UPDATED: Saint Lucia mentioned in international debt crisis report

33
UPDATED: Saint Lucia mentioned in international debt crisis report

Saint Lucia has been named as one of the countries at risk of “current government external debt crisis”, according to a new analysis by the Jubilee Debt Campaign in the United Kingdom.

The country was not initially listed in a Business Insider report dated July 11, 2015 that named five other Caribbean countries which falls under the same listing.

The other Caribbean countries are: Grenada, Saint Vincent and the Grenadines, Jamaica, and the Dominican Republic.

Central American countries such as: Belize, Costa Rica, and El Salvador were also among countries that are currently in government external debt crisis — similar to Greece’s situation, though not at the same level.

The Commonwealth of Dominica was the only Caribbean nation among the 14 countries spiraling towards a “government debt crises”, according to the report.

No other Central American country is at risk of a government external debt crisis. Jubilee Debt Campaign is part of a global movement demanding freedom from the slavery of unjust debts and a new financial system that puts people first, according to the report.

CLICK LINK FOR ENTIRE REPORT: 

http://jubileedebt.org.uk/wp-content/uploads/2015/07/The-new-debt-trap-report.pdf

(0)(0)

No posts to display

33 COMMENTS

  1. Kenny’s beloved “Belated Guarantees” are indeed “Illegal and cause Social Harm”. From the time I heard him explaining why he did not follow the “Laws of Parliament” before he signed the “Since When That’s Your Role Contract”, I knew that it was a “Specious Argument Financially Speaking”.
    Roachemel, Black Bay, Greenberg, and the list goes on should have been precluded by the “Laws of Parliament” but those politicians become demi-gods once they get elected. The huge payments we taxpayers have had to bear because the politicians do not listen to technical and qualified individuals are just too many and too much.
    We should start holding politicians accountable for disregarding the “Laws of Parliament, Belated Guarantees, and Making Unilateral Uniformed Decisions.”
    Also, we should start holding them responsible for Wastage.
    NB: All Future Contracts, especially PPP Contracts, should be subjected to Public Scrutiny before being “Debated in Parliament which will lead to the Acceptance or Rejection of the Contracts.” PPPs cost at least twice what the Government would pay for the same project had it used some other ordinary financial instrument. Guy Joseph was right, Kenny may not own shares in the Company but the special terms of the Contract could amount to “Waste and Social Harm”, if any exists.
    Already, we need to Stop the Belated Guarantees and Follow the Constitution of St. Lucia.
    The Governor General should see to it that the Prime Minister upholds the Constitution of the Land.
    Again, my humble opinion…

    (0)(0)

  2. its funny readin some of the earlier comments when the report said st lucia was not on the list....but now the story has been updated and low and behold st lucia is on the list. hmm wonder what those praising Kenny hav to say now. lol .

    KENNY OUT !!!!!!!!!!!

    (0)(0)

  3. The euphoria, I knew was going to be very short-lived. None of the early commentators here took to heart the burning issues related to sovereign or national debt.

    But this hardly a forum for serious national discussion even though some of us would like it to be so.

    There are two basic issues that go way past the debt-to-GDP ratio:
    1) How much of this debt is denominated in local currency or borrowing, and how much is denominated in foreign currency or overseas borrowing (currency; and
    2) What is the debt repayment schedule, taking into consideration, the interest rates associated with each (the cost of capital issues) and how Saint Lucia is going to pay its short-term obligations ( e.g., those falling due this financial year), and is this by further borrowing from Peter to pay Paul, but with special reference to which debt instrument(s) will be used (e.g., bonds).

    We have a lot of self-serving empty ra-ra jobs-jobs-jobs politicians, absolutely clueless about the very fundamentals and differences between growth and development. This is reflected here in this forum by the paucity of ideas to address both, by our very deliberately (mis)leading politicians and their rallying uneducated minions and acolytes.

    (0)(0)

  4. Please read to understand before casting judgement or causing panic. Saint Lucia News Online did a great job of summarizing but it to fully understand what is being said please read the actual document. 1st thing I noticed in the references is “All of the start years for the measurement are 2005 or later, and all end years 2011″ The analysis is based of trend data and prediction their latest and most recent data used was in 2011. So what they are saying is based on that info we are at risk of a government external debt crisis as of 2011 based on their future projections.

