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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

          Wednesday, October 5, 2022, Vol. 23, No. 193

                           Headlines



A R G E N T I N A

ARGENTINA: Lula Criticizes Fernandez for Sticking to IMF Debt Deal
CHUBUT PROVINCE: Moody's Affirms 'Ca' Secured Debt Ratings


B R A Z I L

BRAZIL: Bank Lending Grows 1.6% in August
GREAT PANTHER: Receives TSX Delisting Notice After BIA Proposal
PETROBRAS SA: Lula Has Plans that Would Undo Privatization Push


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: Gives RD$99M++ for Areas Affected by Fiona


H O N D U R A S

HONDURAS: IDB Approves $195MM-Loan for Sustainable Development


J A M A I C A

JAMAICA: Producer Prices Decline for 2nd Straight Month in August


X X X X X X X X

[*] LATAM: IDB & KIAT Strengthen Collaboration for Innovation

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Lula Criticizes Fernandez for Sticking to IMF Debt Deal
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Buenos Aires Times reports that Brazilian presidential frontrunner
Luiz Inacio Lula da Silva has questioned Argentina's
US$44.5-billion deal with the International Monetary Fund,
suggesting that President Alberto Fernandez should have broken the
deal in order not to disappoint supporters.

Asked for his opinion on Argentina's political outlook at a private
dinner with leading businessman, Lula admitted that Fernandez, his
close ally, is "in a bind" and said he "does not know what will
happen to the country" in the wake of an ongoing social and
economic crisis, according to Buenos Aires Times.

According to a report by Brazilian media outlet O'Globo, the
favorite to win the presidential election in Brazil said
Argentina's president had disappointed his voters by attempting to
restructure the country's multi-billion-dollar debt, first
contracted by former president Mauricio Macri in 2018, upon taking
office, the report relays.

During a dinner promoted by the Esfera Brasil think-tank, Lula
asked: "What is the problem of our friend Alberto Fernandez in
Argentina? Why did he win the elections? Because the IMF encouraged
Macri to borrow US$40 billion."

"Alberto Fernandez won the elections criticising the loan [agreed
by Macri], criticising the IMF," Lula continued. "Now, when he
wins, what does he do? He starts losing points by wanting to solve
the IMF problem," the report discloses.

The Workers' Party (PT) leader went on to suggest that, in his
opinion, President Fernandez should have broken the terms of an
updated agreement between Argentina and the Fund sealed earlier
this year, the report relays.

Lula's position echoes that of Argentina's Vice-President Cristina
Fernandez de Kirchner, who this year described the IMF's conditions
as "unacceptable," the report notes.  The president, however, opted
to stick with the deal, despite strong resistance within the ruling
coalition, the report says.

"In that crisis, with a dismal pandemic, you didn't have to have
paid the IMF or made a commitment to the IMF," said the Brazilian
leader, the report relays.

"Fernandez is at a standstill. Inflation is at 70 percent and I
don't know what will happen in Argentina.  Hunger is very high.  It
was a powerful country, once the fifth-largest economy in the
world. What it lacks is a political choice about who they want to
govern for. It's simple, you just have to choose," he concluded,
the report notes.

Lula's strident criticism is in stark contrast to his position on
the IMF deal back in January 2022, when he congratulated Fernandez
for signing a restructuring deal that "preserves sovereignty" and
safeguards "development and social justice," the report says.

"I am very happy that the Argentine government, with the leadership
of my friend Alberto Fernandez, has managed to negotiate an
agreement regarding the country's debt," he said in a post on
social networks, the report discloses.

The former Brazilian president stressed that the deal "preserves
sovereignty and the possibility of safeguarding development and
social justice for the Argentine people," 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.


CHUBUT PROVINCE: Moody's Affirms 'Ca' Secured Debt Ratings
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Moody's Investors Service affirmed the issuer and debt ratings of
eight Argentinian provinces, a city and a municipality. Moody's
also affirmed the baseline credit assessments (BCA) and the outlook
remains stable on all affected issuers.

