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/raid1/www/Hosts/bankrupt/TCRLA_Public/201210.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, December 10, 2020, Vol. 21, No. 247 Headlines B R A Z I L BRAZIL: Economic Activity Contracted by 7% in First Half of 2020 C O L O M B I A COLOMBIA: IDB OKs $8MM Loan to Help Improve SMEs D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Tourism Sector Begins to Recover [*] DOMINICAN REPUBLIC: Now is the Time to Invest, Abinader Says J A M A I C A JAMAICA: Enters Digital Marketing Partnership to Help MSMEs PALACE AMUSEMENT: Suffers $99 Million Loss P U E R T O R I C O ALM LLC: Seeks Approval to Hire Jose Victor Jimenez as Accountant LIMENOS CORPORATION: Plan of Reorganization Confirmed by Judge T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: No Train One Facility Shutdown, Minister Says X X X X X X X X LATAM: ECLAC Reports Drop in FDI for 2019; Expects Further Plunge - - - - - =========== B R A Z I L =========== BRAZIL: Economic Activity Contracted by 7% in First Half of 2020 ---------------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Brazil. COVID-19 has upended lives and livelihoods in Brazil, as it has in most countries around the world. Over 5.5 million Brazilians have been infected and more than 160 thousand have died from the disease. Economic activity contracted by 7 percent in the first half of 2020, the unemployment rate rose to 14.4 percent in September, and 11 million workers left the labor force. Households in the lowest income deciles were the most affected by the loss of labor income while women suffered a bigger decline in hours worked than men. Non-financial corporate profitability fell, and leverage surged amid reduced cash flows and high uncertainty. With the sharp contraction in domestic demand, inflation turned negative in April and May but gradually rose to 2.4 percent y-o-y in August, still below the lower band of the headline inflation target. The government's response to the crisis was swift and sizable. The authorities implemented emergency cash-transfer and employment-retention programs, increased health spending, provided financial support to subnational governments, and extended government-backed credit lines to small businesses. In all, fiscal and quasi-fiscal measures amounted to 18 percent of GDP, raising the primary deficit to about 12 percent of GDP in 2020 from 1 percent in 2019. The Central Bank cut the policy rate by 225 bps in quick succession to 2 percent and announced extensive liquidity and capital relief measures. The policy response averted a deeper economic downturn, stabilized financial markets, and cushioned income loss for the poorest. Retail and industrial activity returned to pre-COVID levels in the third quarter, but the services' sector remains depressed, with a negative impact on employment. The economy is projected to shrink by 5.8 percent in 2020, followed by a partial recovery to 2.8 percent in 2021. The lingering effects of the health crisis and the expected withdrawal of fiscal support will restrain consumption while investment will be hampered by idle capacity and high uncertainty. Inflation is expected to stay below target until 2023, given significant slack in the economy. The current account deficit is projected to narrow to -0.3 percent of GDP in 2020 from 2.8 percent of GDP in 2019 before gradually increasing over the medium-term as imports and profit distribution recover. With a sharp increase in the primary fiscal deficit, gross public debt is set to rise to 100 percent of GDP and remain high over the medium-term. The record low SELIC has helped reduce government borrowing costs but the local currency yield curve has steepened considerably, highlighting market concerns over fiscal risks. Overall, risks around the baseline are exceptionally large and multifaceted but high international reserves, a resilient banking system, and a low share of public FX debt are important mitigating factors. Executive Board Assessment Executive Directors agreed with the thrust of the staff appraisal. They noted that good policies had positioned the Brazilian economy to take off in 2020, but the pandemic had a severe impact on the economy. Directors commended the authorities' strong policy response, which averted a deeper economic downturn, stabilized financial markets, and cushioned the effects on the poor and vulnerable. They stressed that policies should focus on limiting the scarring effects of the pandemic, ensuring medium-term debt sustainability, and pressing ahead with reforms to foster a robust and inclusive recovery. Directors welcomed the authorities' commitment to preserve the constitutional spending ceiling as a fiscal anchor to support market confidence. At the same time, in the event that economic conditions turn out significantly worse than expected, most Directors