    (0)(0)

  5. How stupid are you people???? There is absolutely nothing to APPLAUD. This is a travesty of mass proportions on an economic level. THERE IS NO reason we should be listed if there is proper management of fiscal resources. THE RANKING matters not as the list ONLY consists of countries performing TERRIBLY poorly. You people never take the time to read and comprehend. Simply spew forth nonsense like a bunch of illiterate party hacks. EMBARRASSING. The next report will come directly from the IMF as they are already closely monitoring our inept collection of VAT. YOU FOOLS, WISEN UP and READ before you comment. Signed- trade and economic specialist

    (0)(0)

    • We fall under the category of countries at risk meaning that there is a potential for a crisis. But then you read on through the report to understand that the data and method of analysis used is based on trend and prediction "All of the start years for the measurement are 2005 or later, and all end years 2011" Please read the actual report to understand. http://jubileedebt.org.uk/wp-content/uploads/2015/07/The-new-debt-trap-report.pdf

      (0)(0)

  6. Saint Lucians, present and past PMs are all in de same freaking boat. Dey doh know nutting about economics or business. All de time, dey just fooling people reading long, long boring budget speeches, dat odder people write for them!

    Even ministers do not seem to know dat de PM is de one writing de THRONE SPEECH for de governor. What a pathetic bunch of idiots we keep voting into de parliament year in, year out.

    (0)(0)

  7. Exactly what I was thinking Advanced. We are on the list and at #26 why are people Congrats the Kenny Anthony admin? Its obvious they can't read or can't comprehend.

    (0)(0)

    • sometimes it not good when we judge people too quick

      because the frist report said we weren't on the list - and its now been updated to say we are......

      (0)(0)

  8. Seems like the organization has adjusted and now reflects the reality of life on the ground. There was no way that we would not have made such a list when we are there struggling to stay afloat just like most Caribbean countries, better than a few worse than most. No it is not about want bad news, it's about wanting accurate information. If your stats do not reflect the reality then your measures, methods, results and or interpretation are erroneous.

    (0)(0)

  9. I must assume that most of the commentors here are displaying highly advanced sarcasm or just can't read.

    Why are there congratulatory comments when WE ARE on the list of countries 'at risk of governmental debt crisis'. Can you not read? We can't afford to be economically poor and have poor reading comprehension. Are you crowing because we have not already defaulted? We are on the same list as Haiti (the poorest country in the world). Pardon me, but that's nothing to dance about. Is that the standard to which we hold our financial leaders? Stop being idiots.

    Read the report here:
    http://jubileedebt.org.uk/wp-content/uploads/2015/07/The-new-debt-trap-report.pdf
    (The lists are on page 13).

    (0)(0)

    • because the frist report said we weren't on the list - and its now been updated to say we are......

      (0)(0)

  10. Debt is the AIDS of economics, them fellas need to use their rubbers, stop having so much casual and careless borrowing because it is buggering up the island.

    (0)(0)

  11. Good Job Saint Lucia - hope it stays that way. Now we just need to give Reanaue all these millions and share the wealth among other St Lucians.

    (0)(0)

  12. Kenny plans is for the future n not for the now for your kids n thier kids so some sacrifices now for a long time of benefits.Simple! # no party not political affiliated

    (0)(0)

  13. We really need to stop depending on all those so-called reports to determine how good or bad our performance rates on a global scale. Most of those are rarely accurate.

    (0)(0)

  14. wen the flambeaus heard about the last report, they were up in the air. u will not them comment about this one

    (0)(0)

  15. Kudos to Kenny and Company They now need to push Agriculture and Industry and stop the hemorrhaging of much need funds away from STEP to small industries.I suggest they make use of all the factory shells and government properties lying empty and decrepit.Make proper use of our VAT money to develop our people like Barbados.Personally i think heads should roll to allow our assets to waste by the road side .Example Il pirate Vieux- Fort ,houses Vigie Morne

    (0)(0)

    • This looks like par woll zhe te. You don't know who owns Il Pirate? Everybody knows and you don't know.

      (0)(0)

  16. Did St. Lucia submit necessary documents to be on this report or are their documents available? And who is this reported company/organization? Do they have any clout, what were he definition and criteria for debt used in this report, who are the funders of the report and what is the purpose? There is far too much missing background information to jump around excitedly especially when we have heard the PM himself talk about how close we are to debt crisis, (even wanted to cut civil servant salary, one of the first IMF moves), and we have heard of the millions that he has borrow over his last few years and during his last tenure as PM. We all know we catching our royals to buy basic needs, this report does not change the reality. Nice smoke screen.

    (0)(0)

    • Oh come on! If it were bad news then this company/organization (according to you) would have been credible. For people like you, you are looking forward to hearing bad news so that you can be in ecstasy.

      (0)(0)

  17. Of course we aren't listed. We are at only 75 % debt/GDP and our central bank has a large amount of foreign reserves. We have also been taking steps to alleviate the debt burden.

    (0)(0)

    • What's so strange about it?

      Though I am a supporter of the SLP, it doesn't mean i won't criticize them if I feel their policies are bad.
      Equally, it doesn't mean I won't also support or criticize the UWP based upon their policies.

      You need to jump off the Party Hack Train.

      (1)(0)

  18. thank goodness Mr. Anthony didn't go the IMF route like our sister islands.your points and economics are vindicated. time to rip the benefits

    (0)(0)