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       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

          Tuesday, April 19, 2022, Vol. 23, No. 72

                           Headlines



A R G E N T I N A

ARGENTINA: Haulage Strike That Paralyzed Farming Exports Lifted


B R A Z I L

PETROLEO BRASILEIRO: Airlines Complain About Fuel Prices


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Year-on-Year Inflation Stood at 9.05%


J A M A I C A

JAMAICA PUBLIC: NWC Customers Begin Receiving Payout for Breaches


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Economy Not Falling Apart, Minister Says


X X X X X X X X

LATAM: IICA Supports Push to Eradicate African Swine Fever

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Haulage Strike That Paralyzed Farming Exports Lifted
---------------------------------------------------------------
Buenos Aires Times reports that a four-day strike by Argentine
grain transporters, demanding higher freight rates in the face of
rising diesel prices due to war in Ukraine, was finally lifted.

The breakthrough came after talks between transporters and
agricultural producers had broken down the previous day, according
to Buenos Aires Times.  But after four hours of negotiations
involving government officials and an agreement to sit down again
in March, transporters agreed to a 20% hike in tariffs and said
they would lift the strike, the report notes.

The revolt paralyzed local farming exports and caused considerable
financial damage, industry sources said, the report discloses.

Thousands of trucks that haul grain and its derivatives have been
parked along the side of the road for days, stopping shipments from
Argentina, the world's largest exporter of soybean flour and oil,
and one of the main suppliers of wheat, soybean and corn, the
report relays.

"The entire agricultural export complex is paralyzed.  The
Argentine economy cannot afford this luxury," Gustavo Idigoras, the
president of the Ciara-CEG oil and grain exporters chamber, said in
a statement issued before talks concluded, the report discloses.

Haulage companies are unhappy with the amount they are being paid
to transport grain since their fuel costs have shot up in recent
months due to Russia's invasion of Ukraine, the report relays.

"Agricultural businesses are denying the real price of diesel that
haulage companies are paying," said the Argentine Haulage
Federation FETRA, which organised the strike, the report notes.  It
called for a major increase in freight rates from agricultural
employers, the report says.

"With this cost, we have to stop because we cannot work anymore,"
said Ariel Juarez, a FETRA representative parked along a road near
the city of Victoria, 300 kilometres (180 miles) north of the
capital, the report discloses.

"The strike is total and absolute," said Edgardo Maurenzi, another
hauler, the report notes.

The official price of diesel in gas stations is 110 pesos (US$0.93)
per litre, but FETRA says truckers are being charged 191 pesos
(US$1.60) due to shortages, the report relates.

The crisis has erupted in the middle of the 2021-2022 harvest for
the farming industry, the report notes.

"The strike is causing losses of about US$100 million a day. About
200 tons [of produce] have been left unloaded at port terminals. We
have 50 boats waiting," said Idigoras, the report discloses.

Whereas there are normally 3,000 to 4,000 trucks a day arriving at
Argentina's ports, currently there are only around a dozen, he
said, the report notes.

Idigoras also said there was not enough diesel for tractors to
harvest the grain in fields, the report discloses.

Argentina's grain industry was worth US$35 billion in 2021, the
report adds.

                        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.

Argentina obtained on March 25, 2022, approval from the Executive
Board of the International Monetary Fund (IMF) of a 30-month
extended arrangement under the Extended Fund Facility (EFF)
amounting to SDR 31.914 billion (equivalent to US$44 billion).
Under the new terms, Argentina secured a much-needed grace period
that postpones repayment of its debt. However, IMF warned of
exceptionally high risks to the program.




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B R A Z I L
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PETROLEO BRASILEIRO: Airlines Complain About Fuel Prices
--------------------------------------------------------
newsbulletin247.com reports that Minister Paulo Guedes (Economy)
received on April 11 the presidents of the airlines Latam, Gol,
Azul and Passaredo.  The companies wanted to show the head of the
economic team their concern with the price of aviation kerosene and
take the opportunity to ask for tax relief from the sector,
according to newsbulletin247.com.

According to the companies, fuel had already risen 76% in 2021 and
now accounts for 50% of costs (instead of the traditional 30%) amid
the war in Ukraine and the resulting soaring oil price, the report
notes.

The companies claim that the scenario generated a loss of BRL16.5
billion last year for the sector and has led to an increase in
ticket prices and the reprogramming of airline networks, the report
relays.  The sector sees a moment of fragility while still trying
to recover from the pandemic crisis, the report discloses.

At least part of the rising values are to blame for competition
problems in the fuel market, in the view of the sector - which is
also scheduled to meet with the president of the Chamber, Arthur
Lira (PP-AL), the report relays.

Specifically, the companies complain about what they call
Petrobras' monopoly, oligopoly in the distribution chain, lack of
transparency in fuel pricing and the oil company's international
parity policy, the report notes.

The charges and taxes applied to the sector are also the subject of
orders. Executives want a tax refinancing program (Refis) for the
sector, or at least a deferral of air traffic control fees, the
report discloses.

In addition, they ask for relief measures related to payroll
taxation, hazardous work premium, Cofins applied to imports, state
ICMS (Tax on the Circulation of Goods and Services) and income tax
on aircraft leasing, the report says.

