covid19. The ECCU will be hit hard but
What is your Easter Sunday tradition? For me, kite flying is a big part of Easter. This epic handmade, customized kite brought us so much joy & treasured memories three years ago in Guyana. Flying this kite with my dad & kids is for me, one of the most special moments of my life.
This was the roadside kite vendor’s display
This kite was bigger than my son and the string cut my dad’s hand 🤦🏽♀️
Dear @paulocoelho could you get our global leaders to engage in dialogue and work together to come up with a global coordinated response to #covid19? Please 🙏