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                 L A T I N   A M E R I C A

          Tuesday, March 8, 2022, Vol. 23, No. 42

                           Headlines



A N T I G U A   A N D   B A R B U D A

ANTIGUA & BARBUDA: Brace for Higher Fuel & Food Prices, PM Warns


A R G E N T I N A

ARGENTINA: To Get US$9.8 Billion From IMF After Agreement Approval


B A H A M A S

BAHAMAS: Enters Repurchase Agreement with Goldman Sachs


P U E R T O   R I C O

PUERTO RICO: Objectors to Bankruptcy Plan Lose Stay Bids Appeal


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: $10 Million in Grants for Yachting Industry


X X X X X X X X

LATAM: IDB Introduces Platform to Improve Security of Cities

                           - - - - -


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A N T I G U A   A N D   B A R B U D A
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ANTIGUA & BARBUDA: Brace for Higher Fuel & Food Prices, PM Warns
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Trinidad Express reports that Antigua and Barbuda Prime Minister
Gaston Browne told his countrymen to brace for increased prices for
goods and services as oil prices soar past US$100 a barrel as a
result of Russia's invasion of Ukraine.

Oil prices jumped as Western allies imposed more sanctions on
Russia and blocked some Russian banks from the Swift global
payments system, which could cause severe disruption to its oil
exports, according to Trinidad Express.

Brent crude rose US$4.82, or 4.9 per cent, to US$102.75 after
reaching a high of US$105.07 a barrel in early trade, the report
notes.

"Now, I believe that within the last few days petroleum prices are
about US$100 per barrel and potentially it could get up to maybe
US$120 within the next week or two, especially if this conflict
continues," Browne said, the report discloses.

"So, there is the implication of potentially where we have been
subsidizing the pricing and would have kept the pricing of
petroleum products stable for the last few years, we could have a
situation where we are forced to increase the price at the pump,"
the report relays.

Prime Minister Browne told listeners to his radio programme that
the economic fallout which could arise out of the emerging conflict
could mean that his administration may find it much more difficult
to protect consumers from high prices at gas station pumps across
the country, the report discloses.

"If petroleum prices continue to increase, then there may be a time
when we cannot continue to hold the price of EC$12.50 (One EC
dollar=US$0.37 cents) or whatever it is for gas and then in that
case, they may have to be a pass through at some point, the report
says.

"Again, the whole idea is to reduce the price at the pump but if it
gets to the stage in which the government consumption tax is
totally wiped out and then it's going into negative ground then we
may have to pass on the increase in price to consumers," he added.

"Petrol and food, those contribute to co-inflation and the thing
about it is that these increases in those prices affect the poor
disproportionately and that is why Antigua and Barbuda has had this
price equalization mechanism in place to control the price at the
pump," the report notes.




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A R G E N T I N A
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ARGENTINA: To Get US$9.8 Billion From IMF After Agreement Approval
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Buenos Aires Times reports that Argentina's government published
the detailed plan for reducing its fiscal deficit and central bank
financing as part of its pending US$45-billion deal with the
International Monetary Fund.

The agreement with IMF staff, announced, has now been submitted to
Argentina's Congress and will go before a vote sometime in the
coming weeks, according to Buenos Aires Times.  The country will
receive seven billion (US$9.8 billion) of the IMF's special drawing
rights upon approval by lawmakers and the executive board of the
Washington-based organization, according to the document, the
report notes.

The memorandum, which comes after two years of negotiations between
President Alberto Fernandez's economic team and IMF officials,
provides the fine-print detail on economic policy and projections
that lawmakers have been waiting for before deciding on their vote,
the report relays.  Russia's invasion of Ukraine is increasing
uncertainty around the plan's baseline assumptions and may force
policies to be "recalibrated" as necessary, it said, the report
discloses.

Argentina is seeking to close its 22nd program with the IMF since
1958 before a key payment for about US$2.8 billion comes due in
late March, the report notes.  The agreement is expected to face
tough criticism from radical-left members of the ruling coalition
backed by vice-president Cristina Fernandez de Kirchner and would
only head to the IMF's board for final approval if Congress passes
it, the report relays.

Argentina's US$16 billion in bonds due in 2030 slipped 0.7 cent to
around 31 cents on the dollar, while securities maturing in 2046
slid about a cent to 28 cents on the dollar, as of 12:30 p.m. in
New York, the report notes.

The report discloses that some key points in the documents:

Disbursements

If the agreement is passed by congress and the IMF executive board,
Argentina would receive seven billion (US$9.8 billion) of the IMF's
special drawing rights upon approval. It would receive smaller
amounts if it passes the quarterly revisions of the by IMF staff,
increasing the total of the programme to US$45 billion.

Monetary Policy

The Central Bank aims to boost its foreign reserves by at least
US$5.8 billion this year and to gradually eliminate money printing
to finance government spending, curbing it to zero by 2024. The
Central Bank's dwindling reserves have been a key investor concern,
while economists warned that large-scale money printing fuelled
higher inflation.

