Category: CANA News

The Barbados Minister in the Ministry of Finance, Ryan Straughn, says the most effective way for countries to recover quickly from devastating hurricanes and other natural disasters is to prioritise building resilience such events occur, rather than after.

Addressing the second Caribbean Debt Forum ahead of Wednesday’s two-day Latin America and Caribbean (LAC) Debt Group Annual Meeting, Straughn told local and regional financiers, that their discussions must focus on whether efforts to mobilise financing are actually achieving countries’ resilience objectives and advancing their broader development agendas.

Ryan Straughn

He said that although the region is still within the hurricane season, the Caribbean has not been building resilience as rapidly as needed.

‘While we are experiencing these hurricanes every year.at the end of the day, it is what do we do to build resilience for our people up front? Whilst we have been advocating under the Bridgetown Initiative for the advancement of natural disaster clauses as well as other financial innovation, the key is that we really don’t want to experience a disaster then to get debt relief.

‘We want to build the resilience up front so that when these events occur, the damage is minimised and that we can recover as quickly as possible,’ he said.

Straughn said that with another year and another storm the region still has not been able to advance the building of resilience fast enough, because having to rebuild has a cost ‘and we as citizens need to understand that governments don’t exist just to tax and spend, but how those tax dollars are deployed and mobilised will make a difference with respect to the long term trajectory of each of our countrie’.

Straughn said that Barbados has worked with the Caribbean Development Bank (CDB), the Inter-American Development Bank (IDB) as well as the Development Bank of Latin America and the Caribbean (CAF) and the World Bank on a regional debt swap framework, which according to him, other countries would see the template as something worthy to be used to execute a debt swap.

‘Whilst debt swaps are not the only solution, I urge countries to look at what their portfolio portends in the next few years that allows them to work collaboratively. to ensure that we can utilise these financial innovations which would then allow us to create a little more fiscal space to focus on not just building resilience, but also the development agenda as we have set out in our countries.’

Straughn spoke of the importance of diversifying government’s financing options, noting ‘that as the world is shifting geopolitically, we must be conscious as to the risks that we may be exposed to within the context of our debt portfolio.

‘How do we ensure that our debt portfolios.can actually deliver on the development agenda in a manner that makes sense. And therefore, that is something that I want to leave with you because it is easy to continue to do the things that maintains the status quo, but maintaining the status quo in a world that is changing could only be to your long term detriment.

‘These conversations with our citizens, these conversations with our partners are important because it is not intended in any way to signal any movement away from any institution,’ he added.

The CDB in partnership with the IDB convened the Caribbean Debt Forum focusing on addressing the region’s most pressing debt challenges and identifying tools to build resilience and support sustainable development.

CDB’s Vice President, Dr. Isaac Solomon, underscored the importance of sound debt management for long-term economic stability, noting that effective debt management is central to the region’s long-term economic stability, fiscal sustainability, and resilience.

‘The Caribbean has made significant progress in recent years in strengthening fiscal discipline, modernising debt frameworks, and restoring macroeconomic stability. However, despite progress, many economies continue to face elevated debt levels and unfavourable debt dynamics.’

Solomon said that that these challenges have far-reaching implications for development, limiting governments’ ability to achieve the Sustainable Development Goals (SDGs) and respond to emerging needs.

The general manager, Regional Country Department Caribbean at the IDB, Anton Edmunds, called for more coordinated action highlighting the IDB’s focus on partnerships and collective interventions pointing to his organisation’s prioritisation of solution based innovative debt transactions for SIDS.

Meanwhile, the LAC Debt Group’s Annual Meeting brings together 26 debt management offices from across the region to engage in discussions on the most critical debt management issues.

It said that this year’s agenda will cover a range of topics, including macroeconomic perspectives for the LAC region, innovative debt instruments a view from the market.

Building more efficient debt markets in LAC, building financial resilience strategies for managing uncertainty as well as stronger debt institutions.

The Barbados-based Caribbean Development Bank (CDB) is urging regional governments and development partners to take decisive action to address persistently low growth and high debt across the region.

