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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

          Thursday, April 3, 2025, Vol. 26, No. 67

                           Headlines



B R A Z I L

BRAZIL: Central Bank Cuts Growth Outlook on Inflation Woes
BRAZIL: Central Bank Says Interest Rate Hike Cycle to Continue
PILGRIM'S PRIDE: Moody's Affirms 'Ba2' CFR, Outlook Stable
USINA CORURIPE: Moody's Withdraws 'B3' Corporate Family Rating


C O L O M B I A

COLOMBIA TELECOMUNICACIONES: Fitch Affirms BB+ IDR, Outlook Stable


J A M A I C A

JAMAICA: BoJ to Float Another 6.25%/Yr Fixed Rate Cert of Deposit
JAMAICA: Trade Deficit Narrowed Slightly for Jan-Nov 2024


S U R I N A M E

SURINAME: IMF OKs Final Review Under Extended Fund Facility


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Cement Price Hike to Push Costs Up

                           - - - - -


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B R A Z I L
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BRAZIL: Central Bank Cuts Growth Outlook on Inflation Woes
----------------------------------------------------------
globalinsolvency.com, citing  Bloomberg News, reports that Brazil's
central bank lowered its economic growth forecast for this year,
signaling further interest rate hikes will weigh on activity as
policymakers fight inflation that's speeding up further above
target.

The bank expects gross domestic product to expand 1.9% this year,
down from the previous of estimate of 2.1%, according to its
monetary policy report, notes globalinsolvency.com.  By comparison,
analysts surveyed by the monetary authority see 1.98% growth in
2025, the report notes.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

In October 2024, Moody's Ratings upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to Ba1
from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2;
and maintained the positive outlook.  S&P Global Ratings raised on
Dec. 19, 2023, its long-term global scale ratings on Brazil to
'BB' from 'BB-'.  Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with
a Stable Outlook.  DBRS' credit rating for Brazil was last reported
at BB with stable outlook at July 2023.

BRAZIL: Central Bank Says Interest Rate Hike Cycle to Continue
--------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Brazil's
central bank said it was important to signal that its cycle of
interest rate hikes will continue in the face of an adverse
inflation outlook, according to the minutes to its March 18-19
policy meeting.

Local food prices are high and can also drive up costs in other
sectors, while services inflation has accelerated in recent
readings, policymakers wrote in the minutes to the meeting,
according to globalinsolvency.com.  They raised the benchmark Selic
by a full percentage point to 14.25%, and signaled a smaller rise
ahead, the report adds.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

In October 2024, Moody's Ratings upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to Ba1
from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2;
and maintained the positive outlook.  S&P Global Ratings raised on
Dec. 19, 2023, its long-term global scale ratings on Brazil to
'BB' from 'BB-'.  Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with
a Stable Outlook.  DBRS' credit rating for Brazil was last reported
at BB with stable outlook at July 2023.

PILGRIM'S PRIDE: Moody's Affirms 'Ba2' CFR, Outlook Stable
----------------------------------------------------------
Moody's Ratings affirmed Pilgrim's Pride Corporation's
("Pilgrim's") Ba2 Corporate Family Rating, Ba2-PD Probability of
Default Rating, Ba2 senior unsecured notes rating, and (P)Ba2
senior unsecured shelf rating. The speculative grade liquidity
rating is unchanged at SGL-1. The outlook is stable.

The affirmation of Pilgrim's ratings with a stable outlook follow
the company's announcement of shareholder distributions and a step
up in capital expenditures for fiscal 2025 at its investor day.
The company plans to issue a $1.5 billion special dividend to
shareholders. The special dividend is credit negative because it
will reduce the company's sizable cash balance. The incremental
capital spending in fiscal 2025 will also consume cash and involves
investment risk. However, Moody's affirmed the ratings because
Pilgrim's Pride is funding the distribution from its sizable $2
billion cash balance and not with debt, and will maintain very good
liquidity. In addition, Moody's project free cash flow will remain
comfortably positive in fiscal 2025 despite the increase in capital
spending and an anticipated reduction in earnings as the current
strong poultry market conditions moderate.