The rating action on Argentine regional and local governments
follows Moody's affirmation of the Government of Argentina's
local-currency and foreign-currency sovereign bond ratings at Ca on
September 27, 2022.  The action balances Argentina's history of
weak governance, limited market access, and persistent
macroeconomic imbalances with the government's recent and still
unproven efforts to marshal long-term political support for a
fiscal consolidation program with the IMF.

ISSUERS AND RATINGS AFFECTED

A List of Affected Credit Ratings is available at
https://bit.ly/3BZ9DHn

RATINGS RATIONALE

For the City of Buenos Aires, the affirmation of the caa3 BCA and
Caa3 debt ratings incorporates Moody's assumption that the City
will continue to exhibit a strong credit profile relative to peers
as measured by its operating and financial results, lower
dependance on federal transfers and refinancing needs. Moody's
views that the City is resilient to capital market access
restrictions because it does not face significant funding needs
until 2025 and its exposure to foreign-currency debt is adequate
compared with its cash generation and liquidity. At the same time,
Moody's recognizes that the issuer did not pursue a debt
restructuring process during the last economic downturn.

The affirmations of the ca BCAs and Ca ratings for the other nine
regional and local governments reflects the very close economic and
financial linkages that exist between Argentina´s sovereign and
sub-sovereign governments. Until the fundamental macroeconomic
pressures that continue to weigh on the sovereign credit profile
are addressed, capital market access will remain limited leading to
elevated financing credit risks of sub-sovereign governments.

In addition to the considerations, for Chubut, Province of and
Tierra del Fuego, Province of, the affirmation of their Ca secured
debt ratings incorporates Moody's view that the security on the
notes, oil and gas royalties, are still subject to the federal
operating environment and regulations. Although Moody's recognizes
that royalties are an important credit enhancement, the
creditworthiness of the secured notes cannot be completely delinked
from the provinces' standalone credit profile.  Furthermore, both
provinces sought debt relief alternatives on its secured notes
during the last period of economic contraction and tight financial
conditions.

RATIONALE FOR THE STABLE OUTLOOKS

The stable outlooks for all entities reflects the stable outlook
for the sovereign and captures Moody's expectation that economic
and financial pressure faced by the 10 regional and local
governments will not differ materially over the next 12-18 months.
The outlook also incorporates Moody's expectation that bondholders
will not face losses exceeding those captured in the rating
category.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

ESG considerations for the 10 RLGs are summarized as follows:

Environmental considerations are not material to the credit
profiles. Neither the provinces and municipalities infrastructure
nor economic bases are subject to material risks stemming from
environmental concerns. Neither spending nor revenue intake are
expected to be impacted by environmental changes at this time.

Social considerations are material to the credit profiles. The
Regional and Local governments of Argentina are exposed to rising
social demands driven by falling purchasing power and increased
poverty and unemployment. The expected further deterioration in
these social indicators will erode the RLG's tax collection
abilities and require an increase in social spending. Moody's also
expects social discontent and pressure from labor unions - amid
unrelenting inflation levels - to push the RLG's to increase
personnel expenses, which represent about 50% of their operating
expenses.

Governance considerations are material to the credit profiles.
Regional and Local Governments in Argentina typically do not reach
their budget targets and adopt weak governance practices such as
regular borrowing for operating deficits or incurring into unhedged
foreign currency debt. Moreover, Moody's governance evaluation for
Argentine Regional and Local Governments incorporates information
transparency considerations, issuers in general do not publish
forward looking assumptions, and financial reports are not audited
by independent auditing firms.

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

Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns, a downgrade in
Argentina's bond ratings and/or further systemic deterioration
could exert downward pressure on the ratings. Alternatively,
increased idiosyncratic risks could translate into a downgrade.
Moody's would also downgrade the ratings in the event future debt
restructuring results in losses inconsistent with the current
ratings.

Moody's does not expect upward pressures in the rated Argentinean
sub-sovereigns in the near to medium term. Nevertheless, Moody's
would consider an upgrade if financing conditions stabilize and the
anticipated losses to private creditors from debt restructuring are
less than currently forecast.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.




