The Government is spending $240 million to purchase excess produce from farmers impacted by coronavirus (COVID-19).
Hutchinson noted that the objective is to bring fresh produce to market and minimise the threat of waste, resulting from the fall-off in demand from the tourism sector, due to COVID-19.
He said the Ministry is aware that some farmers, who would normally supply the hotel and hospitality sectors, have had excess supplies of fruits and vegetables available for redistribution to local consumers.
Panama’s fiscal deficit will widen in the coming quarters as stimulus measures designed to mitigate the economic impact of the Covid-19 (coronavirus) pandemic and subdued revenues weigh on the fiscal balance.
That said, sustained interest in Panamanian debt and a long-term commitment to fiscal consolidation will help keep borrowing costs modest in the coming years.
Fitch has revised its 2020 and 2021 fiscal deficit forecasts to 4.8% and 4.6% of GDP, from 2.9% and 2.6% previously, significantly wider than Panama's estimated 3.1% shortfall in 2019.
Mexico’s deputy health minister said on Thursday there are no plans for border closures even as the country’s death toll from the coronavirus jumped to 50 from 37 in a day.
The deputy minister, Hugo Lopez-Gatell, said “there’s no plan, because there’s no intention to use the border closure mechanism as if it were a useful mechanism for controlling the epidemic,” during his regular evening news conference.
However, Lopez-Gatell reiterated earlier calls on Mexicans resident in the United States to not make non-essential visits to Mexico to help avoid spread of the coronavirus. So far, the Health Ministry has reported 1,510 cases.
The Federal Reserve’s balance sheet increased to a record $5.86 trillion this week and the central bank reported greater use of some of its newly launched liquidity facilities, all part of its efforts to keep markets functioning smoothly amid heightened volatility related to the coronavirus pandemic.
In the three weeks since the Fed’s effort to limit the economic damage from the outbreak kicked into overdrive, the central bank’s balance sheet has mushroomed by roughly $1.5 trillion. It is now the equivalent of a quarter or more of the size of the U.S. economy before the crisis struck, and will certainly grow larger in the weeks ahead as the Fed keeps piling on assets and the economy likely shrinks.
The central bank continued to snap up Treasury securities, mortgage bonds and other assets, according to data released on Thursday. The Fed’s holdings of mortgage-backed securities increased to $1.46 trillion from $1.38 trillion. Treasury holdings rose to $3.34 trillion from $2.98 trillion.
Oil prices fell on Friday, coming off their biggest one-day gains in the previous session, reflecting market scepticism about a deal U.S. President Donald Trump said he had brokered between Saudi Arabia and Russia to cut output.
Brent crude futures fell 3.2%, or 97 cents, to $28.97 per barrel as of 0636 GMT, after having soared 21% on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 4.1%, or $1.04, to $24.28 a barrel, after having surged 24.7% on Thursday.
Analysts said it was hard to see a deal to call off the Saudi-Russian price war going ahead without the participation of other major producers, or whether any such deal could come quickly enough and be large enough to balance the market in the face of a deep economic recession caused by the coronavirus pandemic.
Jamaica will experience a recession in 2020 as its economy faces a combination of public health measures aimed at slowing the spread of Covid-19 that significantly disrupt day-to-day commerce, a collapse of tourism and reduced goods export demand.
As a result, Fitch has revised down its 2020 real GDP growth forecast, for the Jamaican economy, from 0.1% y-o-y previously to -2.6%. Growth is expected to recover slowly in H220, before reaching 1.1% in 2021.
A more pronounced slowdown in global economic activity and an extended coronavirus outbreak pose downside risks to Jamaican economic activity. In other words, a slower-than-expected rebound in global economic growth or extended travel restrictions would lead to a deeper contraction in Jamaican economic activity.
For the 2020/21 fiscal year, the National Export-Import Bank of Jamaica Limited (EXIM) will continue to pursue activities aimed at facilitating the growth and development of micro, small and medium-sized enterprises (MSMEs).
Those targeted are involved in the manufacturing, agro-processing, mining, services, information, communications and technology and the creative industries.
This is contained in the 2020/21 Public Bodies’ Estimates of Revenue and Expenditure, tabled in the House of Representatives by Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke.
The Bank also projects loan utilisation of $9.3Bn, supported by increased marketing activities, brand building and market analysis.
The global spread of the Covid-19 (coronavirus) pandemic will significantly impact Aruba’s economy, as domestic restrictions and a sharp drop in demand for travel will push the country into recession in 2020.
Fitch Solutions forecast -13.0% y-o-y real GDP growth in Aruba in 2020, down from the previous forecast of 0.7%, as risks from the virus have played out.
While the Aruban government’s prompt response to its domestic outbreak offers some reason for optimism, risks to our view are heavily to the downside.
Cuba said on Tuesday it was suspending the arrival of international passenger flights and asking all foreign boats to withdraw from the Caribbean island’s waters to curb the spread of the new coronavirus.
Cuba, which has confirmed 186 cases of the fast-spreading disease, partially closed its borders last week, banning the arrival of foreign tourists and the departure of Cubans.
But Cubans and foreigners with Cuban residency continued to return on a dwindling number of flights, although they were required to spend two weeks in quarantine at state isolation centres. The new measures appear to close that door.
China’s ports and shipping firms are bracing for a second wave of supply chain disruptions that may be deeper and more prolonged than during the country’s coronavirus lockdown as the global spread of the virus chokes off international demand.
With Beijing reporting only sporadic domestic transmission of the coronavirus since March, workers have been allowed to return to posts, factories are restarting and ports are rushing to clear a backlog of cargoes.
China’s container processing volumes fell 10.6% in the first two months of 2020 compared to the year before, while exports dropped 17.2%.
But with virus outbreaks now overwhelming healthcare systems and shutting logistics channels in other major economies, exporters and industry analysts warn that global demand for products made and shipped out of China looks set to plunge.
