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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, September 20, 2022, Vol. 23, No. 182

                           Headlines



A R G E N T I N A

ARGENTINA: 'Inflation Tops The List' of Problem, Says IMF Chief


C A Y M A N   I S L A N D S

SEAGATE HDD: Fitch Affirms 'BB+' LongTerm Issuer Default Rating


C H I L E

CHILE: 1,000+ Companies Reduce Working Week to 40 Hours Per Week


C O L O M B I A

BANCOLOMBIA SA: Establishes Nequi S.A. Financial Company


E L   S A L V A D O R

EL SALVADOR: S&P Affirms 'CCC+' SCRs After Debt Repurchase Offer


G R E N A D A

GRENADA: Stops 25% Cut in Non-Fuel Charges on Electricity Bills


P U E R T O   R I C O

POPULAR INC: Moody's Hikes Rating on Senior Unsecured Bond to Ba1


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Caricom Survey Finds Hike in Food Insecurity

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: 'Inflation Tops The List' of Problem, Says IMF Chief
---------------------------------------------------------------
Buenos Aires Times reports that inflation is the main problem
afflicting Argentina's economy, International Monetary Fund (IMF)
chief Kristalina Georgieva said, a day after meeting with Economy
Minister Sergio Massa.

"We are at a time when he [Massa] seriously recognizes and, of
course, I seriously recognize that the problems facing Argentina
are very significant. And inflation tops the list," Georgieva said
during a video conversation with the director of the Centre for
Global Development (CGD), Masood Ahmed, according to Buenos Aires
Times.

Argentina has one of the highest inflation rates in the world, with
a cumulative rate running at 46.2 per cent from January to July.
Analysts are projecting it could reach 90 percent by the end of the
year, the report notes.

"That is devastating, especially for the poor in Argentina, so [the
challenge is] how to work together to address this problem that has
accumulated over time," Georgieva said, the report relays.

The IMF chief expressed hope over the immediate future, however,
indicating that she had warmed to Massa and his approach, the
report relays.

"I came away [from the meeting with Massa] with the feeling that we
have a partner we can work well with," she added.

The Fund's director had already described the talks with Massa as
"very positive." In a statement she praised "the strong steps"
taken by Argentina to "stabilize markets and reverse a scenario of
high volatility," the report relays.

During his visit to Washington, Massa and an IMF technical team
negotiated the next disbursement of the US$44.5-billion credit
programme signed by Buenos Aires and the Washington-based
organisation earlier this year, the report says.

Talks between the two parties will continue. At a press conference
in Washington, Massa estimated that by documentation would be ready
for transmission to the IMF's Executive Board, which has to
sign-off on any release of funds, the report discloses.

Speaking ahead of the upcoming annual meetings of the IMF and the
World Bank in Washington, Georgieva recognized that there is a
"very strong commitment from Argentina to the program, in
recognition that the program is an anchor for the Argentine
economy," 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.

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in up-front
net financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris  Club debt.

As reported by The Troubled Company Reporter - Latin America on
Aug. 12, 2022, S&P Global Ratings affirmed its foreign and
local-currency sovereign credit ratings of 'CCC+/C' on the
Republic of Argentina. The outlook remains stable. S&P also
affirmed its national scale 'raBBB-' rating and its 'CCC+' transfer
and convertibility assessment. S&P said the stable outlook reflects
the challenges in managing pronounced economic imbalances ahead of
the 2023 national elections given disagreement on policy within the
government coalition and financing pressures in the local market.

Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.
On July 19, 2022, Fitch Ratings placed Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) and Long-Term Local
Currency IDR Under Criteria Observation (UCO) following the
conversion of the agency's Exposure Draft: Sovereign Rating
Criteria to final criteria. The UCO assignment indicates that
ratings may change as a direct result of the final criteria. It
does not indicate a change in the underlying credit profile, nor
does it affect existing Rating Outlooks.

Moody's credit rating for Argentina was last set at Ca on
Sept. 28, 2020.

DBRS has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.




