24 Oct
2019

World Bank Impressed with Jamaica’s Macroeconomic Achievements

first_imgNewly appointed World Bank Vice President for Latin America and the Caribbean, Axel van Trostenburg, says Jamaica’s macroeconomic achievements, to date, have been “extremely impressive”.“I don’t know any country that has achieved, over a sustained period of time, the fiscal adjustments and reforms as Jamaica has done, and produced a most spectacular reduction of its debt level that reached almost 150 per cent, to fall, this year, below 100 per cent,” he said.“It’s certainly a world achievement… that probably would be number one, in terms of that success”, he said, adding that “I can only congratulate the country for this.“I think this is very good news. I can only [urge] you to continue this, because many countries could start learning from [this] miracle in Jamaica, that despite the many challenges, the country has made this enormous progress,” the World Bank Vice President added.He was speaking at a media briefing at the Office of the Prime Minister (OPM) on Tuesday (April 30), to announce an additional US$140-million World Bank loan provision for Jamaica.The funds will bolster the Government’s efforts to strengthen Jamaica’s resilience risks associated with natural disasters, as well as support human capital development and enhance the social safety net for the society’s most vulnerable citizens.Mr. van Trostenburg, who was making his first visit to the island since his appointment, said Jamaica’s achievements are worthy of being highlighted.“I certainly mentioned to the Finance Minister (Dr. the Hon. Nigel Clarke) that we may need to actually highlight it a little bit more in the (Bank’s) membership, so that other countries can also learn what are the factors behind this,” he noted.Prime Minister, the Most Hon. Andrew Holness, for his part, noted that Jamaica’s 55-year relationship with the World Bank remains strong, with over 140 projects facilitated to date.He said the provision of the US$140 million, resulting from discussions that Dr. Clarke had during the Bank’s recent series of spring meetings “comes as a result of good management of the economy”.“It shows that the World Bank and other International Development Partners are willing to place their loan portfolios with us because we are managing our economy the right way,” Mr. Holness added.For his part, Dr. Clarke said the World Bank has been an “excellent partner” of Jamaica over the past 55 years and “during the course of that time, has contributed to many signal achievements”.“We look forward to working with you for decades to come,” he added.last_img read more

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5 Sep
2019

Bombay Stock Exchange halts trading due to network outage

first_imgBombay Stock Exchange halts trading due to network outage1.4K views00:00 / 00:00- 00:00:0000:00Bombay Stock Exchange halts trading due to network outage1.4K viewsBusinessMumbai, July 3 (ANI): Bombay Stock Exchange (BSE) halted trading on Thursday morning across all of its markets, including shares, currencies and indexes due to a network outage. Reportedly, all orders placed before the network outage would be cancelled. The exchange operator network service vendor HCL Technologies Ltd was working to resolve the issue. Stock Market Expert, Sunil Shah, said that the authorities are addressing the problem and have assured that trading will start soon.Ventuno Web Player 4.50Mumbai, July 3 (ANI): Bombay Stock Exchange (BSE) halted trading on Thursday morning across all of its markets, including shares, currencies and indexes due to a network outage. Reportedly, all orders placed before the network outage would be cancelled. The exchange operator network service vendor HCL Technologies Ltd was working to resolve the issue. Stock Market Expert, Sunil Shah, said that the authorities are addressing the problem and have assured that trading will start soon.last_img read more

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3 Sep
2019

Kenya dam burst death toll rises to 41

first_imgLocal residents wait inside an ambulance after Patel dam burst its bank at Solai, about 40 kilometres north of Nakuru, Kenya, on 9 May, 2018. Photo: AFPAt least 41 people died after a dam burst in central Kenya, police said Thursday, as residents described muddy waters ripping through their homes in what one survivor called “hell on earth”.After a severe drought, weeks of torrential rains in Kenya have led to flooding and mudslides that have left 172 dead.The private Patel dam, used for irrigation and fish farming, burst its earthen banks on Wednesday evening in Solai, near the Rift Valley city of Nakuru, regional police chief Gideon Kibunjah told AFP.The raging waters wiped out two villages, a local resident said, while power lines were swept away, leaving many without electricity. The search for victims on Thursday afternoon by heavy rains.”We have 41 people dead from this tragedy,” Kibunjah said, adding 20 of them were children. He said the search for victims was still going on.”It is a disaster because most people were asleep when the tragedy occurred and their houses were swept away.”He said 36 people had been hospitalised.- ‘Hell on earth’ -Survivor Ngugi Njoroge said he and his family had been having dinner when there was a “loud explosion of water that washed away our home.””I was with my parents and my younger brother. I don’t know where they are. I was carried away by the water but I was lucky as I clung to a tree until the water subsided,” he said from his hospital bed.”It was like hell on earth.”Miriam Karimi said she could not find any of her three children, including her four-year-old son.”When we heard noises, we thought it was raining heavily nearby. I’m so confused. I hope they are alive,” she said.A senior police officer at the scene, speaking on condition of anonymity, said emergency workers had spent the night combing through engulfed houses to retrieve bodies.”We found 11 of the bodies covered with mud at a coffee plantation and these are people who may have been escaping but could not make it due to the force and speed of the water from the flooded dam,” he said.”Most of them are women and children who could not have been able to run fast, and the elderly.”The dam is close to an informal settlement housing casual labourers who work on nearby farms.The Kenyan Red Cross estimates that up to 500 families were affected by the disaster, which took place some 150 kilometres (90 miles) northwest of Nairobi.- Deadly rainy season -Weeks of torrential rains in Kenya have led to flooding and mudslides countrywide.Government statistics released Wednesday showed that more than 220,000 people have been displaced by flooding as heavy rains hit the country after three consecutive failed rainy seasons had left it in drought.Since March, at least 21,000 acres (8,500 hectares) of farmland have been submerged in water with an estimated 20,000 animals killed, the Red Cross said last week.The floods have also destroyed road networks in some parts of the East African country and in some cases the military has stepped in to airlift residents from submerged houses.The Red Cross appealed last week for $5 million (four million euros) to help those affected.The deluge has affected large parts of East Africa, destroying crops and killing farm animals after a severe drought which had sent food prices and inflation soaring and left millions in need of food aid.In Rwanda 215 people have died because of floods and landslides since January, according to Philippe Habinshuti of the disaster management ministry.In Somalia flooding has displaced tens of thousands, while torrential rains have also caused havoc in Tanzania and Uganda.last_img read more

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