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       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

          Wednesday, November 30, 2022, Vol. 23, No. 233

                           Headlines



A R G E N T I N A

ARGENTINA: To Bring Back Exchange Rate That led to IMF Exception


B E R M U D A

BLOCKFI INC: Files Stand-Alone Plan but Open to Alternative Offers
BLOCKFI INC: Seeks Ch. 11 Bankruptcy in the Wake of FTX Downfall


B R A Z I L

BRAZIL: Consumer Price Index IPCA-15 rises 0.53% in November


D O M I N I C A N   R E P U B L I C

CENTRAL ROMANA: CBP Issues Withhold Release Order


J A M A I C A

[*] JAMAICA: Agriculture Dominates Goods-Producing Industry


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Farmers Fed Up, Beaten by Flooding in 2022

                           - - - - -


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

ARGENTINA: To Bring Back Exchange Rate That led to IMF Exception
----------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Argentina is
reviving a currency measure to boost soy exports and prop up
Central Bank reserves that generated backlash from the
International Monetary Fund.

The government is giving a temporary exchange rate for soy
exporters between November 28 and December 30, setting the new rate
at 230 pesos per dollar, according to an Economy Ministry statement
published Nov. 25, according to Bloomberg News.  That's much more
lucrative that the official exchange rate of 166 per dollar that
exporters currently get, Bloomberg News relays.

Argentine officials rolled out an identical measure in September,
which helped to boost soy exports to US$8 billion, but violated the
conditions of Argentina's US$44-billion plan with the IMF,
Bloomberg News relays.  The Washington-based lender had to approve
a waiver for Argentina because of the policy, the report notes.
IMF leaders also warned that Argentina should avoid such currency
practices, with its head Kristalina Georgieva noting that "they are
not a substitute for sound macroeconomic policy," the report says.

Economy Minister Sergio Massa said in a tweet that the main crop
export association had committed to export at least US$3 billion
while the temporary exchange rate is in place, the report relays.
One goal behind the measure is to ensure Argentina can increase the
Central Bank's net cash reserves to comply with a key target in the
IMF program, the report discloses.

Massa is sending a delegation to Washington for technical
discussions with IMF staff to discuss the third review of the
program, the report adds.

                         About Argentina

Argentina is a country located mostly in the southern half of
South America. Its capital is Buenos Aires. Alberto Angel
Fernandez is the current president of Argentina after winning
the October 2019 general election. He succeeded Mauricio
Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank. Historically, however,
its economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in up-front
net financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.

As reported in the Troubled Company Reporter-Latin America on
Nov. 18, 2022, S&P Global Ratings affirmed its 'CCC+/C' foreign
currency sovereign credit ratings on Argentina. S&P lowered the
long-term local currency sovereign credit rating to 'CCC-' from
'CCC+' and the national scale rating to 'raCCC+' from 'raBBB-'.
S&P also affirmed its 'C' short-term local currency rating.
The outlook on the long-term ratings is negative. S&P's 'CCC+'
transfer and convertibility assessment is unchanged.

Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.
On July 19, 2022, Fitch Ratings placed Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) and Long-Term Local
Currency IDR Under Criteria Observation (UCO) following the
conversion of the agency's Exposure Draft: Sovereign Rating
Criteria to final criteria. The UCO assignment indicates that
ratings may change as a direct result of the final criteria. It
does not indicate a change in the underlying credit profile, nor
does it affect existing Rating Outlooks.

Moody's credit rating for Argentina was last set at Ca on
Sept. 28, 2020.

DBRS has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.



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B E R M U D A
=============

BLOCKFI INC: Files Stand-Alone Plan but Open to Alternative Offers
------------------------------------------------------------------
BlockFi Inc. sought Chapter 11 protection with a stand-alone plan
of reorganization though it says it will entertain alternative
offers for the business.

"BlockFi intends to swiftly bring these chapter 11 cases to an
appropriate conclusion and restore liquidity to its firm,
preserving and maximizing value for clients," Mark Renzi of
Berkeley Research Group, the Company's financial advisor, said in
court filings. "While open to any alternative that maximizes value,
BlockFi is filing a proposed Plan that contemplates a standalone
restructuring, predicated on the Debtors goal to provide clients as
close to a full recovery as possible. A full recovery for creditors
would require, among other things, that the Debtors' counterparties
and third-party custodians meet their contractual and legal
obligations. While the Debtors are hopeful, the full extent of the
fallout from FTX's collapse remains to be determined."