===========================
C A Y M A N   I S L A N D S
===========================

SEAGATE HDD: Fitch Affirms 'BB+' LongTerm Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' Long-Term Issuer Default
Rating (IDR) for Seagate Technology plc and its wholly-owned
subsidiary, Seagate HDD Cayman, as well as the 'BB+'/'RR4' senior
unsecured rating for Seagate HDD Cayman. The Rating Outlook is
Stable.

The ratings and Outlook reflect Fitch's expectations for solid
long-term operating performance despite near-term macroeconomic and
supply-chain-related headwinds, driven by secular demand, rationale
supply additions and a strong product technology roadmap. Concerns
center on the potential for opportunistic financial policies.

Seagate will continue to use cash flow for shareholder returns, but
the ratings consider the potential for incremental debt issuance to
support stock buybacks in excess of FCF.

KEY RATING DRIVERS

Prioritization of Capital Returns: Fitch expects Seagate to
prioritize capital returns through the forecast, but that stock
buybacks will be mainly funded with FCF, given that cash is close
to Fitch's estimated operating minimum. Seagate has articulated in
its long-term financial model its intention to use at least 70% of
annual pre-divided FCF for shareholder returns. Fitch estimates
Seagate has modest capacity for debt-funded capital returns under
Fitch's 3.0x negative leverage (total debt to operating EBITDA)
rating sensitivity.

Strengthening FCF Profile: Fitch expects Seagate's FCF profile will
strengthen and margins will be in the mid to high single digits
following three consecutive years with FCF margins in the low- to
mid-4% range. Lower capital spending, as the company absorbs
recently elevated investment levels, in conjunction with stronger
positive revenue growth and a richer profit mix, will yield $500
million to $1 billion of annual FCF. Dividends should remain flat
at near $650 million, with annual dividend per share growth offset
by ongoing common stock repurchases.

Secular Demand: Fitch believes robust demand for storage across
media types provides a path for modest positive organic long-term
revenue growth. Artificial intelligence and 5G-enabled applications
across computing environments will be a significant driver of
demand. Fitch expects the significant majority of data creation
will be cool/cold storage on lower cost hard-disk drive (HDD)-based
capacity drives in the public cloud, driving the bulk of Seagate's
revenue growth through the forecast period, with surveillance
penetration and gaming markets leading the remainder of top-line
growth.

Constructive Supply Conditions: Fitch believes Seagate's nearly 50%
capacity drive market share supports constructive supply conditions
that should enable profitable growth and solid FCF margins.

Seagate's intensified capital spending in recent years and the
repurposing of existing capacity as legacy revenue declines should
enable the company to manage capital spending at structurally lower
levels through the forecast, with upside driven by stronger than
expected revenue growth.

Meaningful Technology Risk: Fitch believes storage technology and
product risks remain meaningful, with regular areal density
increases required to offset significant pricing pressure to
sustain HDD's total cost of ownership (TCO) advantage over SSDs and
keep pace with its chief competitor, WD. Energy assist-based drives
promise to provide a roughly decadelong roadmap to drives of more
than 50 terabytes (TB; versus 20TB drives shipping today), reducing
Seagate's technology risk. At the same time, the breakdown of
Moore's Law constrains SSD makers' ability to close the TCO gap.

DERIVATION SUMMARY

Fitch believes Seagate and its chief competitor, WD, are both
appropriately positioned at the lower end of investment grade from
a business model perspective, given industry revenue growth
characteristics for disk drives. This results in a 2.5x total debt
to operating EBITDA cutoff between investment grade and high yield,
versus 3.0x for technology companies with stronger business models.
Fitch believes WD's vertically integrated SSD business yields
higher and more diversified revenue growth, but also adds
meaningfully higher operating cyclicality and investment intensity
compared with Seagate. Solid earnings growth for both companies has
resulted in strong leverage metrics for the rating, but near-term
headwinds and potentially opportunistic financial policies weigh on
further positive rating actions.