The SGL-1 rating reflects that Pilgrim's Pride will continue to
have very good liquidity following the special dividend. As of
December 29, 2024, the company had roughly $3 billion of liquidity
including $2 billion in cash that will still be meaningful at $500
million pro forma for the dividend. In addition, as of December 29,
2024, Pilgrim had $826 million of availability on a $850 million
senior unsecured revolving credit facility that expires in October
2028, $189 million equivalent of availability on a unsecured
revolving credit facility expiring June 24, 2027 through its Moy
Park subsidiary, and $55 million of availability through a MXP 1.1
billion ($54.6 million) credit facility expiring August 15, 2026.

Pilgrim's Pride also announced plans to spend an incremental $350
million in growth capital expenditures in fiscal 2025, above its
normal $400 million in maintenance capital expenditures. The
additional capital expenditures will be used to add prepared foods
and small bird capacity, convert a big bird plant to case ready,
and expand the company's protein conversion capacity. These
investments are focused on driving growth, enhancing margins, and
reducing volatility. Moody's projects the company will generate
free cash flow of roughly $650 million in fiscal 2025 (excluding
the special dividend) and approximately $400 million in fiscal 2026
after capital expenditures of approximately $750 million and $800
million in each year, respectively.

RATINGS RATIONALE

Pilgrim's Pride Corporation's Ba2 CFR is supported by its position
among the world's largest chicken processors, a growing packaged
foods business and very good liquidity. The company's operating
strategy is focused on maximizing profitability and earnings
stability by maintaining operational excellence, improving the
diversity of the product portfolio and focusing on key customers.
These focused efforts allow the company to at least partially
offset sector headwinds caused by external factors such as grain
prices, biological risks, trade restrictions and government
policies that are largely out of its control.

These strengths are balanced against the company's focus in the
cyclical chicken processing industry, which is characterized by
volatile earnings, modest profit margins, and high operating
leverage. The inherent earnings, financial leverage and free cash
flow volatility requires very good liquidity to manage through weak
earnings and cash flow periods. At the top of the cycle, Moody's
expects financial leverage to be very modest relative to comparably
rated companies. Conversely, at the bottom of the cycle, the
company can often have financial leverage that is well outside
Moody's central expectations for the rating for a limited period of
time. Pilgrim's credit metrics continue to improve along with a
recovery in the poultry cycle with debt-to-EBITDA leverage of 1.6x
as of December 2024 at the low end of the range Moody's anticipates
for the rating. Moody's anticipates debt-to-EBITDA leverage will
increase to around 2x by 2026 as the poultry cycle moderates. The
financial policy of maintaining good access to cash and committed
external sources of liquidity helps the company manage through the
earnings volatility.

Moody's evaluates Pilgrim's credit profile on a stand-alone basis
because the debt is not guaranteed by its 80%-shareholder JBS S.A.
Thus, the ratings are not directly affected by the credit profile
of JBS. However, the strategic importance of Pilgrim's to JBS, as
it provides protein and geographic diversification, and potentially
earnings stability, is a positive credit factor because Pilgrim's
does not pay a recurring dividend, at least a portion of earnings
are being reinvested in Pilgrim's growth and there is likely
incentive for JBS to support Pilgrim's through temporary cyclical
slowdowns if necessary.

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

The stable outlook reflects a fairly wide range of potential
earnings performance that is typical in the cyclical US chicken
processing industry balanced against Pilgrim's very good
liquidity.

Moody's anticipates that Pilgrim's will continue to benefit from a
strong poultry cycle and low feed costs, which along with the
company's good cost management will support low leverage, positive
free cash flow and very good liquidity over the next 12 to 18
months.

The ratings could be upgraded if the company enhances earnings
stability through improvements in business and product mix, debt to
EBITDA is sustained below 2.0x, there is consistent improvement in
the EBITDA margin, the company generates consistent and comfortably
positive free cash flow, and liquidity sources (cash plus unused
revolver commitment availability) are maintained consistently above
$1 billion.

The ratings could be downgraded if debt/EBITDA is sustained above
3.0x. Other events that could contribute to a downgrade include a
major leveraged acquisition or share buyback, deteriorating
industry conditions that lead to prolonged negative free cash flow,
or deteriorating liquidity such as cash plus unused revolver
commitment below $750 million. The ratings could also be downgraded
if legal, governance or other challenges at related entities,
including JBS S.A., negatively affect the risk profile of
Pilgrim's.

The principal methodology used in these ratings was Protein and
Agriculture published in August 2024.

