/raid1/www/Hosts/bankrupt/TCRLA_Public/221007.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, October 7, 2022, Vol. 23, No. 195

                           Headlines



A R G E N T I N A

ARGENTINA: Around 5.5 Million Children Living in Poverty


B A R B A D O S

BARBADOS: Issues Blue Bond, IDB Acts as Guarantor


B R A Z I L

BRAZIL: Economy Uncertainty Falls to Lowest Level Since Nov. 2019
BRAZIL: Foreigners' Share in Debt Falls to Lowest Level in 12 Yrs.
PETROLEO BRASILEIRO: Refineries Recorded Sharp Drop in Production


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Agri Sector, Et Al. to Have Less Budget in 2023


J A M A I C A

JAMAICA: Media Calls for Support to Facilitate Digital Switchover


P A R A G U A Y

BANCO REGIONAL: S&P Downgrades LT ICR to 'BB-', Outlook Stable


P E R U

PERU: IDB Loans $100 Million to Boost Credit for Women's MSMEs


P U E R T O   R I C O

PUERTO RICO: Bankruptcy Judge Grants PREPA Litigation


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: More of the Same, Agriculturalists Complain

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Around 5.5 Million Children Living in Poverty
--------------------------------------------------------
Buenos Aires Times reports that child poverty affected 50.9 percent
of Argentina's population in the first half of 2022, according to
the Permanent Household Survey (EPH) released by the INDEC national
statistics bureau.

This percentage, projected out to the total population according to
the most recent census, would indicate that there are around 5.5
million children under 14 years of age living in poverty in
Argentina, with 1.3 million affected by extreme poverty, according
to Buenos Aires Times.

Poverty among children under 14 fell by 40,400 from the second half
of 2021, but the number of kids classified as destitute increased
by 14,300, the report notes.

Child poverty fell by 373,000 compared to the same period last
year, while the number of destitute children fell by 425,300, the
report relays.

According to the figures released by the INDEC broken down by age
group, in the 31 urban agglomerates covered by the EPH study, among
children aged zero to five, poverty reached 27.6 percent, the
report discloses.

Among those aged 6 to 11, 37.4 percent of children were poor, and
among those aged 13 to 17, 34.9 percent were living in poverty, 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.




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B A R B A D O S
===============

BARBADOS: Issues Blue Bond, IDB Acts as Guarantor
-------------------------------------------------
Jamaica Observer reports that the Government of Barbados has
secured BB$146.52 million from the issuance of a dual currency blue
bond with Inter-American Development Bank (IDB) and The Nature
Conservancy (TNC) acting as guarantors for the transaction.

A blue bond is an innovative financial tool that has the potential
to grow the blue economy. Blue bonds can be issued by sovereign
governments, the private sector, or by multilateral banks,
according to Jamaica Observer.

The bond issue forms part of a "Sustainability-linked Debt
Conversion Financing" arranged and brokered by CIBC FirstCaribbean
and Credit Suisse, the report notes.  Part proceeds from the blue
bond issue were used to repurchase US$ bonds due 2029 and BB$ bonds
due 2043, as the country pursues reducing debt service costs and
improve long-term debt sustainability, the report relays.

Both CIBC and Credit Suisse partnered as dealer managers for the
buy-back of the US$ 2029 bonds, the report discloses.

This debt conversion is said to have the potential of unlocking
significant funding for marine conservation over the next 15 years,
Barbados is expected to allocate between US$40 million and US$50
million to marine conservation and other environmental and
sustainable development projects over that time, the report
relays.

"As part of the debt conversion, Barbados commit to protect and
effectively manage up to 30 per cent of the nation's ocean,
specifically the Exclusive Economic Zone and Territorial Sea, an
area of more than 55,000 square kilometres," a release outlined,
the report notes.

"The Government of Barbados, TNC and IDB agreed to work together on
restructuring external and local debt, thereby significantly
reducing the county's existing debt service while securing funding
for conservation activities," it continued, the report relays.

