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oliviaodon

IDB - Nicaragua improves respond to natural disasters - 0 views

  • Inter-American Development Bank (IDB) has approved a $186 million contingent loan to help Nicaragua mitigate the impact that severe or catastrophic natural disasters could have on its public finances.
  • country is highly exposed to meteorological and geophysical threats such as earthquakes, floods, tropical storms, and volcanic eruptions. In fact, Nicaragua is the second most vulnerable country in the world to hurricanes and tropical storms, and ranks thirtieth in the world in its vulnerability to earthquakes.
  • This operation will help Nicaragua not only improve its financial planning but also promote the development of effective mechanisms for the comprehensive management of natural disaster risks through the Comprehensive Natural Disaster Risk Management Program (CNDRMP) required to access the proceeds of this loan. The CNDRMP promotes improvements in the identification, reduction, and financial management of risks, as well as in disaster management.
Javier E

Brazil, Fortune and Fate Turn on Billionaire - NYTimes.com - 0 views

  • After years of economic expansion, the South American nation has begun to sputter. Inflation has become a major concern. Brazil’s stock market index has declined about 23 percent this year, the most of any large country. This month, Standard & Poor’s cut its outlook on Brazil’s credit rating to negative, citing slowing growth and weakening finances.
  • Mr. Batista’s conglomerate, as an emblem of the nation’s industrial mettle, ranked among the government priorities now being questioned, receiving more than $4 billion in loans and investments from the national development bank.
  • authorities channeled huge resources of the state to projects controlled by tycoons.
bennetttony

US Congress Seeks to Expose Corruption in Nicaragua | The DC Dispatches | Law, Policy, ... - 0 views

  • On September 21, the House of Representatives approved passage H.R. 5708, the Nicaraguan Investment Conditionality Act (NICA) of 2017 that, if it becomes law, will prohibit loans by international financial institutions (“IFIs”) to the government of Nicaragua unless Nicaragua takes steps to ensure free, fair, and transparent elections as well as strengthen the rule of law.
  • The left-wing Sandinista government is economic and political disaster. Nicaraguan autocrat, Daniel Ortega, and his power-obsessed wife Rosario Murillo, are running for president and vice president in the upcoming November elections. Unless the opposition unites, quickly, the power hungry Ortegas may pull it off. The road to this point is paved with enough human rights abuses and corruption to keep tribunals and courts busy for years.
  • The Nicaraguan people seem to be reaching their limit. When Ortegas sacked the opposition party leadership a few months ago in the mostly puppet Congress, it seems to have lit a spark within the opposition as well as within his own Sandinista party.
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  • In addition to the domestic problems, Nicaragua, a staunch ally of Communist Cuba and Venezuela, is causing regional tensions to rise.
  • Corrupt officials, for example, should be denied U.S. visas to visit the United States, something that should extend to immediate family members
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    This article talks about measures that the US is taking to help combat the corruption in Nicaragua (even though the US isn't doing too much).
redavistinnell

Exclusive: leading candidate to be Commonwealth secretary general alleged to have recei... - 0 views

  • Exclusive: leading candidate to be Commonwealth secretary general alleged to have received $1.4m in fraud against Antiguan government
  • A fax dated 28 November 1997 appears to show that Rappaport opened an account with the Bank of Bermuda called the “IHI Debt Settlement Co Account”.
  • Sir Ronald served as High Commissioner to Britain from 1982 until 1987 and then again from 1996 until 2004. Soon after he returned to London, the Queen made him a Companion of the Order of St Michael and St George (CMG). She proceeded to award him a knighthood in June 2002. Two years later, Antigua’s then government commissioned an investigation by Robert Lindquist, a Canadian forensic accountant, after a routine audit suggested the state was overpaying a loan.
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  • The Lindquist report named Sir Ronald as a “person of interest” in this alleged fraud which cost Antigua $14 million (£9.3 million) between 1997 and 2006.
  • Mr Lindquist found that the monthly surplus of $203,594 – amounting to 40 per cent of Antigua’s total revenue from petrol sales tax - was shared between various beneficiaries, apparently including Sir Ronald. The architect of the alleged fraud was the late Bruce Rappaport, a S
  • Sir Ronald Sanders, now the Ambassador of Antigua and Barbuda to Washington, apparently received monthly payments of £10,000 while serving as High Commissioner in London, according to a report ordered by his country’s government but never subsequently published.
  • The document says that “funds received monthly from the Government of Antigua” amounting to $403,334 were to be used to repay IHI to the tune of $199,74
  • Including funds that were channelled through Bellwood Services – a Panamanian company owned by Sir Ronald until 1996 – the Lindquist report says that he appeared to receive a total of $1,398,492 (£933,000).
  • But on 29 June 2015, Antigua’s police commissioner wrote to Sir Ronald’s lawyers saying this should never have happened, adding: “I hereby confirm that the Royal Police Force of Antigua and Barbuda has no interest in interviewing Sir Ronald Sanders and that there are no current or pending investigations that involve him in any way.”
  • Antigua's current government has described the Lindquist report as “riddled with hearsay, rumour and conjecture” and the result of a “partisan witch-hunt” launched by a previous administration. Sir Ronald has never been shown the report.
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    This article shows the corruption with in the Antiguan government. There is an obvious gap between the government officials in Antigua and Barbuda and the people. One of the biggest problems facing Antigua's government is how corrupt it is.  
Javier E