The institution, which raised its benchmark rate twice in 2022
ahead of the agreement, will also look to have real monetary policy
rates.

The memo says it plans to simplify its existing reserve
requirements system - banks' money held by the Central Bank to back
deposits - for smaller entities as part of a goal to boost the
transmission of its monetary policy. Argentina will also consider
consider gradually easing the floor on deposit rates and the
ceiling on lending rates for commercial banks.

"Even if the programme does address Argentina's deficit
monetisation, the agreement seems very generous for the country,"
said Alejo Costa, chief Argentina strategist at BTG Pactual in
Buenos Aires. "That's not a good thing, as it could give
Kirchnerism the space to continue with unorthodox policies."

Energy

In the energy sector, the government will focus on cutting its
expensive subsidies bill, with an emphasis on segmenting
households. That means the richest 10 percent would pay full fees
for power and natural gas, with subsidies kicking in for poorer
families. The savings from peeling back energy subsidies may not be
as large as forecast - 0.6 percent of GDP this year - as global
energy prices soar amid the Russian invasion of Ukraine, the
document says.

The government will also spur investments in energy production and
transportation to reduce expensive fuel imports, including by
keeping energy bills in line over time with wholesale power and
natural gas prices.

On climate, the government recommitted to existing announcements
for electric-vehicle legislation and a "green" economy plan that
includes supporting the hydrogen industry.

Currency controls

Argentina aims to continue intervening in currency markets with the
goal of boosting its reserves, according to the memo. However, the
government also has a plan to gradually relax those controls over
time, though more specific timing and implementation wasn't
provided.

Officials intend to maintain the real effective exchange rate of
the peso this year at the same levels seen in 2021.

Economic outlook

Argentina's economy is expected to grow 3.5 to 4 percent this year,
with annual inflation landing in the range of 38 to 48 percent,
according to the document. Growth is expected to slow in the coming
years as price increases cool too.

The government intends to spend over two percent of GDP on
infrastructure over the course of the programme.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America.  Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.  Moody's credit rating for Argentina was last set at Ca on
Sept.
28, 2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.




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B A H A M A S
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BAHAMAS: Enters Repurchase Agreement with Goldman Sachs
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RJR News reports that the Bahamian government has entered into a
repurchase agreement with investment bank and financial services
company Goldman Sachs International to cover general budget
expenses for the remainder of the 2021/22 fiscal year.

The Ministry of Finance said under the terms of the agreement, the
government sold and transferred $235 million of United States
Treasury securities, which are a part of its sinking funds to GSI,
according to RJR News.

They will then be considered for purchase in 24 months at a price
of $206 million from Goldman Sachs, the report notes.

Minister of Economic Affairs Michael Halkitis said the two-year
loan was essentially to bridge the gap for government financing
until international bond markets are in a more favorable position,
the report adds.

As reported in the Troubled Company Reporter-Latin America on Nov.
16, 2021, S&P Global Ratings lowered its long-term foreign and
local currency sovereign credit ratings on the Commonwealth of The
Bahamas to 'B+' from 'BB-'. At the same time, S&P Global Ratings
revised its transfer and convertibility assessment to 'BB-' from
'BB'. The outlook is stable.




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P U E R T O   R I C O
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PUERTO RICO: Objectors to Bankruptcy Plan Lose Stay Bids Appeal
---------------------------------------------------------------
Hailey Konnath of Law360 reports that the federal bankruptcy judge
overseeing Puerto Rico's financial restructuring on March 3, 2022,
refused to stay her order confirming the territory's plan of
adjustment while objectors appeal, holding that the teachers
associations and credit unions aren't likely to prevail in their
challenges to the plan.

U.S. Bankruptcy Judge Laura Swain, who approved the plan in January
after years of litigation, denied a pair of motions to stay pending
appeal. Besides an unlikelihood of success in their appeals, the
judge held that the teachers associations and credit unions hadn't
established that they would be irreparably harmed should the
confirmation order be left in place.

                         About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017. On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.




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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: $10 Million in Grants for Yachting Industry
--------------------------------------------------------------
Asha Javeed at Trinidad Express reports that in a bid to revitalize
the yachting industry, the Trinidad & Tobago Government is
distributing $10 million in grants for people who work in it.

The grant facility, which is a one-off, is aimed at small and micro
businesses that serve the industry, according to Trinidad Express.

In addition, the Government is seeking to make it less bureaucratic
for yachts to enter T&T by reducing the 13 pages of paperwork to a
single document to be implemented by the Ministry of National
Security, the report notes.

"The long-anticipated Single Harmonised Form, which has been
approved by Cabinet, is required to be in place in the soonest,"
said Minister of Trade and Industry Paula Gopee-Scoon, at a press
conference held at Peakes Yacht Services in Chaguaramas, in
conjunction with the Yacht Services Association of T&T (YSATT) and
the T&T Coalition of Service Industries, the report relays.

