/raid1/www/Hosts/bankrupt/TCRLA_Public/181120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Tuesday, November 20, 2018, Vol. 19, No. 230


                            Headlines



A R G E N T I N A

ALGODON GROUP: Delays Filing of Sept. 30 Form 10-Q


B R A Z I L

BRAZIL: Economic Activity Expands 1.14% in First 9 Months of 2018


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: October Prices Climb 0.22%, Paced by Foods


J A M A I C A

DIGICEL GROUP: Bond Swap Negotiations Going Well, Says O'Brien
JAMAICA: To Strengthen Health Care System With IDB Support


H O N D U R A S

HONDURAS: Macroeconomic Conditions Have Remained Stable, IMF Says


P E R U

PERU: Ex-President Asked for Asylum in Uruguay


P U E R T O    R I C O

LUBY'S INC: Bandera Master Nominates Six Individuals to Board
LUBY'S INC: Sustains Wider Net Loss of $33.6-Mil. in Fiscal 2018


S U R I N A M E

SURINAME: IMF Says Economy Has Stabilized


T R I N I D A D  &  T O B A G O

PETROLEUM CO: Survey Says Locals Wants Refinery Saved


                            - - - - -


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A R G E N T I N A
=================


ALGODON GROUP: Delays Filing of Sept. 30 Form 10-Q
--------------------------------------------------
Algodon Group, Inc. has determined that it is unable to file its
Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2018
by Nov. 14, 2018, the original due date for that filing because of
the recent designation of Argentina as a highly inflationary
economy.  As a result, the functional currency of the Company's
Argentine subsidiaries will become the US dollar ("USD") at the
beginning of the quarter following the date that the economy was
deemed to be highly inflationary, which was July 1, 2018.
However, since the Argentine subsidiaries will continue to
transact and maintain their financial records in the local
currency, the Argentine Peso ("ARS"), remeasurement of the books
and records of the Argentine subsidiaries from ARS to USD is
required by applicable provisions of the Accounting Standards
Codification.

As a result, the Company cannot, without unreasonable effort or
expense, file its Form 10-Q on or prior to the original due date.
The Company anticipates that it will be able to file the Form 10-Q
within the extension period provided under Rule 12b-25.

                     About Algodon Group

Through its wholly-owned subsidiaries, Algodon Group, Inc.,
formerly known as Algodon Wines & Luxury Development Group, Inc. -
- http://www.algodongroup.com/-- invests in, develops and
operates real estate projects in Argentina.  Based in New York,
Algodon operates a hotel, golf and tennis resort, vineyard and
producing winery in addition to developing residential lots
located near the resort.  The activities in Argentina are
conducted through its operating entities: InvestProperty Group,
LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L,
Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L.
AWLD distributes its wines in Europe through its United Kingdom
entity, Algodon Europe, LTD.

Algodon Wines reported a net loss attributable to common
stockholders of $8.25 million for the year ended Dec. 31, 2017,
compared to a net loss attributable to common stockholders of
$10.04 million for the year ended Dec. 31, 2016.  As of June 30,
2018, the Company had $5.39 million in total assets, $4.67 million
in total liabilities, $9.02 million in series B convertible
redeemable preferred stock, and a total stockholders' deficiency
of $8.30 million.

Marcum LLP, in New York, the Company's auditor since 2013, issued
a "going concern" opinion in its report on the consolidated
financial statements for the year ended Dec. 31, 2017, citing that
the Company has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


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B R A Z I L
===========


BRAZIL: Economic Activity Expands 1.14% in First 9 Months of 2018
-----------------------------------------------------------------
EFE News reports that Brazil's economic activity expanded 1.14
percent over the first nine months of 2018 and increased at a
faster-than-expected annual clip of 1.74 percent in the third
quarter, the Central Bank said.

Those figures come from the Central Bank's Economic Activity Index
(IBC-Br), which is used as a preview of the gross domestic product
(GDP) number, according to EFE News.

