Half of the state budget goes to its sureties

 

By Rachel Johnson

 

The Center for Economic and Policy Research issued a statement on the economy of Jamaica specifying that during 2011 were paid approximately $ 1.400 million in interest on debts of the country, almost 10% of its GDP. This represents slightly more than double of what was spent on capital programs.

 

Mark Weisbrot, economist and co-director of the center, said they have the highest percentage globally, even greater than the crisis countries of the Eurozone. For several years the Government has spent half of its budget to cover debt payments, which has cost the reduction of funds for infrastructure, hospitals and schools.

 

The report published by the center describes: The excessively high burden of interest payments will continue moving public investments that are necessary to restore normal growth and reduce high levels of unemployment and poverty.

 

For decades, the Jamaican economy has been unstable. The center found that after three years of decline, in 2011 the economy grew by 1.5%, but still remains below its level of GDP in 2008. Their total debt until last year reached 130% of GDP.

 

The root of the Jamaican government debt was caused by bad bank loans that the government had to overcome due to a crisis in the mid-nineties, when several banks collapsed in consequence of many emergency loans.

 

In 2010 the debt of the nation and the impact of global recession, pushed the state to require the protection of the International Monetary Fund, who provided a loan of 1,270 million dollars and assisted the country to restructure its debt.

 

By Gloria Torres

 

The EU ambassador in Dominican Republic, Irene Horejs, stated that the EU pays cooperation programs for the Dominican Republic and Haiti as a whole since they believe that peace and the strength of one, depends on the others. It is intended only to avoid a catastrophe in either side of the island, but not unifying the two countries.

 

"Haiti is a concern for us because nobody today, especially the European Union, is interested in a catastrophe. Every war involves much cost and a lot of instability and no one with our vision of Europe is that interested in this. So we have a core vision for the stability of the island, “the official stressed.

 

According to Horejs, support to the Dominican Republic is essential for wellbeing and recovery of Haiti, as both are closely linked. She added that trade between the two countries has grown in recent years, an important factor linked to stability.

 

The representative also said that due to political instability and power vacuum that Haiti is currently experiencing, international aid to the country's recovery has been delayed or postponed

 

By Mynor Vendrell

 

The Minister of Tourism in Cayman Islands, Shomari Scott, traveled for the weekend to Argentina where he organized an event to promote the tourism market of the islands and the new availability of flights to be offered in partnership with Cayman Airways and Copa Airlines and Vía Panama from Argentina and other countries in the region. The event took place in the Four Seasons Hotel halls Buenos Aires, Argentina.

 

The purpose of the meeting was to strengthen trade relations with South America and expand opportunities to attract tourists to the island. Executives from the Grand Cayman Resort executives Marriott, Laura Skec and Henry Tasende, were also present at the meeting as well as Leandro Ratazzi, head of Network Reps and his team who will disseminate information on the Cayman Islands in Argentina.

 

The official stated that the Islands authorities are considering the possibility of resuming the promotion in the rest of Latin America to expand its tourism potential beyond its current market of Canada and the United States. He also advised that soon they will be opening promotional offices in Brazil.

 

Scott added: Economic growth in our country and Argentina has made us think that this country was a strategic center to begin the task of promoting our natural beauty and believe that the proposed new joint flights between Copa Airlines and Cayman Airways will provide more travel facilities to those passengers who do not wish to make visa procedures to travel throughout the United States.

 

The minister said his country is visited by 300,000 cruise ship passengers from all over the world and more than 300,000 tourists who travel by air annually. Scott said: We expect that a year from now, and taking advantage of these season flights from Cup and Cayman Airways which will extend from April to September, over 5000 Argentines visitors a year we come to our island from now on and discover one of the best kept secrets of the English Caribbean.

 

Three islands are those that make up the Cayman Islands: Grand Cayman, Cayman Brac and Little Cayman with no more than 55,000 people. The main attractions of the place are outdoor activities, water activities, free shop and tasting of fancy cuisine and ease of various accommodations around the territory. The group of islands is located 240 kilometers from Cuba, 289 km west of Jamaica in the Central Caribbean, and its official language is English, to enter, travelers only need their valid passports, their ticket back and they don’t need a yellow fever certificate.

 

By Angel Ruiz

 

The multinational energy company Gas Natural Fenosa has signed a contract with the Electricity Authority of Puerto Rico (ESA) to provide 2 bcm (2.000 million cubic meters) over the next two years according to the National Securities Market Commission (CNMV).

 

The value of this contract will be 700 million euros. The Spanish company has been in the country since 2003 through EcoEléctrica and this agreement represents one of the most important in its wholesale customer base with will enhance its activity on the island.

 

The South Coast power plant will be supplied by the gas that ESA will receive with the contract. This plant has a generating capacity of 990 megawatts (MW).The gas will come into the country by boat originating from the contracts portfolio, then re gasify in EcoEléctrica factory before being transferred to ESA.

 

The supply  beginning was inaugurated in a ceremony led by Luis G.Fortuño, Governor of Puerto Rico and the assistance of Jose Ortiz, chairman of the directors board of the ESA, Otoniel Cruz, executive director of ESA and the Government Bank Executive Vice President, Juan Manuel Roman. Representing the Spanish company where the director of Wholesale Banking Global Accounts, Victor Tuñon and country manager for Puerto Rico, Mark Hanson.

 

Gas Natural Group is present in Puerto Rico through EcoEléctricacompany, which owns 47.5% and has a combined cycle plant of 540 MWand a regasification plant with a capacity of about 2 bcm year.