How Brazil's China-Driven Commodities Boom Went Bust - WSJ - 0 views

  • If the biggest economic story this century was China’s rise, Brazil was uniquely poised to benefit from it. Rich in iron ore, soybeans and beef, not to mention oil, Brazil was positioned as a supplier of many things China needed. Its annual trade with China, only around $2 billion in 2000, soared to $83 billion in 2013. China supplanted the U.S. as Brazil’s largest trading partner.
  • Brazil fell under what some economists call the “resource curse,” a theory describing how countries with abundant natural resources sometimes do worse than countries without them. The idea is that the money from commodity sales can lead to overvalued currencies and shortsighted policy-making, leaving such countries badly exposed when the resource boom finally ends.
  • “Unfortunately, the history is that commodity-dependent economies do not catch up with the U.S.,” said Ruchir Sharma, head of emerging markets at Morgan Stanley Investment Management. “Not just oil producers. More countries end up being poorer, compared with the U.S., after they find a commodity than catch up.” Using data going back to 1800, he said commodity-dependent economies typically grow for a decade, then spend as long as two decades wallowing or slipping back.
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  • Buoyed by China trade, nationalist-minded politicians launched a foreign policy meant to reduce the role of the U.S. in Latin America. Brazil blocked a U.S. free-trade initiative for the Americas. They teamed with Venezuela to create a regional security council to supplant one that included the U.S. The foreign minister worked from an office with a huge map of the world upside down, offering the message that the era of emerging markets was at hand. But the world wasn’t upside down. While Brazil tied itself more closely to anti-American governments like Venezuela, Argentina and Iran, some regional neighbors—Chile, Colombia and Peru—went around Brazil and cut individual free-trade deals with the U.S.
  • Anticipating commodity sales, the government spent increasingly heavily. Government banks supplied Brazilians with easy credit. Brazil subsidized energy bills, issued cheap loans to big companies with government ties and built stadiums to host global events such as the 2014 World Cup and the 2016 Olympics.
  • Meantime, Brazil produced far less oil than predicted. Production actually shrank in some years, as Petróleo Brasileiro SA, PBR 12.80 % known as Petrobras, struggled with the enormous task of developing oil fields in extremely deep water.
  • Commodities’ support of the economy allowed Brazilian leaders to put off addressing certain problems that had long bedeviled the nation, such as a political system that tended to breed corruption and a bureaucracy that stymied business innovation. “Brazil became complacent because of the intoxicating effects of China trade,”
Javier E

Brazil's European Dream - 0 views

  • The news that Brazil has overtaken Britain to become the world's sixth largest economic power is being touted as a sign that that the longtime "country of the future" has finally arrived.
  • In the past 20 years, Brazil has become well known for turning crisis situations into geopolitical opportunities, becoming a leading voice in international forums devoted to AIDS, poverty, and even the environment. And now, it is doing it again with a challenge that Brazilians understand all too well: a debt crisis.
  • The IMF contributions stem from Rousseff's intention to maintain a tradition that began under her predecessor, President Luiz Inácio Lula da Silva, of using foreign assistance as a means to strengthen Brazil's international reputation and influence. Yet another example is Brazil's annual contributions to the World Bank, which have averaged $253 million from 2004 to 2009. Brazil was the first nation to contribute -- $ 55 million -- to the World Bank's Haitian Reconstruction Fund. From 2003-2007, Brazil also gave approximately $340 million to fund the U.N.'s operations. Lula also increased Brazil's contribution to the U.N.'s World Food Program from $ 1 million in 2009 to $ 27 million in 2011.
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  • in 1998, it was the Brazilian government, under President Fernando H. Cardoso, that was running to the IMF for assistance. Brazil was trying to recover from a capital flight of roughly $30 billion dollars, triggered by a lack of foreign investor confidence due to exorbitant debt and recession. To help quell investor speculation that Brazil would default (like Russia did months earlier), the IMF provided a bailout package of $41 billion on the condition that Cardoso prune government expenditures by 20 percent and reform the pension system.
  • in 2001, after a steep decline in foreign investment, currency depreciation, and a debt crisis in neighboring Argentina, Brazil essentially begged the IMF to help avoid a default on its external debt. This time the government received $15 billion in exchange for reducing federal expenditures and maintaining a primary budget surplus of approximately 3.75 percent through 2005.
  • Rousseff also wants an expanded role for Brazil within the IMF, along with the other BRICS, mainly through increased quota shares and voting rights. She has joined her colleagues from China, India, Russia, and South Africa in emphasizing that the IMF needs to recognize the importance of the world's largest emerging economies
  • Rousseff's European strategy is a smart move. By providing financial support in time of need, Brazil can strengthen its partnership and economic relationship with several European countries, as well as with the IMF. And by lending a hand, Rousseff may be able to garner more European support as she strives to boost Brazil's influence within the U.N. system and the IMF. Through these calculated endeavors, Rousseff can signal that Brazil isn't just arriving on the international scene, it's here to stay.
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