In addition to acting as guarantors, the IDB will provide
sustainability advisory services and TNC will offer conservation
advisory service to the Bajan authorities, the report relays.
Together they have offered a US$150-million guarantee for the debt
conversion; the IDB guaranteeing the lion's share of US$100
million, the report notes.

Former president of the IDB Mauricio Claver-Carone, while calling
Barbados a long-standing partner, commended the authorities for
their "ambitious climate and biodiversity agenda," the report
discloses.

"Our catalytic role in this transaction demonstrates our commitment
at the IDB to offer innovative financial instruments and technical
advisory that increase the resilience of the region. With our
expertise in international green financing, the IDB is ready to
mobilize additional funds to increase resources for countries to
enhance their ambition and we remain at their side to support their
efforts," he outlined further, the report relays.

A unique component of the blue bond that was pioneered and
championed by the Government is the suspension of debt servicing in
the event of natural disasters and pandemics, which addresses the
concern of debt sustainability, the report notes.

"We are delighted to see the successful execution of our debt
conversion for nature. Recently, Barbados has found itself at the
front line of both the global pandemic and the climate crisis,"
Barbados Prime Minister Mia Amor Mottley noted, the report
relates.

"Our response has been to find innovative ways to strengthen our
resilience and to address the challenges that face us, not least
the climate crisis. This operation is the culmination of a lot of
hard work, and of our determination to support our precious and
irreplaceable marine environment which must equally be sustainably
developed and managed," she added, while thanking IDB, TNC,
lenders, bondholders, and all other parties involved in the
transaction, the report relays.

Underscoring the importance of the transaction to the protection
and conservation of Barbados' marine resources, as well as the way
of life of Bajans, the prime minister said the country had to take
action while waiting on the international community to treat with
the damaging effects of climate change, the report relates.

Another stipulation of the transaction is the creation of a new,
independent conservation fund, which will receive US$1.4 million
annually or US$20.5 million in total, to underwrite coastal
conservation projects, the report says.  Over the next 15 years,
US$18 million will be directed to an endowment fund set aside for
marine conservation and accessible in 2037 to aid the long-term
planning and protection of Barbados' marine ecosystem, the report
notes.

Also commenting on the transaction, Jennifer Morris, CEO of The
Nature Conservancy, said that it "has positive ramifications for
conservation efforts and for our communities, and we hope to
continue to scale this program to other countries around the
Caribbean and the world," the report adds.

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings, on Sept. 23, 2022, affirmed its 'B-/B' long- and
short-term sovereign credit ratings on Barbados, and its 'B-'
issue-level rating on Barbados' debt. In addition, S&P Global
Ratings affirmed its 'B-' transfer and convertibility assessment.
The outlook is stable.




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B R A Z I L
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BRAZIL: Economy Uncertainty Falls to Lowest Level Since Nov. 2019
-----------------------------------------------------------------
Iolanda Fonseca at Rio Times Online reports that the Brazilian
Uncertainty of the Economy Indicator (IIE-Br) fell 4.9 points in
September to 111.7 points, the lowest level since November 2019,
from 105.1 points.

The data were released 30, by the Brazilian Institute of Economics
of the Getulio Vargas Foundation (Ibre/FGV), according to Rio Times
Online.

Ibre/FGV economist Anna Carolina Gouveia said that the IIE-Br is
now only slightly above what can be considered a comfortable level
of uncertainty (below 110 points) for the first time since the
onset of the covid-19 pandemic, 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.


BRAZIL: Foreigners' Share in Debt Falls to Lowest Level in 12 Yrs.
------------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that the share of
foreign investors in Brazilian public debt fell in August to the
lowest level in more than 12 years, official data showed, despite
high yields on government bonds.

According to the Treasury, the share of foreigners in domestic
public debt fell to 8.84% in August, from 9.01% in July, the lowest
level since December 2009, globalinsolvency.com discloses.