Headquartered in Greeley, Colorado, Pilgrim's Pride Corporation
(NASDAQ: PPC) is the second largest chicken processor in the world,
with operations in the United States, U.K., European Union, Mexico
and Puerto Rico. The company produces, processes, markets and
distributes fresh, frozen and value-added chicken products to
foodservice customers, distributors and retail operators worldwide.
Pilgrim's also is a leading integrated prepared pork supplier in
Europe.

For the last 12-month period ended December 29, 2024, Pilgrim's
revenues totaled $17.9 billion. Pilgrim's Pride is controlled by
Sao Paulo, Brazil based JBS S.A. (Baa3 stable), the largest
processor of animal protein in the world. As of December 29, 2024,
JBS S.A. owns in excess of 80% of Pilgrim's outstanding common
stock.
       

USINA CORURIPE: Moody's Withdraws 'B3' Corporate Family Rating
--------------------------------------------------------------
Moody's Ratings has withdrawn the B3 corporate family rating of
Usina Coruripe Acucar e Alcool (Usina Coruripe) and the B3 rating
on the 2027 Senior Secured Notes issued by Coruripe Netherlands
B.V. The outlook for both entities prior to the withdrawal was
negative.

RATINGS RATIONALE

On January 2025 Usina Coruripe executed a tender offer having
acquired around $280 million out of the $300 million Senior Secured
Notes due 2027, the only debt instrument rated by Moody's.

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

COMPANY PROFILE

Headquartered in Coruripe, State of Alagoas, Usina Coruripe Acucar
e Alcool (Coruripe) is a sugar and ethanol producer, and an
electricity cogenerator. It has five crushing units, one in the
State of Alagoas and the other four in the State of Minas Gerais,
with more than 16 million tons of crushing capacity.



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C O L O M B I A
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COLOMBIA TELECOMUNICACIONES: Fitch Affirms BB+ IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Colombia Telecomunicaciones S.A.
E.S.P.'s (ColTel) ratings, including the Long-Term Foreign Currency
(FC) and Local Currency (LC) Issuer Default Ratings (IDR) at 'BB+'
and the Long-Term National Scale rating at 'AA+(col)'. Fitch has
also affirmed ColTel's USD500 million notes due 2030 and local
issuances of bonos ordinarios at 'BB+' and 'AA+(col)',
respectively. In addition, Fitch has affirmed the National
Short-Term rating at 'F1+(col)'. The Rating Outlook is Stable.

The affirmation reflects the company's solid market position in the
competitive Colombian telecom sector, as well as its credit
metrics. Fitch expects the proposed acquisition of Millicom would
likely be neutral to the ratings.

Key Rating Drivers

Millicom Take Over Offer: Fitch views Millicom's offer to acquire
ColTel as neutral for the rating, as both ratings are the same and
there is limited impact from this transaction on Millicom's credit
metrics. Millicom has entered into a definitive agreement for the
acquisition of Telefónica's controlling 67.5% equity stake in
ColTel for US400 million, subject to regulatory approvals.

Millicom has also agreed to offer to purchase the remaining 32.5%
of ColTel equity owned by La Nación and other investors. The
transaction would include acquiring the remaining interests in
EPM's 50% stake in Tigo UNE. This acquisition would create a strong
number two telecom operator in Colombia, following Claro Colombia.
The deal could be completed in late 2025 or early 2026, pending the
necessary regulatory approvals.

Steady Net Leverage: Fitch expects that ColTel's adjusted net
leverage reached 3.2x in 2024, aligning with the rating. Fitch
expects net leverage to remain around 3x-3.5x in 2025, amid
pressure on FCF due to increased capex, including spectrum. Fitch
forecasts adjusted EBITDA to remain stable at about COP 1.1
trillion to COP 1.2 trillion. Slightly higher revenues from
terminal equipment sales, a higher take-up rate in the fixed
segment, a less aggressive rollout of new fiber subscribers, and
ongoing operating efficiencies support this stability.

Negative FCF: Fitch expects negative FCF due to increased capex,
including spectrum renewal anticipated in 2025. Capex, including
spectrum renewals, is projected to reach COP750 billion to COP800
billion in 2025, compared to an estimated COP603 billion in 2024.
In 2026, ColTel is expected to benefit from reduced capex
(including spectrum) owing to the mobile network-sharing agreement
with Tigo UNE. This agreement allows Tigo and Movistar to jointly
manage mobile access infrastructure and share radio spectrum usage,
enabling more efficient mobile network and spectrum operations,
alongside the rollout of 5G in Colombia.

