Carib Scope

分类： business

  • BTL’s Big Telecom Move Triggers Backlash Outside Headquarters

    BTL’s Big Telecom Move Triggers Backlash Outside Headquarters

    On August 4, 2026, a high-stakes telecommunications acquisition in Belize moved forward after a board vote at national telecom giant BTL, but the approval has sparked immediate public pushback from multiple national labor unions, which are demanding greater transparency and questioning whether the deal serves the broader public interest.

    Shortly after BTL’s board of directors finalized its vote on the proposed purchase of Speednet Communication Limited, trade union representatives gathered outside the company’s Belize City headquarters to amplify long-simmering concerns about the lack of broad public consultation around the transaction. Ella Waight, president of the National Trade Union Congress of Belize (NTUCB), emphasized that the gathering was not a formal protest, but a formal registration of dissent over the closed-door negotiations that have defined the deal process.

    Waight explained that the NTUCB has pushed from the earliest stages of the proposal for full, inclusive public consultation that includes not just select industry insiders or political stakeholders, but everyday consumers, local media outlets, and all parties with a stake in the future of BTL, Belize’s leading telecom provider. That call for open engagement has never been addressed, she said. She was joined at the gathering by Lydia Blake, an executive member of the KHMHA Workers Union, who echoed the demand for an independent financial audit to confirm the acquisition represents a sound public investment.

    The demonstration gained unexpected new momentum when Jermaine Williams, president of the Belize Communications Workers Union (BCWU), left internal BTL meetings to join the protesters, marking the first explicit public rejection of the deal from a major BTL staff union. Williams told reporters that newly uncovered financial discrepancies have eroded staff support for the acquisition: documentation shows the declared capital value of Speednet (which operates under the brand Smart) is far lower than originally presented to staff and stakeholders, with reported values dropping from an initial $40 million to just $15 million. While Williams acknowledged minor potential uncertainty around the exact figures, the mismatch is enough to justify halting the deal until a full independent review is completed, he said.

    The final board vote split 8-2 in favor of approving the acquisition, with only two directors opposing the transaction. Public Service Union president Dean Flowers told reporters that one of the opposing votes came from director Annisa Perdomo, who holds her board seat via her appointment to the Social Security Board (SSB), which owns a 34% controlling stake in BTL. Flowers noted that Perdomo’s no vote would put her at odds with the SSB’s recent official position on the deal, a break from ranks that carries major political and institutional significance.

    Months earlier, the SSB had been the most prominent holdout on the acquisition, refusing to sign off until outstanding questions about the deal’s value and public benefit were addressed. The SSB shifted its stance after the resignation of former chair Chandra Cansino, issuing a formal “no objection” that cleared the path for the board vote. Flowers criticized the SSB’s decision, arguing that the body’s refusal to issue a formal rejection was a failure of political will, driven by reluctance to challenge powerful institutional interests in the country. “Instead of issuing an affirmative no, they said we will show our spinelessness and issue a no objection, because we do not dare challenge the cabal leader,” Flowers told reporters.

    In a formal statement to News Five, current SSB Chair Dr. Sheree Smiling-Craig defended the body’s revised position. Dr. Smiling-Craig explained that the SSB conducted a comprehensive two-month analysis of the acquisition’s potential benefits, concluding that the purchase would strengthen BTL’s competitive position in the Belizean market and protect the long-term value of SSB’s existing investment for the benefit of all social security contributors and beneficiaries. She also clarified that the SSB will not make any additional capital investment in BTL as part of the transaction.

    The acquisition has emerged as one of the most debated corporate transactions in Belize’s recent telecom history, with critics warning that the lack of transparency has put consumer interests and public investment at risk, while backers argue the deal will create long-term value for the country’s leading communications provider.

  • NTUCB Says Labor Sidelined in Proposed BTL-Speednet Deal

    NTUCB Says Labor Sidelined in Proposed BTL-Speednet Deal

    A planned corporate acquisition in Belize’s telecommunications sector has sparked escalating tension between organized labor and industry regulators, as the country’s largest union confederation has publicly condemned its exclusion from the regulatory review process for the proposed takeover of Speednet by Belize Telemedia Limited (BTL).