KEY ASSUMPTIONS

-- High-single digit negative revenue growth in fiscal 2023,
    driven by macroeconomic headwinds and ongoing supply
    constraints that could extend into the first half of fiscal
    2024;

-- Markets recover and Seagate resumes positive low-single digit
    revenue growth through the remainder of the forecast period;

-- Blended Fitch-adjusted gross profit margins remain in the high

    20% to low-30% range through the forecast period and, combined

    with roughly flat operating expenses, should yield operating
    EBITDA margins in the high-teens to low-20%.

-- Capital intensity remains in the 3.5%-4.5% range;

-- No material acquisitions and the company refinances all
    upcoming debt maturities;

-- 100% of FCF used for share repurchases, which results in lower

    share count offsetting growing dividend per share growth.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Public commitment to manage debt levels for total leverage
    sustained below 2.5x;

-- Expectations for annual FCF margins consistently in the mid to

    high single digits while growing revenue, structurally higher
    market share and diversifying end market and product exposure.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Expectations. for annual FCF sustained below $500 million or
    FCF margins in the low single digits from persistently weaker
    than expected revenue trends or profit margins, indicating
    poor execution on its roadmap;

-- Expectations for total leverage sustained above 3.0x, from
    debt issuance to support debt-funded shareholder returns
    persistently in excess of FCF.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects Seagate's liquidity will remain
adequate and, as of July 1, 2022, it consisted of $615 million in
cash and cash equivalents and an undrawn $1.725 billion senior
unsecured revolving credit facility expiring Oct. 14, 2026. Fitch's
expectation for $500 million-$1 billion of annual FCF also supports
liquidity.

ISSUER PROFILE

Seagate Technology Plc (Seagate) is a leading provider of data
storage technology, primarily hard disk drives (HDD), a market in
which it has roughly 45% share. Seagate focuses on storage
solutions for edge- to-cloud service providers (SP), original
equipment (OEM) and design manufacturers (ODM), as well as
surveillance, gaming, digital video recording and attached storage
providers.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

RATING ACTIONS

  Entity/Debt                Rating               Prior
  -----------                ------               -----
Seagate Technology
Public Limited Company     LT IDR  BB+  Affirmed       BB+

Seagate HDD Cayman         LT IDR  BB+  Affirmed       BB+

  senior unsecured         LT      BB+  Affirmed  RR4  BB+




=========
C H I L E
=========

CHILE: 1,000+ Companies Reduce Working Week to 40 Hours Per Week
----------------------------------------------------------------
Rocco Caldero at Rio Times Online reports that more than 1,000
Chilean companies have adhered to a campaign promoted by the
government to reduce the working day from 45 to 40 hours per week,
informed the Ministry of Labor.




===============
C O L O M B I A
===============

BANCOLOMBIA SA: Establishes Nequi S.A. Financial Company
--------------------------------------------------------
Bancolombia S.A. announced the establishment and commercial
registration of the corporation (sociedad anónima) Nequi S.A.
Financial Company (Nequi), following the authorization received by
the Financial Superintendence of Colombia disclosed to the market
on August 1, 2022. Nequi is a company domiciled in Colombia whose
purpose is to undertake the activities of financial companies.

The next step in the process is to certify the fulfillment of all
activities required to obtain the authorization certificate or
operating permit from the Financial Superintendence of Colombia,
upon request, which must be submitted no later than July 2023.

Grupo Bancolombia owns 100% of the equity interest in the capital
stock of Nequi, with an initial investment of COP 150,000 million.

As reported in the Troubled Company Reporter-Latin America on July
14, 2021, Fitch Ratings downgraded to 'BB+' the long-term issuer
default rating of Bancolombia S.A. which reflect the downgrade of
Colombia's ratings, as the bank is constrained by the sovereign's
ratings.




=====================
E L   S A L V A D O R
=====================

EL SALVADOR: S&P Affirms 'CCC+' SCRs After Debt Repurchase Offer
----------------------------------------------------------------
S&P Global Ratings, on Sept. 16, 2021, affirmed its 'CCC+'
long-term foreign and local currency sovereign credit ratings and
its 'C' short-term foreign and local currency sovereign credit
ratings on El Salvador. The outlook on the long-term ratings
remains negative. S&P's transfer and convertibility assessment
remains 'AAA'.

