News

UN Secretary-General’s press encounter on the Black Sea Initiative

Published

3 weeks ago

July 17, 2023

PRESS REMARKS ON THE BLACK SEA INITIATIVE AND MEMORANDUM OF UNDERSTANDING ON FACILITATING EXPORTS OF RUSSIAN FOOD PRODUCTS AND FERTILIZERS

New York, 17 July 2023

Good morning

I deeply regret the decision by the Russian Federation to terminate the implementation of the Black Sea Initiative – including the withdrawal of Russian security guarantees for navigation in the northwestern part of the Black Sea.

This Initiative has ensured the safe passage of over 32 million metric tons of food commodities from Ukrainian ports.

The World Food Programme has shipped more than 725,000 tons to support humanitarian operations – relieving hunger in some of the hardest hit corners of the world, including Afghanistan, the Horn of Africa and Yemen.

The Black Sea Initiative — together with the Memorandum of Understanding on facilitating exports of Russian food products and fertilizers — have been a lifeline for global food security and a beacon of hope in a troubled world.  

At a time when the production and availability of food is being disrupted by conflict, climate change, energy prices and more, these agreements have helped to reduce food prices by over 23 per cent since March last year.

With the decision to terminate the Black Sea Initiative, the Russian Federation also terminated its commitment to “facilitate the unimpeded export of food, sunflower oil, and fertilizers from Ukrainian controlled Black Sea Ports” — as expressed in Paragraph 1 of the Memorandum of Understanding between the Russian Federation and the United Nations.

Ultimately, participation in these agreements is a choice.

But struggling people everywhere and developing countries don’t have a choice.

Hundreds of millions of people face hunger and consumers are confronting a global cost-of-living crisis.

They will pay the price.

Indeed, we are already seeing a jump in wheat prices this morning.

I am aware of some obstacles that remained in the foreign trade of Russian food and fertilizer products.

This is precisely why I sent a letter to President Putin with a new proposal to keep the Black Sea Initiative alive.

In that letter – which I believe is necessary to quote at length – I underlined that:

“Since the signing of the Memorandum of Understanding, and also taking into account the measures adopted by the Russian Federation, Russian grain trade has reached high export volumes and fertilizer markets are stabilizing with Russian exports nearing full recovery, as stated by the Russian Union of Grain Exporters and Russian Fertilizer Producers Association.”

The letter went on to detail action by the United Nations.

Namely that we have: “also delivered breakthroughs even in some of the most challenging areas of trade facilitation. The United Nations has helped to secure the issuance of: U.S. General License 6B and 6C, which are especially important in light of the extraterritorial nature of US sanctions as these licenses apply not only to US imports from the Russian Federation but also to all countries concerned with their sanctions regime; two UK General Licenses on finance and trade in food and fertilizers, which are especially important for the insurance market; and the derogation by the European Union in its ninth sanctions package, which allowed, for example, the unfreezing of assets of fertilizer companies, as well as a range of clarifications, Frequently Asked Questions, fact sheets and other guidance to the private sector.

These regulatory frameworks, as well as extensive engagement with the private sector to find dedicated solutions across banking and insurance sectors have led to the progressive normalization of trading conditions since July 2022, including declining freight and insurance rates. Bulk vessel port calls at Russian ports have also remained mostly steady.”

The letter went on to detail how: “We have built a bespoke payments mechanism for the Russian Agricultural Bank through JP Morgan outside of SWIFT.”

The letter also described how: “The United Nations also has worked closely with the key Russian fertilizer groups to unblock assets … amounting to over 70 per cent of the frozen assets in the original list submitted to us by the Russian Federation in November 2022. Moreover, the United Nations has facilitated… the humanitarian donations of fertilizer to most in-need countries in Africa – overcoming profound complexities of the operation..”

My letter also mentioned that: “the Russian Federation has highlighted the issue of access to SWIFT by the Russian Agricultural Bank as a key factor influencing its decisions. On this front, the United Nations recently brokered a concrete proposal to enable a subsidiary of the Russian Agricultural Bank to regain access to SWIFT with the European Commission. The key element underpinning this proposal’s political viability is that it can be implemented within existing regulations. We see this as a unique political opening, stemming from a genuine desire to protect global food security beyond 17 July.”

I am deeply disappointed that my proposals went unheeded.

Today’s decision by the Russian Federation will strike a blow to people in need everywhere.

But it will not stop our efforts to facilitate the unimpeded access to global markets for food products and fertilizers from both Ukraine and the Russian Federation.

I particularly want to recognize the efforts of the government of Türkiye in this regard.

Looking ahead, our goal must continue to be advancing global food security and global food price stability.

This will remain the focus of my efforts, taking into account the rise in human suffering that will inevitably result from today’s decision.

We will stay fixed on finding pathways for solutions.

There is simply too much at stake in a hungry and hurting world.

Thank you.

News

Bankers’ Association President Samuels Finds Residents Hungry for Housing Financing at policy launch

Published

2 hours ago

August 11, 2023

Deandrea Hamilton

Dana Malcolm

Staff writer

#TurksandCaicos, August 11, 2023 – Despite the Government’s attempt to create more affordable housing for residents with the creation of the new Housing Policy, many say they left the launch feeling less hopeful than they went in.

After the event, one resident expressed it was time to speed up a government-operated mortgage scheme, and those inside the launch event had a similar lack of faith in their ability to secure bank-backed mortgages.

Marcus Samuels, Head of the Banking Association, was hit with questions about how the Association would seek to help residents secure mortgages to purchase these new government homes, considering how difficult residents on both sides of the employment spectrum (private and public) found it to get approval for loans.

The pre-prepared question was met with applause from the ample audience who had gathered to hear about the programs.

“Homeownership isn’t rocket science, ” Samuels said, stressing that once residents came prepared with knowledge about their own paychecks and the size of the loan they could be offered they had a good chance of success.

Necessary information included:

Level of income
Level of previous debt

He also said the cost of housing could be lowered for buyers if the Government decided to decrease or forgo their taxes.

“There are some fees that we genuinely cannot move, like the Government stamp duties, which is usually one percent on the transaction. Thankfully, the Premier is here— the ball is in his court.”

Zhavargo Jolly, Event Moderator, fielded concerns shared by residents, including that the proposed cost of homes in the example (just over $ 200,000) was lower than the usual market value in the country.

There was also a concern that the mortgages seemed geared toward double-income homes, which was not the case for all residents, alienating single mothers, fathers, and other single-income earners.

While Samuels came prepared with calculations for a hypothetical $230,000 home that he said proved residents could be able to own a home with a down payment as low as $12,500 the audience was unconvinced. When he questioned them about whether residents believed they could afford a home after laying down the calculations the answer was still a resounding ‘no’.

Following the event, Bishop Coleta Williams, Chaplain to the House of Assembly, also spoke on the programs expressing concern that residents would be paying back the loans for years to come.

Residents, in the comments of the live video which was carried on Facebook, expressed being disappointed that more representatives from the Banking Association weren’t present at the meeting when arguably one of the biggest roadblocks to housing is financing.

Government

New data reveals Housing pitfalls, government reveals detailed plan to fix it

Published

2 hours ago

August 11, 2023

Deandrea Hamilton

Dana Malcolm

Staff Writer

#TurksandCaicos, August 11, 2023 – Many Turks and Caicos Islanders are spending unsustainable amounts of money on housing, according to data gathered by the Housing Department via the National Housing Needs Survey, emphasizing the need for affordable homes.

Dominique Durham, Deputy Permanent Secretary of Physical Planning and Infrastructure Development

“Respondents of that Survey provided that the majority of households spend more than 50 percent of their income on housing expenses. Now, as a rule of thumb, especially in America, if you spend more than 30 percent of your income on housing, it is deemed not affordable,” Dominique Durham, Deputy Permanent Secretary of Physical Planning and Infrastructure Development, revealed.

He shared other significant data collected that showed the dire state of the housing market locally, including that nearly a quarter of residents live in damaged homes.

“It also revealed that 21 percent [of respondents] are living in homes in need of repair and 69 percent are looking to purchase a new home within the next five years,” Durham said.

Despite the intent to buy a home, the survey also revealed that many Turks and Caicos residents thought the housing market needed more affordable options for them to be able to bring that dream to fruition.

The majority of residents (32 percent) voted for the Government to create more options for affordable housing when asked what would best improve their housing needs.