Private-sector economists expect Brazil's GDP to grow about 1.36
percent this year, roughly in line with the Central Bank's
forecast for 1.4 percent growth, the report notes.

The report discloses that Brazil's monetary authority has revised
its 2018 growth forecast downward on several occasions.

South America's largest economy grew a tepid 1 percent in 2017
following a two-year recession that saw the country's GDP contract
by 7 percent, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Oct. 18, 2018, Egan-Jones Ratings Company, on October 8, 2018,
withdrew its 'B+' foreign currency and local currency senior
unsecured ratings on debt issued by the Federative Republic of
Brazil.


===================================
D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: October Prices Climb 0.22%, Paced by Foods
--------------------------------------------------------------
Dominican Today reports that the Central Bank said October prices
climbed 0.22% compared to September, while accumulated inflation
from the Jan. to Oct. period stood at 1.75%.

"The main factor that pushed prices in the first 10 months of the
year was the Transport group, which is closely linked to the
prices of oil derivatives in the referred period.  Until mid-
September, fuels were on the rise," the Central Bank said in a
statement, according to Dominican Today.

It said the Food and Non-Alcoholic Beverages group had the most
influence on October inflation, varying 0.57% in that month, the
report notes.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's
Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


=============
J A M A I C A
=============


DIGICEL GROUP: Bond Swap Negotiations Going Well, Says O'Brien
--------------------------------------------------------------
RJR News reports that Digicel Group Limited chairman Denis O'Brien
says discussions are going well as the telecoms company seeks to
agree to a swap deal with bondholders.

The deadline for bondholders to accept the swap offer has been
extended a number of times as negotiations continue, according to
RJR News.

In an interview with Bloomberg Television, Mr. O'Brien said
Digicel knew the process would be lengthy because of the many
different views of investors and efforts are being made to reach
consensus, the report notes.

After the swap offer was made, a group of Digicel bondholders
seeking better terms was formed, the report relays.

One of the issues that is believed to have emerged in discussions
was an element of the plan that would see the new 2024 notes
subordinated to other parts of Digicel's capital structure, the
report discloses.

On Digicel's performance, Mr. O'Brien said the company had spent
2.3 billion US dollars on capital expenditure in the last four
years, including the roll-out of fibreoptic networks, the report
says.

He added that the company feels that it can now increase
profitability, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 5, 2018, Moody's Investors Service has changed to negative
from stable the outlook on the ratings of Digicel Group Limited
("Digicel", "DGL" or the "company") and Digicel Limited ("DL") and
assigned a negative outlook to Digicel International Finance
Limited ("DIFL"). At the same time, Moody's has affirmed DGL's B2
corporate family rating (CFR) and B2-PD probability of default
rating (PDR), as well as the B1 rating on the unsecured notes of
DL and the Ba2 rating on the secured bank credit facilities of
DIFL.


JAMAICA: To Strengthen Health Care System With IDB Support
----------------------------------------------------------
The Government of Jamaica says the funding from the IDB will
strengthen health policies that target NCD risk factors and
treatment. These policies include providing higher quality care
and improving access to public health networks, with an emphasis
on chronic disease management.

Jamaica's NCD prevention policy seeks to address two main
challenges. The first is prevention of NCDs by addressing four
preventable risk factors (tobacco use, excessive alcohol
consumption, a sedentary lifestyle, and unhealthy dietary habits).
The second is improving the quality of life and care for people
living with NCDs. It also involves preventing premature NCD-
related deaths.

Five years ago, the Government of Jamaica developed the National
Strategic and Action Plan for the Prevention and Control of Non-
Communicable Disease. It aims to reduce the burden of NCDs and
injuries by 25% by 2025. The Government's goals for this loan
program are to reduce the public's exposure to risk factors for
NCDs; to provide increased capacity in health centers and
hospitals to diagnose and treat NCD patients; and to reorient
Jamaica's health systems to address prevention and control of NCDs
through consumer-oriented primary health care.