In the case of complaints about Petrobras, the meeting of the
companies with the authorities adds to a movement already made at
Cade (Administrative Council for Economic Defense), the report
discloses.

As shown in the Panel SA column, last month, the companies took to
the antitrust agency, through associations, complaints about
Petrobras in the process that investigates possible violations of
the economic order by the oil company, the report relays.

The purpose of the request presented to Cade is to make the
antitrust body include aviation kerosene in the investigation
opened in January about the readjustments or open a new
investigation, the report notes.

The claim at CADE was opened by associations such as Abear
(Brazilian Association of Airlines) and Iata (International Air
Transport Association), the report notes.  In short, they defend
the need for increased competition in fuels, the report discloses.

"There is a de facto monopoly on the production and import of the
QAV [querosene de aviacao] by Petrobras, [que atua] as an almost
exclusive supplier of QAV in the country", affirm the associations
in the petition to CADE, the report relays.

The associations also claim that Petrobras makes small price
fluctuations, charging more when there is no threat of competition
and less when it notices other companies' intentions to import, the
report relates.  This is because competitors would necessarily have
to use Petrobras' logistics infrastructure for imports, giving the
oil company the ability to monitor the market, the report notes.

In addition, the airlines say that the sale of refineries -
according to Cade - will not solve the problems because Petrobras
would still be the only producer in the most relevant markets, the
report discloses.

The companies intend to ask the Ministry of Economy to create a
permanent dialogue table between the government and the sector, to
discuss solutions to the problems pointed out, the report notes.

The Ministry of Economy sees no objections to the creation of this
communication channel and, as Sheet, members of the ministry agree
with the content of at least part of the manifestations about
Petrobras - since members of the ministry have spoken in a reserved
way that the oil company's price policy, although it cannot be
changed, is questionable, the report says.  In addition, they have
an initiative by Cade, the report discloses.

The measures of tax cuts, in turn, are already seen with more
reticence in Guedes's portfolio, the report relays.  There is not
much scope for new initiatives in the IR (Income Tax) on aircraft
leasing, for example, as it has already had its solution for a
period of five years sent through MP (Provisional Measure)
published on December 31, 2021 - and which is still pending in
Congress, the report notes.

The MP reduced the income tax on operations to zero until the end
of 2023 and established a staggered increase thereafter to 1% in
2024, 2% in 2025 and 3% in 2026, the report relays.  MPs have
immediate force of law, but need to be endorsed by Congress within
four months to become definitive - otherwise, they are no longer
valid (in this case, the rate would be raised to 15%), the report
discloses.

Sought, Latam reinforced the difficulties by saying that the
scenario postponed the launch of routes and raised the price of
tickets and services by up to 30%, the report says.  The company
says it "remains aware of external vulnerability due to the war in
Ukraine, which has a direct impact on the price of oil," the report
relays.

Gol, Azul and Petrobras did not send statements until the
publication of this text, the report adds.

As reported in the Troubled Company Reporter-Latin America on Feb.
10, 2022, Fitch Ratings has affirmed Petroleo Brasileiro S.A.'s
(Petrobras) Local and Foreign Currency Long-Term Issuer Default
Ratings (IDRs) and outstanding debt ratings at 'BB-'. The Rating
Outlook is Negative. The national scale rating has been affirmed
at
'AA(bra)'.  The Outlook for the national scale rating is Stable.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Year-on-Year Inflation Stood at 9.05%
---------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic reported that year-on-year inflation, that is, of the last
12 months, from March 2021 to March 2022, stood at 9.05%, being 2.3
times higher than the 4.0% of the center of the target range.

"It is worth specifying that the year-on-year result includes the
inflation of 2.80% in the first three months of 2022," the entity
specified in its report, according to Dominican Today.

The institution noted that year-on-year inflation in advanced
economies "has similarly shown a notable rise in the current
context," the report notes.

It cited that said indicator for countries such as the United
States stood at 8.5% at the end of March, more than four times
higher than the average goal of 2.0% of the Federal Reserve in the
long term and the highest in the last 40 years, the report relays.

                    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.

TCRLA 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.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.  The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.  S&P also affirmed
its 'BB-' long-term foreign and local currency sovereign credit
ratings and its 'B' short-term sovereign credit ratings.  The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.  A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.





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J A M A I C A
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JAMAICA PUBLIC: NWC Customers Begin Receiving Payout for Breaches
-----------------------------------------------------------------
RJR News reports that customers of the Jamaica Public Service
Company (JPS) and National Water Commission (NWC) have started to
receive payouts following breaches of Guaranteed Standards during
the October to December quarter of 2021.

The Office of Utilities Regulation (OUR), says the breaches
attracted consumer compensation of $157.3 million, according to RJR
News.

Some 64,456 breaches were committed by the JPS, amounting to $141.7
million, the report notes.

During the period, $66.6 million or 47% was credited to the
affected customers' accounts, the report relays.

The remaining 53% was scheduled for payment in March and April this
year, the report discloses.

