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250813.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 Wednesday, August 13, 2025, Vol. 26, No. 161 Headlines A R G E N T I N A ARGENTINA: For Farmers, Milei's Free-Market Reforms Fall Short ARGENTINA: Pres to Ban Funding Public Spending w/ Monetary Issuance B R A Z I L AZUL SA: Committee Hires Alton Aviation as Financial Advisor AZUL SA: Committee Hires Alvarez & Marsal as Financial Advisor BRAZIL: Chooses Local Relief Over Retaliation for U.S. Tariffs BRAZIL: Fish Industry Seeks Lifeline as 50% U.S. Tariff Hits D O M I N I C A N R E P U B L I C DOMINICAN REP: Tomato Price Raised by RD$20 to Support Farmers J A M A I C A JAMAICA: $15 Billion Certificate of Deposit Offer Oversubscribed T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Chamber Backs Central Bank on Forex Transparency - - - - - ================= A R G E N T I N A ================= ARGENTINA: For Farmers, Milei's Free-Market Reforms Fall Short -------------------------------------------------------------- Sonia Avalos at AFP News reports that twenty months after President Javier Milei came to power vowing to lead a free-market revolution in the so-called sick man of South America, the farming community is egging him on to go further. That includes Ruben Artigues and his orchards in La Buena Moza region, two hours northwest of the capital, where the orange harvest is in full swing, according to AFP News. Tractors come and go groaning under the weight of sweet navel oranges plucked from the tree tops by laborers perched on ladders, the report notes. Like many farmers, Artigues embraced Milei's election in December 2023 as a win for free enterprise after two decades of mainly protectionist centre-left policies, the report relays. But he feels that the gains for farmers so far have been timid, and that producers "are growing weary," the report discloses. Agricultural products represented 58 percent of Argentina's exports in 2024, making it a key driver of economic growth and a major source of foreign currency, the report notes. Farmers' frustrations are chiefly directed at the multiple taxes imposed at the national, provincial and municipal levels, which they say harm their competitiveness, the report relays. While campaigning in 2023, Milei promised to cut punishing taxes on beef and cereal export duties -- a longstanding source of government revenue which he called "robbery," and eventually scrap them altogether, the report says. But the cuts were slow in coming and fell short of industry expectations when he finally announced them last month, the report relays. Export duties on poultry and beef fell from 6.75 percent to five percent, on corn from 12 percent to 9.5 percent, and soybeans -- one of Argentina's biggest farm exports -- from 33 percent to 26 percent, the report notes. There was also some relief for sorghum, sunflower seeds and byproducts and soybean byproducts, the report relays. From 'Hell' to 'Purgatory' "We were in hell and now we've ascended to purgatory," Raul Vítores, president of the Rural Society of San Pedro, commented on the cuts, the report discloses. Artigues, who lost 30 percent of his orange and peach harvest this year due to a record cold spell in July, called the changes "insufficient," the report relays. As he supervised the sorting of oranges being packed for export to Europe, he acknowledged that the "situation is difficult" for maverick economist Milei, given the poor public finances he inherited, the report notes. "Shipping a box of oranges from an Argentine port costs us 40 percent more than our competitors in Chile, Uruguay, or South Africa," he argued, the report says. His orange trees are also a magnet for thieves who raid the orchards at night, the report relates. "Producers are growing weary, many are abandoning [fruit] and renting their fields to soybean producers," said Artigues, who employs about 120 people, noting that soybean production, being less labour-intensive than fruit, creates far less employment, the report notes. Bumpy Route to Market Milei was elected on a promise to cut spending, tame inflation and erase a steep budget deficit, the report relays. He has delivered on those promises through a program of biting austerity, which has seen tens of thousands of public sector workers laid off and left many others on the breadline, the report discloses. But he still had to go back to the International Monetary Fund, to which Argentina already owes US$44 billion, to secure another US$20-billion loan, the report relays. At the annual Expo Rural farm fair in Buenos Aires in July, Milei cast doubt on his plan to eradicate export duties altogether, saying he would not do so if it threatened his hard-won fiscal surplus, the report says. But it hasn't been all doom and gloom for farmers, the report relates. Food producers have cheered his partial elimination of exchange controls and success in fighting inflation, which had been driving up the cost of their inputs, the report notes. They also largely support his austerity measures -- except when it impacts their bottom line, the report discloses. One of Milei's first acts as president was to freeze public works, including maintenance of more than 40,000 kilometres (25,000 miles) of highways used to transport 90 percent of Argentina's freight, the report says. Nicolas Pino, president of the Sociedad Rural Argentina which represents large landowners, warned the increasingly ruinous state of roads was affecting business, the report relays. "It is not viable to increase production if there are no roads, railroads, or waterways to transport it," he told the farm fair, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez 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. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Pres to Ban Funding Public Spending w/ Monetary Issuance ------------------------------------------------------------------- Buenos Aires Times reports that President Javier Milei disclosed that he will ban the Treasury from financing public spending through monetary issuance as a way to safeguard Argentina's fiscal surplus. Milei, 54, delivered a cadena nacional nationwide broadcast, just days after vetoing a rise in retirement and disability pensions approved by Congress, according to Buenos Aires Times. The measures, he said, aim to "fortify the zero deficit target and the government's monetary policy," the report notes. The President also vowed to send a bill to Congress to punish those who approve budgets that imply debt, the report relays. "In the coming days, we will take two measures to implement zero deficit: I will sign a decree prohibiting the Treasury from financing spending through monetary issuance. The Treasury will not be able to borrow money from the Central Bank. We have already implemented this, but now we are making it official," Milei emphasized, the report discloses. The report relays that the second measure, he said, will be to "introduce a bill to penalize the approval of budgets with fiscal deficits". In addition, the head of state argued that "every peso they want to take has to have the name and surname of the person they want to take it from," the report relays. "What Congress wants to impose would force us to issue money," complained Milei, who used the broadcast to justify his recent vetoes of pension increases and the declaration of a disability emergency. Congress can insist on these measures, but must secure a two-thirds majority in both chambers, the report says. Last year, Milei achieved Argentina's first fiscal surplus since 2010 thanks to strict austerity measures, the report relays. He has also reduced the country's high inflation rate from 79.8 percent in the first half of 2024 to 15.1 percent in the same period of 2025, the report notes. "My task is not to seem good, but to do good, even if the cost is that they say I am cruel," Milei declared, the report discloses. The remarks come with tensions rising ahead of crucial midterm elections in October, the report relays. Milei's government suffered another parliamentary setback midweek when the Chamber of Deputies gave preliminary approval to bills that would increase the budgets of national universities, declare a state of emergency at the prestigious Garrahan paediatric hospital, and repeal decrees that had closed or modified various national institutes and bodies, says the report. Senate approval is still required, the report notes. In this context, Milei also announced that he will send -- without specifying when -- a bill to "penalise the approval of national budgets that incur a fiscal deficit", which will also sanction lawmakers and officials who "do not comply with these new fiscal rules," the report discloses. Milei is seeking to expand his minority presence in Congress in the October midterms, with his party currently holding 39 of 257 seats in the Chamber of Deputies and six senators plus one ally in the 72-seat upper house, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez 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. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. =========== B R A Z I L =========== AZUL SA: Committee Hires Alton Aviation as Financial Advisor ------------------------------------------------------------ The official committee of unsecured creditors of Azul S.A. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Alton Aviation Consultancy LLC as financial advisor. Alton will render these professional services: i. General and initial reviews, including: a. Review of certain "first day motions" and general motions and pleadings review, including review of first day reporting materials; b. Assessment of cash management/short term liquidity, conducting a 13-week cash flow assessment, evaluating near-term liquidity needs, and assessing the achievability of projections; c. Assessment of all existing deferral agreements; d. Review of factoring agreements, credit card facilities including holdback positions, if any; and e. Valuation of certain collateral underpinning the DIP facility and secured notes (excluding intellectual