The area includes 13 island nations, from the Bahamas in the north to Trinidad and Tobago in the south; Belize, which is geographically located in Central America; and the 2 countries of Guyana and Suriname, situated on the north central coast of South America. Many nations in the area share a typical African ethnic and British colonial heritage, while Cuba and the Dominican Republic were Spanish colonies, Haiti was French, and Suriname was Dutch. The dates of independence of these countries vary from Haiti in 1804 to St. Kitts and Nevis in 1983. The largest countries in terms of acreage are Guyana and Suriname, while those with the largest populations are Cuba, the Dominican Republic, and Haiti.
Politically, all Caribbean countries, with the exception of communist Cuba, have chosen democratic governments. Most of the former British nests have parliamentary kinds of federal government, with the exception of Guyana, the Dominican Republic, Haiti, and Suriname, which are republics headed by presidents. In regards to local combination, 14 of the area's independent countries belong to the Caribbean Neighborhood (CARICOM), with the exception of the Dominican Republic (which has observer status) and Cuba. CARICOM was formed in 1973 to spur local economic combination. Some critics argue that it has been sluggish to promote combination, compared to other regional financial groupings, however development has actually been made in approaching a single financial market and in establishing a Caribbean Court of Justice.
The six OECS countries also share a common currency, the Eastern Caribbean dollar, with monetary policy handled by the Eastern Caribbean Reserve Bank. The Caribbean Development Bank (CDB), headquartered in Barbados, promotes economic advancement and local combination. With the exception of Cuba and Haiti, routine elections have actually been the standard, and for the a lot of part https://www.dandb.com/businessdirectory/wesleyfinancialgroupllc-franklin-tn-88682275.html have been complimentary and reasonable. In 2005, Dominica and Suriname held elections in Might, and St. Vincent and the Grenadines held elections in December. Haiti was anticipated to hold elections in 2005, however substantial problems and political instability led to those elections being delayed numerous times, till they were eventually held on February 7, 2006.
Effective elections ultimately were held on August 28, 2006, without the political violence that some observers had actually anticipated. Looking ahead, parliamentary elections are due in St. Lucia by December 2006, while elections in the Bahamas, Jamaica, and Trinidad and Tobago are due in 2007. (See for a listing of leaders and elections for head of federal government.) Although lots of Caribbean countries have actually preserved long democratic traditions, they are not immune from terrorist and other hazards to their political stability. In 1993, stability on St. Kitts was threatened following violent protests after contested elections; order was restored with the assistance of security forces from surrounding states.
Previously in the 1980s, the Click for info federal government of Eugenia Charles in Dominica was threatened by a strange coup plot including foreign mercenaries. And of course, Grenada, under the socialist-oriented federal government of Maurice Bishop, experienced a break from the democratic standard after it assumed power in an almost bloodless coup in 1979 and installed an individuals's advanced federal government. After the violent overthrow and murder of Bishop in 1983, the United States stepped in to bring back order and end the Cuban presence on the island. Many Caribbean countries experienced an economic depression in 2001-2002 due to slumps in the tourist and agriculture sectors, although a lot of Caribbean economies have rebounded because 2003.
financial recession and slow recovery. The banana and sugar sectors in the Eastern Caribbean were damaged by a hurricane in 2002 and a drought in 2003. Both sectors deal with uncertain futures due to the European Union's plan to phase out favored market access from former Caribbean nests for bananas by 2006 and for sugar by 2009. The Haitian economy experienced decline start in 2001, with political instability worsening currently hard financial conditions in the hemisphere's poorest country. The strongest performing economies recently have actually been those of the Dominican Republic, fueled by the clothing sector, and Trinidad and Tobago, with significant energy resources.
In 2004 and 2005, the region's strongest economic entertainers averaging growth rates over 5% for those two years, were Antigua and Barbuda, Cuba, the Dominican Republic, St. Kitts, St. Lucia, Suriname, and Trinidad and Tobago. Those countries not prospering in 2004 because of ravaging cyclones and hurricanes included Haiti, with a 3. 5%% decline in gdp (GDP), and Grenada, with a GDP decline of 3%. For 2005, nevertheless, Grenada's economy rebounded with development over 5%, while Haiti's growth was 1. 8%. In Guyana, financial growth has actually been stagnant or minimal over the previous a number of years. In 2005, the economy decreased 3% due to the fact that of high oil rates and floods, which early in the year seriously affected agriculture and mining activities.
The Best Guide To How To Finance A Manufactured Home
However, some observers have also been worried about the area's high level of public financial obligation, with numerous Caribbean nations having debt levels that exceed 100% of their GDP. U.S. interests in the Caribbean are varied, and include economic, political, and security issues. Throughout the Cold War, security issues tended to eclipse other policy interests. In the consequences of the Cold War, other U.S. policy interests emerged from the shadow of the East-West conflict in the Caribbean that focused on concerns about the Soviet and Cuban danger. U.S. policy concerns shifted from one emphasizing security issues to a new focus on strengthened financial relations through trade and financial investment.
interest in the Caribbean. The Administration describes the Caribbean as America's "third border," with events in the region having a direct influence on the homeland security of the United States. It explains Caribbean nations as "essential partners on security, trade, health, the environment, education, local democracy, and other hemispheric problems." The United States has close relations with most Caribbean nations, with the exception of Cuba under Fidel Castro. The U.S.-Caribbean relationship is characterized by extensive economic linkages, cooperation on counter-narcotics efforts and security, and a sizeable U.S. foreign help program supporting a range of jobs to strengthen democracy, promote financial growth and advancement, alleviate poverty, and fight the AIDS epidemic in the region. Custom-mades and Border Protection of the Department of Homeland Security. The CSI program assists guarantee that high-risk containers are identified and inspected at foreign ports prior to they are put on vessels for delivery to the United States. In September 2006, three Caribbean ports became functional CSI ports: Caucedo, Dominican Republic; Kingston, Jamaica; and Freeport, Bahamas. Other Latin American ports in the CSI program are the Main American port of Puerto Cortes, Honduras, and the South American ports of Buenos Aires, Argentina, and Santos, Brazil. In the 108th Congress, a legal initiative required additional foreign assistance in order to improve foreign port security worldwide, but no last action was finished before completion of the session.
