Black Immigrant Daily News

Warning that inflation threatens to become “a runaway train,” the managing director of the International Monetary Fund (IMF) urged policymakers to keep up the fight against rising prices even it means more pain at a time of extraordinary economic turmoil.

Speaking to reporters Thursday, the IMF’s Kristaline Georgieva said that the world economy “has been hit by one shock after another? — the coronavirus pandemic, Russia’s invasion of Ukraine and a resurgence of inflation.

But reining in rising prices should take priority, she said. “If we do not restore price stability, we will undermine prospects for growth,” she said, adding: “We cannot possibly allow inflation to become a runaway train — bad for growth, bad for people, bad especially for poor people.?

The Federal Reserve and other central banks have been raising interest rates to tame inflation. on Thursday, the US reported that inflations accelerated in September, with the cost of housing and other necessities intensifying pressure on Americans. Consumer prices rose 8.2 per cent compared with September of last year.

Georgieva acknowledged that the higher borrowing costs would pinch economic growth, but she urged policymakers to show restraint in spending money to ease the pain.

“When monetary policy puts a foot on the brakes,? she said, “fiscal policy should not step on the accelerator.?

Governments, many of them already heavily indebted after battling the pandemic, should focus on helping the most vulnerable at a time of food shortages and punishingly high energy costs, not on broader spending programs. “Policy measures need to be well targeted, and they need to be temporary,” she said.

Georgieva’s call for inflation vigilance comes at a time when some economists worry that central banks will overdo interest rate hikes and cause unnecessary economic pain.

Georgieva also warned that the “fragmentation” of the world economy into competing political blocs could cause inflation to linger. If geopolitical tensions cause companies to move their supply chains — out of China, for instance — production could become less efficient and more expensive. And central bank rate hikes couldn’t do much about it.

“If we lose the benefits of a more-integrated global economy, we all would be poo

Georgieva made the comments as the world’s financial leaders gather in Washington for the fall meetings of the IMF and World Bank.

By PAUL WISEMAN AP Economics Writer

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Justice Lisa Ramsumair-Hinds. –

A High Court judge has warned her hand may not be gentle with any accused before her who fails to appear in court without a valid explanation.

Justice Lisa Ramsumair-Hinds gave the warning in a matter involving three men who are expected to face a San Fernando jury in the new year on charges of wounding with intent.

On Thursday, none of the three men appeared when the matter was called virtually. The judge was told one of the men was in the hospital, having recently had a heart attack; another because his attorney, who is himself ill, had the wrong date for the hearing; and the third could not be reached by his lawyer.

The judge said she wanted a medical certificate for the hospitalised accused. She stopped short of issuing a bench warrant for the third.

“He is on bail and has an obligation (to attend court).”

Ramsumair-Hinds reminded that while there was a right to liberty, the purpose of bail was to ensure an accused showed up in court when their matter is called.

“I find it discourteous. The last time (he appeared) he was late.”

She said if bail was to be revoked, it might not be because of a fear of absconding but for failing to appear.

She also said while she also appreciated that some people do not have access to the internet – she was told the accused lived in a shack in a remote area – the judiciary had facilities, such as virtual access customer centres, for this reason.

The matter has been adjourned to November 28 for a status hearing and to set a date for trial in early 2023.

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Agriculture Minister Zulfikar Mustapha on Wednesday commissioned a new coconut seedling nursery in Hosororo Village, Barima – Waini (Region One).

The nursery, which is located in the National Agriculture Research and Extension Institute’s (NAREI) compound, was constructed and stocked at a cost of $4.3 million.

At full capacity, the nursery will be able to produce some 206,000 seedlings annually.

In addition to the nursery, Minister Mustapha also commissioned several new pieces of equipment for NAREI’s spice processing facility. These pieces of equipment, which include a ginger washer, ginger slicer, ginger grinder, and a vibro sifter, were procured at a cost of $9,747,756.

While offering remarks at the event, Minister Mustapha said the construction of the facility is part of the government’s decentralization efforts for the agriculture sector.

“Today is a great day for us. We are here to commission a new coconut nursery. We know many farmers in the region would usually travel to Georgetown to purchase quality seedlings. After consultation, we decided to have one constructed here so you can benefit from the same services the farmers in Georgetown and other coastal areas receive. Having this facility here will not only reduce the cost of acquiring the planting materials you need but it will also help us to increase our national production figures. This is part of our coconut decentralization programme,” Minister Mustapha said.

Minister Mustapha noted that given the benefits of and the growing demand for coconuts and coconut bi-products, farmers in Guyana should get involved in coconut production. He said the government is working to make the necessary resources available to expand the industry.

“We all know the benefits of coconuts. The world is also cognizant of the benefits of coconuts and all of their many uses. Anyone who is involved in this industry will benefit from several streams of income because of its many bi-products. You can use coconut fibers, you can make oils, soaps, lotions, beauty supplies, pharmaceuticals, and cooking products just to name a few. The coconut water industry alone is estimated at $2.2 billion. We have to take advantage of the global demand. We have the land and we are making the materials and inputs available. We can tap into those markets,” the minister said.

He also told farmers that following this year’s Agri Investment Forum and Expo which was held back in May, many investors are now coming to Guyana to invest, some of whom have expressed interest in investing in the production of spices.

While noting that access to markets continues to be an issue in the region, the minister said that the government through the New Guyana Marketing Corporation has been successful in finding markets for farmers in other remote parts of the country. While assuring farmers that issues with access to markets will now be a thing of the past, Minister Mustapha told the farmers that the government is currently engaging the CARICOM Member States to remove the non-tariff barriers to many of Guyana’s traditional products.

