Deputy Managing Director of the International Monetary Fund (IMF), Tao Zhang visited Dominica recently and among matters discussed with Prime Minister Roosevelt Skerrit were economic developments in the country, climate change and derisking.
In a statement issued afterwards, Zhang commended Dominica for the recovery that the country has made so far after the destructive passage of Hurricane Maria.
“During our meeting, Prime Minister Skeritt and I discussed economic developments in Dominica,” Zhang said. “I also had an opportunity to visit some of the resilience-building projects being undertaken by Dominica. I commended the Prime Minister and the people of Dominica for their steely resolve in making a rapid recovery from the massive devastation caused by hurricane Maria.”
The IMF official said that he and the prime minister also agreed on the importance of strengthening resilience to climate change and natural disasters by placing a greater focus on preparedness and adaptation efforts. He said they also discussed the loss of correspondent banking relationships.
“Prime Minister Skerrit and I also discussed the issue of derisking or the loss of correspondent banking relationships, and how the IMF will partner with countries in the region in finding durable solutions to address this challenge. We at the IMF value our relationship with Dominica and remain committed to continue supporting it and its people to build a stronger and resilient economy,” Zhang stated.
Zhang, who was visiting Dominica for the first time, also thanked Prime Minister kerrit, members of the cabinet, and representatives of the business community of Dominica “for their warm welcome and the frank and candid discussions.”
Some Doninicans are so foolish, reading something and not understanding a word that was said, like Kid on the Block who is asking for Matt to read this on his radio program as if it’s a good thing. When any IMF Official speaks about helping a small island State with correspondent banking issues it’s bad news. Correspindent banking issues simply means that foreign banks are either refusing or threatening to refuse doing business with your local bank. This can cripple small economies like ours. It would mean that we would have to look to another Country to handle our correspondent banking which is usually done at a much higher rate. Often 3 times more than what the current foreign bank would charge. This would hurt us terribly and, unfortunately correspondent banking issues have been plaguing us for a while now and is being kept secret by our Government. It does not look well for us when foreign banks are refusing to touch our money. We need to wake up!
Almost 2 years after the hurricane and peoples homes still covered with blue tarps, where did all the CASH go. Is it in the treasury? Is it in personal foreign bank accounts?
“Tao Zhang visited Dominica recently and among matters discussed with Prime Minister Roosevelt Skerrit were economic developments in the country, climate change and derisking.”
My people do you think your failed Skerrit was able to comprehend this matter? This failed Skerrit has reduced to poverty and no growth, he has n comprehension of development to even begin t respond to this IMP stalwart. From my experience and discussion with these IMF people, they are able to read between the lines, so it is not de wife Melena he is talking about, it is our island. How on earth is Skerrit gong to debate, consult with ye IMP when he has not shown any signs of efforts to elevate this nature isle from its massive corruption , nepotism, Bobol (Bin Bobol ), the abuse of families at the Entrance (Foyer) of the Financial Centre dishing out money and goods to buy poor people cheaply. It`s an insult and hope that the IMP people ask Skerrit to comment on this destruction of Dominica. Skerrit must…
“Top IMF official discusses economic development, climate change and derisking with PM Skerrit” My God, how on earth can a top IMF official have discussion on “Economic development” with this “failed” “incompetent” Prime 9Odd) Minister Skerrit? This man Skerrit is a failure and has been for the past 18 years as this Odd Minister. that has been his role for this many years. Skerrit is gonna sit there with this IMP intellectual and Scholar and just s=hake his head and say: “Yes, for sure, yes….we have had this plan and vision for 18 years now, but our island i n deep poverty” Then the IMF official responds: Ok, Mr Skerrit PM, where have you been all these 19 years, what have you been doing with all these 18 ministers of your? PM. What really have you achieved for your island? t looks like Haiti and a corrupt poverty country in Africa. Why must this be so sir, Mr Skerrit? What and where has al the money and resources of your “Nature island gone to”. Who has stolen states…
On the news this morning, the Japanese delegate said, “I was shocked to see that there are still houses covered with the blue tarpaulin after Hurricane Maria which occurred in 2017, so the people of Japan recognizes our problems and struggles and are willing to help.” I said to myself, even the people of Japan are shocked that after all this time, with all the material available, why are poor people’s houses not covered.
The IMF and World Bank are controllers on the world scene. Skerrit will do as they say or they will remove him. The is all part of the UN and the one world government. Money rules the world.
“Deputy Managing Director of the International Monetary Fund (IMF), Tao Zhang visited Dominica recently and among matters discussed with Prime Minister Roosevelt Skerrit were economic developments in the country, climate change and derisking.
In a statement issued afterwards, Zhang commended Dominica for the recovery that the country has made so far after the destructive passage of Hurricane Maria.
“During our meeting, Prime Minister Skerrit and I discussed economic developments in Dominica,” Zhang said. “I also had an opportunity to visit some of the resilience-building projects being undertaken by Dominica.”(This Seems Bogus).