Outlook

The negative outlook reflects the at least one-in-three chance of a
downgrade over the next six to 18 months if the government does not
make adequate progress in filling its substantial financing gap.
S&P believes the government could tap alternative sources of
liquidity to meet its debt service payments over the next 12
months. However, delays in obtaining more funding, as well as in
undertaking corrective fiscal measures to reduce deficits, could
hurt investor confidence and make it more difficult for the
government to continue covering its financing gap. Depending on
debt management and economic outcomes, the government's liquidity
and financing needs might feel a positive or negative impact,
leading to a rating action.

Downside scenario

S&P could lower the ratings over the next six to 18 months if it
perceives a weakening of the government's ability to secure
adequate funding for its fiscal deficits and rollover needs or a
weakening of its capacity to undertake fiscal adjustment needed to
stabilize its very high debt burden. Higher refinancing risks, poor
debt management, or signs of the government being less willing to
service its debt would also lead to a downgrade.

Upside scenario

In contrast, S&P could revise the outlook to stable over the next
six to 18 months if the combination of improved debt management,
continued economic recovery, and greater clarity about fiscal
policies reduces the medium-term financing gap.

Rationale

On Sept. 12, the government of El Salvador announced a debt
repurchase offer to buy back up to $360 million of two sovereign
bonds maturing 2023 and 2025, which have a total outstanding value
of $1.6 billion ($800 million each). The government offered to buy
back the 2023 bond at 91 cents on the dollar and the 2025 bond at
54 cents on the dollar--only marginally above market prices. S&P
understands that investors who do not accept the offer will
maintain the right to receive the full payment amount at each
bond's maturity date.

S&P said, "We consider the transaction an opportunistic debt
restructuring and akin to a liability management operation. It
remains our expectation, consistent with our rating action in June
2022, that the government will meet its debt service payments over
the next 12 months."

In addition to showing somewhat better fiscal performance recently,
El Salvador has potential sources of liquidity that include
official funding, a pension reform, the use of the remaining
portion of the IMF's special drawing rights, and issuance of more
domestic debt to local banks (aided by lowering their deposit
reserve requirements). S&P assumes the government will continue to
show willingness to service its debt and seek to avoid potential
negative consequences of a debt default prior to the 2024
presidential election.

The 'CCC+' ratings on El Salvador reflect the country's fiscal and
external vulnerabilities, as well as its dependence on favorable
economic conditions to meet its financial commitments. The
government's high financing needs and heavy reliance on short-term
domestic debt have exacerbated rollover risk amid narrowing
financing options.

The ratings also incorporate the country's institutional
weaknesses, reflected in the long-standing difficulty of predicting
policy responses amid poor checks and balances, low per capita GDP
at $4,800, and only moderate GDP growth due to persistently low
investment. In addition, the sovereign has weak public finances and
a very high debt burden, at around 80% of GDP. El Salvador also
lacks monetary flexibility because of dollarization, which has
continued even after the government's decision to accept bitcoin as
an alternative legal tender. Monetary inflexibility increases the
risks embedded in the high debt burden.




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G R E N A D A
=============

GRENADA: Stops 25% Cut in Non-Fuel Charges on Electricity Bills
---------------------------------------------------------------
RJR News reports that the Grenada government has discontinued the
25% reduction in non-fuel charges on electricity bills.

The Government says the state-owned Grenada Electricity Company
(GRENLEC) has been losing significant revenue as a result of the
measure, according to RJR News.

Prime Minister and Minister of Finance, Dickon Mitchell says
GRENLEC had accumulated 16 million Eastern Caribbean dollars in
losses due to the initiative that had been implemented by the
previous administration to cushion the impact of increased global
energy prices, the report notes.

Fifteen thousand households and small businesses will be affected
by the discontinuation, the report adds.