Addressing the second Caribbean Debt Forum, the acting Vice-President Finance and Corporate Services, Ian Durant, outlined a comprehensive set of recommendations to support inclusive sustainable development through improvements in competitiveness, while maintaining macroeconomic stability and building fiscal buffers by addressing debt overhang.

Acting Vice-President Finance and Corporate Services, Ian Durant, addressing second Caribbean Debt Forum.

Durant, drawing on recent macroeconomic data and regional assessments, highlighted the Caribbean’s persistently low growth trajectory, shaped by deep-rooted structural challenges. These include limited declining productivity and heightened vulnerability to climate shocks.

He spoke of the pressing issue of elevated debt levels across many of the CDB’s Borrowing Member Countries (BMCs), which continue to constrain fiscal space and threaten long-term economic stability and the capacity to engage in development spending.

‘The Caribbean’s growth trajectory has been constrained by high export concentration, rooted in structural challenges, which has led to low and volatile growth.

‘To unlock our full potential, we must invest in building competitive, diversified economies that can withstand external shocks and deliver inclusive growth,’ said Durant.

The Vice-President said that while regional debt ratios have improved since the pandemic, eight BMCs remain above the 60 per cent debt-to-GDP (gross domestic product)benchmark. But he warned that rising global interest rates and slower nominal GDP growth could reverse recent gains, making debt sustainability a critical development priority.

‘Debt sustainability is not just a fiscal issue – it is a development imperative. CDB is committed to supporting our member countries through innovative financing solutions, technical assistance, and policy dialogue to help them build resilience and achieve long-term prosperity,’ Durant added.

He also drew attention to the Caribbean Community (CARICOM) Single Market and Economy (CSME), which allows for the free movement of goods, services, capital and people as a platform for trade and growth.

However, outdated port infrastructure, limited shipping connectivity, and high logistics costs continue to constrain the full potential of regional integration to deliver development to the people of the region. CDB’s logistics study revealed inefficiencies such as paper-based systems, outdated fee structures and industrial relations practices, limited operating hours.

To address these challenges, the Vice-President advocated for the enhancement of entrepreneurial ecosystems in a comprehensive fashion, including increased investment in climate-resilient infrastructure, reform and modernisation of the regulatory and institutional frameworks with which the private sector interacts, and expanded access to concessional financing.

He also called for coordinated regional action and strategic partnerships to support expansions in logistics infrastructure, innovation, digital transformation, and inclusive growth.

He said CDB remains a steadfast partner to advance the region’s development agenda, and support its BMCs in navigating complex global challenges.

Scoreboard of the second T20 International between Bangladesh and the West Indies here at the Bir Sreshtho Flight Lieutenant Matiur Rahman Stadium on Wednesday.

WEST INDIES

Brandon King c Hridoy b T Ahmed 1

Alick Athanaze c Hasan b N Ahmed 52

*+Shai Hope c S Hossain b Rahman 55

Sherfane Rutherford b N Ahmed 0

Rovman Powell c Rahman b R Hossain 3

Jason Holder c Hridoy b R Hossain 4

Roston Chase not out 17

Romario Shepherd c Ali b Rahman 13

Khary Pierre b Rahman 0

Akeal Hosein run out 1

Extras (lb2, w1) 3

TOTAL (nine wickets; 50 overs) 149

Did Not Bat: Jayden Seales.

Fall of wickets: 1-1, 2-106, 3-106, 4-112, 5-117, 6-118, 7-144, 8-144, 9-149.

Bowling: Sakib 4-0-23-0, T Ahmed 3-0-28-1, Rahman 4-0-21-3, N Ahmed 4-0-35-2, Hassan 1-0-9-0, R Hossain 3-0-20-2, S Hossain 1-0-11-0.

BANGLADESH

Saif Hassan c King b Holder 5

Tanzid Hasan c King b Shepherd 61

*+Litton Das b Hosein 23

Towhid Hridoy c Seales b Shepherd 12

Jaker Ali c Pierre b Shepherd 17

Shamim Hossain b Holder 1

Rishad Hossain c Powell b Hosein 0

Tanzim Shakib not out 8

Nasum Ahmed b Hosein 2

Extras (nb1, w5) 6

TOTAL (eight wickets; 20 overs) 135

Did not bat: Taskin Ahmed, Mustafizur Rahmann.

