In its accompanying communiqué, the Fund outlines the government's strategy to restore confidence in the banking system, based on four planks: `The first, already implemented, focused on resolving the problems of identified weak banks. The second, now under way, aims to assess the situation of the banking system as a whole through internationally-assisted audits of all banks, and to identify further necessary measures. The third will put in place a legal and regulatory framework to deal with systemic banking problems. The fourth plank is the enhancement of prudential regulations and supervision.'
JAMAICA | Sugar output at 60-year low. Jamaica reports that, as a result of the lowest production level in 60 years, it has had to double its imports of sugar over the past year. Sugar production fell by 12.7%, from last year's 174,840t to a new low of 152,568t.
The local industry was able to meet its European Union quota of 126,000 tonnes, but failed, for the first time, to fulfil its US obligation of 11,580t. The downturn has been attributed by local industry analysts to poor farming practices and the flood rains which adversely affected agriculture in late 2002.
COSTA RICA | Exports seen raising growth rate. The private consulting firm Ecoanálisis is predicting 5.3% GDP growth in Costa Rica this year. This is only slightly higher than the 5.1% forecast by the central bank, but well ahead of the 4%-or-so estimated by other private economists.
Ecoanálisis bases it calculations on the expectation of a 19.2% increase in export earnings (to US$6.23bn). It expects exports to continue growing, at a somewhat lower rate, into 2004, when it expects them to bring in US$6.89bn.
End of preview - This article contains approximately 328 words.
Subscribers: Log in now to read the full article
Not a Subscriber?
Choose from one of the following options