This occurred despite high yields in government bonds amid an
aggressive monetary tightening to battle inflation in Latin
America's largest economy, according to globalinsolvency.com.

The central bank decided to pause its rate-hike cycle after 12
increases that put the benchmark Selic interest rate at 13.75% from
a 2% record-low in March 2021, the report relays.

Luis Felipe Vital, the Treasury's head of Public Debt Operations,
stated that lower global liquidity hinders inflows to emerging
countries and, consequently, to Brazil, the report notes.

The decline in foreign public debt holdings has contrasted with
high volumes of foreign direct investment in the country, which
includes equities of non-residents in enterprises and intercompany
lendings, the report says.

According to the Treasury, Brazil's federal public debt fell 0.4%
in August from the month before, the second straight month in which
bond redemptions outstripped government issuances, the report
notes.

Public debt reached 5.781 trillion reais ($1.09 trillion), affected
by a net redemption of 56.62 billion reais and interest payments of
33.60 billion reais, 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.


PETROLEO BRASILEIRO: Refineries Recorded Sharp Drop in Production
-----------------------------------------------------------------
Richard Mann at Rio Times Online reports that the sudden drop in
demand for fuels prompted a sharp reduction in the utilization
factor of Petrobras' refineries, which are now prioritizing the
production of Liquefied Petroleum Gas (LPG) to supply the domestic
market, in addition to importing the raw material, said the
director of the National Petroleum, Natural Gas and Biofuels Agency
(ANP), Felipe Kury.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A.
Petrobras explores for and produces oil and natural gas.  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: Agri Sector, Et Al. to Have Less Budget in 2023
-------------------------------------------------------------------
Dominican Today reports that according to the project submitted by
the Executive Power, the Ministries of Education and the Public
Debt Management and Financial Assets chapter would receive the
largest allocations for 2023, while the Ministries of Economy,
Work, Housing, Habitat and Buildings, Agriculture, and Energy and
Mines would see a decrease in their budget appropriations.

The Ministry of Economy, Planning, and Development is proposed to
have its expenditure allocations reduced by around 2 billion pesos
from the original budget of 2022, according to the Explanatory
Report of the Bill of the General State Budget 2023, which was
submitted in the Chamber of Deputies, according to Dominican
Today.

The elimination of funding for the X National Population and
Housing Census, whose fieldwork will take place from November 10 to
23, is mostly to blame for this decline, the report notes.

The research estimates that the Ministry of Labor would submit a
drop of 809.7 million pesos from the 2022 budget that has been
approved. While reductions of 714.2 million, 595.4 million, and
441.8 million pesos will be made to the Ministries of Housing,
Habitat and Buildings, Agriculture, and Energy and Mines,
respectively, 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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J A M A I C A
=============

JAMAICA: Media Calls for Support to Facilitate Digital Switchover
-----------------------------------------------------------------
RJR News reports that local media stakeholders are calling for
greater support from the government for the effective
implementation of the mandatory television digital switchover.

In January, Jamaica became the third country in the world to
implement digital, over-the-air television, also dubbed NextGen TV
or ATSC 3.0, according to RJR News.

Television Jamaica, which is part of the RJRGLEANER Communications
Group, is the only broadcast house in the region already
transmitting digital signals on the ATSC 3.0 platform, with two
towers, the report notes.

But there is still some way to go before the full implementation of
the necessary infrastructure throughout the country, and RJRGLEANER
Group CEO Gary Allen has suggested that cutting some taxes for the
digital equipment needed by consumers could help more Jamaicans
make the switch, the report relays.

At the Group's annual general meeting, Mr. Allen called for the
government to remove import duties and general consumption tax
(GCT) on equipment such as television sets, set-top boxes, antenna
systems and related items to facilitate people making the switch
from analog to the ATSC 3.0 platform, the report says.

Mr. Allen said the technology can be used in providing educational
programs to PATH students via a set-top box and a TV set, and could
also be used in government offices, the report discloses.