Fall of wickets: 1-13, 2-48, 3-85, 4-117, 5-124, 6-124, 7-133, 8-135.

Bowling: Seales 4-0-30-0, Holder 4-0-31-3, Shepherd 4-0-29-3, Chase 3-0-21-0, Hosein 4-0-22-3, Pierre 1-0-13-0.

Toss: West Indies elected to bat after winning the toss.

Result: West Indies won by 14 runs to lead the three-match series 2-0.

Player-of-the-Match: Romario Shepherd.

Umpires: Morshed Ali Khan, Sharfuddoula.

TV Umpire: Masudur Rahman

Reserve Umpire: Gazi Sohel.

Match Referee: Dean Cosker.

The candidate for the ruling Progressive Liberal Party (PLP) in the November 24 by-election, Darron A. Pickstock, has resigned from the Senate, saying he is preparing to be of much more service to the people.

‘I believe my next chapter is to serve closer to the people, to be on the ground working with families, small businesses, and young people who want to see change that they can touch and feel,’ Pickstock said in his October 28 letter of resignation to Senate President LaShell Adderley.

Darron A. Pickstock

The by-election follows the recent death of government minister Vaughn Miller and the main opposition Free National Movement (FNM) had called on Prime Minister Phillip Davis to name the date for a general election rather than holding the by-election.

Last week, FNM leader, Michael Pintard told reporters that the party will soon ‘make an announcement’ on whether it will contest the by-election.

‘Out of respect for our brother, Vaughn, we have been careful with the kinds of events that we have done, but we will resume on Saturday, after we’ve laid our brother to rest,’ said Pintard.

Nomination Day for the by-election has been set for October 31.

Pickstock will contest the Golden Isles seat regarding it as the next chapter of his life that will focus on being ‘closer to the people.’

Pickstock thanked Prime Minister Davis for his confidence in him and reaffirmed his commitment to national development.

‘I remain committed to building a Bahamas where hard work opens doors, opportunity is within reach, and faith continues to light our path forward.’

The PLP holds 32 out of 39 seats in the House of Assembly following the general election on September 16, 2021.

Jamaica is beginning the task of cleaning up on Wednesday after the category 5 hurricane Melissa left several paths of damage in its wake after slowing moving through the Caribbean island with winds in excess of 180 miles per hour (MPH) on Tuesday.

Prime Minister Andrew Holness has declared the island a ‘disaster area’ warning of ‘devastating impacts’ and ‘significant damage’ to hospitals, homes and businesses.

The Office of Disaster Preparedness and Emergency Management (ODPEM) said it has created logistical cells to harness agencies, including customs, Airport Authority and the Jamaica Defence Force, to ensure smooth operations for the clearance and distribution of relief supplies.

‘[This is] to ensure that whenever we are getting in supplies coming into the country , and we know that we will have a lot of commitments coming in from overseas, we will have enough hands on board and a very well put together plan to ensure that when supplies are in country they are not backing up at the ports,’ said acting OPEM Director General, Richard Thompson.

He told a news conference that the main airports and seaports are to be monitored to ensure relief is quick to reach the vulnerable.

The Bahamas government Wednesday said that despite undertaking all the necessary measures to ensure that the country is not blacklisted as a tax haven, it has nonetheless identified a status quo within the bodies that ‘create current global standards that we could not accept’.

Prime Minister Phillip Davis, speaking in Parliament on the Automatic Exchange of Financial Account Information (Amendment) Bill, told legislators that for too long, small nations like his have been subject to international rules written without their input.

Prime Minister Phillip Davis

‘These rules often fail to account for our realities and our sovereignty. In response, we have championed the call for a United Nations Convention on International Tax Cooperation, ensuring that every country, large or small, has a seat and a voice in shaping international tax and compliance standards.

