IMF warns of risks to Jamaica’s recovery

While Jamaica’s economy is recovering from what the International Monetary Fund (IMF) calls a “difficult global environment”, the institution warned that the country’s outlook could be dimmed by uncertainty and risks.

In its Article IV Consultation with Jamaica, the IMF listed the uncertainties.

“The war in Ukraine may push commodity prices higher, a stronger-than-envisaged tightening of global financial conditions may curb capital flows and reduce remittances, and new COVID variants could disrupt tourism and trade,” it said in its release. The fund however praised the Jamaican Government’s response to recent shocks, calling them “well designed”.

Since 2020, Jamaican authorities have had to implement policies to counter the effects of the economic fallout from COVID-19, the war in Ukraine, and the ongoing tightening global financial conditions. Although the IMF board of directors has deemed the policy response as “nimble and prudent”, it noted that recovery is now threatened by “uncertainty and risks” such as higher commodity prices, tighter-than-expected global financial conditions, new COVID variants and outbreaks, and natural disasters.

Commenting on the Bank of Jamaica’s (BOJ’s) efforts, it said the central bank has maintained “healthy levels” of international reserves, though the war in Ukraine has pushed the price of commodities up, causing inflation to breach the central bank’s inflation target. At the same time, it said the financial system is well-capitalised and liquid. (Excerpt from Jamaica Observer)

Nicaraguan Catholic bishop sentenced to decades in prison, citizenship stripped

ANicaraguan court sentenced Catholic Bishop Rolando Alvarez to more than 26 years in prison on Friday, a day after the cleric and critic of President Daniel Ortega declined to be expelled to the United States as part of a prisoner release.

Alvarez, bishop of the Matagalpa diocese, was convicted of treason, undermining national integrity and spreading false news, among other charges.

During Friday's court hearing it was also announced that he would be fined and stripped of his Nicaraguan citizenship.

Originally scheduled for late March, the sentencing of the bishop, widely known by the Catholic hon - orific monsignor, was sped up without explanation.

Alvarez was included in the surprise political prisoner release covering more than 200 people announced by Ortega's Government Thursday, but Alvarez would not board the plane destined for a Washington, DC-area airport.

In televised remarks later Thursday, Ortega derid- ed the released prisoners as criminal mercenaries for foreign powers who sought to undermine national sovereignty, and said Alvarez had been returned to jail.

Last August, Ortega's Police arrested Alvarez after dislodging him from the church property where he, four other priests and two seminarians from his diocese had barricaded themselves.

A cameraman for a Catholic television channel was also arrested with them.

This month, seven of the men were sentenced to 10year prison terms on charges of treason and spreading false news. But all of them boarded the flight to Washington on Thursday.

Ortega has accused Catholic leaders of attempt- ing to overthrow him when some served as mediators with protest groups after protests that killed about 300 people erupted in 2018.

Since then, the government of the former Cold War-era Marxist rebel has expelled Catholic nuns and missionaries and closed Catholic radio and television stations. (Excerpt from Reuters)