    The National Trade Union Congress of Belize (NTUCB), which represents the nation’s organized workforce, says it has repeatedly logged formal concerns about the merger but has seen zero meaningful influence over the review and negotiation process. NTUCB President Ella Waight accused BTL of outright disregard for labor’s input on this high-stakes national economic deal, at a time when the final decision on whether to approve the acquisition rests with the country’s Public Utilities Commission (PUC).

    In a blunt, on-the-record interview, Waight pushed back against the narrative that labor only seeks a token seat at the table. “We don’t want to just be heard, we are not an entity that just want to be heard, we want to be adhered to. We want to be taken seriously and our recommendations adhered to,” Waight stated. “We don’t sit here to be heard. If that is the case, forget BCCI, forget NTUCB on any board of directors on SSB on BTL. We are not just here to be place holders. We are here to make meaningful input and provide guidance from the congress which represents workers of this country.”

    When asked directly to rate her level of trust in the PUC, the independent regulator tasked with weighing the public interest in approving the deal, Waight gave an unflinching answer: zero. She explained that the NTUCB has reached out to the PUC at least twice in writing to request a meeting and clarify key details of the review process, but the commission has not even acknowledged the union’s correspondence. That lack of engagement has erased any confidence the union body may have had in the regulator’s ability to deliver a fair, balanced decision.

    This report is a transcribed excerpt from a televised evening news broadcast, with all statements preserved in their original context for online publication.

  • Independent Senators Oppose BTL’s Approval of SMART Acquisition

    Independent Senators Oppose BTL’s Approval of SMART Acquisition

    In a dramatic display of opposition on August 4, 2026, all four independent senators of Belize have publicly challenged and walked out of a Senate sitting in Belmopan to protest the greenlight given to Belize Telemedia Limited (BTL) for its planned $80 million acquisition of Speednet Communications Limited, better known as SMART. The bipartisan group of lawmakers — Kevin Herrera, Louis Wade, Glenfield Dennison, and Janelle Chanona — released a formal joint statement outlining their deep-seated concerns over the proposed merger, which they say carry unresolved risks for Belize’s legal framework and competitive telecommunications market. The independent senators have aligned their position with a broad coalition of domestic stakeholders, including the Belize Chamber of Commerce and Industry (BCCI), the National Trade Union Congress of Belize (NTUCB), and the country’s parliamentary Opposition. All these groups have raised persistent questions about three core aspects of the transaction: its legal standing, the accuracy of SMART’s $80 million valuation, and the long-term consequences for industry competition. A central argument from the senators is that the completed acquisition would create an effective monopoly in Belize’s telecommunications sector, a outcome that directly violates Section 42(4) of the nation’s existing Telecommunications Act. The lawmakers stressed that the Public Utilities Commission (PUC), the country’s independent regulatory body for public utilities, has a non-negotiable legal obligation to conduct a full, transparent merger review before any transaction can move forward. This mandatory review is particularly critical, they noted, because the acquisition would restructure existing shareholdings in the telecommunications market and reshape competitive dynamics for all consumers and businesses operating in the sector. Beyond competition and legality concerns, the independent senators have also called into question the rushed timing of the proposed sale. They warned that pushing to finalize the transaction while core legal questions remain unaddressed puts the entire validity of the deal at legal risk, setting a problematic precedent for regulatory compliance in the country. The protest came to a head during Wednesday afternoon’s Senate sitting in the capital city of Belmopan, where all four independent senators exited the chamber in a coordinated walkout to demonstrate their formal opposition to BTL’s approval of the acquisition plan. This high-profile protest marks a significant escalation in tensions over the proposed merger, drawing national attention to the growing bipartisan and cross-sector pushback against what critics describe as a non-compliant, anti-competitive transaction that would harm Belizean consumers and small businesses.