The hybrid loan includes two complementary elements: a US$50
million Programmatic Policy-Based (PBP) loan and a US$50 million
investment loan. The PBP will fund the necessary regulations and
policies to implement coherent and comprehensive health sector
strategy. The investment loan will fund improvements in Jamaica's
primary care system and will improve the management, quality, and
efficiency of Jamaica's hospital and health service networks.

This hybrid program is the first of a programmatic policy-based
loan series for Jamaica's health sector, which will be made up of
two contractually independent and technically linked loans. The
Programmatic Policy-Based (PBP) loan is funded from the IDB's
Ordinary Capital, will disburse US$50 million within one year,
with a grace period of 5.5 years, and an interest rate based on
LIBOR. The executing agency for the PBP will be Jamaica's Ministry
of Finance and the Public Service (MOFPS). The IDB investment loan
of US$50 million will be disbursed over a five-year period, with a
grace period of 5.5 years, and an interest rate based on LIBOR.
The executing agency for the investment loan will be Jamaica's
Ministry of Health (MOH).


===============
H O N D U R A S
===============


HONDURAS: Macroeconomic Conditions Have Remained Stable, IMF Says
-----------------------------------------------------------------
An International Monetary Fund (IMF) team led by Esteban Vesperoni
visited Tegucigalpa from November 12-16 to assess recent economic
developments since the completion of the 2018 Article IV
consultation in May and the medium-term outlook. At the conclusion
of the visit, Mr. Vesperoni issued the following statement:

"Macroeconomic conditions have remained stable and growth is
expected to be resilient over the next years. After rapid growth
in 2017, economic activity is expected to reach 31/2 percent this
year, close to its trend. On the back of higher world oil prices,
annual inflation reached 4.7 percent in end-October, within the
4Ò1 percent central bank target range. The current account deficit
is projected at 31/4 percent of GDP in 2018, amid declining terms
of trade due to lower coffee prices and higher oil prices. Buoyant
activity in the U.S. and prudent macroeconomic policies will
support growth in coming years.

"The fiscal position continues to be anchored by the Fiscal
Responsibility Law, including through measures to contain the
financial situation in the public electricity company. The
Nonfinancial Public Sector deficit is expected to stay within the
law's ceiling of 1.2 percent of GDP in 2018.

"The mission and the authorities have agreed to continue
engagement towards negotiations for an economic program that could
be supported by a financial arrangement with the IMF.

"The mission held discussions with Central Bank Governor and Head
of the Economic Cabinet Wilfredo Cerrato, Minister of Finance
Rocio Tabora, Minister Director of the Tax Agency Miriam Guzman,
commissioner of the National Commission of Banking and Insurance
Adonis Lavaire and other senior officials and representatives of
the private sector. The mission wishes to thank the authorities
for their hospitality and all stakeholders for the candid
dialogue."

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2017, Moody's Investors Service has upgraded the
Government of Honduras' foreign currency and local currency issuer
and senior unsecured ratings to B1 from B2. The rating outlook was
moved to stable from positive.



=======
P E R U
=======


PERU: Ex-President Asked for Asylum in Uruguay
----------------------------------------------
Marco Aquino at Reuters reports that former Peruvian President
Alan Garcia entered the Uruguayan embassy and applied for asylum,
hours after being banned from leaving the country while under
investigation for corruption, the Peruvian foreign ministry said.

Mr. Garcia entered the embassy and home of the Uruguayan
ambassador in a residential Lima neighborhood and requested
asylum, according to a statement from the foreign ministry,
according to Reuters.

The report notes that Mr. Garcia "has requested asylum from that
country, in accordance with the provisions of the Convention on
Diplomatic Asylum of 1954, of which Peru and Uruguay are parties,"
the foreign ministry said, adding the request "should be evaluated
by the government of Uruguay."

