Reposted from DW.DE
The International Monetary Fund has granted Jamaica a much-needed economic lifeline. In return, the island – one of the most indebted countries in the world – needs to get a grip on its rampant public spending.
Inside a Cambio (currency exchange – the ed.), as the customers wait in line, the talk quickly turns to the exchange rate. In a country where many depend on remittances sent by family from the US, Canada and the UK the country’s sliding dollar is a worry. “It’ll soon be J$100 to $1US, watch my words,” says an old man; a woman interrupts to add that it won’t stop there, as everyone looks at the board showing the exchange rate. More…
Reposted from GoJamaica.com
Finance Minister Dr Peter Phillips says a World Bank mission is expected in Jamaica in May to continue work on the new Country Partnership Strategy.
The initiative will provide support for the Government’s efforts to increase economic growth, create jobs and fight poverty.
Speaking with the Jamaica Information Service in Washington, Phillip said consultations have already started on a new programme for Jamaica, which will be launched later this year. More…
Reposted from The Guardian
The latest IMF loan does not ‘rescue’ Jamaica, whose debt must be written off if its people are to take control of their economy
Many people in Jamaica would have trembled as they read the financial press last week, telling them that their country is, again, due to be “rescued” by a loan package put together by the International Monetary Fund (IMF). More…
Reposted from Eleven Myanmar
Myanmar’s foreign exchange rate remained stable in the last three months of the year, after the government introduced reforms in April and ended 35 years of a fixed rate.
As a result, businessmen have expressed more confidence in the trading and investment sectors.
In April, the exchange rate was 815 kyats to a US dollar; it increased to 837 kyats in May and 844 kyats in June. More…
Reposted from Defend Haiti
The IMF urged Haitian authorities to increase revenues from taxes and customs
On Thursday, the International Monetary Fund (IMF) called on Haitian authorities to make efforts to reduce the country’s dependence on external assistance while adding that current GDP growth will not allow the country to be an emerging economy in 30 years.
The IMF representative in Haiti, Boileau Loko, said “Haiti needs to reduce its dependence on foreign aid… not because it is ready,” but because “developed countries now have economic difficulties and do not want to continue to provide any assistance as they did in the past.”
Reposted from Eleven Myanmar
Myanmar is likely to become next financial hub for Asia, according to a statement issued by International Monetary Fund (IMF) by the end of November.
“With a commitment to strong reforms, Myanmar has the potential to vastly improve the living standards of its people and emerge as Asia’s next rising star,” IMF mission chief in Myanmar Meral Karasulu said in a statement. More…
Reposted from Channel NewsAsia
By Linette Lim
China is Myanmar’s single-largest investor, accounting for about US$14 billion worth of investments
SINGAPORE : With a population of almost 60 million and vast agricultural and oil resources, Myanmar is seen by investors as the last sizeable economy in Asia that remains untapped. More…
Reposted from Bloomberg
By Rakteem Katakey
Oil and Gas companies want a bite into Myanmar
Myanmar, shunned since the 1990s for tolerating corruption and human trafficking, is set for record foreign investment in 2012 led by oil companies after the southeast Asian nation took its first steps toward democracy. More…
Reposted from Atlanta Blackstar
Haiti’s economy is moving in a positive direction, though at a level below that projected by the International Monetary Fund’s Extended Credit Facility arrangement, the IMF said following the conclusion of its mission to Haiti.
“The economy continues to grow, albeit below the levels projected in the ECF-supported program, which remains broadly on track,” the fund said in a statement. “The slowdown in public investment, associated with the process of political transition over the recent months, was offset by sustained dynamism in the commercial sector and manufacturing industries as well as a good harvest.” More…
Reposted from Network Myanmar
Burmese girl in Yangon, Myanmar
By Derik Tonken
Scarcely a Western Foreign Minister passing through Myanmar these days can escape an obligatory joint press conference with Daw Aung San Suu Kyi at which invariably the judgement is made that the situation in Myanmar is “fragile”. We might perhaps ask how such an assessment can be made after only 48 hours in the country. But perhaps “fragility” is the default state of many countries in the world these days? IMF Managing Director Christine Lagarde was telling us only last month that “the recovery is still very fragile”. More…