‘As a result, we have been given access to discussions where we previously had no voice. Our Attorney General now sits on the UN Committee with direct responsibility for creating the future of International Tax Cooperation.’

Davis said that this is a direct result of ‘our advocacy as a credible voice, aligned with regional and international partners to fight for a fairer future for small island financial services jurisdictions.

‘At the same time, we are fighting for change on other fronts, as we tackle the most pressing issues facing us that necessitate action on a global scale,’ he said, adding that is why today, when it comes to financial sector compliance, The Bahamas stands among an elite group of nations’.

He said that the country is now the sixth country in the world to be declared largely compliant with all 40 Financial Action Task Force (FATF) recommendations and that earlier this year, the government passed a compendium of financial services laws that further strengthened the country’s compliance) standards.

‘When investors choose The Bahamas in 2025, they are choosing a nation with no blacklists to worry about, a strong and respected global standing, and an economy that is growing year after year.

‘They are choosing a jurisdiction that meets the highest standards, and a country with no lingering questions and no clouds over its reputation – just a bright future ahead of us.’

Prime Minister Davis said that the legislation before the Parliament follows the second round of effectiveness assessment by the OECD during the month of July 2025 and that the discussed were of meaningful dialogue regarding the country’s implementation of the Standard for the Automatic Exchange of Financial Account Information.

He said the Standard not only calls for a strong legislative framework, but also for an effective administrative compliance framework to be in place.

‘This framework enables us to monitor and supervise individuals and Financial Institutions to ensure adherence and compliance with the law, prevent circumvention of the Standard, administer and enforce penalties for non-compliance, and make sure taxpayers fulfill their obligations.’

Prime Minister Davis said that during the onsite assessment, it was recognised that The Bahamas has a CRS AEOI compliance strategy in place, which is still evolving, but noted that we need to further develop our administrative compliance framework.

‘The amendments we are debating today essentially empower Designated Supervisory Authorities (‘DSAs’) charged with the responsibility of conducting compliance and investigation activities, such as audits and onsite visits to Financial Institutions, to ensure that they are reporting in a timely manner, to inspect and verify documents and records.’

He said that the compliance activities also extend to ensuring that self-certifications are being collected and that the information reported in the CRS AEOI Reporting portal is correct and accurate.

Prime Minister Davis said The Bahamas is also under an obligation to ensure that financial institutions and persons are aware of potential circumvention schemes, including the risks presented by Citizenship by Investment and Residence by Investment schemes to prevent misuse and address it when detected.

But he acknowledged that building an effective compliance strategy has its challenges and may seem like a mammoth task, but the DSAs identified by the legislation, consisting of the key regulatory bodies like the Central Bank of The Bahamas, the Securities Commission of The Bahamas, and the Insurance Commission of The Bahamas, are equipped with the skill and knowledge to help safeguard the integrity of the taxation system.

He said they will be provided with the necessary powers, via this amendment to the Bill.

‘That, in essence, is the major change we are introducing through this Bill. It is noteworthy, however, to mention that the Bill also seeks to amend the existing Section 13 on Excluded Accounts to ensure that the description of the said accounts aligns with the Common Reporting Standard.

‘The Bill provides that administrative penalties collected under the principal Act must be paid into the Consolidated Fund. In addition, the Bill also provides for appeals, whereby an aggrieved person may appeal decisions made under the Act to the Supreme Court.’

Prime Minister Davis said that with approximately 160 jurisdictions involved and participating in the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes, The Bahamas will continue to honour the commitments made in 2014, and carry on the building of relationships and trust among other Jurisdictions.

‘Today, when The Bahamas speaks on the global stage, we do so with credibility as one of the most successfully compliant nations in the world.

As we continue to chart our course as a global leader in financial services, we will remain guided by our conviction that the best days for our financial services industry, our economy, and our people still lie ahead of us,’ Davis told legislators.

The Guyana government says it is fast-tracking an Electronic Identification (E-ID) card system as the country seeks to deal with its porous borders which it acknowledges can be easily breached.