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B R A Z I L
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BRAZIL: Bank Lending Grows 1.6% in August
-----------------------------------------
globalinsolvency.com, citing Reuters, reports central bank said
that outstanding loans in Brazil kept growing in August, with
credit showing robustness despite rising costs amid an aggressive
monetary tightening.

Outstanding loans were up 1.6% in August from the month before to
5.067 trillion reais ($940.48 billion), according to
globalinsolvency.com.

In July, outstanding loans rose 0.6%, a figure that had not yet
been released by the central bank, which is still normalizing its
data after a strike by its employees earlier this year, the report
notes.

Year-to-date growth reached 8.4% and, in 12 months through August,
outstanding loans jumped 16.8%, driven mainly by the rise in credit
to individuals, the central bank said, the report relays.

This has occurred despite policymakers' strong monetary tightening
to curb inflation, which has put the benchmark interest at 13.75%
from a 2% record low in March 2021, the report notes.

In a rate-setting meeting, the central bank paused its tightening
cycle but stressed hikes could be resumed if disinflation does not
happen as expected, the report relays.  In August, bank lending
spreads rose to 28.3 percentage points from 27.5 points in July, to
the highest level since February 2020, the report adds.

                       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.

As reported in the Troubled Company Reporter-Latin America on
July 18, 2022, Fitch Ratings has affirmed Brazil's Long-Term
Foreign Currency Issuer Default Rating at 'BB-' and revised the
Rating Outlook to Stable from Negative.

On June 17, 2022, S&P Global Ratings affirmed its 'BB-/B' long-
and short-term foreign and local currency sovereign credit
ratings on Brazil.

Moody's Investors Service also affirmed on April 15, 2022,
Brazil's long-term Ba2 issuer ratings and senior unsecured bond
ratings, (P)Ba2 senior unsecured shelf ratings, and maintained the
stable outlook.

DBRS Inc. confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low) on Aug 12, 2022. At the same time,
DBRS Morningstar confirmed the Federative Republic of Brazil's
Short-term Foreign and Local Currency Issuer Ratings.


GREAT PANTHER: Receives TSX Delisting Notice After BIA Proposal
---------------------------------------------------------------
Great Panther Mining Limited, on Sept. 27 announced that following
a delisting review by the Toronto Stock Exchange ("TSX"), the
Company's common shares (the "Shares") will be delisted from the
TSX effective close of market on October 27, 2022.

Trading of the Shares on the TSX has been suspended since September
6, 2022, as a result of the Company filing a notice of intention to
make a proposal under the Bankruptcy and Insolvency Act (Canada)
(the "BIA"). This suspension will continue until the delisting
takes effect. As previously announced, the Shares were delisted
from the NYSE American LLC ("NYSE American") on September 14,
2022.

The Shares are currently quoted on the OTC Pink operated by the OTC
Markets Group Inc. (the "OTC Pink"). The Company expects that the
OTC Pink will provide significantly less liquidity than the TSX and
NYSE American, and can provide no assurances regarding trading
volumes, trading prices or that the Shares will continue to be
quoted on the OTC Pink. Due to the risks and uncertainties
resulting from the BIA proceedings, trading in the Shares during
the pendency of the BIA proceedings poses substantial risks.

Shareholders retain their legal rights and equity interest and are
advised to contact their brokerage where shares are held regarding
retention policies for unlisted shareholdings and potential for
shares to trade in over-the-counter markets.

                   About Great Panther

Great Panther Mining (TSX: GPR) (OTCPK: GPLDK) is a precious metals
producer focused on the operation of the Tucano Gold Mine in Brazil
where the Company controls a land package covering nearly 200,000
hectares in the prospective Vila Nova Greenstone belt.


PETROBRAS SA: Lula Has Plans that Would Undo Privatization Push
---------------------------------------------------------------
Peter Millard & Vinicius Andrade at Bloomberg News report that
the elections in Brazil pose a challenge to Petrobras investors.

Former president Luiz Inacio Lula da Silva, the front-runner, has
vowed to use the company as a vehicle for national development,
according to Bloomberg News.  Incumbent Jair Bolsonaro, who's
fighting for a come-from-behind upset, is proposing the complete
opposite, with plans to privatize the state-run giant, Bloomberg
News relays.