In addition, he suggested the new paradigm presents value-added
opportunities for Jamaica. He said the government should create an
enabling environment for the country to become a producer of some
of the ATSC 3.0 equipment, the report relays.

The RJRGLEANER Group is spending more than $1 billion on the
government mandated digital transition, the report adds.




===============
P A R A G U A Y
===============

BANCO REGIONAL: S&P Downgrades LT ICR to 'BB-', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Banco Regional S.A.E.C.A. to 'BB-' from 'BB'. The outlook is
stable.

The stable outlook reflects S&P's view the bank will advance in the
clean-up of its problematic portfolio, while the focus on its
business strategy could lead to a recovery on its overall business
performance.

In the past few years, Paraguayan bank Banco Regional has had
higher-than-average credit provisioning, incorporating legacy
credit cases in the wake of relief measures implemented by the
regulator in the country to cope with climate events and the
pandemic.

The bank acknowledged a deterioration in its loan book, exacerbated
by the challenging economic scenario in Paraguay, stemming from
negative shocks such as the droughts in the 2018-2019 and 2021-2022
seasons and the COVID-19 pandemic. These shocks increased the risk
perception within the financial system and led the Central Bank of
Paraguay to sponsor the so-called "Transitory and Exceptional
Measures."

In this context, Banco Regional's credit provisioning has been
higher than peers, considering its above-average exposure to the
agriculture sector, indicating higher risk and a lack of enough
provision coverage in its legacy portfolio. In parallel to that,
the bank went through a transformation process to strengthen its
credit risk management that included the clean-up of problematic
loans. Although S&P recognizes both the need for and importance of
such a clean-up, the combination of factors has led to a weakening
in the bank's profitability and capitalization. This has limited
its growth capacity and hurt its overall business performance,
weighing on our credit analysis of the bank.

The bank's current business strategy involves restoring
profitability by diversifying its loan portfolio, increasing its
presence in the retail segment, and accelerating its digital
transformation, while still keeping its leading position in the
agriculture loan business. To execute this strategy, the bank has
been working to incorporate a new strategic partner that would
provide fresh resources.

ESG credit indicators: E-3, S-2, G-2




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P E R U
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PERU: IDB Loans $100 Million to Boost Credit for Women's MSMEs
--------------------------------------------------------------
The Inter-American Development Bank (IDB) granted a $100 million
loan to Peru's Corporacion Financiera de Desarrollo to allow more
micro, small, and medium-sized enterprises (MSMEs), particularly
those owned or led by women, to secure financing for productive
investment.

The Program for Financing Female Entrepreneurs in Peru seeks to
narrow the gender gap in this business segment, which has the
largest barriers to accessing credit. The program will benefit more
than 8,500 MSMEs, over 5,000 of which will be headed by female
entrepreneurs.

The loan's resources will be allocated according to the
characteristics of female entrepreneurs in Peru, where most MSMEs
are clustered in the trade and services sectors. As a result, there
is expected to be greater market demand from companies in these
segments.

The Corporacion Financiera de Desarrollo, Peru's leading wholesale
bank and the program's executing agency, will distribute financing
for MSME through intermediary financial institutions. The program
will seek to drive economic growth among MSMEs, especially those
owned by women, by boosting their average revenue.

The program also aims to tackle climate change by allocating at
least 5% of its resources ($5 million) to financing climate action
investments made by MSMEs.

The program will provide technical support focused on strengthening
and scaling up institutional capacities to counteract the
supply-side barriers faced by MSMEs headed by women. This support
includes adapting products to address non-financial considerations,
reporting data disaggregated by sex, and providing a better
understanding of entrepreneurial women as a segment.

The $100 million IDB loan has a 24.5-year repayment period, a
6-year grace period, and an interest rate based on the Secured
Overnight Financing Rate (SOFR).




=====================
P U E R T O   R I C O
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PUERTO RICO: Bankruptcy Judge Grants PREPA Litigation
-----------------------------------------------------
Michelle Kaske of Bloomberg News reports that Puerto Rico's
financial oversight board must file a debt-restructuring plan for
its bankrupt power utility by Dec. 1, 2022, according to a federal
judge, who ruled that the court will begin litigating certain
issues of the workout.