=====================
P U E R T O   R I C O
=====================

POPULAR INC: Moody's Hikes Rating on Senior Unsecured Bond to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Popular, Inc.
(Popular), including the long-term senior unsecured rating to Ba1
from Ba3, and the ratings and assessments of its bank subsidiary,
Banco Popular de Puerto Rico, including the long-term deposit
rating to Baa1 from Baa3 and the standalone Baseline Credit
Assessment (BCA) to baa3 from ba2. The bank's short-term deposit
rating was upgraded to Prime-2 from Prime-3, and its short-term
counterparty risk rating and short-term counterparty risk
assessment were upgraded to Prime-3 and Prime-3 (cr) from Not Prime
and Not Prime(cr), respectively. The rating outlook is stable. This
action concludes the review for upgrade, which Moody's announced on
May 11, 2022.

Upgrades:

Issuer: Banco Popular de Puerto Rico

Adjusted Baseline Credit Assessment, Upgraded to baa3 from ba2

Baseline Credit Assessment, Upgraded to baa3 from ba2

ST Counterparty Risk Assessment, Upgraded to P-2(cr) from NP(cr)

LT Counterparty Risk Assessment, Upgraded to Baa2(cr) from
Ba1(cr)

ST Counterparty Risk Rating (Foreign Currency), Upgraded to P-3
from NP

ST Counterparty Risk Rating (Local Currency), Upgraded to P-3 from
NP

LT Counterparty Risk Rating (Foreign Currency), Upgraded to Baa3
from Ba2

LT Counterparty Risk Rating (Local Currency), Upgraded to Baa3
from Ba2

LT Issuer Rating, Upgraded to Ba1 from Ba3, Stable from Ratings
Under Review

ST Bank Deposit (Local Currency), Upgraded to P-2 from P-3

LT Bank Deposit (Local Currency), Upgraded to Baa1 from Baa3,
Stable from Ratings Under Review

Issuer: Popular Capital Trust II

Backed Pref. Stock (Local Currency), Upgraded to Ba2(hyb) from
B1(hyb)

Backed Pref. Stock Shelf (Local Currency), Upgraded to (P)Ba2 from
(P)B1

Issuer: Popular North America Capital Trust I

Backed Pref. Stock (Local Currency), Upgraded to Ba2(hyb) from
B1(hyb)

Issuer: Popular North America, Inc.

Backed Subordinate Medium-Term Note Program (Local Currency),
Upgraded to (P)Ba1 from (P)Ba3

Backed Senior Unsecured Medium-Term Note Program (Local Currency),
Upgraded to (P)Ba1 from (P)Ba3

Issuer: Popular, Inc.

Junior Subordinated Shelf (Local Currency), Upgraded to (P)Ba2
from (P)B1

Subordinate Medium-Term Note Program (Local Currency), Upgraded to
(P)Ba1 from (P)Ba3

Pref. Stock Non-cumulative (Local Currency), Upgraded to Ba3(hyb)
from B2(hyb)

Senior Unsecured Medium-Term Note Program (Local Currency),
Upgraded to (P)Ba1 from (P)Ba3

Senior Unsecured Regular Bond/Debenture (Local Currency), Upgraded
to Ba1 from Ba3, Stable from Ratings Under Review

Outlook Actions:

Issuer: Banco Popular de Puerto Rico

Outlook, Changed To Stable From Rating Under Review

Issuer: Popular, Inc.

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

The upgrade of the ratings and the BCA reflect the continued
strength of Popular's balance sheet and operating and financial
resilience through the coronavirus pandemic. In addition, the
anticipated federal reconstruction funds from the US Government
(United States of America, Government of; Aaa stable) and
structural reforms proposed by the Federal Oversight and Management
Board (FOMB) for Puerto Rico have improved Puerto Rico's operating
environment for banks. Moody's expects the Puerto Rican
government's recent exit from bankruptcy will lead to better
near-term economic prospects for the island.

The bank's capitalization has remained strong, with tangible common
equity (TCE) on a Moody's adjusted basis as a percentage of
risk-weighted assets (Moody's TCE ratio) of 15.4% as of June 30,
2022. Popular's capital position is a key credit strength because
it provides a buffer against unexpected credit and operational
losses. While Popular has made some capital distributions through
dividends and share repurchases, Moody's believes the bank will
continue to maintain capital levels higher than most US mainland
regional bank peers.