emphasized that the authorities should be prepared to provide additional targeted support, and welcomed the authorities' willingness to consider this possibility. A number of Directors also cautioned against an abrupt withdrawal of fiscal support. Directors stressed that swiftly implementing structural fiscal reforms that lock in medium-term consolidation will be essential to mitigate the risk of undesirable debt dynamics. They recommended reducing mandatory spending and budget rigidities, strengthening the social safety net, reforming the subnational pension schemes and strengthening the subnational fiscal framework, and revamping the tax system. Directors agreed that monetary policy should remain supportive next year amid the substantial withdrawal of fiscal stimulus, with some Directors noting the scope to loosen monetary policy further, including through forward guidance, if inflation and inflation expectations remain below target. Some Directors cautioned about potential tradeoffs from further interest rate cuts given the unprecedentedly low level of the policy interest rate. In this context, careful monitoring of the implications for financial stability and capital flows of further rate cuts is warranted. Directors noted that approval of formal central bank independence would further strengthen the integrity of the monetary framework. They emphasized that the flexible exchange rate and sizable foreign reserves remain important shock absorbers, and intervention in the FX market should remain limited to addressing excess volatility. Directors noted that the Brazilian banking system remains resilient but cautioned that continued close surveillance is warranted. They encouraged using the flexibility of the regulatory framework to weather the impact of the pandemic without diluting prudential standards. Continued progress in implementing the 2018 FSAP recommendations will be important. Directors urged the authorities to press ahead with structural reforms to raise potential growth and improve living standards. They highlighted reforms to make the Brazilian economy more competitive, open to business and trade, and attractive to investment. They welcomed progress with the agenda to lower financial intermediation costs and stressed the need to pass comprehensive tax reform, accelerate the pace of new concessions and privatizations, and finalize trade agreements. Directors also emphasized the importance of labor market reforms, as well as education and re-skilling, to facilitate job reallocation. Directors underscored that preventing legal and institutional setbacks to combating corruption and effectively implementing anti-money laundering is important, as are measures to ensure the integrity of public procurement. A number of Directors also highlighted the importance of policies for a green recovery. It is expected that the next Article IV consultation with Brazil will be held on the standard 12-month cycle. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Jair Bolsonaro is the current president, having been sworn in on Jan. 1, 2019. Fitch Ratings affirmed on November 23, 2020, Brazil's Long-Term Foreign Currency Issuer Default Rating at 'BB-' with a Negative Outlook. Standard & Poor's credit rating for Brazil stands at BB- with stable outlook (April 2020). Moody's credit rating for Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's credit rating for Brazil is BB (low) with stable outlook (March 2018). As reported in the Troubled Company Reporter-Latin America, Fitch Ratings' negative outlook this November 2020 for Brazil reflects the severe deterioration in fiscal deficit and public debt burden during 2020 and persisting uncertainty regarding fiscal consolidation prospects. Fitch expects the economy to recover from 2021; however, uncertainty around political and policy developments, combined with a resurgence in global coronavirus infections, continue to cloud the outlook. =============== C O L O M B I A =============== COLOMBIA: IDB OKs $8MM Loan to Help Improve SMEs ------------------------------------------------ Colombia will help improve Small and Medium-Sized Enterprises (SMEs) productivity and energy efficiency with an $8 million credit approved by the Inter-American Development Bank (IDB) to the Banco de Comercio Exterior de Colombia S.A. (Bancoldex). The credit's resources are of a concessional nature and proceed from the Clean Technology Fund (CTF). This credit is the second operation under a $600 million conditional credit line for investment projects (CCLIP) approved by the IDB for Bancoldex in 2019. It will promote a reduction in greenhouse gas emissions by scaling financing to SMEs investments in energy efficiency projects. The program is part of Bancoldex's efforts to support SMEs' post-COVID-19 economic recovery by providing incentives for environmental sustainability. Under