Mr. Garcia's asylum request came hours after a judge ruled to
prohibit the ex-president from leaving the country for 18 months
while under investigation for bribes allegedly received during the
construction of an electric train in Lima by Brazilian company
Odebrecht, the report relays.

The report discloses that Mr. Garcia, who mostly resides in Spain,
arrived in Lima to testify in the case before a prosecutor, who
postponed the hearing and requested the former president be barred
from leaving.

The prosecutor in the case, Jose Perez, also accused Garcia of
receiving $100,000 for taking part in a conference in Brazil, and
said the money likely came from an Odebrecht fund, used to pay out
bribes in several Latin American countries, the report says.

The sweeping Odebrecht corruption scandal has implicated dozens of
high-ranking officials across Latin America, who have been accused
of taking bribe money in exchange for public works contracts, the
report notes.

After hearing the judge's decision to ban his departure from the
country, Garcia had said he was not afraid of the ruling and would
answer all the accusations before the courts, the report says.

"All this amounts to an escalation, in a move to start fires to
distract from the unemployment situation in the country," Mr.
Garcia told journalists from the doorstep of his home in Lima, the
report notes.

Mr. Garcia held Peru's presidency twice, from 1985-1990 and again
from 2006-2011, the report relays.

It is the second time that Mr. Garcia, 69, has sought asylum in a
South American country while facing corruption charges, the report
recalls.  In 1992, Garcia applied for asylum in the Colombian
embassy in Lima, while he was being investigated for corruption
and illicit enrichment during his first term as president, the
report adds.

As reported in the Troubled Company Reporter-Latin America on May
25, 2018, IMF Staff Issues Concluding Statement of the 2018
Article IV Mission in Peru: It has been one of the top performers
in Latin America since the turn of the century, but growth has
slowed more recently.  Robust growth helped reduce poverty
significantly, inflation has remained low, the fiscal position has
strengthened, dollarization has declined markedly, and financial
deepening has continued. More recently, the worst floods and
landslides in recent history and fallout from the Lava Jato
corruption scandal contributed to a slowdown in GDP growth to 2.5
percent in 2017.


======================
P U E R T O    R I C O
======================


LUBY'S INC: Bandera Master Nominates Six Individuals to Board
-------------------------------------------------------------
Bandera Master Fund L.P. beneficially owned 2,088,847 shares of
common stock of Luby's Inc., constituting approximately 7.1% of
the Shares outstanding as of Nov. 15, 2018.  By virtue of their
respective relationships with Bandera Master Fund, each of Bandera
Partners LLC, Gregory Bylinsky, and Jefferson Gramm may be deemed
to beneficially own the Shares owned directly by the Master Fund.

The aggregate percentage of Shares reported owned by each person
is based upon 29,503,642 shares of Common Stock outstanding, which
is the total number of shares of Common Stock outstanding as of
July 11, 2018 as reported in the Issuer's Annual Report on Form
10-K filed with the Securities and Exchange Commission on July 23,
2018.

The Shares purchased by Bandera Master Fund were purchased with
working capital (which may, at any given time, include margin
loans made by brokerage firms in the ordinary course of business)
in open market purchases.  The aggregate purchase price of the
2,088,847 Shares owned directly by Bandera Master Fund is
approximately $6,634,062, including brokerage commissions.

The Shares purchased by Mr. Gramm were purchased using personal
funds.  The aggregate purchase price of the 10,000 Shares owned
directly by Mr. Gramm is approximately $44,660, including
brokerage commissions.

On Nov. 12, 2018, the Reporting Persons delivered a confidential
settlement proposal to the Board of Directors of the Company,
which was not accepted and now has been withdrawn.

On Nov. 15, 2018, Bandera Master Fund delivered a letter to the
Issuer nominating six individuals -- Jefferson Gramm, Timothy
Brog, William Gramm, Stacy Hock, Savneet Singh and Brian K. Wright
-- for election to the Board at the Issuer's 2019 annual meeting
of stockholders.