She observed that the industry was negatively impacted by the
pandemic and the public health measures implemented to mitigate the
virus, the report discloses.

"This resulted in an overall decrease in yacht arrivals for 2020
and the closure of some businesses, bringing the domestic industry
to a near halt," she said, the report relays.

Cognizant that boat yards were operating below capacity, and that
incentives available did not cater for smaller business, the grant
facility was introduced, the report notes.

Speaking about how small businesses qualified for the grants,
Gopee-Scoon said micro businesses (classified as companies with
less than or equal to $250,000 in annual turnover) would be
eligible for a cash grant of up to $20,000 to cover 100 per cent of
business costs, the report relays.  Small businesses (classified as
businesses with more than $250,000 but less than or equal to $8
million in annual turnover) will be eligible for a cash grant of up
to $50,000 to cover 75 per cent to 100 per cent of particular
business costs, the report says.

"This Grant Fund Facility has been created to assist with working
capital needs, such as business rent, utilities, raw material
purchases and purchase of machinery equipment and tools.  This is
about the resumption of business activity and getting people back
to work. We have, therefore, deliberately eased the qualifying
criteria for applicants wishing to access this grant," she added,

Applicants must be nationals of T&T and provide proof of evidence
of experience in the industry, the report relays.

She said an evaluation team will be set up by the ministry and
application forms will be available.  Grants will be processed, the
report notes.

"We recognize that it is the skilled labor force that really drives
this sector and therefore this facility will cater to those of you
who offer services such as fiberglass work, welding, woodwork,
upholstery services, sail making, electronics and electrical work,
painting, and rigging. This facility will also be available for
those involved in the other services such as hospitality services,
haul-out facilities, storage facilities, dock spaces, retail shops,
travel agencies and yacht brokerage," she said, the report relays.

She noted that there are on average 150 businesses catering to the
local yachting industry of which 84 per cent are characterized as
Micro and Small Enterprises (MSEs), the report discloses.

In addition, she noted that the yachting industry employs
approximately 1,700 persons, skilled and unskilled workers, over a
number of services including storage, repair, maintenance and
ancillary services, the report notes.

Of this number, she said that approximately 64 per cent of
companies are involved in repairs and maintenance services, the
report says.  Nineteen per cent of companies provide services for
hospitality, haul out facilities, storage facilities and dock
spaces, the report relays.  The remaining 17 per cent of companies
facilitate other services such as retail shops, travel agencies and
yacht brokerage, the report adds.




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LATAM: IDB Introduces Platform to Improve Security of Cities
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During the XII Citizen Security Week, the Inter-American
Development Bank (IDB) introduced the Safe Cities platform, a
platform that provides tools to improve citizen security in Latin
America and the Caribbean.

The platform, which will be available starting the second quarter
of the year, will offer artificial intelligence and data analytics
tools to support cities in constructing and managing their citizen
security plans. The platform is being developed through a pilot
initiative with the city of Florianopolis, Brazil, and will allow
municipal managers to:

-- make real-time diagnoses that integrate georeferenced data on
crime, violence and fear, risk factors and institutional
performance;
prioritize problems found in the city and highlight effective
programs to address them;

-- coordinate diagnosis and solutions with education, health,
social assistance, and urban development portfolios, promoting a
multisectoral approach to security;

-- monitor programs implemented by the city and provide society
transparency of results and the possibility of participation.

"Solutions like this one for digital transformation make it
possible to respond to relevant challenges for society, such as
citizen security, in an optimized way, opening up space for
sustainable results. The model being built with Florianopolis has
great scalability potential for the entire country and the region,"
said Morgan Doyle, IDB Group representative in Brazil.

This initiative falls within the scope of the IDB's Vision 2025 as
part of its efforts to strengthen good governance of institutions
and leverage digitalization to promote sustainable and equitable
growth in the region. Over the last decade, the IDB and other
international donor agencies have supported cities and governments
at the state and federal level in developing a comprehensive
approach to citizen security and in the search for tailored
solutions.

Part of these efforts were seen during the Citizen Security and
Justice Week, which took place from February 28 to March 3, in
Bogota.

Under the slogan "Police Transformation in Latin America and the
Caribbean: Building the Police of the Future", the meeting promoted
the exchange of experiences and good practices in the processes of
police transformation and modernization that countries in the
region are implementing. The event was organized by the government
of the Republic of Colombia, the IDB, and other strategic partners
such as the Colombian National Police (PNC), the University of Los
Andes and EAFIT University in Colombia, Rutgers University in the
United States, and the Swiss Agency for Development and Cooperation
(SDC).

The Inter-American Development Bank is the largest multilateral
organization focused on building institutional capacity in the
citizen security and justice sector in Latin America and the
Caribbean. Since 2011, the Bank has approved 31 operations in the
sector totaling loans for more than $1.5 billion in 15 countries in
the region.



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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 2022.  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.
.


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