Home' Trinidad and Tobago Guardian : May 12th 2013 Contents A34
Sunday Guardian www.guardian.co.tt May 12, 2013
The Inter-American Develop-
ment Bank (IDB) is inviting nom-
inations for the Juscelino
Kubitschek Award of Merit to
recognise regional best practices
and leading institutions which are
promoting economic and social
development in Latin America and
the Caribbean. The Kubitschek
Award highlights outstanding work
and extraordinary commitment
toward eliminating poverty and
bringing greater economic oppor-
tunity to the region.
Juscelino Kubitschek was a for-
ward-thinking politician who served
as president of Brazil from 1956-
1961. He created high-impact ini-
tiatives that improved economic
development in Latin America and
Notably, president Kubitschek was
among the leaders who proposed
establishment of the world s first
multilateral development institution
in the region, the IDB, in 1959.
The IDB has since become the
leading source of long-term devel-
opment financing for the region.
IDB president Luis Alberto
Moreno marked the bank s 50th
anniversary in 2009 by establishing
the award to honour Kubitschek s
The most recent recipients of the
Kubitschek Award were honoured
during the annual meeting of the
IDB s Board of Governors in Mon-
tevideo, Uruguay in March 2012.
The prize for economics and finance
went to the Center for the Imple-
mentation of Public Policies for
Equity and Growth of Argentina and
the Salvadoran Foundation for Eco-
nomic and Social Development.
The social, cultural and scientific
category prize went to the Mexican
Institute for Research on Family and
Population and the Salesian Project
for the Street Children of Ecuador.
In the 2013 call for nominees, IDB
is seeking innovators in fields of
economics and finance, as well as
from the social, cultural, and sci-
entific areas, to receive $100,000
in prizes. Proposals may be sub-
mitted online through the IDB Web
Individuals and institutions can
make nominations by including a
detailed description of contributions
and efforts on a form available on
the IDB Web site.
The deadline for the Kubitschek
Award nominations is June 17, 2013.
IDB seeks nominations for Kubitschek award
WASHINGTON DC---The International Monetary
Fund (IMF) says Antigua and Barbuda has made
"excellent progress" towards achieving its goal of
restoring debt sustainability and macroeconomic
An IMF mission headed by Geoffrey Bannister
recently completed a review of the 2010 multi-million
dollar Stand-By Arrangement (SBA) to the island.
"On the fiscal side, the fiscal outturn for March
2013 was well above programme targets, surpassing
the performance criterion on the overall fiscal balance
and the indicative target for the primary balance by
a wide margin.
"This was partly as a result of strong revenue per-
formance in the first quarter, in line with programme
targets due to a large one-off reduction of tax arrears
and partly to continued expenditure restraint," Ban-
He said the first quarter results put the economy
"on a good footing" to achieve the annual fiscal
targets for 2013: a central government primary surplus
of 3 per cent of Gross Domestic Product (GDP) and
an overall surplus of 0.3 per cent of GDP.
"Notable progress has also been made on structural
reforms, with five important benchmarks completed
in March-April," he said, noting that a new Customs
Control and Management Act, consistent with inter-
national best practice, was presented to Parliament
on April 5, and the Harmonized System 2007 customs
code for classifying imports was implemented on
The mission chief said technical assistance in March
also facilitated the completion of a tax expenditure
study and the establishment of an institutional over-
sight and reporting framework for state-owned enter-
prises within the Ministry of Finance.
In addition, he said the Baldwin Spencer admin-
istration adopted a system to improve commitment
control for capital expenditure projects.
Bannister said of the remaining fiscal reforms under
the programme, the IMF expects that two "important
benchmarks" linked to the presentation to Parliament
and passage of the Tax Administration and Procedures
Act will also be completed before June.
He also said that the IMF expects that 24 out of
the 28 fiscal, debt, civil service and public enterprise
reforms under the programme will have been achieved
by the end of the programme in June, "a noteworthy
accomplishment that will help sustain positive fiscal
and macroeconomic results going forward".
Bannister said some progress has also been made
on financial sector issues, stating that stand-alone
legislation to govern the Financial Services Regulatory
Commission is "on track" for presentation to Par-
liament by mid-May 2013 and efforts continue
towards improving compliance with Anti-Money
Laundering/Combating the Financing of Terrorism
(AML/CFT) standards. (CMC)
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