the program, all financial institutions with financing quotas from Bancoldex will be eligible, in accordance with the eligibility evaluation system set out by the institutional credit policies approved by its Board of Directors. The operation will benefit some 200 SMEs from all sectors of the economy requiring access to medium and long term credit to invest in energy efficiency plans. The program will take specific actions and measures to tackle the question of the gaps faced by women entrepreneurs and boost the participation of women-owned SMEs in Bancoldex's energy efficiency portfolio. This will include improvements in the collection and monitoring of data disaggregated by gender, as well as the proactive identification of women-run SMEs projects that could qualify for financing from credit institutions. In addition, the project has an accompanying non-reimbursable technical cooperation of $1 million from the CTF that will be used to identify and implement SMEs projects and to generate financial incentives and risk-mitigation instruments to help create a financing market for energy efficiency in the country. The IDB credit is for a 20-year term, with a 10.5-year period of grace and a 0.75 percent interest rate. It will include an additional $8 million in local counterpart funds from Bancoldex. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Tourism Sector Begins to Recover ---------------------------------------------------- Dominican Today reports that the Minister of Tourism, David Collado, indicated that tourists' arrival would have increased by 150% during November compared to the previous month. "In October we had a growth of 50%, and in the East, the growth was 100%, and now in November we are already projecting a growth, if we compare it with September, of almost 150%," he said, according to Dominican Today. In the monthly report published by the Central Bank of the Dominican Republic (BCRD), it is highlighted that since the reopening of the international airports in July, the arrival of passengers shows a trend towards recovery, the report notes. In effect, the report indicates, the non-resident foreigners that visited the country in October represented 24.1% of the total of the same month last year, higher than the proportions of 11.5%, 12.6%, and 18.7% registered in July, August, and September concerning the same reference months of 2019, which constitutes a sign that the tourist flow is recovering, the report relays. "The recovery has already been seen little by little. The Punta Cana airport has just announced 159 flights. They were receiving three daily flights and rose to 22 daily flights," said the official, the report discloses. He assures that the most crucial thing of this is to continue working with the Tourism Cabinet, respecting the sanitary protocols, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. The Troubled Company Reporter-Latin America reported in April 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's, on December 4, 2020, affirmed its 'BB-' long-term foreign and local currency sovereign credit ratings on the Dominican Republic. The outlook remains negative. S&P also affirmed its 'B' short-term sovereign credit ratings. The negative outlook reflects S&P's view that it could lower the ratings on the Dominican Republic over the next six to 18 months, given the severe impact of the COVID-19 pandemic on the sovereign's already vulnerable fiscal and external profiles, as well as the potential for a weaker-than-expected economic recovery. Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (July 2017). Fitch's credit rating for Dominican Republic was last reported at BB- with negative outlook (May 8, 2020). [*] DOMINICAN REPUBLIC: Now is the Time to Invest, Abinader Says ---------------------------------------------------------------- Dominican Today reports that Bayahibe, La Altagracia President Luis Abinader assured that tourists visiting the country are safer there than in their countries of origin, noting that the coronavirus is under control by celebrating that the United States lowered the risk level from 4 to 3 for travelers who visit the country. The Head of State said that this classification will help marketing, North American visits and the way the pandemic is being faced, where the World Health Organization (WHO) has congratulated the government's management to control the coronavirus, according to Dominican Today. "We have capacity for 12 thousand tests, three times more than those that could be carried out before we arrived, which indicates the effort we have made," the president explained. Abinader highlighted the importance that this achievement can be discussed in those countries, and that tourists can communicate it, because this management is reflected in the statistics that is published every day, the report says. The