US District Court Judge Laura Taylor Swain approved a
request by the island's Congressionally appointed oversight board
to litigate how much of the power utility's revenue bondholders are
entitled to. She also decided that court-ordered mediation should
continue and set the Dec. 1, 2022 deadline for a new plan to reduce
$9 billion of Puerto Rico Electric Power Authority debt.

The Financial Oversight and Management Board for Puerto Rico
announced Sept. 16, 2022, that it has reached an impasse in
mediations with bondholders over the restructuring of PREPA's debt
and fled a required schedule with the U.S. District Court for the
District of Puerto Rico to resume litigation against PREPA
bondholders.

The Oversight Board filed its proposed litigation schedule in
compliance with a prior court order requiring it to file, among
other options, an expedited litigation schedule for various
disputes with PREPA's creditors.  The Oversight Board also
encouraged further mediation and negotiations with all parties as
the litigation progresses.

The litigation will focus on whether the bondholders' security
interest securing their bond claims is limited to the money PREPA
deposits in accounts the bond trustee created pursuant to the trust
agreement governing the issuance of the bonds. The trust agreement
requires PREPA to deposit money into these accounts only after
PREPA pays its operating expenses. The Oversight Board asserts the
trust agreement limits the bondholders' security interest to monies
in this fund, and that bondholders have no claim against PREPA that
is not satisfied by the money currently in the fund.

                        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.

                          *     *     *

The two Title III plans of adjustment have been confirmed to date,
for the Commonwealth and COFINA debtors.




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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: More of the Same, Agriculturalists Complain
--------------------------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that in the 2023
budget, Trinidad and Tobago's Ministry of Agriculture, Lands and
Fisheries was allocated $1.33 billion.

In the current fiscal year, the ministry received $1.249 billion,
according to Trinidad Express.

In his budget presentation in the House of Representatives, Finance
Minister Colm Imbert said the agriculture sector had to deal with
the impact of rising food prices, due to Russia's invasion of
Ukraine, the report relays.

Imbert thanked T&T's farmers for the excellent work they have been
doing, despite the challenges. He once again allocated the
additional sum of $300 million for agricultural incentives,
infrastructure and programs in this year's budget, the report
notes.

"Our new approach is facilitating the re-engagement of youth in the
agriculture sector since the aging of our farmers makes imperative
the increasing involvement of youth in the sector," Imbert added,
the report relays.

Speaking to the media after the budget presentation, Prime Minister
Dr Keith Rowley said agriculture in this country is a private
sector operation, the report relays.

"Agriculture in all its forms is a private sector thing, so the
bulk of expenditure on agriculture is private sector.  The
Government provides technical, infrastructure and marketing
support.  When you see $500 million coming from the government,
that is not the sum total coming for agriculture.  If you really
want to get the expenditure in agriculture, you have to determine
what are the farmers spending," Rowley emphasized, the report
notes.

Commenting on the budget's allocation to the agricultural industry,
president of the Agricultural Society (ASTT), Darryl Rampersad,
expressed disappointment, the report relays.  He said what was read
seemed similar to the 2022 budget, the report discloses.

Rampersad pointed out that Imbert spoke the $300 million allocation
last year as well and no such incentives were forthcoming, the
report notes.
"We realize it's just a talk shop, because in 2021 it was $500
million for incentives and in 2022 and the upcoming fiscal year, it
is $300 million.  But who is accessing it? We have not seen any
infrastructure works benefitting the farming community. I myself
signed off on a document, through the Freedom of Information Act
questioning where the $300 million for 2022 was spent.  It is time
the people get some answers," he said, the report relays.

He also was not pleased by the budgetary allocation and said with
food security being a major issue more should have been given to
the agriculture sector, the report notes.