For NWC customers, potential compensation for breaches amounted to
$15.5 million, of which approximately $4.5 million was paid, the
report says.

A total of 3,945 breaches were committed during the period in 2021
by the NWC, representing a 65% increase in the number of breaches
committed when compared with 2020 data, the report adds.




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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: Economy Not Falling Apart, Minister Says
-----------------------------------------------------------
Ria Taitt at Trinidad Express reports that the country's Gross
Domestic Product (GDP) grew by $5 billion in a three-month period,
proving that Trinidad and Tobago is not falling apart, Finance
Minister Colm Imbert said.

Addressing a People's National Movement (PNM) public meeting in
Diego Martin, Imbert said: "I want you to understand that the data
does not support the 'ole talk' outside there.  An increase in GDP
from one quarter to another, in a three-month period, by $5 billion
does not occur in a country that is falling apart.  An increase in
almost every economic sector does not occur in a country that is
falling apart.  This kind of economic performance exists in a
country that is well managed by this PNM administration.  And we
are going to be very careful as a government to maintain the
economic momentum that started in 2021. It will continue in 2022,"
he said, according to Trinidad Express.

Imbert said updated data from the Central Statistical Office (CSO)
indicated that between July 2021 and September 2021, GDP grew by $5
billion, the report notes.

"The quarterly GDP for that particular period was $44.5 billion.
And if I go back to 2020, . . . between July 2020 and September
2020, in the middle of Covid, economic production was $34.6
billion. One year later it is $44.6 billion.  It grew by $10
billion. So the know-it-all experts, the naysayers are going to be
a little confused. Because according to them, Trinidad and Tobago
is falling apart. That is what they say. They love that," Imbert
said, the report notes.

                    'Tremendous Recovery'

Imbert said the CSO updated its economic data on its website to
reflect the economic data for Trinidad and Tobago to the end of
September 2021, the report relays.  He said when he did the 2022
budget, the CSO was only able to provide data up to the end of June
2021 and that data was not encouraging, the report discloses.

"Now they have updated the data and what I am seeing from these
figures is that there was a tremendous recovery in the Trinidad and
Tobago economy in the third quarter of 2021.  And we haven't got
December 2021 figures yet.  And I dare say that the production in
the T&T economy was at least equal to what occurred in the third
quarter, I dare say better.  Because in the last three months of
2021 the economy was opening up and the public health restrictions
were being relaxed gradually," he said, the report notes.  More and
more businesses were opening up and oil and gas production were
increasing and non-oil activity was increasing, he added, the
report notes.

The Finance Minister said all sectors of the economy grew in 2021.
The construction sector, for example, grew by almost 100 per cent
between July and September 2021, he added.

                       Fuel Subsidy

Imbert, however, raised the issue of the fuel subsidy, saying the
total fuel subsidy for an oil price of US$100 would be $2.4
billion, the report discloses.  

"If we earn an additional $4 billion (in revenue) from better oil
and gas prices in 2022, which is quite possible, we might get $2
billion, $3 billion, even $4 billion . . . do you think we should
take $2 billion out of that $4 billion and put it into subsidising
fuel? I just pose that question for you.  And it is something we as
a government have to look at very carefully," he said, the report
notes.  

He said whatever additional revenues the government receives from
higher oil and gas prices, will be spent "very wisely for the
public interest for the welfare of all the people of Trinidad and
Tobago," the report discloses.

Imbert said the debt burden was still significant and that the
country had to consider whether the payment of large subsidies to
keep the price of fuel at the current levels was something that
should be continued, the report relates.

He also noted that the debt to GDP ratio had improved, the report
notes.  "It appears that our GDP instead of being $150 billion,
which is what we estimated because we were being conservative . . .
we didn't want to get caught out being overly optimistic . . . But
with these (new CSO) figures, it is looking like it (the GDP for
2021) is closer to $170 billion," he added.

Imbert said this would affect the debt to GDP ratio which is what
the international rating agencies, such as Standard and Poor's,
Moody's, World Bank and the IMF, look at, the report notes.  "And
because we were being conservative and using a low figure for GDP
of $150 billion, we had stated that our debt to GDP last year was
about 85 per cent.  All the experts started to bawl that it was
unsustainable and that Trinidad would collapse. With these figures
now our debt to GDP ratio is going to drop to 80 per cent, it might
go to 75 per cent, just because the correct figures are now being
used," Imbert stated, the report discloses.





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X X X X X X X X
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LATAM: IICA Supports Push to Eradicate African Swine Fever
----------------------------------------------------------
Dominican Today reports that the Inter-American Institute for
Cooperation on Agriculture (IICA) supports technical coordination
actions and the prioritization of efforts by Haiti, the United
States and the Dominican Republic to prevent, control and eradicate
plague African swine (ASF), a disease that threatens the income
and, in turn, the food security of millions of agricultural
producers in the Americas.

Pursuant to a resolution of the Inter-American Board of Agriculture
(IABA, IICA's highest governing body, made up of the Ministers of
Agriculture of the hemisphere), the institute is holding a
tripartite meeting of the technical missions of these countries at
its headquarters in Costa Rica, according to Dominican Today.



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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.

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