CARDI’s Representative in Guyana, Mr. Juman Kundun noted that the demand for coconut is constantly increasing in the region and globally. Furthermore, the CARDI Head said that Guyana is among three of the major coconut-producing countries in the region; producing some 20 per cent of the region’s demand while the Dominican Republic produces some 59 per cent, and Jamaica some 12 per cent.

With that said, Mr. Kundun lauded the government’s efforts towards expanding the industry, adding that initiatives like this will enable Guyana to go beyond its current production levels.

General Manager of Hope Estate, Ricky Roopchand indicated that the facility will be able to service the region’s demand and that the first set of seedlings will be available for purchase by the end of December. [Extracted from DPI]

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Guyana’s Ambassador to Suriname, Keith George has been designated for a new posting as Guyana’s High Commissioner to Canada, a posting that the diplomat is expected to take up within days.

This was confirmed by Foreign Secretary Robert Persaud. Additionally, he said that a successor for George in Suriname has already been identified.

George’s diplomatic career span over 29 years. He has worked in the Technical Cooperation and Political Departments of the Foreign Affairs Ministry. He was once the Director of the Frontier Department.

George’s posting comes just weeks after he was summoned to a meeting with the Surinamese Foreign Minister, Krishna Mathoera, regarding criticism from officials in Guyana of Suriname’s failure to grant fishing licences to Guyanese fishermen which has been a topical issue in recent times.

Email correspondence sent from high officials in the Surinamese Government to their Guyanese counterparts show that at one point Suriname had promised Guyana that the fishing licences for Guyanese to fish in Surinamese waters would have been issued on January 1, 2021.

In the email dated December 13, 2020, which was seen by this publication, Suriname’s Minister of Agriculture, Livestock and Fisheries, Prahlad Sewdien had written to Guyana’s Minister of Agriculture, Zulfikar Mustapha, informing him that the fishing licences would be issued from January 1 of the next year and that they would try to have preparations completed within two weeks.

The email also acknowledged the list of fishermen that Mustapha had sent to Sewdien, while also suggesting various actions that should be taken to complete the process of issuing the licences, under Surinamese law.

These suggestions included having the fishermen register their vessels in their own name and the appointment of a State-owned company to be their business partner and sign a “vesselbasing” agreement.

Meanwhile, Sewdien had also promised to track down the Surinamese middlemen who had been renting licences to Guyanese fishermen, at exorbitant prices. In the email, he asked Mustapha to have the fishermen mail copies of their licences.

“With that, it will be easier for us to trace the middlemen. These middlemen have registered the boats on their own names in the Fisheries Register at our Maritime Authority. We will have to get it changed,” Sewdien also said in the email.

In the past, the Surinamese Opposition has pushed the Government for clarity on the issuance of licences to Guyanese fishermen. It is understood that the issue was raised by Opposition Parliamentarian Melvin Bouva, in the Suriname National Assembly, on Tuesday.

Following a high-level meeting in Guyana during August 2021 between President Dr Irfaan Ali and Surinamese President Chandrikaprashad Santokhi, the two leaders had issued a joint press statement indicating that the age-old issue of licences for Guyanese fisherfolk to operate in Suriname’s territorial waters would be addressed.

These fishermen operate from the Corentyne Coast and have to use the Corentyne River to gain access to the Atlantic where they get most of their catch. The Corentyne River is considered Surinamese territory. Currently, the licences are issued to Surinamese businessmen at US$100 per year and rented to the Guyanese fisherfolk at US$3000 annually.

About 150 boats operate from the Number 66 Fisherman’s Co-op Society thus providing direct employment for about 800 fishermen. Additionally, some 200 persons are employed in providing services which include transportation, fish vending, and repairs to machinery and equipment.

Guyana has already said that it would be bringing this matter before the Caribbean Community (Caricom), since Suriname is also a member state. And comments by Vice President Bharrat Jagdeo that Surinamese businesses could be met with reciprocal treatment in Guyana, were met by the Surinamese Government pleading in a statement for all parties to await a diplomatic resolution of the issue.

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Dawid Malan and Sam Curran played outstandingly as England edged world champions, Australia by 8 runs yesterday at Canberra, Australia to take an unassailable 2-0 lead in their three-match Twenty/20 International Series.

Malan scored 82 from 49 balls to lead the recovery after England were reduced to 54-4 off 8.1 overs.

He was ably supported by Moeen Ali (44) as they put on 92 for the fifth wicket to help England reach 178-7 from their 20 overs.

Curran was then the pick of the bowlers, taking 3-25, including the wicket of Tim David for 40 in a critical 18th over that tipped the game in England’s favour.

Curran also held onto a smart catch to dismiss Mitchell Marsh, who was looking well set on 45 from 29 balls, as England’s superior fielding proved the difference, with Australia only able to reach 170-6 off 20 overs.

What made the win more impressive was the fact that it was close to a full-strength Australia team, with Pat Cummins, Mitchell Starc, Adam Zampa and Josh Hazlewood restored to the bowling attack, and dangerous all-rounder, Glenn Maxwell back in the middle order.

It was far from the complete performance, though. Ben Stokes once again struggled with the bat while Chris Jordan and Adil Rashid were expensive with the ball.

But the ability of some players to step up when others struggle is an invaluable commodity to have with the ICC Twenty/20 Cricket World Cup approaching.

The final game of the three-match series will take place on Friday, again in Canberra. England then play Pakistan in a warm-up match on Monday, before opening their World Cup campaign against Afghanistan in Perth on 22nd October.

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