The Reporting Persons have nominated the Nominees based on their
belief that changes are needed to the Board in order to maximize
stockholder value.  The Reporting Persons believe that the
Nominees possess experience and expertise that will make them
valuable additions to the Board.  The Reporting Persons remain
hopeful of constructive engagement with the Board.

A full-text copy of the Schedule 13D/A filed with the SEC is
available at https://is.gd/R3tgEn

                          About Luby's

Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 146 restaurants nationally as
of Aug. 29, 2018: 84 Luby's Cafeterias, 60 Fuddruckers, two
Cheeseburger in Paradise restaurants.  Luby's is the franchisor
for 105 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, the Dominican Republic,
Panama and Colombia.  Additionally, a licensee operates 36
restaurants with the exclusive right to use the Fuddruckers
proprietary marks, trade dress, and system in certain countries in
the Middle East. The Company does not receive revenue or royalties
from these Middle East restaurants.  Luby's Culinary Contract
Services provides food service management to 28 sites consisting
of healthcare, corporate dining locations, and sports stadiums.

Luby's reported a net loss of $33.56 million on $365.19 million of
total sales for the year ended Aug. 29, 2018, compared to a net
loss of $23.26 million on $376.03 million of total sales for the
year ended Aug. 30, 2017.  As of Aug. 29, 2018, Luby's had $199.98
million in total assets, $87.36 million in total liabilities, and
$112.62 million in total shareholders' equity.

Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and
net cash used in operating activities of approximately $8.5
million.  The Company's term and revolving debt of approximately
$39.5 million is due May 1, 2019.  The Company was in default of
certain debt covenants of its term and revolving credit agreements
maturing on May 1, 2019.  On Aug. 24, 2018, the lenders agreed to
waive the existing events of default resulting from any breach of
certain financial covenants or the limitation on maintenance
capital expenditures, in each case that may have occurred during
the period from and including May 9, 2018 until Aug. 24, 2018, and
any related events of default.  Additionally, the lenders agreed
to waive the requirements that the Company comply with certain
financial covenants until Dec. 31, 2018, at which time the Company
will be in default without an additional waiver or alternative
financing.  These conditions, along with other matters raise
substantial doubt about the Company's ability to continue as a
going concern.


LUBY'S INC: Sustains Wider Net Loss of $33.6-Mil. in Fiscal 2018
----------------------------------------------------------------
Luby's, Inc., filed with the Securities and Exchange Commission
its Annual Report on Form 10-K on Nov. 16, 2018.  The Company was
unable to file its Form 10-K for the period ended Aug. 29, 2018,
within the prescribed time period due to its requiring additional
time to prepare and review its financial statements, including the
notes thereto.  Such delay could not be eliminated by the Company
without unreasonable effort and expense.

Luby's reported a net loss of $33.56 million on $365.19 million of
total sales for the year ended Aug. 29, 2018, compared to a net
loss of $23.26 million on $376.03 million of total sales for the
year ended Aug. 30, 2017.

As of Aug. 29, 2018, Luby's had $199.98 million in total assets,
$87.36 million in total liabilities, and $112.62 million in total
shareholders' equity.

Grant Thornton LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Aug. 29, 2018, noting that the
Company sustained a net loss of approximately $33.6 million and
net cash used in operating activities of approximately $8.5
million.  The Company's term and revolving debt of approximately
$39.5 million is due May 1, 2019.  The Company was in default of
certain debt covenants of its term and revolving credit agreements
maturing on May 1, 2019.  On Aug. 24, 2018, the lenders agreed to
waive the existing events of default resulting from any breach of
certain financial covenants or the limitation on maintenance
capital expenditures, in each case that may have occurred during
the period from and including May 9, 2018 until Aug. 24, 2018, and
any related events of default.  Additionally, the lenders agreed
to waive the requirements that the Company comply with certain
financial covenants until Dec. 31, 2018, at which time the Company
will be in default without an additional waiver or alternative
financing.  These conditions, along with other matters raise
substantial doubt about the Company's ability to continue as a
going concern.