The company said in a statement that as part of its restructuring
efforts, the Company will focus on recovering all obligations owed
to BlockFi by its counterparties, including FTX and associated
corporate entities. Due to the recent collapse of FTX and its
ensuing bankruptcy process, which remains ongoing, the Company
expects that recoveries from FTX will be delayed.

The Debtors filed the proposed Plan together with their bankruptcy
petitions.  If confirmed, the Plan will allow the Debtors to
emerge as reorganized entities "on the most expedited timetable
that is realistic."

"Recent revelations and things-still-unknown regarding FTX (and the
cascading impact thereof on cryptocurrency markets) cloud that
path, but the Debtors will fight to maximize client recoveries. The
Debtors, with the assistance of their advisors, will also consider
all strategic alternatives and third-party solutions that emerge
during the course of these cases," Mr. Renzi said.

Under BlockFi's Plan, customers or accountholders will receive
recovery in the form of cash, equity or crypto assets.  These
claims are impaired.  The Debtors did not file a Disclosure
Statement that would provide for an estimated percentage recovery
for these claimants.

All existing preferred interests and equity interests will be
cancelled, and the interest holders won't receive any
distributions on account of those interests.

                          First Day
Affidavit

Highlights from Mr. Renzi's affidavit in support of the Chapter 11
filing and the first day motions include:

   * $256 MILLION CASH.  In preparation for the chapter 11
cases,
BlockFi liquidated certain of its owned cryptocurrency to bolster
available cash.  Through this process, BlockFi was able to raise
$238.6 million of additional cash, for a total unencumbered cash
position as of the Petition Date of $256.5 million.  BlockFi
currently expects that this cash position will be sufficient to
fund the costs of the chapter 11 cases and is not seeking approval
of debtor-in-possession financing at this time.

   * WARN NOTICES FOR TWO-THIRDS OF EMPLOYEES.  As of the
Petition
Date, BlockFi and its non-Debtor affiliates have 292 employees and
82 independent contractors. But approximately two-thirds of these
individuals received Worker Adjustment Retraining Notification
notices before these chapter 11 cases as part of a
liquidity-preserving reduction in force.

   * RETENTION BONUSES FOR RETAINED WORKERS.  The Debtors say
they
must take immediate action to retain its workforce, as retaining
and motivating personnel is critical to maximize value for
clients.
BlockFi filed a motion seeking approval of a Key Employee
Retention
Plan and Targeted Retention Plan to retain remaining non-insider
employees.

   * TRANSPARENCY AND COMPLIANCE.  Unlike certain
competitors,
BlockFi never launched its own token to raise funds but instead
relied on traditional venture capital. BlockFi was also the first
in many states to seek and receive lending licenses to make
cryptocurrency-backed loans -- BlockFi was issued 47 licenses for
lending, money transmission, operations, and the like by 32 states
and D.C., and received a separate Class F Digital Business Assets
License from Bermuda.  BlockFi resolved disputes with state
regulators via settlement and, as part of that agreement, agreed
to cease offering the then-existing interest-bearing accounts to
clients in the United States. BlockFi posts a quarterly
transparency report to update its clients about the assets on
BlockFi's platform and how BlockFi manages related liquidity and
credit risk.

   * SHORT-LIVED RESCUE.  FTX's apparent "rescue," which began
in
the summer of 2022, stabilized BlockFi.  On June 30, 2022, West
Realm Shires Inc. signed an agreement to loan up to $400 million
of
notional amount of cryptocurrencies to BlockFi.  FTX is owed
$275
million on account of the loans.  On November 8, 2022, BlockFi
requested an additional $125 million of borrowings.  FTX did not
provide the additional funding and instead on Nov. 11, 2022,
commenced voluntary cases under Chapter 11 of the Bankruptcy Code
in the United States Bankruptcy Court for the District of
Delaware.

   * NO DIRECT EXPOSURE.  BlockFi had no direct exposure to
Celsius, Luna, Terra, or Voyager, outside of offering clients the
ability to trade Luna on its retail trading platform.  During
this
period of market disruption, BlockFi took swift action to de-risk
itself of exposure to 3AC but could not totally evade the harm. 3AC
was one of BlockFi's largest borrower clients, and its collapse,
along with several other borrowers, led to material losses for
BlockFi. The collapse of UST, along with the halting of withdrawals
and bankruptcies of Celsius, Voyager and 3AC, led to significant
customer withdrawals from BlockFi.

                      About BlockFi

BlockFi Inc. was founded in 2017 by Zac Prince and Flori Marquez to
provide credit services to markets with limited access to simple
financial products.  BlockFi is building a bridge between digital
assets and traditional financial and wealth management products to
advance the overall digital asset ecosystem for individual and
institutional investors.

