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Distributors for the ROT Brand of the Fire Safety Equipment: Portable & Wheeled

While the CBI program has played a tremendous role in the ECCU economies, it has attracted its fair share of criticism – money laundering concerns and the potential economic repercussions as objecting countries respond to this development. Canada, for example, announced in November 2014 that citizens of St. Kitts & Nevis would now require a visa to enter the country and that this was as a direct result of the CBI program. PetroCaribe has helped support the recovery of the ECCU by providing several members with crude oil and funding at concessionary terms. However the death of Hugo Chavez, reported foreign exchange shortages in Venezuela and now the slump in global oil prices have each raised red flags and discussions over the possibility that PetroCaribe could be relooked or repealed. Indebtedness has long been a topical subject in the ECCU. The last 10 years have witnessed defaults by Dominica, Grenada, Antigua & Barbuda and St. Kitts & Nevis. With the support of the International Monetary Fund and other multi-laterals, these formerly distressed countries are in a much better economic and financial position. Earlier in 2015, Grenada reached an agreement to further restructure USD262 million in defaulted bonds. The trauma does not necessarily end there as vulnerabilities still exist. The IMF has highlighted its concerns over unsustainable public debt, financial sector stress, and weak external competitiveness in the Eastern Caribbean. Nonetheless, the region has come a long way. Economic stability brings with it the potential to earn the much needed revenues which will help to reduce fiscal deficits and reduce debt to more sustainable levels. The ECCU must use this period of growth to recover as much ground as possible and improve its ability to withstand the inevitable external shocks. If they can succeed in doing this, the next ten years look fairly optimistic. BusinessFocus July / Aug

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St. Lucia Business Focus 82  

Our special feature in this issue is the 10th Anniversary of First Citizens Investment Services Ltd. which has grown into a regional powerho...

St. Lucia Business Focus 82  

Our special feature in this issue is the 10th Anniversary of First Citizens Investment Services Ltd. which has grown into a regional powerho...

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