As of Aug. 29, 2018, the Company had shareholders' equity of
approximately $113 million compared to approximately:

   * $39.5 million of short-term debt comprised of $19.5 million
     Term Loan and $20.0 million Revolver;

   * $53.0 million of minimum operating and capital lease
     commitments; and

   * $1.3 million of standby letters of credit.

The Company said its ability to meet its debt service obligations
depends on its ability to generate positive cash flows from
operations and proceeds from assets held for sale.

"If we are unable to service our debt obligations, we may have to:

   * delay spending on maintenance projects and other capital
     projects, including new restaurant development;

   * sell assets;

   * restructure or refinance our debt; or

   * sell equity securities.

"Our debt, and the covenants contained in the instruments
governing
our debt, could:

   * result in a reduction of our credit rating, which would make
     it more difficult for us to obtain additional financing on
     acceptable terms;

   * require us to dedicate a substantial portion of our cash
     flows from operating activities to the repayment of our debt
     and the interest associated with our debt;

   * limit our operating flexibility due to financial and other
     restrictive covenants, including restrictions on capital
     investments, debt levels, incurring additional debt and
     creating liens on our properties;

   * place us at a competitive disadvantage compared with our
     competitors that have relatively less debt;

   * expose us to interest rate risk because certain of our
     borrowings are at variable rates of interest; and

   * make us more vulnerable to downturns in our business.

"If we are unable to service our debt obligations, we may not be
able to sell equity securities, sell additional assets, or
restructure or refinance our debt.  Our ability to generate
sufficient cash flow from operating activities to pay the
principal of and interest on our indebtedness is subject to market
conditions and other factors which are beyond our control."

A full-text copy of the Form 10-K is available for free at:

                      https://is.gd/M7xATU

                         About Luby's

Houston, Texas- based Luby's, Inc. (NYSE: LUB) --
http://www.lubysinc.com/-- operates 146 restaurants nationally as
of Aug. 29, 2018: 84 Luby's Cafeterias, 60 Fuddruckers, two
Cheeseburger in Paradise restaurants.  Luby's is the franchisor
for 105 Fuddruckers franchise locations across the United States
(including Puerto Rico), Canada, Mexico, the Dominican Republic,
Panama and Colombia.  Additionally, a licensee operates 36
restaurants with the exclusive right to use the Fuddruckers
proprietary marks, trade dress, and system in certain countries in
the Middle East. The Company does not receive revenue or royalties
from these Middle East restaurants.  Luby's Culinary Contract
Services provides food service management to 28 sites consisting
of healthcare, corporate dining locations, and sports stadiums.



===============
S U R I N A M E
===============


SURINAME: IMF Says Economy Has Stabilized
-----------------------------------------
On November 16, 2018, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Suriname.

Suriname's economy has stabilized and is expected to further
improve. Real GDP grew by 1.7 percent in 2017 after two
consecutive years of contraction, supported by higher gold
production and a pickup in commodity prices. The unemployment rate
has also declined. Inflation has subsided to single digits as the
exchange rate has stabilized, and the current account deficit fell
to almost zero in 2017 from its 2015 peak. Financial soundness
indicators point to an improvement in the banking system, although
important vulnerabilities remain. Recent indicators point to
further improvements in economic activity this year. Real GDP
growth is projected at 2 percent in 2018, followed by a gradual
acceleration to 3 percent over the medium term.

This year's Article IV consultation focused on the challenges
ahead. Fiscal deficits are large, and public debt is expected to
rise in coming years unless strong fiscal consolidation is
implemented. The slow pace of reforms and a recent step-up in
current public expenditures have the potential to worsen the
fiscal situation in 2019-2020. The public financial management
framework remains weak, although the authorities are taking steps
to strengthen it. The monetary framework lacks standard
instruments. Despite improvements since 2016, pockets of
vulnerability remain in the banking sector. Suriname's economy
remains heavily dependent on the mineral sector. This year's
Article IV consultation focused on policies to assure fiscal
sustainability, strengthen the monetary framework, improve the
resilience of the banking system, and boost potential growth
through structural reforms.