  • BTL Board Greenlights $80M SMART Acquisition Plan

    BTL Board Greenlights $80M SMART Acquisition Plan

    On August 4, 2026, the Board of Directors of Belize Telemedia Limited (BTL) gave formal approval to move forward with a planned $80 million acquisition of 100% of the issued share capital of Speednet, which operates under the SMART brand. The green light from the board is not final, however, as it remains contingent on two key conditions: the successful completion of ongoing due diligence reviews, and the final negotiation of binding contractual terms including representations, warranties, and other legal protections for BTL as the purchasing party.

    BTL has framed the proposed transaction as a transformative strategic investment that will lay stronger groundwork for Belize’s long-term digital development. Company officials emphasize that the merger will eliminate wasteful overlapping telecommunications infrastructure across the country, while also allowing the combined entity to expand affordable connectivity services to underserved rural communities. Critically, BTL has stressed that the $80 million purchase will not require any external borrowing, nor will it demand additional capital investment from the Social Security Board (SSB), BTL’s major stakeholder. This confirmation was corroborated by SSB Chair Dr. Sheree Smiling-Craig, who clarified that the public social security fund will not inject new funds into BTL to support the deal.

    Over the course of two months, SSB carried out an in-depth independent review of the acquisition’s potential benefits and risks. According to Smiling-Craig, the fund’s analysis concluded that the transaction has strong potential to reinforce BTL’s competitive standing in Belize’s telecommunications market, and ultimately boost the long-term value of SSB’s existing stake – a benefit that will flow to the fund’s contributors and beneficiaries. Based on BTL’s current financial projections, the acquisition has an estimated discounted payback period of roughly 4.2 years, meaning the company expects to recoup its full investment in under four and a half years. Moving forward, BTL has stated it remains dedicated to maintaining open, constructive dialogue with the national government, the Public Utilities Commission (PUC), and all other industry stakeholders as the deal progresses through the next phases of review and negotiation.

    Despite BTL and SSB’s confidence in the transaction, the board’s approval has drawn sharp pushback from two major Belizean organizations: the Belize Chamber of Commerce and Industry (BCCI) and the National Trade Union Congress of Belize (NTUCB). Both groups have raised repeated concerns about multiple aspects of the proposed acquisition, including the rigor and transparency of the financial due diligence process, the potential negative impact on market competition in Belize’s telecommunications sector, and the failure to conduct broader public consultation with affected parties ahead of the board’s vote. NTUCB President Ella Waight made the union’s position clear in comments ahead of the board’s decision, stating that no outcome of the vote would alter the group’s opposition. “The overall finalised decision has to be no,” Waight said.

  • McIntyre announces historic 10% flat income tax rate in $1.125 billion budget

    McIntyre announces historic 10% flat income tax rate in $1.125 billion budget

    In a landmark announcement delivered to Dominica’s Parliament on Tuesday, Finance Minister Dr. Irving McIntyre has introduced what he calls the most expansive personal income tax reduction in the nation’s history, paired with a total EC$1.125 billion national budget for the 2026-2027 fiscal year. At the core of the reform is a sweeping shift to a uniform 10% flat income tax rate, a policy set to enter into force on January 1, 2027.

    The new single-rate framework will replace Dominica’s current three-bracket progressive tax system, which imposes rates of 15%, 25%, and 35% on different income levels. Crucially, the reform preserves the existing tax-free threshold: individuals earning $30,000 or less annually will still not be required to pay any personal income tax.

    McIntyre emphasized that the new tax overhaul builds on over two decades of consistent policy from the ruling Dominica Labour Party administration, which has centered its economic agenda on easing the tax burden for working people and helping residents keep more of their hard-earned income. He provided historical context to frame the scale of the 2027 reform, noting that when the current government first took office in 2000, the nation’s income tax structure carried far higher top rates of 20%, 30%, and 40%, with a tax-free threshold set at just $12,000 annually.