BlockFi Inc. and eight of its affiliates on Nov. 28, 2022,
commenced voluntary cases under Chapter 11 of the U.S. Bankruptcy
Code in Trenton, New Jersey (Bankr. D.N.J. Lead Case No. 22-19361).
The cases are pending before the Honorable Michael B. Kaplan, and
the Debtors have requested that their cases be jointly administered
under Case No. 22-19361.

Haynes and Boone LLP, Kirkland & Ellis LLP, and Cole Schotz P.C.
are serving as legal counsel, Moelis & Company is serving as
investment banker, and Berkeley Research Group is serving as
financial advisor to the Company. C Street Advisory Group, LLC is
serving as strategic restructuring and communications advisor to
the Company.  Kroll is the claims agent.


BLOCKFI INC: Seeks Ch. 11 Bankruptcy in the Wake of FTX Downfall
----------------------------------------------------------------
BlockFi Inc. and eight of its affiliates on Nov. 28 commenced
voluntary cases under Chapter 11 of the U.S. Bankruptcy Code in the
United States Bankruptcy Court for the District of New Jersey to
stabilize its business and provide the Company with the opportunity
to consummate a comprehensive restructuring transaction that
maximizes value for all clients and other stakeholders.

As part of its restructuring efforts, the Company will focus on
recovering all obligations owed to BlockFi by its counterparties,
including FTX and associated corporate entities. Due to the recent
collapse of FTX and its ensuing bankruptcy process, which remains
ongoing, BlockFi expects that recoveries from FTX will be delayed.

"With the collapse of FTX, the BlockFi management team and board of
directors immediately took action to protect clients and the
Company," said Mark Renzi of Berkeley Research Group, the Company's
financial advisor. "From inception, BlockFi has worked to
positively shape the cryptocurrency industry and advance the
sector. BlockFi looks forward to a transparent process that
achieves the best outcome for all clients and other stakeholders."

Annie Massa of Bloomberg News, citing unnamed sources, previously
reported the cryptocurrency lender was preparing to file for
bankruptcy.  BlockFi, the report added, paused client
withdrawals
due to uncertainties with FTX, while saying it had adequate
liquidity and was exploring options with outside advisers.

To ensure a smooth transition into Chapter 11, BlockFi is filing
with the Court a series of customary motions to allow the Company
to continue to operate its business. These "first day" motions
include requests to pay employee wages and continue employee
benefits without disruption, for which the Company expects to
receive Court approval, as well as to establish a Key Employee
Retention Plan to ensure the company retains trained internal
resources for business-critical functions during the chapter 11
process. The Company today also initiated an internal plan to
considerably reduce expenses, including labor costs.

Platform activity continues to be paused at this time. BlockFi has
US$256.9 million in cash on hand, which is expected to provide
sufficient liquidity to support certain operations during the
restructuring process.

Haynes and Boone LLP, Kirkland & Ellis LLP, and Cole Schotz P.C.
are serving as legal counsel, Moelis & Company is serving as
investment banker, and Berkeley Research Group is serving as
financial advisor to the Company. C Street Advisory Group, LLC is
serving as strategic restructuring and communications advisor to
the Company.

                       Bermuda Proceedings

In parallel with these chapter 11 cases, BlockFi International Ltd.
a Bermuda incorporated company, filed a petition with the Supreme
Court of Bermuda for the appointment of joint provisional
liquidators pursuant to section 161(e) of Bermuda's Companies Act,
1981 in the near term. BlockFi currently anticipates that client
claims will be addressed through the Chapter 11 process.

                       About BlockFi

BlockFi is building a bridge between digital assets and traditional
financial and wealth management products to advance the overall
digital asset ecosystem for individual and institutional
investors.

Kevin Simauchi and Hannah Miller, writing for Bloomberg Law, report
that BlockFi was founded in 2017 by Zac Prince and Flori Marquez
and in its early days had backing from influential Wall Street
investors like Mike Novogratz and, later on, Valar Ventures, a
Peter Thiel-backed venture fund as well as Winklevoss Capital,
among others. Valar was one of BlockFi's largest shareholders with
a 19% stake, the bankruptcy filings show. BlockFi made waves in
2019 when it began providing interest-bearing accounts with returns
paid in Bitcoin and Ether, with its program attracting millions of
dollars in deposits right away.

BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina. Co-founder Prince in a
March 2021 interview with Bloomberg said BlockFi was using proceeds
from a $350 million funding round to expand into new markets and
fund new products. Bain Capital Ventures and Tiger Global were
among the investors in the that round.