The contrast is a rare one in this election cycle, in which the
leading candidates have offered few details about economic policies
they'd pursue, Bloomberg News notes.  It also makes Petrobras a
binary case for investors: the firm is churning out dividends and
share prices are already cheap compared to other oil majors, but
the cash stream could also dry up and leverage could increase if
Lula wins and follows through on his pledges, Bloomberg News
discloses.

"The stock is maybe one of the most complex investment cases in
Brazil right now," said Flavio Kac, a portfolio manager at ASA
Investments, Bloomberg News says.  "A Bolsonaro win would pave the
way for its potential privatization, while a new government could
lead to margin pressure and lower profits," Bloomberg News relays.


Petroleo Brasileiro SA, Latin America's largest producer with 2.7
million barrels a day of oil and gas output, became a source of
contention during the first presidential debate, Bloomberg News
says.  Bolsonaro accused Lula of mismanaging the company and
presiding over an epic corruption scandal, the report discloses.
Lula criticized Bolsonaro for "carving up" Petrobras through asset
sales, as well as the decision to privatize utility Eletrobras,
Bloomberg News notes.

Lula, a former union leader who governed Brazil from 2003 to 2010,
has a checkered past with Petrobras and the oil industry at large,
Bloomberg News says. He presided over growing output and the
discovery of the largest group of deep-water fields this century,
which have become a profit centre for Petrobras, Bloomberg News
notes.

At the same time, he halted new lease sales in the so-called
pre-salt to overhaul taxes and regulations, throttling how fast oil
production grew, Bloomberg News relays.  Without the licensing
delays, Brazil would be pumping twice as much right now, according
to analysts, Bloomberg News notes.  Lula also implemented costly
build-in-Brazil requirements that discouraged investments,
Bloomberg News discloses.  If he wins, the local oil industry will
look to who he recruits for his energy team to gauge how big the
policy shift will be, Bloomberg News relays.

"Lula has relied heavily on lieutenants, so who is that new gang?"
said Schreiner Parker, the head of Latin America for Rystad Energy,
a consultancy. "It will be interesting to see who fills in the
mandarin positions," Bloomberg News notes.

Political consultancy Eurasia sees Lula's odds of winning the
election up at 70 percent, Bloomberg News relays.

Another Lula administration would see Petrobras expanding its
refineries in Brazil and rebuilding its international operations,
Senator Jean Paul Prates, his point person for oil and gas, said in
an interview, Bloomberg News notes.  The company would also become
a global player in the energy transition -- even if it means lower
profits and dividends, Bloomberg News discloses.  Petrobras's
limited focus on the pre-salt has generated heaps of cash in the
short term, but leaves it exposed to a changing industry in the
coming decades, he added.

"It has turned into a huge dairy cow, and it won't last," Prates
said, Bloomberg News relays.  "It's walking blindfolded off a
cliff."

While Lula oversaw a massive rally in his eight years in office,
aided by a commodities super-cycle, his legacy was tarnished by
policy mistakes made by his successor and the so-called 'Lava Jato'
("Car wash") corruption probe, the report notes.  The investigation
centered on Petrobras, and put him in jail for almost a year and a
half, Bloomberg News relays.  His convictions were later tossed out
by the Supreme Court on procedural grounds, but some Brazilians
still see him as a symbol of corruption, the report says.  In the
first presidential debate, Bolsonaro branded Lula's government "the
most corrupt in history," Bloomberg News adds.

                          Exploration

To be sure, Brazil won't stop pumping oil no matter the outcome of
the October vote, Bloomberg News relays.  Both candidates are
supportive of oil and resource extraction, unlike Colombia's
recently elected President Gustavo Petro, who plans to ban new
exploration out of environmental concerns.  Besides, Petrobras has
found so much oil this century that production will continue to
grow whoever wins, Bloomberg News relays.

"Petrobras will continue as a giant in Brazil," said Luiz Felipe
Coutinho, the chief executive officer of Origem Energia, which has
bought onshore natural gas fields from Petrobras and considers the
company its main commercial partner, Bloomberg News discloses.