    Following Dominica’s steady economic recovery and the successful conclusion of its International Monetary Fund-backed economic stabilization program, the government began rolling out incremental tax relief measures starting in 2009. Those earlier reforms cut the top marginal tax rates to the current 15%, 25%, and 35%, while gradually raising the tax-free threshold from $25,000 to its current $30,000. Over the years, the administration has also introduced a range of additional tax concessions, including expanded deductions for mortgage interest, full deductions for student loan payments, and additional allowances for home and medical insurance premiums. These changes have already lowered tax bills for thousands of workers and removed many low-income Dominicans from the personal income tax system entirely.

    “Today, despite a global environment marked by widespread economic uncertainty, this government will again provide relief to further empower the hardworking people of Dominica,” McIntyre told lawmakers during his budget address.

    The finance minister framed the new 10% flat rate as an intentional fiscal sacrifice for the government, but one that will deliver tangible, long-term benefits for residents while simplifying the entire tax system and making it far more equitable for all working people. Unlike broad-based tax cuts that disproportionately benefit high earners, this reform retains protections for low-income workers while delivering proportional relief to all residents earning above the $30,000 tax-free threshold.

    To help the public understand the immediate impact of the change, McIntyre shared concrete examples of annual and monthly savings for workers at different income levels. A full-time worker earning $48,000 per year ($4,000 monthly) will take home an extra $75 each month, adding up to $900 in additional annual disposable income. For a worker earning $60,000 per year with no additional deductions, monthly tax bills will drop from $458 to just $250, translating to $208 in monthly savings, or roughly $2,500 per year. Higher-earning residents will see even more substantial savings: an individual earning $84,000 annually will gain an extra $541.67 per month, totaling around $6,500 in annual tax savings. For multi-income households, the benefits are cumulative: a family with two working members each earning $4,000 per month will save an extra $150 monthly, or $1,800 per year, before accounting for other applicable deductions.

    McIntyre noted that the extra disposable income from the tax cut will be entirely at the discretion of Dominican households, who can put the savings toward covering basic household expenses, paying down mortgage or other consumer debt, boosting health insurance coverage, building personal savings, investing in small local businesses, or funding further education for family members. Ultimately, he said, the tax reform reaffirms the government’s commitment to strengthening household financial stability while driving broad-based economic growth by putting more money directly into the pockets of working Dominicans.

  • Record 701 companies join regional agrifood business event, creating US$25.5 million in opportunities

    Record 701 companies join regional agrifood business event, creating US$25.5 million in opportunities

    The 13th iteration of the Virtual Agrifood Business Matchmaking Round has wrapped up with landmark results, drawing a record-breaking 701 agrifood industry stakeholders from across Latin America and the Caribbean and unlocking an estimated $25.5 million in new commercial opportunities for participating enterprises.

    This annual virtual event is the product of a long-standing collaborative partnership between three major regional and international institutions: the Inter-American Institute for Cooperation on Agriculture (IICA), the Food and Agriculture Organization of the United Nations (FAO), and the Secretariat for Central American Economic Integration (SIECA). Launched in 2020, the ongoing initiative was designed with a clear core mission: to break down barriers to cross-border trade and strengthen the regional agrifood commerce ecosystem.

    The 2026 event brought together a diverse cohort of businesses spanning the entire region. In addition to large representation from Central American nations, participants traveled virtually from key agrifood-producing markets including Argentina, Chile, Colombia, the Dominican Republic, Ecuador, Mexico and Peru. Demographic breakdowns highlight the event’s inclusive focus: 38 percent of all participating companies are led by women, while entrepreneurs under the age of 40 head 46 percent of participating firms. The majority of attendees, 68 percent, are micro, small and medium-sized enterprises (MSMEs) – businesses that often struggle to access cross-border market connections on their own.

    Trade activity at this year’s round was led by high-demand fresh produce, with fresh fruits and vegetables accounting for the largest share of buy-sell transactions. Coffee and cocoa took the second spot as the most actively traded products, alongside other offerings ranging from value-added prepared foods and nutrient-dense healthy snacks to specialized industry services including transportation and logistics, and advisory support for meeting international food quality and safety standards. Beyond immediate transactions, the event also served as a critical networking hub, allowing enterprises to forge new long-term strategic partnerships and scope out untapped customer bases in new regional markets.