Home Affairs Minister Oneidge Walrond, speaking at a news conference on Tuesday night following the arrest of a Venezuelan national accused of planting a bomb that killed six-year-old Soraya Bourne and injured several others last Sunday night, said that any foreign national entering Guyana must be registered at legally designated points of entry.

Minister of Home Affairs, Oneidge Walrond (center), during Tuesday night’s media briefing.

‘For Venezuelan migrants who come here through our ports, they are all registered and their details are taken,’ Walrond said, adding that persons who fail to register themselves will face deportation and sanctions.

‘What we will do is that for the persons who are in Guyana illegally, they will be given a grace period to come to register and have this E-ID card,’ Walrond said.

The E-ID cards will differentiate between citizens and non-citizens. It will also integrate personal data into a secure digital and physical card for accessing government and private sector services.

Waldron said without this card, non-citizens will not be able to access any services in Guyana.

The authorities said that the E-ID will link to other systems, including bank account and immigration records, and can be used for both digital and physical transactions.

They said the application process is relatively easy and involves booking an appointment online or at a service centre.

‘The documents needed for registration will be listed. After you prepare them, follow the steps at the service centre to finish your application. You will be notified when your card is ready to pick up,’ according to a government statement.

The Jamaica government Wednesday confirmed that four people had been killed after Hurricane Melissa, a then category 5 storm tore through the island on Tuesday with maximum sustained winds of 180 miles per hour (mph).

Local Government and Community Development Minister, Desmond McKenzie, who had earlier indicated that there had been no reports of deaths associated with the hurricane, said in a statement that the four persons had died in St Elizabeth, one of the largest parishes, located in the southwest of the island and that their bodies had washed up by the flood waters generated by the hurricane.

Jamaicans surveying the damage caused by Hurricane Melissa

‘These persons are, by all indications, direct victims of the hurricane, and I am hoping that there will be no more fatalities,’ McKenzie said.

‘Despite the fact that deaths are always possible during severe climatic events, your Government works with the constant optimism that all lives will be spared. This is therefore a deeply regrettable development, and the Government expresses sincere condolences to the families and friends of the victims.

‘I also want to urge everyone once again to remain cautious and to heed the information coming from the Meteorological Service, which is that a flash flood watch is in effect for the island. More importantly, heavy rains are expected to dump three to six inches of water across Jamaica today. Let us all be careful and do all we can to ensure that no more lives are lost,’ McKenzie added.

Prior to the passage of the storm, Jamaican authorities had confirmed three deaths, including one man being electrocuted, as people were taking precautionary measures to deal with the storm.

McKenzie earlier told reporters that the general overview is that the country continues to experience the effects of Hurricane Melissa and that there have been various road blocks, downed utility lines mainly in the western section of the island, where the storm hit the most.

He said more than 25,000 people have gone to the various shelters and ‘since last night more persons have been going into the shelters, and especially in the parishes that have been badly affected, a lot of homes have been destroyed so persons are now going to the shelters.

‘We are going to be looking at a long term basis as to how we are going to deal with the numbers, but I want to say to all shelter managers, parish disaster coordinators and to the Municipal Corporations, no one must be turned back from the shelters.

‘No one, and we are not contemplating closing any shelters. Once we have done the assessment and to see which shelters can be closed we will do so. But for the remainder of this week no shelters must be closed, all shelters must remain open.’

Jamaica is beginning the task of cleaning up on Wednesday after the category 5 hurricane Melissa left several paths of damage in its wake after slowing moving through the Caribbean island with winds in excess of 180 miles per hour (MPH) on Tuesday.

Prime Minister Andrew Holness has declared the island a ‘disaster area’ warning of ‘devastating impacts’ and ‘significant damage’ to hospitals, homes and businesses.

The Office of Disaster Preparedness and Emergency Management (ODPEM) said it has created logistical cells to harness agencies, including customs, Airport Authority and the Jamaica Defence Force, to ensure smooth operations for the clearance and distribution of relief supplies.