Another thing unlikely to change regardless of the outcome is the
risk of Petrobras subsidizing fuels, Bloomberg News relays.  Lula
has attacked Bolsonaro over high gasoline prices, a major complaint
among Brazilians this year, Bloomberg News notes.  Bolsonaro
responded by attacking Petrobras's leadership and ultimately
slashing taxes to provide consumers relief, Bloomberg News
relates.

"At the end of the day it's just not really a private sector
company. It has a different cadre of investors who understand the
quasi-sovereign aspect," said Wilbur Matthews, founder of Vaquero
Global Investment LP, who has owned Petrobras bonds in the past but
thinks they are overpriced at the moment, Bloomberg News discloses.
"You don't buy Petrobras stocks or bonds because you love the
corporate dynamics," Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America,
Egan-Jones Ratings Company July 8, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Petroleo Brasileiro S.A. - Petrobras to BB+ from BB.




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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: Gives RD$99M++ for Areas Affected by Fiona
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic government
contributes more than RD$99 million for municipalities and
districts affected by Fiona.

The Administrative Minister of the Presidency, Jose Ignacio Paliza,
reported this that all the municipalities and municipal districts
of the eight provinces declared in a state of emergency by Decree
537-22, after the passage of Hurricane Fiona, will receive a first
contribution of 99.5 million pesos, according to Dominican Today.

The announcement of the delivery of these special operating funds
from the Presidency was made by President Luis Abinader during a
tour of the affected areas of the province of La Altagracia, the
report notes.

Paliza expressed that this contribution, in addition to the
initiatives launched by the Government to provide a timely response
to the demarcations affected by the atmospheric phenomenon, will
serve for the cleaning, recovery and citizen assistance of those
demarcations, the report relays.

"Fulfilling the word pledged by our president Luis Abinader during
his visit to the municipality of Higüey, I want to confirm the
authorization for all the municipalities and municipal districts of
the eight provinces declared in a state of emergency by Decree
537-22 they can receive a first contribution for the cleaning,
recovery and citizen assistance of those demarcations",
communicated the minister, the report notes.

The Administrative Minister of the Presidency indicated that a
total of 29 municipalities and 43 municipal districts will receive
this contribution regardless of any differences and political
connotations, the report relays.  "This effort will unite us and we
will be able to move forward as a single body, overcoming the
obstacles presented by Hurricane Fiona," Paliza said, the report
says.

The Executive Power issued decree 537-22, by which the necessary
procedures for the assistance of the provinces most affected by
Hurricane Fiona, such as La Altagracia, La Romana, El Seibo,
Samana, Hato Mayor, María Trinidad Sanchez, Duarte and Monte
Plata, the report notes.

In total, 21 State institutions were authorized to act immediately
as a result of it, related to the provision of medicines, food,
energy system, water supply and social assistance in general,
education, among others, 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.

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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H O N D U R A S
===============

HONDURAS: IDB Approves $195MM-Loan for Sustainable Development
--------------------------------------------------------------
Honduras will use a $195 million loan from the Inter-American
Development Bank (IDB) to tighten accountability, enhance
government transparency, and boost the effectiveness of its
integrity policies and corruption control systems.

This operation will design and adapt an online data display
platform to promote more transparent budgeting and public
spending.

It will also foster better management of public finances by
integrating analysis of specific fiscal risks, including potential
damage from natural disasters, into the budget. In addition, it
will promote transparency in the drinking water and sanitation
sector, and help the government identify and publish its spending
to address climate change.

Additionally, the operation will kick off the process of
co-creating the Fifth Action Plan for the Open Government
Partnership, in consultation with civil society. This initiative
will cover gender and indigenous issues and seek greater
participation of women in infrastructure projects awarded through
public procurement processes.

The program funded by the loan will help advance a draft bill to
overhaul the civil service law in order to promote transparency and
integrity in public office.

Likewise, the program will design and adapt a platform for
digitally managing tax returns and asset and liability statements
as an oversight system to strengthen public integrity. In pursuit
of the same goal, it will also cooperate with tax authorities in
over 100 countries to cross-check information.