    Since the virtual matchmaking series launched six years ago, cumulative participation has reached 7,385 supplier companies from across Latin America and the Caribbean. Post-event surveys compiled by IICA show the initiative has generated a total of $309.7 million in projected business opportunities to date, marking consistent growth in both participation and impact with each successive round.

    Edith Flores de Molina, Director of SIECA’s Center for Studies on Economic Integration (CEIE), emphasized that the ongoing success of the series underscores the tangible economic value of expanding regional integrated trade. “The results achieved through the thirteen business rounds held to date demonstrate that this type of event promotes regional trade within a framework of inclusion and competitiveness,” Flores de Molina said. “They also enable companies to strengthen commercial ties beyond national borders, expanding their business networks and opening new market opportunities.”

    Daniel Rodríguez, a representative from IICA’s Directorate of Technical Cooperation, noted that the steady year-over-year rise in participation confirms the event has cemented its status as one of the region’s premier platforms for connecting across the agrifood supply chain. The event brings together producers, large and small agribusinesses, industry service providers, and commercial buyers into one accessible virtual space, filling a gap in market access for smaller operators.

    Pablo Rabczuk, Senior Programme Officer involved in the initiative, added that virtual matchmaking tools address a critical need for MSMEs looking to expand their regional footprint. “Tools such as virtual business matchmaking rounds are essential to encourage companies across the region to invest in regional markets,” Rabczuk said. “At a time of heightened global volatility, there is significant room for growth within the region, and this opportunity should be seized.”

  • ECFH, BOSL and NIC salute legacy of Evaristus Jn. Marie

    ECFH, BOSL and NIC salute legacy of Evaristus Jn. Marie

    The Caribbean island nation of Saint Lucia is mourning the passing of one of its most respected financial and public sector leaders, Evaristus Jn. Marie, who died Friday at age 67 after a prolonged fight with illness. Across his decades-long career, Jn. Marie held a series of the most senior leadership roles at three of the country’s most critical institutional bodies: the Eastern Caribbean Financial Holding Company (ECFH), Bank of Saint Lucia (BOSL), and the National Insurance Corporation (NIC).

    In a joint public statement released following his death, ECFH and BOSL remembered Jn. Marie as a transformative and exceptional leader whose professional legacy was anchored in unshakable personal integrity, forward-thinking strategy, lifelong commitment to public service, and an unwavering dedication to advancing both economic growth and social progress across Saint Lucia.

    When Jn. Marie assumed the role of chairman for both ECFH and BOSL in 2021, he took the helm at a critical turning point for both institutions. The organizations credit his steady, deliberate leadership with guiding them through a period of dramatic global and local economic shifts, all while championing rigorous corporate governance, increased organizational accountability, and a long-term vision for sustainable growth.

    His impact extended far beyond strategic direction, leaving an enduring imprint on the culture and work of both entities’ boards of directors and executive management teams. The joint statement noted, “Mr Jn. Marie provided steadfast leadership and invaluable guidance to our Board and Management team. His dedication to good governance, his deep understanding of business and finance and his genuine concern for the advancement of our institution and our country have left an indelible mark on ECFH and Bank of Saint Lucia Limited. We have lost not only an outstanding Chairman, but also a respected mentor, colleague and friend.”

    For the National Insurance Corporation, which provides critical social safety net services to thousands of Saint Lucians, Jn. Marie also brought steady and thoughtful leadership from February 2021 through his final days, serving across multiple NIC boards and committees. The organization emphasized that Jn. Marie’s dedication to the corporation grew from his personal understanding of the vital role NIC plays in supporting the daily lives of Saint Lucia’s residents. He approached every duty with consistent fairness and sharp professionalism, and was known industry-wide for his calm, optimistic demeanor and commitment to equitable decision-making.