property assets) -- including but not limited to, the Debtors' loyalty program, cargo business, and spare aircraft parts; ii. Strategic assessment, including: a. Assessment of the Debtors' commercial strategies across all segments -- domestic/international/cargo/ancillaries; b. Assessment of the Azul Fidelidade Program, its valuation and strategic positioning; and c. Evaluation of Air Operator Certificates, codeshares and affiliations with alliance; iii. Competitive assessment, including: a. Evaluation of market dynamics, including positioning relative to main competitors -- current and future state; b. Traffic forecasting including an assessment as to future demand and capacity scenarios and their likely impact; and c. Business Model Review, including an assessment of airline franchise, its network and fleet, Azul Fidelidade Program, product concept, fare structuring and alliance; iv. Operational assessment, including: a. Regular comparison and benchmarking of financial and operational metrics against regional peers, identifying strengths, weaknesses, and strategic opportunities, quarterly reporting to assess financial health, operational performance, and trends; b. Cost assessment, including crew, ground operations and other costs; c. Review of union agreements and benchmarking of associated costs; and d. Provision of weekly flash reports to Committee; v. Financial Analysis and Modelling, including: a. Review underlying collateral package for DIP financing; b. Review and assessment of the Monthly Operating Reports, Periodic Reports, and other financial reporting; and c. Development of sophisticated Excel models for sensitivity analyses, including fully functional three-statement financial models; vi. Business Plan Diligence, including: a. Review of the Debtors' proposed business plan (projections and assumptions), focusing on viability, strategic alignment, and financial sustainability; b. Assessment and feasibility of medium-to-longer-term financial projections; c. Executory contract and lease review; and d. Analysis of claims, including claims arising from rejection or abandonment of leases, and creation of the claims tracker to monitor all rejections; vii. Fleet-related analysis, including: a. Review of the Debtors' existing fleet, revised fleet plan and orderbook, reporting on fleet status during chapter 11 period; b. Analysis of maintenance conditions, maintenance forecast, and heavy maintenance contracts; c. Assessment of engine and aircraft status and associated maintenance, repair, and overhaul liens; d. Assistance with identifying and implementing aircraft redeployment opportunities and/or asset divestitures; and e. Analysis of assumption and rejection issues regarding maintenance contracts and other executory contracts and aircraft leases; viii. Creditor Responses, including: a. Respond to inquiries from individual creditors; and ix. Other Services as mutually agreed between the Committee and Alton. The firm will be paid through: Managing Director $1,475 per hour Director $1,160 per hour Associate Director $1,025 per hour Engagement Manager $970 per hour Senior Associate $765 per hour Associate $575 per hour Alton Aviation disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: John Mowry Alton Aviation Consultancy LLC 1700 Broadway, Suite 2202 New York, NY 10019 About Azul S.A. Azul S.A. and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025, listing up to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell LLP and Togut, Segal & Segal LLP as counsel. On June 13, 2025, the United States Trustee for Region 2 appointed the Committee under section 1102 of the Bankruptcy Code. AZUL SA: Committee Hires Alvarez & Marsal as Financial Advisor -------------------------------------------------------------- The official committee of unsecured creditors of Azul S.A. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Alvarez & Marsal North America, LLC as its financial advisor. The firm will render these services: (a) assist in the review of the Debtors' Schedules of Assets and Liabilities and Statements of Financial Affairs; (b) assist in the review of certain "first day" motions and proposed orders; (c) assist in the review of the Debtors' proposed key employee retention plan and key employee incentive plan, to the extent applicable; (d) attend meetings with the Debtors, the Debtors' lenders and creditors, potential investors, the Committee and any other official committees organized in these chapter 11 cases, the U.S. Trustee, other parties in interest, and professionals hired by the same, as requested; (e) assist in the review of any tax-related issues; (f) assist the Committee and its advisors in its investigation and pursuit of certain potential causes of action; (g) assist the Committee and its advisors in potential settlement negotiations by analyzing potential recoveries to general unsecured creditors under any proposed chapter 11 plan, including by, but not limited to, analyzing potential plan structures, analyzing intercompany claims, and developing a distribution