President of the Republic issued his considerations when speaking at the opening ceremony of the Hilton La Romana All Inclusive hotel, which is part of the Corporacion Playa Hotels & Resort, of the Hilton chain, the report relays. Abinader stated that currently, it is the best time to invest in the Dominican Republic and assured that "not only are we going to get out of the crisis, but that we are going to come out stronger than ever," the report notes. Likewise, he valued the work of the staff, tour operators, carriers, porters and all those who participate and carry out the work so that tourism in the country continues to grow, strengthen and solidify, the report says. "A great job, which has helped him to recover, everyone has done a great combination. A great job, which includes all personnel, the tour operators, the carriers, those who do the work. The level has risen, due to the excellent service given by our Dominican staff in these hotels," he added. He argued that there are reasons to trust more, as it will provide more development, more jobs and with a lot of transparency, they work hard to ensure the processes, so that there is a business climate where the government and the private sector are allies in the tourism business, the report relays. He congratulated the company Playa Hotels & Resort that has a great development and could have more with the environment that is favored by the government currently, recognizing that it is the first time that the Hilton brand added its brand, aimed at the market Dominican, the report relays. "It is the first time that Hilton as a property is in the Dominican Republic, this in itself is something special. This company, which is the second most important in the world in hotel management, will not only help in this hotel, but throughout the country," he explained, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. The Troubled Company Reporter-Latin America reported in April 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's, on December 4, 2020, affirmed its 'BB-' long-term foreign and local currency sovereign credit ratings on the Dominican Republic. The outlook remains negative. S&P also affirmed its 'B' short-term sovereign credit ratings. The negative outlook reflects S&P's view that it could lower the ratings on the Dominican Republic over the next six to 18 months, given the severe impact of the COVID-19 pandemic on the sovereign's already vulnerable fiscal and external profiles, as well as the potential for a weaker-than-expected economic recovery. Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (July 2017). Fitch's credit rating for Dominican Republic was last reported at BB- with negative outlook (May 8, 2020). ============= J A M A I C A ============= JAMAICA: Enters Digital Marketing Partnership to Help MSMEs ----------------------------------------------------------- RJR News reports that the Ministry of Industry, Investment and Commerce has partnered with two international firms to deliver digital marketing solutions and e-commerce opportunities to micro, small and medium enterprises (MSMEs). The companies are being assisted to cope with the impact of physical distancing and other restrictive measures due to the COVID 19 pandemic, according to RJR News. More than 1,000 MSMEs have so far created webpages and have increased their market visibility to customers locally and overseas, the report notes. The ministry says the firms, Kolau and Fygaro, are being utilised to further the government's goal of digitalising 25,000 MSMEs by 2022, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. Standard & Poor's credit rating for Jamaica stands at B+ with negative outlook (April 2020). Moody's credit rating for Jamaica was last set at B2 with stable outlook (December 2019). Fitch's credit rating for Jamaica was last reported at B+ with stable outlook (April 2020). As reported in the Troubled Company Reporter-Latin America, Fitch's revision of Jamaica's outlook in April 2020 to Stable from Positive reflects the shock to Jamaica from the coronavirus pandemic, which is expected to lead to a sharp contraction in its main sources of foreign currency revenues: tourism, remittances and alumina exports. PALACE AMUSEMENT: Suffers $99 Million Loss ------------------------------------------ loopjamaica.com reports that Palace Amusement Limited has reported a net loss of $99.6 million for the year ended June 30, 2020, compared to a net profit of $70.3 million in the prior year. The report relates that with the entertainment industry hard hit by curfews and crowd restrictions, the cinema operator's revenues slipped downwards to $919.8 million from $1.11 billion in the comparative year ending June 2019. Palace Amusement also spent less on direct and administrative expenses during the review period, recording $800 million for direct expenses compared