    All three institutions have formally extended their deepest condolences to Jn. Marie’s family, friends, and loved ones. They note that his enduring legacy of principled leadership, uncompromising integrity, and committed public service will continue to inspire all those who had the privilege of working alongside him for years to come.

  • Wage increase for Windward Island Gases employees

    Wage increase for Windward Island Gases employees

    After weeks of closed-door negotiations between senior management of Windward Island Gases Limited and representatives from the National Workers Union (NWU), a landmark multi-year collective agreement has been reached, delivering tangible financial benefits to hundreds of the firm’s technical and clerical employees. The cornerstone of the new deal is a broad-based general wage increase, with a cumulative 9% raise set to be rolled out in equal annual increments over three years. Beyond base salary adjustments, the revised employment package expands a range of supplementary benefits for staff, bringing in an updated structured compensation framework for workers taking on temporary acting positions, as well as higher monetary allowances for both early-morning breakfast coverage and on-call standby shifts. In a key provision that addresses prior wage gaps, the agreement stipulates that all eligible employees will receive retroactive pay for roughly 12 months of service, with the provision set to take effect starting July 1, 2025. As part of the negotiated understanding, company leadership has also committed to the NWU to refine and upgrade core internal operational processes. This planned operational overhaul is projected to drive higher overall productivity at the firm, creating mutually positive outcomes that will boost satisfaction for workers, the company itself, and its broader client base. The Jamaican Department of Labour is now on track to formally review and finalize the industrial agreement in the near term, bringing the negotiation cycle to a formal close.

  • IMF Warns Middle East Conflict Could Slow Caribbean Growth, Push Up Inflation

    IMF Warns Middle East Conflict Could Slow Caribbean Growth, Push Up Inflation

    Amid the release of its latest updated World Economic Outlook (WEO) report, the International Monetary Fund has issued a fresh warning that escalating Middle East conflict-driven geopolitical risks pose significant downward pressure on Caribbean economies, even as the region’s overall baseline growth projections remain aligned with estimates published earlier this year in April.

    Tensions roiling the Middle East, involving key global players Israel, Iran and the United States, have injected extreme volatility into international energy markets. A temporary disruption of shipping traffic through the Strait of Hormuz, a critical chokepoint that carries roughly 20% of the world’s daily oil supply, has pushed crude prices sharply higher and amplified already persistent inflationary pressures across the globe.
    Following the WEO launch, regional news outlet SKNVibes.com pressed the IMF for clarity on how the most recent geopolitical developments would reshape economic trajectories across the Caribbean’s diverse economies. An IMF spokesperson noted that the impact of the crisis will not be uniform across the bloc: while tourism-dependent economies will bear the brunt of rising import costs for energy and food, net commodity exporting nations in the region stand to gain from improved terms of trade driven by elevated commodity prices.

    Breaking down the new projections, the IMF forecasts that growth among Caribbean economies reliant on tourism will cool to 0.9% in 2026, before bouncing back to 2.5% in 2027. For commodity exporting nations excluding Guyana, growth is projected to climb to 1.5% this year and accelerate further to 3.3% in 2027, a lift largely powered by higher global oil prices. Across the region as a whole, average inflation is projected to accelerate to 6.6% in 2026, with the balance of growth risks firmly tilted to the downside, the Fund emphasized.

    Beyond direct commodity price shocks, the IMF outlined a range of secondary risks hanging over the region. A potential slowdown in the United States – the largest source of tourist arrivals for most Caribbean nations – could further cut into visitor numbers and tourism revenue. Meanwhile, higher import bills paired with tighter global financial conditions are expected to strain domestic economic activity and weaken external balances. Persistently high geopolitical uncertainty and the region’s long-standing structural vulnerability to extreme natural disasters add extra layers of risk to the outlook, the Fund added.