Intense Competition: The mobile market in Colombia is expected to
remain competitive due to high mobile penetration, which is above
170% compared with 135% in 2019. Competition is also increasing in
fixed broadband; however, Fitch expects ColTel to be a challenger
in this subsector with its fiber optic rollout, leading to market
share gains over the rating horizon.

Good Market Positions: ColTel enjoys a good market position as the
second-largest mobile operator in Colombia, behind America Movil
S.A.B. de C.V.'s (A-/Positive) subsidiary Claro Colombia S.A.,
which is roughly twice the size, and is the third largest in
broadband internet. Coltel maintains its leadership in fiber to the
home and continues to defend its position in the mobile market. The
company's competitive position is supported by subscriber shares of
23% in mobile and 17% in broadband. In addition, the company has a
business-to-business offering, which generates about 27% of its
consolidated revenue through the expansion of digital services.

Parent and Government Linkages: Fitch rates Coltel on a standalone
basis. The company is 67.5% owned by Telefónica SA (BBB/Stable),
but ColTel's ratings are assessed on a standalone basis without
assuming Telefónica's support, given Fitch's view of low legal,
strategic, and operational support and the upcoming transaction
with Millicom. Also, there are no debt guarantees or cross-default
clauses linking the two entities, and ColTel contributes less than
5% to Telefónica's consolidated revenues. Although the Colombian
government holds a 32.5% stake in ColTel, it does not influence the
company's management, so the government's involvement does not
directly affect the ratings.

Peer Analysis

Coltel's overall business is similar to that of its direct
competitor UNE EPM Telecomunicaciones S.A. (BB+/Stable), with a
comparable revenue share of the overall Colombian market. Tigo Une
has a strong postpaid mobile offer, but ColTel has developed a
fixed network based on fiber. Although Tigo Une has a longer
history of maintaining lower leverage, it suffers from a weaker
governance structure due to the dynamics between its shareholders,
Millicom International Cellular S.A. (BB+/Stable) and Empresas
Públicas de Medellín E.S.P. (EPM) (BB+/Negative).

Empresa Nacional de Telecomunicaciones S.A. (Entel; BBB-/Stable)
benefits from its position as the leading mobile player in Chile.
ColTel's greater scale and diversified revenue streams compare
favorably with Colombian fixed-line provider Empresa de
Telecomunicaciones de Bogotá, S.A., E.S.P. (BB+/Negative).

Key Assumptions

- Net fixed subscriber additions of less than 100,000 in 2025;

- Single-digit revenue growth based on higher equipment sales and
steady fixed and mobile revenues;

- EBITDA close to COP 1.1 trillion to COP1.2 trillion;

- Capex including spectrum of less than COP800 billion in 2025.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Total net debt/EBITDA rising above 3.5x on a sustained basis;

- Weak liquidity;

- Multi-notch rating downgrade of Colombia or Millicom should the
acquisition be completed.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Total net debt/EBITDA falling below 2.5x on a sustained basis;

- EBITDA margin above 20%;

- (CFO-capex)/debt above 7.5%;

- An upgrade of Millicom should the acquisition be completed.

Liquidity and Debt Structure

Liquidity is supported by operating cash flow generation and good
access to bank debt. Fitch estimates that cash and equivalents
reached close to COP525 billion as of YE24 and that the company
will maintain good access to bank debt. The company faces COP307
billion of bank debt in 2025. ColTel's USD500 million 2030 bond is
fully hedged, which reduces FX risk.

Issuer Profile

ColTel is an integrated telecommunications provider offering
mobile, fixed voice, Pay TV and broadband services to consumers,
businesses and government customers in Colombia. The company is
67.5% owned by Telefonica S.A. of Spain and 32.5% owned by the
Colombian government.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
Colombia
Telecomunicaciones
S.A. E.S.P. BIC      LT IDR      BB+  Affirmed   BB+
                     LC LT IDR   BB+  Affirmed   BB+
                     Natl LT AA+(col) Affirmed   AA+(col)
                     Natl ST F1+(col) Affirmed   F1+(col)

   senior
   unsecured         LT          BB+  Affirmed   BB+

   senior
   unsecured         Natl LT AA+(col) Affirmed   AA+(col)



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J A M A I C A
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JAMAICA: BoJ to Float Another 6.25%/Yr Fixed Rate Cert of Deposit
-----------------------------------------------------------------
RJR News reports that the Bank of Jamaica will be floating another
6.25% per annum fixed rate Certificate of Deposit in order to
mop-up J$10 billion in liquidity.