                    Executive Board Assessment

Executive Directors agreed with the thrust of the staff appraisal.
They welcomed Suriname's ongoing economic recovery, following the
deep recession, that is underpinned by increased commodity
exports. However, Directors noted that the economy faces
challenges arising from a weak fiscal position, rising public
debt, an underdeveloped monetary policy framework, a vulnerable
banking sector, and heavy dependence on the mineral sector. They
encouraged the authorities to use the current economic environment
to build policy buffers, enhance resilience, and promote
diversified and sustainable growth.

Directors emphasized that priority should be given to
strengthening the fiscal position and reducing public debt. They
recommended that adjustment efforts should focus on reducing
energy subsidies, containing the public wage bill, implementing a
broad-based value-added tax, and continuing to improve tax and
customs administration. These measures would put debt on a
downward path and create space for public investment. Directors
called for a strengthening of the social safety net to protect
vulnerable groups.

Directors welcomed the strengthening of the fiscal framework. They
emphasized that further efforts are needed to strengthen revenue
administration, improve public financial management, and
strengthen the public investment system to improve public
finances. Directors agreed that a fiscal framework focusing on the
non-resource primary balance could help safeguard long-term fiscal
sustainability.

While Directors considered the current monetary policy stance to
be broadly appropriate, they called for quick absorption of the
excess liquidity in the banking system. Directors emphasized the
need to strengthen the monetary framework by adopting reserve
money targeting and developing open market operations and standing
facilities to allow the central bank to effectively conduct
monetary policy operations. Directors underscored the need to
strengthen both institutional and financial settings of the
Central Bank. They agreed that maintaining a flexible exchange
rate would support the economy's adjustment to external shocks.

Directors recognized the recent improvements in the financial
sector indicators but noted that vulnerabilities remain. They
underscored that developing a robust contingency plan and bank
resolution framework will help strengthen financial stability.
Directors noted the progress so far in the AML/CFT framework and
encouraged the authorities to further strengthen this framework in
line with the 2012 FATF standards, as it will help mitigate risks
regarding the withdrawal of correspondent banking relationships.

Directors emphasized that structural reforms should focus on
boosting productivity and diversifying the economy to foster
sustained strong growth. They called for reforms to enhance the
business climate and improve the environment for private
investment. Priority also needs to be given to investing in
education and increasing labor market flexibility while providing
a meaningful safety net for the unemployed. Strengthening
governance will also support investor confidence and promote
growth.

As reported in the Troubled Company Reporter-Latin America on Aug.
28, 2018, Fitch Ratings has affirmed Suriname's Long-Term Foreign-
Currency Issuer Default Rating (IDR) at 'B-'. The Rating Outlook
is Stable.


================================
T R I N I D A D  &  T O B A G O
================================


PETROLEUM CO: Survey Says Locals Wants Refinery Saved
-----------------------------------------------------
Trinidad Express reports that as the restructuring of State-owned
oil company Petroleum Co. of Trinidad & Tobago (Petrotrin)
continues to be on the forefront of national discussion, a new
survey has shown that most people are not pleased with the
decisions taken by the government.

In the survey, conducted by Market Facts and Opinions (MFO), most
respondents voiced their views that the company's Pointe-a-Pierre
refinery should not be closed, according to Trinidad Express.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2018, Moody's Investors Service placed Petroleum Co. of
Trinidad & Tobago's B1 corporate family rating and senior
unsecured debt ratings on review for downgrade. This rating action
was based on the lack of clarity regarding Petrotrin's new
business profile and strategy as well as increasing liquidity risk
related to the approaching maturity of the 2019 bonds.


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Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2018.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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