    On the global front, the IMF maintained its broadly stable growth projections from April, forecasting 3.0% global growth in 2026 and 3.4% growth in 2027. Speaking at the WEO press briefing, Petya Koeva Brooks, Deputy Director of the IMF’s Research Department, outlined that the global economy is on track for a V-shaped recovery: 2026 will see slower growth than pre-conflict projections predicted, but activity is set to rebound in 2027. Still, Brooks warned that inflation has become an increasingly stubborn challenge. “Our global headline inflation forecast has been revised upward to 4.7 percent this year, while our core inflation forecast is broadly unchanged. Put simply, the disinflation trend that has been in place since early 2024 has stalled,” she explained.

    Brooks also highlighted surprising resilience in the global economy that has softened the worst-case outcomes of the Middle East conflict. Global markets avoided a catastrophic spike in oil prices thanks to coordinated inventory drawdowns, increased production from non-Gulf oil exporters, and temporary demand-reduction measures. Widespread adoption of renewable energy and falling energy intensity across most major economies have also acted as a buffer against energy price shocks, she noted. After a sharp tightening of global financial conditions in April, conditions have since eased and remain supportive by historical standards, Brooks added.

    When asked what policy guidance the IMF offers to small island developing states in the Caribbean – most of which operate with very limited fiscal room and rely almost entirely on imported fuel – the spokesperson emphasized that policy must center on targeted support for vulnerable households. “Given limited fiscal buffers in many Caribbean countries, fiscal policy should prioritize protecting the most vulnerable through targeted and temporary measures, while avoiding broad-based interventions that distort price signals,” the spokesperson told SKNVibes.

    The IMF stressed that Caribbean nations cannot delay planned fiscal consolidation efforts, noting that rebuilding fiscal buffers is critical given the region’s already high public debt levels, persistent global uncertainty, and ongoing exposure to climate-driven natural disasters. The Fund also recommended that governments strengthen their fiscal frameworks, improve domestic revenue collection, and streamline public spending to boost operational efficiency and preparedness for future economic shocks. “Governments should better target social spending and prioritize high-return public investment,” the spokesperson added.

    To close, the IMF reaffirmed its long-standing commitment to supporting Caribbean nations through targeted policy advice, technical capacity-building assistance, and when appropriate, financing, delivered in coordination with other regional and global international institutions.

  • President Simons: Geen lening afgesloten bij Bank of America

    President Simons: Geen lening afgesloten bij Bank of America

    On Monday, Suriname President Jennifer Simons publicly refuted widespread rumors that the South American nation secured a new loan from Bank of America during her recent working visit to London. Speaking at an official government press conference, the head of state clarified that her discussions with Bank of America representatives had a single clear focus: laying the groundwork for a strategic bilateral partnership and accessing global financial expertise as Suriname prepares for the expected influx of new oil and gas revenue.

    Responding to targeted questions from reporters about the high-level London meeting, Simons emphasized that international interest in Suriname’s emerging energy sector has grown substantially in recent months, making proactive preparations for imminent economic shifts all the more critical. “We did not go to London to borrow money,” the president stressed. “What we did do was strengthen institutional ties and formalize agreements for targeted expertise and advisory support.”

    Simons explained that the meeting was convened in London because Bank of America’s global chief executive was located in the city and extended an invitation for talks. During the several-hour discussion, attendees from both sides covered a range of priority topics, including the ongoing expansion and modernization of Suriname’s domestic financial system, and how international specialized knowledge can support that process. Joining President Simons for the talks were Suriname’s Minister of Finance and Planning Adelien Wijnerman and her senior advisor Sigmund Proeve, while Bank of America was represented by a full team of senior financial experts.

    A core focus of the meeting, Simons noted, was building readiness for the large capital inflows that will accompany Suriname’s growing oil and gas production. The president argued that these impending economic changes require a modern, resilient financial system capable of withstanding cross-border risks and global economic volatility. “We have to align our banking regulations and our entire financial framework with a new era where significant capital will enter the country,” Simons said. “We must protect our nation and build a robust, stable financial system that serves all Surinamese people.”

    The meeting marked the opening of deeper collaboration between Suriname and major global financial institutions, according to the president. She added that the Suriname government is already holding parallel talks with other international banks to secure additional support for the continued development of the country’s financial sector, ahead of the projected ramp-up in energy output.