This is intended to help contain inflation as well as to stabilise
the dollar, according to RJR News.

Nine-point-five billion dollars will be allocated under competitive
bidding, while $500 million will be allocated under non-competitive
bidding, the report notes.

The interest paid on the instrument, which matures on April 25,
will be subject to the 25 per cent withholding tax while the
minimum subscription (the minimum amount which can be bought) is
$100,000, the report adds.

                        About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2.  The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  

JAMAICA: Trade Deficit Narrowed Slightly for Jan-Nov 2024
---------------------------------------------------------
RJR News reports that Jamaica's trade deficit narrowed slightly for
the period January to November 2024.

According to the latest trade data, total imports for the 11-month
period stood at US$6.7 billion, reflecting a four per cent decline,
compared with the corresponding period in 2023, the report notes.

On the export side, Jamaica recorded total exports of
US$1.7-billion, a decline of 8.6%, percent compared with 2023,
according to RJR News.

The reduction in imports was primarily attributed to lower
purchases of Raw Materials/Intermediate Goods, which fell by 10.5%,
and Fuels and Lubricants, which saw a 7.9 icline, the report
discloses.

This downturn in export was largely driven by a significant 63.2%
drop in re-exports, the report says.

But, domestic exports increased by 9.2%, the report adds.

                        About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2.  The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  




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S U R I N A M E
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SURINAME: IMF OKs Final Review Under Extended Fund Facility
-----------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved the ninth and final review under the Extended Fund
Facility (EFF) arrangement with Suriname. The completion of the
review allows the authorities to draw the equivalent of SDR 46.8
million (about USD 62 million), bringing total program disbursement
to SDR 430.7 million (about USD 572 million). In completing the
review, the Executive Board approved the authorities' request for a
waiver of non-observance of the end-December 2024 performance
criteria on the central government primary balance based on the
corrective actions the authorities have already taken.

Suriname's EFF arrangement was approved by the Executive Board on
December 22, 2021, in an amount equivalent to SDR 472.8 million
(366.8 percent of quota). Under the EFF, Suriname pursed an
ambitious economic reform agenda with the objective of restoring
macroeconomic stability and debt sustainability, while laying the
foundations for strong and more inclusive growth. The program
focused on restoring fiscal and debt sustainability, protecting the
poor and vulnerable, upgrading the monetary and exchange rate
policy framework, addressing banking sector vulnerabilities, and
advancing the anti-corruption and governance reform agenda.

Following the Executive Board discussion on Suriname, Mr. Kenji
Okamura, Deputy Managing Director and Acting Chair, issued the
following statement:

"The authorities' reforms under the EFF-supported program -- the
first ever to be completed by Suriname -- are increasingly
bolstering macroeconomic stability and investor confidence. The
economy is growing, inflation is approaching single digits,
international bond spreads are at record low levels, and donor
support is increasing.

"In view of the Final Investment Decision for the country's oil
resources, it is critical to put in place robust institutional
frameworks, including fiscal rules and improved transparency and
accountability safeguards. Such institutional improvements will
help Suriname avoid procyclical fiscal policy, prioritize urgent
development needs, ensure intergenerational equity, and transform
exhaustible resource wealth into financial assets.

"The near-term priority is to maintain the path for debt reduction
while protecting the vulnerable from the burden of the adjustment.
Gradually phasing out electricity subsidies and strengthening tax
administration will help create fiscal space for higher, targeted
social assistance and infrastructure spending. Fully implementing
the recently finalized social assistance reform plan will make
social programs more efficient and effective. Strengthening
financial management controls in the state-owned electricity
company, including regularly publishing its audited financial
statements, will help promote accountability and oversight.

"The debt restructuring process is nearing completion. Bilateral
agreements with all official creditors and all but one commercial
creditor have been achieved. Domestic debt arrears have been
cleared. Improving commitment controls in the budget and addressing
weaknesses in cash management will restrain public spending and
prevent accumulation of supplier arrears.