The IDB is the world leader in financing and providing technical
assistance to transparency, integrity and corruption control
projects in Latin America and the Caribbean. The IDB has approved
over $23 million in technical cooperation since 2007 to bolster
transparency and integrity in the region's public and private
sectors. The IDB's member countries have implemented over $2
billion in loan programs on these issues.

This $195 million IDB loan has two components. The first consists
of $68,250,000 with a 25-year repayment term, a 6-year grace
period, and an interest rate based on the Secured Overnight
Financing Rate (SOFR). The second consists of $126,750,000 in
concessional resources with a 40-year repayment and grace period
and an interest rate of 0.25% per year.

                About the IDB

The Inter-American Development Bank is devoted to improving lives.
Established in 1959, the IDB is a leading source of long-term
financing for economic, social, and institutional development in
Latin America and the Caribbean. The IDB also conducts cutting-edge
research and provides policy advice, technical assistance, and
training to public and private sector clients throughout the
region. Take our virtual tour.




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J A M A I C A
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JAMAICA: Producer Prices Decline for 2nd Straight Month in August
-----------------------------------------------------------------
RJR News reports that manufacturers saw a second consecutive month
of declines in the cost of inputs at the end of August.

For the period, the Producer Price Index fell by 0.6 per cent,
according to RJR News.

The decline was due mainly to a 2.8 per cent fall in the cost of
Refined Petroleum Products, the report relays.

The downward trend was, however, tempered by a 0.1 per cent
increase in the index for inputs in the Manufacture of Food
Products category, the report discloses.

The cost of goods to manufacturers moved up by 19.6 per cent for
the year ended August, the report notes.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




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X X X X X X X X
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[*] LATAM: IDB & KIAT Strengthen Collaboration for Innovation
-------------------------------------------------------------
The Inter-American Development Bank (IDB) and the Korea Institute
for Advancement of Technology (KIAT), within the context of the 6th
Korea-LAC Business Summit, signed a memorandum of understanding
(MoU) to strengthen collaboration to foster support for sustainable
development and the transition to a low-carbon economy in Latin
America utilizing innovative technology and Korea's experience.

KIAT President, Ms. Min Byung-Joo, and IDB's Vice President for
Sectors and Knowledge, Benigno Lopez Benitez signed the MOU on
behalf of their organizations to solidify cooperation in the areas
of common interest between KIAT and IDB, such as renewable energy
and green industry infrastructure.

KIAT has been continuously cooperating with the IDB through
Official Development Assistance (ODA) projects in the energy sector
since 2019. Currently, there is ongoing collaboration in three
projects, which includes the "Green Energy Island Project in
Guanaja, Honduras," for which the equivalent of US$14 million in
grant financing has been secured. In addition, seven feasibility
studies are being conducted this year to define new projects.

"Through industrial and energy ODA projects that utilize Korea's
technology and experience, it will not only be able to contribute
to the realization of IDB's mid- to long-term vision, which aims to
realize a low-carbon economy, but also laying the groundwork for
domestic companies to enter emerging markets," KIAT President Min
Byung-Joo said.

"At the IDB we are delighted with our continuous collaboration with
KIAT and our strong partnership to support innovation, clean
energy, sustainable development and inclusive growth of Latin
America and the Caribbean region," said IDB Vice President Benigno
López.

The collaboration encompasses the joint identification of
evidence-based projects, joint consultations, knowledge exchange,
personnel exchange, among others, to support the solid operation
and execution of the projects.

                      About the IDB

The Inter-American Development Bank is devoted to improving lives.
Established in 1959, the IDB is a leading source of long-term
financing for economic, social and institutional development in
Latin America and the Caribbean. The IDB also conducts cutting-edge
research and provides policy advice, technical assistance and
training to public and private sector clients throughout the
region.

                        About KIAT

KIAT is an agency in charge of the industrial/energy development
cooperation projects, Official Development Assistance (ODA) project
of the Ministry of Trade, Industry and Energy of Korea.



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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

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Chapman, Editors.

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