Damage caused by Hurricane Melissa on Tuesday

‘[This is] to ensure that whenever we are getting in supplies coming into the country , and we know that we will have a lot of commitments coming in from overseas, we will have enough hands on board and a very well put together plan to ensure that when supplies are in country they are not backing up at the ports,’ said acting OPEM Director General, Richard Thompson.

He told a news conference that the main airports and seaports are to be monitored to ensure relief is quick to reach the vulnerable.

‘One of the things that can stall your relief distribution is when your goods come in and they end up in a bottleneck at the ports,’ he said.

About three-quarters of the island is without power and many parts of its western side are under water, with homes destroyed by strong winds.

Local Government Minister Desmond McKenzie said ‘Jamaica has gone through what I can describe as one of our worst periods, our infrastructure has been severely compromised.

‘The entire Jamaica has felt the brunt of Melissa,’ he said, adding that teams would be sent out to start the assessment and to make available to the various communities the various relief supplies that are necessary to start the recovery process.

‘We are on standby, everything is ready,’ he added.

Thousands of people remain in shelters across the country. The Mayor of Montego Bay Richard Vernon said that the initial assessment of the impact of Melissa is ‘rough’.

The Miami-based National Hurricane Center (NHC) said that the storm, which weakened slightly to a category 3 hurricane, is bringing damaging winds, flooding rains and dangerous storm surge as it moves over Eastern Cuba on Wednesday.

It is about 60 miles west of Guantanamo Bay and 230 miles south of the Central Bahamas with maximum sustained winds of 115 mph.

Melissa is moving toward the northeast near 12 mph and a faster northeastward motion is expected during the next few days.

‘On the forecast track, the core of Melissa is expected to cross eastern Cuba this morning, move across the southeastern or central Bahamas later today, and pass near or to the west of Bermuda late Thursday and Thursday nigh,’ the NHC said, adding that Melissa is expected to remain a powerful hurricane when it moves across the Bahamas later today and passes near Bermuda on Thursday night.

The United Nations General Assembly Wednesday has, for the 33rd consecutive year, adopted a resolution calling for an end to the decades-long United States embargo against Cuba.

All 14 Caribbean Community (CARICOM) countries voted in support of the resolution as an overwhelming majority of the UN’s 193 member states urged Washington to lift the measures, despite a noticeable shift in countries choosing to either abstain or side with Washington.

The resolution, titled Necessity of ending the economic, commercial and financial embargo imposed by the United States of America against Cuba, was adopted by 165 votes in favour, seven against, and twelve abstentions.

Last year, the measure passed by 187 votes with two against (US and Israel) and just one abstention (Moldova).

Those voting against this year’s resolution were the US, Israel, Argentina, Hungary, Paraguay, North Macedonia, and Ukraine.

‘The United States government is satisfied to see so many countries send the regime a message that the international community will no longer tolerate’ its activities, the US Ambassador Jeff Bartos said.

The twelve abstentions came from Albania, Bosnia and Herzegovina, Costa Rica, Czechia, Ecuador, Estonia, Latvia, Lithuania, Morocco, Poland, Moldova and Romania

The text reiterates the Assembly’s long-standing appeal for all States to reject punitive US legislation such as the Helms-Burton Act of 1996, which Cuba and other countries argue violates international law and the UN Charter.

The Assembly also highlighted measures adopted by US President Barack Obama in 2015 and 2016 to modify some aspects of the embargo, ‘which contrast with the measures applied since 2017 [under the first Donald Trump administration] to reinforce its implementation.’

Through the resolution, the General Assembly also decided once again to include the embargo text in the provisional agenda of next year’s session.

The United States first imposed an embargo on the sale of weapons to Cuba on March 14, 1958, during the Fulgencio Batista regime. By October 19, 1960, almost two years after the Cuban Revolution led to Batista’s overthrow, the United States imposed an embargo on exports, with the exception of food and medicines, after Cuba nationalized American oil refineries without compensation. Within two years the embargo was expanded, so it covered almost all exports.

Since 1992 the United Nations General Assembly has annually adopted a resolution demanding an end to the Cuban economic embargo, with the United States and Israel being the only countries that consistently vote against these resolutions.