Other popular suggestions included:

Creating Government housing loan programs (25 percent)
Housing subsidies (15 percent)
Home improvement/refurbishment programs (11 percent)

All of those suggestions voted on by residents have made their way into the Housing Policy as either short-term or long-term programs.

Jamell Robinson, Minister of Physical Planning and Infrastructure Development

“Long-term projects include inclusionary zoning, large-scale housing through public-private partnerships, and eventually, we will be establishing a National Housing Authority and Trust whereby we hope to lend at affordable interest rates. We also are looking to roll out help-to-buy schemes in the near future as we appreciate that an issue is also access to financing,” he said.

The Government is aiming to use these suggestions, voted on by residents, to fix the gaping hole in the market, but even with these new programs, there’s one thing residents say they need to purchase homes– better pay.

Jamell Robinson, Minister of Physical Planning and Infrastructure Development, was hit with the question of whether the Government would start to pay residents more so they could have more cash to afford housing.

The minister said step one was increasing public cash flow (with a pay and grade review for the public service now being conducted), and step two was upskilling all individuals to make them more marketable in the private sector.

“Our Job– is to ensure that our citizens as Turks and Caicos islanders can add value to themselves so they can participate more in the open market, and one of those ways is by making the community college free so you can access higher education– in a free open market which we have here, it’s hard to dictate to the private sector what they can pay a specific individual so we want to grow our individuals to make sure that they can level up,” he explained.

The Housing Policy launched on July 27th in Providenciales.

Caribbean News

Trinidad & Tobago Emancipation Day Marked with Major Events Attended by Prime Minister and other Dignitaries

Published

3 hours ago

August 11, 2023

Deandrea Hamilton

#TrinidadandTobago, August 11, 2023 – Prime Minister Dr the Hon Keith Rowley and Mrs Sharon Rowley attended the Distinguished Open Lecture by His Royal Majesty Otumfuo Osei Tutu II, The Asantehene at The University of the West Indies, St. Augustine Campus last evening (Thursday 3rd August, 2023).

The Asantehene is the Guest of Honour in commemoration of this country’s 2023 Emancipation celebrations.

Deputy Speaker of the House of Representatives and Member of Parliament for Tunapuna, the Hon. Esmond Forde, Minister of Foreign and CARICOM Affairs, Senator the Hon. Dr. Amery Browne, Minister of Housing and Urban Development, the Hon. Camille Robinson-Regis, Minister of Education, Dr. the Hon. Nyan Gadsby-Dolly, Minister in the Ministry of Education, the Hon. Lisa Morris-Julian, Pro Vice-Chancellor and Principal of The University of the West Indies, St Augustine Campus Professor Rose-Marie Belle Antoine, Dean of the Faculty of Food and Agriculture, Professor Mark Wuddivira and Lecturer Department of History, Dr. Debbie Mc Collin were also in attendance at yesterday’s lecture.

Prime Minister Dr the Hon Keith Rowley and Mrs Sharon Rowley also visited the Desperadoes Pan Theatre at George Street, Port of Spain last evening (Wednesday 2nd August, 2023).

Dr Rowley welcomed His Royal Majesty Otumfuo Osei Tutu II, The Asantehene and his delegation to the pan theatre where His Majesty was treated to various aspects of Trinidad and Tobago’s Carnival which culminated in a performance by the Desperadoes Steel Orchestra and a demonstration on the playing of the national instrument for the Asantehene.

“They now see Africa, not through European eyes, as a dark continent, but as the cradle of human civilisation, citing the discoveries of its great empires. They talk of it glowingly, as the world’s fastest developing economic region in the 21st century, having just overtaken Asia, and of its six of the 10 fastest growing economies in the world and of its minerals, critical and indispensable to the technologies of the 21st century green economies.

Today, recognising the pain of the Middle Passage, and the centuries of colonial brutality, I salute the African community, a people, who through grit and determination, is on the march, striving for further discovery and self-realisation, searching, and transforming themselves for the challenges of the 21st century.

Let us all reflect and educate ourselves as we celebrate African Emancipation Day 2023.”

Dr the Honourable Keith Rowley

Prime Minister of The Republic of Trinidad and Tobago

on the occasion of Emancipation Day 2023