analysis; (h) assist the Committee with analyzing and valuing the Debtors' illiquid assets and trademarks, registrations, registration applications, and other associated intellectual property including, but not limited to, brand names, licensing rights or naming rights; (i) assist the Committee in cooperation with its advisors with local Brazilian issues; and (j) render such other general business consulting or such other assistance as the Committee or its counsel may deem necessary, consistent with the role of a financial advisor and not duplicative of services provided by other professionals in these chapter 11 cases. The firm's current hourly rates are: Managing Directors $1,100 - $1,575 Directors $850 - $1,100 Associates $625 - $825 Analysts $450 - $600 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark Greenberg, a partner at Alvarez & Marsal North America, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark Greenberg Alvarez & Marsal North America, LLC 600 Madison Avenue,8th Floor New York, NY 10022 Tel: (917) 841-8334 Email: mgreenberg@alvarezandmarsal.com About Azul S.A. Azul S.A. and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025, listing up to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell LLP and Togut, Segal & Segal LLP as counsel. On June 13, 2025, the United States Trustee for Region 2 appointed the Committee under section 1102 of the Bankruptcy Code. BRAZIL: Chooses Local Relief Over Retaliation for U.S. Tariffs -------------------------------------------------------------- Reuters reports that Brazil's government has set aside for now plans for direct retaliation against steep U.S. tariffs which taking effect last week, focusing instead on a relief package for industries hit hardest by the levies, sources familiar with the strategy said. Wide-ranging exemptions granted in U.S. President Donald Trump's executive order spared some of the most vulnerable sectors of Latin America's largest economy, to the relief of many investors and business leaders, according to the report. That has left Brasilia cautious about responding to Trump with reciprocal tariffs or other retaliation that could escalate tensions, said government officials, who requested anonymity to discuss confidential deliberations, notes the report. Talks with Washington are likely to be slow and complex, said one of the sources, so Brazil's government is prioritizing immediate relief for exporters, such as through public credit lines and other support for export finance. 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: Fish Industry Seeks Lifeline as 50% U.S. Tariff Hits ------------------------------------------------------------ Reuters reports that Brazil's seafood industry is sounding the alarm to pressure the federal government for immediate relief as it grapples with mounting fears of job losses and bankruptcies as a result of the 50% tariffs the U.S. imposed on most Brazilian exports. The new levies made the future highly uncertain for Brazilian fishing companies, which sell close to $400 million worth of seafood to the U.S. a year, or about 70% of the sector's annual exports, according to the report. "This situation renders our business unviable," said Arimar França Filho, the head of a fishing union in Brazil's northeastern state of Rio Grande do Norte, Reuters relates. "While the domestic market can absorb some of our production, it cannot take it all, and we cannot have all our boats fishing solely for Brazil. "The fish industry is calling for an emergency credit line of 900 million reais ($165 million) to navigate the new economic climate. It is also pushing the government to deepen negotiations aimed at reopening the European market, which has been closed to Brazilian fish exports since 2017. "Even as producers scrambled to get their goods to the U.S. ahead of the tariffs, some fishing boats had already been sidelined to prevent excess production," the union leader said. Eduardo Lobo, president of the lobby group Abipesca, said that the sector has no other short-term alternative, Reuters relates. "Without credit, it's impossible to maintain inventories, honor commitments, and preserve jobs," he warned in a statement, estimating that the tariffs could affect some 20,000 jobs if authorities fail to respond quickly, says the report. "There could be giant unemployment, not tomorrow," said Attilio Sergio Leardini, founding partner at Leardini Pescados, one of Brazil's largest suppliers, which exports to several countries, including the U.S., the report adds. "But maybe in six months, in a year, some segments may be halting production." 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. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Tomato Price Raised by RD$20 to Support Farmers -------------------------------------------------------------- Dominican Today reports that the Association of Canned Food Manufacturers (Afconagro) and the Mama Tingo Federation of Independent Farmers (Fecainmat) have agreed to increase the price of a quintal of industrial tomatoes from RD$325 to RD$345 for the 2025-2026 harvest. This agreement, involving major agro-industries, aims to offset rising fertilizer costs and provide fairer profits for farmers in Azua, according to Dominican Today. Luis Cabrera of Fecainmat emphasized the importance of unity in achieving progress and called for continued government support in land preparation, input subsidies, and the Industrial Tomato Festival, which has prompted efforts to recognize Azua as the "Tomato Capital" of the Dominican Republic, the report notes. 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. TCR-LA reported in April 2019 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. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= J A M A I C A ============= JAMAICA: $15 Billion Certificate of Deposit Offer Oversubscribed ---------------------------------------------------------------- RJR News reports that the Bank of Jamaica (BOJ) said it received 177 bids, valued at $32.2 billion, for its latest $15 billion certificate of deposit offer, aimed at withdrawing cash from circulation to help stabilize the dollar. Certificates of deposit are the BOJ's main tool for mopping up excess liquidity, with $129.2 billion now outstanding, according to RJR News. The average interest rate demanded was 5.93% with the lowest bid coming in at 5.5% for $18.7 million, the report notes. 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. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Chamber Backs Central Bank on Forex Transparency ------------------------------------------------------------------- Trinidad Express reports that the T&T Chamber of Industry and Commerce has endorsed the Central Bank's call for more transparent and innovative approaches to managing and allocating the country's scarce foreign exchange reserves, according to a release following a meeting between the two parties. The Central Bank's meeting with the T&T Chamber followed continued stakeholder engagement, according to Trinidad Express. "The meeting reinforced the bank's commitment to working hand in hand with national stakeholders to address present challenges and drive innovation," the Central Bank stated, the report notes. "Governor Larry Howai acknowledged the T&T Chamber’s overarching mandate for the development of a strong and sustainable national economy, and with approximately 600 member companies, the Chamber is well-positioned to articulate the business perspective on national issues towards strengthening the economy. Governor Howai identified the primary purpose of the meeting as getting an understanding from the Chamber of their perspectives based on an open and candid exchange of facts, challenges and potential solutions," the release stated, the report relays. "A key outcome from the session was the strong endorsement of the Central Bank’s perspectives on how we can potentially do things differently and more transparently in managing and allocating scarce foreign exchange reserves. The Chamber committed to supporting the Central Bank’s efforts by educating their members on the existing challenges, the need to operate differently and to become more self-sufficient," it added, the report discloses. The discussion also covered progress on the Unified Payments Interface (UPI) fast payments system, with the Chamber expressing strong support and enthusiasm for its potential to deliver faster, more secure, and more accessible payment solutions—especially benefiting small and medium-sized businesses across Trinidad and Tobago, the report says. The Chamber noted that the Central Bank's role as regulator of the financial system would be critical to the success of the implementation of a fast payments system, the report relays. The Chamber also expressed optimism around a potential collaboration with the African Export-Import Bank for more efficient inter-regional payments and business opportunities, the report notes. T&T Chamber president Sonji Pierre-Chase welcomed the opportunity to engage the governor so early in his tenure and said that she was encouraged by the alignment of Central Bank sentiments with those of the Chamber on a few critical matters. The Chamber also advocated for a rekindling of research support from the Central Bank for the development of a "Service Index", a current project they are doing. The bank committed to supporting this important initiative, the report says. "The Central Bank is heartened and pleased with the mature, considered approach articulated by the Chamber and the role they have adopted with their membership in helping them to manage expectations. The bank will sustain its engagements and collaboration with the Chamber and all key stakeholders in our quest to overcome the challenges we are facing and to once again, become the export titan of the Caribbean," Howai stated, the report notes. Representing T&T Chamber were Pierre-Chase, chief executive officer Vashti Guyadeen and Bryan Ramsumair, the report adds. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. 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