Moody's said that Popular's strong deposit franchise value is
primarily driven by its dominant market position in Puerto Rico,
where it enjoys an approximate 52% deposit market share as of June
30, 2021. This affords Popular with market-leading pricing power
supporting profitability. Additionally, the Puerto Rican banking
system has undergone a period of rapid consolidation over the last
several years as foreign banks left the island, creating an
incrementally more favorable operating environment for incumbent
banks as competition eases. Moody's anticipates that lending
opportunities on the island may increase and that some amount of
liquidity, particularly that associated with government deposits,
may run off consistent with the emergence.

Asset quality remains a credit challenge for the bank as Puerto
Rico's weak economy is reflected in Popular's relatively high
problem loan ratio, excluding troubled debt restructured (TDR)
loans that are backed by the Federal Housing Administration, of
3.5% as of June 30, 2022. However, Moody's expects that asset
quality will benefit from the improving local economy. Moody's
assessment also incorporates the diversification provided by
Popular's mainland US loan portfolio.

The stable outlook is driven by Moody's view that the banks' credit
fundamentals will remain broadly unchanged over the next 12 to 18
months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Banco Popular de Puerto Rico's BCA could be upgraded following
further material improvement in the operating conditions for banks
in Puerto Rico, which Moody's believes would lead to a reduction in
asset risk. Improved asset quality while maintaining strong capital
levels and profitability could lead to a higher BCA. A higher BCA
for Banco Popular de Puerto Rico would likely lead to rating
upgrades.

Banco Popular de Puerto Rico's BCA could be downgraded if there
were an unexpected deterioration of bank operating conditions in
Puerto Rico. It could also be downgraded if Popular's risk appetite
increased, for example because of above-peer average loan growth or
a notable increase in lending concentrations. Additionally, a
sustained decrease in capital, liquidity or a deterioration in the
bank's funding profile could lead to a downgrade in the BCA. A
lower BCA would likely lead to ratings downgrade.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Caricom Survey Finds Hike in Food Insecurity
---------------------------------------------------------------
Trinidad Express reports that a CARICOM survey has revealed that
the number of people facing moderate to severe levels of food
insecurity in the English-speaking Caribbean has risen to 4.1
million or 57 per cent of the population.

The findings were published in the latest report of the Fifth Round
of the Caribbean Community (Caricom) Food Security and Livelihoods
Survey, according to Trinidad Express.

The survey was conducted by Caricom and the United Nations World
Food Program (WFP) with the support of the European Union and the
United States Agency for International Development (USAID), Bureau
of Humanitarian Assistance, the report notes.

Administered in July and August this year, the survey reflects the
situation of over 6,300 households across 22 countries and
territories, the report relays.

"The survey results. . . . along with the realities highlighted
simply cement the need for the region to reinvigorate its efforts
and engage in new solutions to help the vulnerable groups and those
living in poverty within the region, the report says.

"It emphasises the necessity for further urgent collective action
and support in addressing regional food and nutrition security. It
highlights the need to increase the production of what we eat and
facilitate intraregional trade," said Caricom Assistant
Secretary-General, Joseph Cox, the report notes.

He said that the results reveal, for the first time in five surveys
over two years, that respondents top concern was over being able to
meet basic food needs (48 per cent), followed by meeting essential
needs (48 per cent) and unemployment (36 per cent), the report
discloses.

Cox said concerns arose as a result of the sharp increase of global
food prices at the start of the Russia-Ukraine conflict, the report
relays.

"Major market supply disruptions of key inputs into production such
as fertilizers and fuel drove up local food prices. The spikes have
deteriorated food and consumption diets and destabilized and
impacted the access, availability and utilisation of food," the
report says.

Based on the survey results, it is estimated that 4.1 million
people out of 7.1 million (57 per cent) in the English-speaking
Caribbean are food insecure with Cox noting "this is a dramatic
increase of 1.3 million since February 2022," 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
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Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2746.

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