to $900 million in 2019. Administrative expenses for the year ended June 2020 totalled $174.4 million, compared to $186.7 in the comparative, notes loopjamaica.com. Loss per share for the year ended came out at $69.48 compared to earnings of $57.36 for the 2019 fiscal year. According to the report, Palace closed two locations -- Palace Cineplex and Palace Multiplex in September, stating that the impact of the COVID-19 pandemic and the continued restrictions placed on the entertainment industry were continuing to have a negative effect. "Despite the best efforts of management to minimize overheads by way negotiating with landlords, utilising fewer screens to minimise electricity cost and staff rotation, there are various costs that are unavoidable whether or not the cinemas are operating," the company said in a notice at the time, loopjamaica.com reports. Management also stated that operations at Palace Multiplex in Montego Bay, were previously negatively impacted by the ZOSO and States of Emergency in St James and the pandemic have far worsened the situation, the report adds. "As such, performance at these two locations has been particularly severely affected. Palace Cineplex has also suffered especially grave repercussions with attendance at zero on some occasions." Palace Amusement subsequently launched a drive-in cinema in New Kingston. The Palace Amusement Company (1921) Limited was formed by Audley Morais, and operated as a Private Company prior to 1921 (silent movie days). He re-formed the company and offered shares to the public in 1921. Over the years the Company operated Movies, Rose Garden, and Palace Cinemas. It operated cinemas and distributed films to many of the independent cinemas that existed in Jamaica and Cayman. ===================== P U E R T O R I C O ===================== ALM LLC: Seeks Approval to Hire Jose Victor Jimenez as Accountant ----------------------------------------------------------------- ALM, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Jose Victor Jimenez, CPA, of Jimenez Vazquez & Associates, PSC as accountant. Mr. Jimenez will render these services to the Debtor: (a) assist the Debtor in gathering and compiling the necessary information required to file the Chapter 11 Petition and court required information and schedules; (b) provide consulting services and assist the Debtor and its attorney in documenting the reorganization plan to be filled in the case; (c) prepare monthly operating reports; (d) prepare financial projections and other relevant information as required and necessary; (e) prepare all necessary tax returns to ascertain Debtor is in full compliance with its fiscal responsibilities; and (f) assist the Debtor and its attorney in all matters related to court instructions, transactions, and or information requests of an accounting or financial nature; Mr. Jimenez will be paid at an hourly rate of $155. A retainer in the amount of $5,000 has been required in this case and was paid by the Debtor. Mr. Jimenez disclosed in court filings that Jimenez Vazquez & Associates, PSC and its employees represent no interest adverse to the Debtor's estate and "disinterested persons" as that term is defined in section 101(14) of the Bankruptcy Code. The accountant can be reached at: Jose Victor Jimenez, CPA JIMENEZ VAZQUEZ & ASSOCIATES, PSC P.O. Box 3774 Bayamon, PR 00958 Telephone: (787) 447-0098 Facsimile: (939) 338-2362 About ALM LLC ALM, LLC, a/k/a Agua La Montana, is the owner of fee simple title to a property located in Trujillo Alto, Puerto Rico having a current value of $860,943. ALM, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-04571) on November 25, 2020. The petition was signed by Kristian E. Riefkohl Bravo, president. At the time of the filing, the Debtor disclosed total assets of $1,083,384 and total liabilities of $2,919,967. The Debtor tapped Gandia Fabian Law Office as counsel and Jose Victor Jimenez, CPA, of Jimenez Vazquez & Associates, PSC as accountant. LIMENOS CORPORATION: Plan of Reorganization Confirmed by Judge -------------------------------------------------------------- Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico has entered an order approving the Disclosure Statement and confirming Plan of Reorganization of debtor Limenos Corporation. The Court has determined after notice and a hearing that the requirements for final approval of the disclosure statement and for confirmation set forth in 11 U.S.C. Sec. 1129(a) have been satisfied. A full-text copy of the order dated November 24, 2020, is available at https://www.pacermonitor.com/view/I25EJQQ/LIMENOS_CORPORATION__prbke-20-02169__0084.0.pdf?mcid=tGE4TAMA The Debtor is represented by: Francisco J Ramos Gonzales, Esq. FRANCISCO J. RAMOS & ASOCIADOS; C.S.P. PO BOX 191903 San Juan, PR 001919-1993 Phone: 787-632-5454 About Limenos Corporation Limenos Corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-02169) on June 5, 2020, listing under $1 million in both assets and liabilities. Francisco J. Ramos Gonzalez, Esq. at FRANCISCO J RAMOS & ASOCIADOS CSP, represents the Debtor as counsel. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: No Train One Facility Shutdown, Minister Says ---------------------------------------------------------------- Ria Taitt at Trinidad Express reports that Energy Minister Franklin Khan denied a newspaper report that Atlantic's Train One liquified natural gas processing facility would be shut down. He was responding to an urgent question from Opposition Chief Whip, David Lee, who had asked him to comment on a report that there was a "desperate attempt by the Government and the National Gas Company to save Atlantic LNG Train One from shutting down in January," according to Trinidad Express. "Madam Speaker Atlantic Train One will not be shutting down in January 2021. Train One will continue to operate in 2021 and will be part of wider negotiations which have been taking place among the Atlantic LNG shareholders to form one unitised facility encompassing all four trains," Khan told Parliament, the report notes. Khan said the NGC, acting on behalf of the Government, has taken the requisite action to maintain the compatibility of train one pending the finalization of the negotiations on the structure for the unitized facility, the report relays. He said the shareholders of Atlantic's Train One approved the turnaround commonly known as 'TAR' in January for the train, the report discloses. "This will keep the train in an operations-ready mode for all of 2021 into 2022," Khan said, noting that he was not at liberty to divulge more on the situation because of the nature of the negotiations, the report says. Train One currently is owned by Shell (46 per cent), BP (34 per cent), Chinese Investment Corporation (ten per cent), and the NGC (ten per cent), the report relays. Asked by Lee whether the shareholders had agreed to supply gas, Khan said that negotiations were taking place on the source of continued supply, the report notes. He said this train was normally supplied 100 per cent by BP, but the global energy company has told the Government that it has a shortage of natural gas gas and it would not be able to supply Train One, the report discloses. Gov't Handed Out 436,000 Masks But BP is not the only supplier of gas in Trinidad, Khan said. "So we are in some sensitive negotiations, let me make that point, with upstreamers to supply gas to Train One," he added, the report relates. BPTT is scaling back its employment in T&T, based on a global mandate issued by BP's chief executive officer Bernard Looney in June, the report relays. That mandate was to cut about 15 per cent of the transnational company's 80,000 employees, the report notes. It cost the Government $4.364 million to supply masks to the population, says the report. This was revealed by Finance Minister Colm Imbert in response to a question from Barataria/San Juan MP Saddam Hosein in the House of Representatives. Imbert said Government mandated NIPDEC to procure cloth masks from local manufacturers to distribute to the wider population, via NGOs, MPs and the regional corporations, the report discloses. He said the masks were obtained from 103 entities who were small, micro and medium sized sole traders and corporations, the report says. He said everyone was paid $10 per mask. He said a total of 436,400 masks were distributed and that all 14 municipal corporations received masks, the report relays. Asked by Hosein whether any of the bidders were related to any Minister of Government, Imbert said he had no knowledge of that whatsoever. "If the Member has a name, tell us. But as far as I know it is not so," he added. =============== X X X X X X X X =============== LATAM: ECLAC Reports Drop in FDI for 2019; Expects Further Plunge ----------------------------------------------------------------- RJR News reports that the Economic Commission for Latin America and the Caribbean (ECLAC) says foreign direct investment (FDI) in the region fell significantly in 2019 and is expected to plunge even farther this year. In its annual study titled, "Foreign Direct Investment in Latin America and the Caribbean 2020," ECLAC said the region received over US$160 billion in FDI in 2019, at least 7.8 per cent less than in 2018, according to RJR News. ECLAC forecasts that the decline will intensify sharply in 2020, when inflows are expected to drop by between 45 and 55 per cent as a result of the COVID-19 pandemic, the report notes. Worldwide, ECLAC said the amount of FDI is seen shrinking by 40 per cent in 2020 and by between five and 10 per cent in 2021, the report adds. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2020. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *