Home' Trinidad and Tobago Guardian : June 1st 2014 Contents JUNE 1 • 2014 www.guardian.co.tt SUNDAY BUSINESS GUARDIAN
NEWS | SBG7
Community based and Non-govermental
organisations thinking about getting a new
project off the ground may be pleased to know
that the Inter-American Bank and the Japanese
Special Fund Poverty Reduction Programme
of JPO are collaborating to make between
US$300,000 and US$750,000 available to
groups who can come up with impactful ways
to develop their surroundings.
Beginning June 10th, local civil society organ-
isations can enter their proposals within the
26 borrowing countries of the IDB as the JPO
makes its third call for submissions of projects
under the theme, Strengthening Communities
through Innovative Solutions .
Member countries have been divided into
four groups with different assigned "sectors",
under which their projects need to fall
Trinidad and Tobago falls within Group 4
and its project categories are Financing pro-
ductive development of microenterprises and
Strengthening prevention against commmu-
nity violence .
According to the JPO, its programme has
three main objectives. These are " supporting
well targeted poverty and social development
activity that respond directly to the needs of
socially and/or economically disadvantaged
people", "stimulating widespread stakeholder
participation at the community level" and
"piloting alternate approaches or partnerships
with CSOs as implementing agencies to reach
groups not currently being reached by other
The JPO will be using criteria developed by
the IDB-NEXSO plaform to decide which proj-
ects will receive funding under a competitive
us/whatisnexso.aspx), another subsidiary of
the IDB finds and supports innovative ways
to solve development problems unique to Latin
America and the Caribbean and then assists
with the marketing and promotion of these
across the globe.
The JPO said NEXSO will not only provide
support in the application process, but will
also help those who do not receive funding
to improve their projects.
Those selected across the region will receive
the opportunity to present their idea to the
JPO, and the top finishers in this process will
receive the funding to carry them out.
More information the entry requirements
and rules for submission are available on the
IDB s website at www.iadb.org/en/topics/civil-
Japan, IDB to provide cash for community-based projects
The Central Bank Governor has
said that it is not all doom and
gloom on the economic front.
While delivering the feature
address at the Second Monetary
Policy Forum in Tobago last week, the Central
Bank Governor said there was room for opti-
mism in the coming year, as the country s GDP
was forecasted to grow by 2.5 per cent.
Rambarran, said that while Trinbagonians
were more likely focus on the "negative", they
needed to realise that the economy has in fact
shown "tremendous resilience" in the face of
The Central Bank governor drew reference
to when he assumed the office two years ago,
when T&T s economy faced the challenges of
a sharp contraction in economic growth, soar-
ing food prices, a declining external reserve
position and weak business confidence.
He said citizens had to appreciate that this
position had improved; food inflation had gone
down to single digits, the foreign exchange
situation was set to be resolved within the
coming weeks and business confidence in the
economy was returning and was soon to be
bolstered by a resolution of the CLICO issue.
Rambarran told those gathered that Trinidad
and Tobago was in "recovery mode". As evi-
dence, the Central Bank governor used
increased sales in cement and an upsurge in
construction and stable rates of inflation.
Headline inflation, he said, was currently at
21/2 per cent indicating that economic activity
The Central Bank governor also noted that
consumer borrowing continued to grow apace.
But while Rambarran observed that there
was room for optimism in T&T s economic
outlook, he said the bank was not being com-
placent. He said that the growing economy,
rising consumption and rises in the prices of
international agricultural commodities may
fuel an upsurge in inflation He said this was
something the Central Bank was on the look-
out for and prepared to handle.
He also observed that as an emerging market,
this country was not shielded from the effects
of actions in the world s largest economies,
specifically, the US and China. He told the
audience that China s economy had fallen
below projected growth and that this was likely
to cause a "drag" on the global economic recov-
ery.This, he said, was an effect of a world econ-
omy, even though past the worst days of the
2008 crash, was still unpredictable.
"Central Banks and other policy makers
around the world have been grappling for more
than five years now with an economic crisis
that is constantly mutating and it s still not
clear how the crisis is going to evolve from
A result of this "mutation", Rambarran said
at mid 2014, world economic growth appeared
as though it would be stuck in a "subdued"
The Central Bank governor identified other
situations that may bear watching including
the scale back of the US Federal Reserve s
expansionary monetary policy over the past
Rambarran said T&T, like other emerging
economies, would be left to treat with any fall-
out arising out of the US s monetary tapering
on its own.
He also drew reference to the Russia-Ukraine
conflict, which he said could prove to be a
"double edged" sword for T&T.
"On one side any escalation in tensions
between Russia and the Ukraine could result
in higher crude prices. On the other side, wheat
prices could increase, which will translate into
higher food prices for T&T," Rambarran said.
CB Governor expects
GDP growth for 2014
Central Bank Governor
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