"That slight increase we got goes into wages and operations, not
training programs and assisting farmers," the ASTT president
remarked, the report relays.

Rampersad said the Government should have revised its land policies
and incentives, the report notes.

He lamented that land tenure, access to finance, access to markets,
poor infrastructure and high input costs must be addressed, the
report discloses.

Rampersad said he believes the country needs to look into more feed
substitution projects to reduce the cost of meat, dairy and poultry
products, the report says.

"Farmers also need to be introduced to new varieties and new
breeding stock needs to be available to reduce the food import
bill. During the Covid, we learnt as a country the importance of
food production.  There are many farmers out of business due to
high input costs," he said, the report notes.

Rampersad also appealed for proper drainage and a more proactive
approach must be taken to deal with flooding, the report relays.

                       Monies Needed

The ASTT president, bemoaned that for the last seven years, the
Society has not received the project subvention, which assists
farmers in training programs, the report relays.

He noted that the subvention is usually between $4 and $7 million,
the report notes.

"I have been at the helm since early last year and still we did not
get the subvention. I am hoping that changes after this budget.
The last minister of Agriculture never met with us. We are hoping
for a better working relationship with the new minister," Rampersad
emphasized, the report notes.

He added that the Agri Forum and Expo was an excellent initiative
to bring opportunities of trade and investment to the producers of
Trinidad and Tobago, but the challenges faced by the primary
producers must be addressed firstly to chart a way forward, the
report notes.

               Poultry Industry Needs to Revamp

A vibrant poultry industry is crucial for any developing country,
according to Broiler Growers Association president Sudesh
Ramkissoon, the report discloses.

Ramkissoon said the Government must understand the importance of
the industry, as chicken is supposed to be the most affordable
protein for a country and its citizens, the report relays.

A recommendation to help make this become a reality, he said, is by
creating a special committee comprising key stakeholders with the
specific goal of keeping the cost of poultry affordable, the report
notes.  The committee should also focus on keeping the industry
growing to keep up with the demand, help farmers keep up with the
technology and ensure all members of the value chain are properly
rewarded for their contribution, the report relays.

With regards to processed chicken, Ramkissoon said prices have been
increasing for over a year now, the report says.

"What happened is that during this year prices skyrocketed compared
to that of pork and beef . The prices have risen steadily mainly
because of demand and supply. With prices reaching as high as
$17.00 per pound for some time," he outlined, the report notes.

Ramkissoon pointed out that raw materials for feed are not produced
locally and some components cannot be grown locally due to climate
factors, the report discloses.

"In addition the item we can grow which is corn needs mass acreage
to produce the grain we need , but that means that we can partner
with Caricom members with land space mainly Guyana and create a
partnership to assist with all animal feed, the report relays.

"Also exploring a relationship with Brazil to assist with feed
supply for all Livestock as Brazil has a booming beef and pork
sector.  We as Caricom members need to explore the possibility of
more partnerships to contribute to all our members," he noted, the
report notes.

Another issue the Broiler Growers association president
highlighted, is the fact that poultry farmers and farmers fall
directly under the ministry of agriculture, however the poultry
industry falls under the Ministry of Trade and Industry, the report
relays.

"We as farmers are always in a conflicted position, hopefully we
can somehow have a special department within both ministries to
fill the gap and help farmers further the industry," the report
notes.

                  Poultry Industry Shrinking

The poultry sector is not growing, said Ramkissoon, as people are
not investing in building more poultry farms, the report notes.
This may be due to the volume of work required, the cost to build
chicken pens and also the outdated contracts offered by the poultry
integrators for growing chickens He noted that currently farmers
earn an average of $2.00 per chicken grown, the report says.

As a result of all these issues, including the effects of the
Covid-19 pandemic, Ramkissoon lamented that several farmers have
exited the industry, and some of the main reasons being the
children of poultry farmers, have no interest in continuing the
farming, the report discloses.

"Some farmers left also because of the increased cycle time to
place birds on their farms allowing them to earn less yearly," he
added.



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