Anybody saw this man in a meeting with Roosevelt?
“During our meeting, Prime Minister Skerrit and I discussed economic developments in Dominica,” My question here has anyone ever know that one visiting dignitary, or monitory official visits a country governmental business, and rather than the government of the host country inform the nation…
So, let me finish this: If an IMF official goes to a country, held development discussions with a government of the country; who’s responsibility it is to inform the nation?
Is it the responsibility of the government of the country, or the messenger who brought the news? Could this be another clown show, orchestrated by the puppet, and clown master Roosevelt to impress his supporters?
Is this fake news; a fake photograph of one who may have never visited the country. I think we need to ask Thomson Fountain if officials from IMF and World Bank after holding discussions with government, goes on Radio, Television, and to social media to inform the nation of what they discus with the government.
Or, if indeed there was such a meeting its the native government duty to officially inform the of any such development?
I believe this is simply another bogus ploy!
One thing I am glad for is,when they talk about Global warming or climate change Dominica always received some cash…So keep on talking about climate change and give us some money
.
The IMF representative offered no specifics on the economy. Why? There is nothing to smile about. Presently the economy is like a desert without any oases. What are the real unemployment, underemployment and poverty rates in Dominca? Ominous is on a HIGH!
High Unemployment
High Underemployment
High Poverty
High Corruption
Highly Divisive
High Vagrancy
High Crimes
Too HIGH on all the wrong things.
Candid he says, no Sir, you don’t know the half..
Can someone tell Matt P. to read this!
He reads all sorts of roto on Q but the good things, like he WALKING WITH HIS EYES AND EARS CLOSE.
Do you understand what it says? I suggest you read it again, and see what may “seem” as positive an what is DEFINITELY negative, and a burden for us Dominicans
Where in his comments are the good and promising economic statistics. Did the IMF official speak about economic buoyancy. Did he articulate on growing employment decreased inflation, robust economic activity, low unemployment, lowering of the national debt? The speec. The man proved himself to be a consummate diplomat. The speech was more or less an exercise in diplomacy, nothing to crow about. KID, you are overreaching. Looking to attribute credit to the kleptocratic regime for nonperformance. Pathetic indeed!
Top IMF official Thompson Fountaine Soda discusses economic development, climate change and derisking with PM Skerrit & JI -Climatologist.
What if it was so instead of Tao Zhang. That would be extremely interesting.
derisking or the loss of correspondent banking relationships
ponder on that line
we are in deep ….!
Victim…..We are victims for sure, but why. We do not have a central bank, we do not have our own currency. the EC dollar is pegged to the US dollar. So why can we suffer derisking and loss of correspondent banking.
DNO can you arrange with the Governor of the ECCA for a feature article or an interview on this.
The central bank belongs to yours truly, it is located overseas. That is where he has been putting all the millions donated after the hurricane. Check his bank.
Why would Dominica lose corresponding banking? The simple answer is corruption in one form or another
No, it’s because financial institutions in wealthy countries don’t want competition from our offshore sector. That’s why the tax cartel OECD is always going on about this — it’s a big club and we’re not in it.
Steve , that’s what I thought. But there have to be more than this. We do not even have our own currency. The government recurrent revenue is about half a billion dollars. So why pick on poor countries like us. Our own people have tagged us as poor beggers If they are interested in fighting financial dishonesty why not target the terrorists like ISIS and the Taleban who can buy food, amo and arms and receive money. Why are they not blacklisting them like they did to Venezuela and prevented them from buying food, like they prevented them from buying arms , and banning them from making international financial transactions. There seem to be a lot of smoke preventing us to see the real fire.
Which currency is used by people on the ground doesn’t really matter; when you have an account at an offshore bank it’s in USD, not XCD. The problem, as they see it, is that when left unchecked small countries with capital-friendly policies can develop very large financial services industries, as the Caymans did with mutual funds and Bermuda did with reinsurance. They don’t want that, they want that business to happen in their own financial centres.
I’m not sure why you don’t think the U.S. has targeted ISIS or the Taliban. Perhaps we read different newspapers.
Steve, I work in the banking sector and I know differently. Many individuals in the US have more money than Dominica, so where does club come in. There are ethics and rules to be followed.
Yes, I worked in the offshore sector, so I’m familiar with the uncertainty of correspondence relationships. I’m not referring to high net worth individuals in wealthy countries, I’m referring to financial institutions there, which don’t want to face strong competitors in countries like Dominica.
I want Resilient governance: resilience is an important concept in turbulent times in which policing and security issues, like crime, radicalization, emotionally disturbed persons and social tensions play an important role. Governance refers to a proper organization and management of these issues.
https://fsw.vu.nl/en/research/institute-for-societal-resilience/themes/index.aspx
Economic development? Make sure that any money donated is watched like a hawk by a board of trustees of trusted people from all areas of Dominica. The money may get siphoned off and deposited into yours truly personal overseas bank accounts. Do not trust yours truly with large amounts of money intended for the people of Dominica.