Latin American & Caribbean: Brazil’s spending freeze ‘not enough’, and more

29 May 15

A round-up of recent public finance stories from Latin America & the Caribbean you might have missed.

Brazil’s finance minister Joaquim Levy urged lawmakers to back tax increases and cuts to social benefits, saying last week’s spending freeze alone isn’t enough to shore up fiscal accounts, Bloomberg reports today. (Global Government Forum)

The board of governors of the Barbados-based Caribbean Development Bank (CDB) warned after a two-day meeting in Jamaica there was no doubt that Caribbean economies face formidable challenges. (Jamaica Observer)

Legislators on Tuesday narrowly approved an increase in the US territory’s sales tax to generate more revenue and offset a deep fiscal crisis. (Fox Latino)

Government has renegotiated its definitive agreement with Cayman Enterprise City, paving the way for new technology-based activities in the special economic zone and projects such as Tech City, a proposed IT park associated with the developers of Health City Cayman Islands. (compasscayman.com)

Good and bad news for Argentina’s economy: the latest figures from the National Statistics and Census Institute (INDEC) reveal that economic activity increased 2% percent in March, compared to the same month last year, but industrial production recorded its 21st negative consecutive month in April. (Merco Press)

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