2279 (Hollings), in September 2004, which would have attended to the Administrator of the Maritime Administration, in coordination with the Secretary of State, to recognize foreign assistance programs that could assist in application of port security antiterrorism measures in foreign nations. The act also would have required a report on the security of ports in the Caribbean Basin, including an assessment of the efficiency of the procedures utilized to enhanced security at such ports and an assessment of the resources and program modifications required to take full advantage of security at Caribbean Basin ports. In the 109th Congress, 2 expenses would supply for foreign support programs for Caribbean Basin ports.
744 (Nelson, Costs), introduced April 11, 2005, would establish a Caribbean Basin Port Help Program. Under the legal initiative, the Administrator of MARAD in the Department of Transportation, in coordination with the Secretary of State, would determine foreign help programs that could facilitate implementation of port security antiterrorism procedures at Caribbean Basin ports. The Administrator and the Secretary would establish a program for such support in assessment with the Company of American States. In addition, the Secretary of Homeland Security would be required to send a report to Congress on status of port security in Caribbean Basin nations. S. 1052 (Stevens), the Transportation Security Improvement Act of 2005, includes an arrangement (Area 504) that would develop a program to assist in application of port security antiterrorism steps in foreign countries, with specific focus on ports in the Caribbean Basin; this bill was presented May 17, 2005, and reported by the Senate Committee on Commerce, Science, and Transport on February 27, 2006 (S.Rept.
2791 (Stevens), presented May 11, 2006. Increasing crime is a significant security difficulty throughout the Caribbean. The murder rate in Jamaica continues to soar, with 1,445 individuals killed in 2004 and more https://www.globenewswire.com/news-release/2020/04/23/2021107/0/en/WESLEY-FINANCIAL-GROUP-REAP-AWARDS-FOR-WORKPLACE-EXCELLENCE.html than 1,600 people in 2005. With rate of 60 murders per 100,000 residents in 2005, Jamaica had the highest murder rate on the planet. In late February 2006, Jamaicans were stunned over the brutal killings of 6 family members, consisting of four kids in the western part of the nation. High levels of violent criminal offense, including murder and kidnaping, also have afflicted Trinidad and Tobago and Haiti. Even smaller Caribbean nations like St.
On April 22, 2006, Guyana's Farming minister, along with his 2 brother or sisters and a security personnel, were shot and eliminated in an evident burglary. Gangs included in drug trafficking, extortion, and violence are accountable for much of the crime. Some observers think that bad guys deported from the United States have contributed to the region's surge in violent criminal activity recently, although some keep that there is no recognized link. Jamaica has actually advocated the advancement of a worldwide protocol concerning the deportation of criminals. A significant issue for Caribbean nationsthe bulk of which are net energy importershas been the increasing price of oil and the prospective impact of such increasing prices on financial development and social stability.
Of these, just Trinidad and Tobago is a significant oil and gas manufacturer, representing 60% of proven oil reserves and 91% of gas reserves in the region. The nation is likewise the biggest supplier of liquified natural gas (LNG) to the United States, accounting for 75% of all U.S. LNG imports. Apart from Trinidad and Tobago, Cuba also produces oil, but still imports a majority of its consumption needs. Barbados likewise produces a percentage of oil, which is refined in Trinidad and Tobago, however it imports 90% of its oil intake requirements. Venezuela is now offering oil to Caribbean countries on preferential terms in a brand-new program referred to as Petro, Caribe, and there has been some U.S.
Little Known Questions About What Can I Do With A Degree In Finance.
Given that 1980, Caribbean countries have taken advantage of preferential oil imports from Venezuela (and Mexico) under the San Jose Pact, and since 2001, Venezuela has actually provided extra assistance for Caribbean oil imports under the Caracas Energy Accord. Petro, Caribe, nevertheless, would go further with the goal of putting in location a regional supply, refining, and transportation and storage network, and establishing a development fund for those nations taking part in the program. Which of the following can be described as involving direct finance?. Under the program, Venezuela announced that it would supply 190,000 barrels per day of oil to the area, with nations paying market value for 50% of the oil within 90 days, and the balance paid over 25 years at an annual rate of 2%.
To date, 14 Caribbean nations are signatories of Petro, Caribe. Barbados, which currently gets reduced petroleum rates from Trinidad, has actually declined to sign the agreement, and Trinidad, which has its own considerable energy resources, has decreased to sign. (For additional info, see CRS Report RL33693, Latin America: Energy Supply, Political Developments, and U.S. Policy Approaches, by [author name scrubbed], [author name scrubbed], and [author name scrubbed]) The AIDS epidemic in the Caribbean, where infection rates are among the greatest outside of sub-Saharan Africa, has actually currently started to have unfavorable repercussions for financial and social development in the region. In 2005, an estimated 300,000 adults and children in the Caribbean were reported to be coping with HIV, with the epidemic declaring 24,000 lives during the year, making it the leading cause of death among adults aged 15-44 years.