"A restrictive monetary policy is supporting disinflation. Recent
implementation of the agreed central bank recapitalization plan is
a critical step in ensuring a strong central bank balance sheet
with clear operational and financial autonomy. The authorities’
demonstrated commitment to a flexible, market-determined exchange
rate is supporting international reserve accumulation. Timely
implementation of recapitalization plans for undercapitalized
commercial banks and improving the monitoring of non-bank financial
institutions will help bolster financial sector resilience.

"The authorities should persevere with their ambitious structural
reform agenda to strengthen institutions, address governance
weaknesses, build climate resilience, improve data quality and
address gender gaps. This important work will continue to be
supported by capacity development from the Fund and other
development partners."




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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: Cement Price Hike to Push Costs Up
-----------------------------------------------------
Trinidad Express, citing Central Bank's latest Monetary Policy
Report, reports that the recent 7% increase in the price of cement
by Trinidad Cement Ltd, the country's sole supplier, is expected to
have a significant knock-on effect on construction costs.

In February, TCL raised its prices by 7%, marking the fifth
consecutive year of price hikes, according to Trinidad Express.

Trade Minister Paula Gopee-Scoon had previously expressed
disappointment over the price increase, the report notes.

"Data from the Central Statistical Office (CSO) showed that
domestic price pressures are well contained. Headline inflation, as
measured by the Consumer Price Index, rose to 0.7% (year-on-year)
in February 2025 from 0.5% in December 2024," the Central Bank
stated, the report relays.

"Core inflation (which excludes food prices) fell by 0.1%, while
food prices rose by 3.9% in February.  Both domestic and
international factors contributed to the upward drift in food
prices faced by local consumers. Other available price indicators,
such as at the wholesale level and for building materials, also
demonstrated sluggishness, increasing by 0.2% and 0.6%,
respectively in the 12 months to September 2024," it added, the
report relays.

The TCL cement price increase will affect this, the Central Bank
said, the report discloses.

"The recent 7% increase in the price of cement is nonetheless
expected to have an important knock-on effect on construction
costs," it stated, the report says.

Central Bank said that the decline in oil and natural gas output,
based on maturing fields, continued to pose a challenge to overall
production of energy-based exports over the short run, the report
relays.

"Data from the Ministry of Energy and Energy Industries (MEEI)
pointed to a year-on-year reduction in the production of crude oil
(-1.9%) and natural gas (-0.8%) during the third quarter of 2024,"
it stated, the report notes.

"However, petrochemical output improved with ammonia and methanol
production rising by 16.1% and 1.1%, respectively. Meanwhile in the
non-energy sector, the latest available GDP data from the CSO for
the first half of 2024 highlighted positive performances in the
manufacturing and finance sectors, but these were somewhat offset
by declines in the construction and accommodation services
sectors," the Central Bank added, the report discloses.

The Central Bank said that more recent indicators, including on
distribution, finance, new car sales and visitor arrivals for
Carnival 2025, point to relative buoyancy in non-energy activities,
the report says.

The Central Bank stated that domestic financial system liquidity
remained ample in the first quarter of 2025, the report relays.

"Commercial banks’ excess reserves at the Central Bank averaged
$4.8 billion in January before climbing to $6.6 billion in February
2025. Data up to March 14 highlighted further increases, with
excess liquidity reaching $7.2 billion. In this context, banks did
not access the interbank market or the repurchase facility during
March 2025," it said, the report notes.

"While the Government tapped the domestic market for budget
financing, banks were simultaneously able to boost their lending to
the private sector. Private sector credit from the consolidated
financial sector rose by 8.4% (year-on-year) in January 2025
compared with 8% a month earlier. Consumer loans grew by 11.6%
compared with 9.7% for business credit and 6.4% for real estate
mortgage loans," the Central Bank added, the report discloses.

The Monetary Policy Committee (MPC) said in its assessment of
external economic conditions, it took note of the prevailing trade
policy uncertainties, possible risks to global inflation, and the
more measured monetary policy actions by major central banks, the
report says.

"Domestically, the MPC took into account the combination of low
inflation, the mixed growth picture and supportive financial
conditions, while emphasising the need for vigilance on credit
quality given the increase in bank lending. Taking all these
factors into account, the MPC agreed to maintain the repo rate at
3.5%. The Central Bank will continue to carefully examine and
analyse international and domestic developments and prospects," it
stated, the report adds.



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