Originally valued at $3 billion in March 2021, Bloomberg Law
reports BlockFi looked to raise money at a reduced valuation of
about $1 billion in June. The firm also faced scrutiny from
financial regulators over its interest-bearing accounts and agreed
to pay $100 million in penalties to the SEC and several US states
in February. The SEC is listed on the bankruptcy filing as
BlockFi's fourth-largest creditor, with $30 million owed to the
agency.

BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.

Bloomberg Law notes BlockFi had significant exposure to the
companies founded by former FTX Chief Executive Officer Sam
Bankman-Fried. BlockFi received a $400 million credit line from FTX
US in an agreement that also gave FTX the option to acquire BlockFi
through a bailout orchestrated by Bankman-Fried over the summer.
BlockFi also had collateralized loans to Alameda Research, the
trading firm co-founded by Bankman-Fried.

BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year.  Kirkland & Ellis is also advising Celsius
and Voyager in their separate Chapter 11 cases.

BlockFi sold about $239 million of its own cryptocurrency and
warned almost 250 workers that they would lose their jobs in the
run-up to its bankruptcy filing, court papers show.



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B R A Z I L
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BRAZIL: Consumer Price Index IPCA-15 rises 0.53% in November
------------------------------------------------------------
The Rio Times Online reports that the National Wide Consumer Price
Index 15 (IPCA-15), an index considered to be the country's
inflation forecast, rose 0.53% in November after climbing 0.16% in
October.

The data were released on Nov. 24 by the Brazilian Institute of
Geography and Statistics (IBGE), according to The Rio Times
Online.

The indicator accumulates a high of 5.35% in the year and 6.17% in
12 months, below the 6.85% of the 12 months immediately before, the
report notes.

In November 2021, the rate was 1.17%, the report relays.

All product and service groups surveyed had a positive variation in
November, adds the report.

                           About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He will be sworn in on January 1, 2023,

as the 39th president of Brazil, succeeding Jair Bolsonaro.

In July 2022, Fitch Ratings affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and revised the Rating
Outlook to Stable from Negative.  In June 2022, S&P Global
Ratings also affirmed its 'BB-/B' long- and short-term foreign and
local currency sovereign credit ratings on Brazil.  Moody's, in
April 2022, affirmed Brazil's long-term Ba2 issuer ratings and
senior unsecured bond ratings, (P)Ba2 senior unsecured shelf
ratings, and maintained the stable outlook.  On the other had,
DBRS, in August 2022, confirmed Brazil's Long-Term Foreign and
Local Currency Issuer Ratings at BB (low).



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D O M I N I C A N   R E P U B L I C
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CENTRAL ROMANA: CBP Issues Withhold Release Order
-------------------------------------------------
Dominican Today reports that effective November 23, 2022, U.S.
Customs and Border Protection (CBP) personnel at all U.S. ports of
entry will detain raw sugar and sugar-based products produced in
the Dominican Republic by Central Romana Corporation Limited
(Central Romana).

CBP issued a Withhold Release Order (WRO) against Central Romana
based on information that reasonably indicates the use of forced
labor in its operations, according to Dominican Today.

During its investigation, CBP identified five of the International
Labour Organization's 11 indicators of forced labor during its
investigation: abuse of vulnerability, isolation, withholding of
wages, abusive working and living conditions, and excessive
overtime, the report notes.

"This Withhold Release Order demonstrates CBP's commitment to
protect human rights and international labor standards and to
promote a fair and competitive global marketplace," said CBP Acting
Commissioner Troy Miller, the report discloses.

"The agency will continue to set a high global standard by
aggressively investigating allegations of forced labor in U.S.
supply chains and keeping tainted merchandise out of the United
States," the report relays.  In its September 2022 report titled
"Global Estimates of Modern Slavery: Forced Labour and Forced
Marriage," the International Labour Organization estimates that
nearly 28 million workers suffer under conditions of forced labor
worldwide, the report discloses.  Foreign companies exploit forced
labor to sell goods below market value, the report notes.  It also
hurts law-abiding businesses, threatens American jobs, and exposes
consumers to unwittingly supporting unethical business practices,
the report relays.  The scourge of human trafficking exposes
vulnerable populations to inhumane working conditions like physical
and sexual violence, isolation, restriction of movement,
withholding of wages, excessive overtime, and more," he said, the
report adds.

"CBP continues to set the international standard for ensuring that
goods made with forced labor do not enter U.S. commerce," said
AnnMarie R. Highsmith, Executive Assistant Commissioner, CBP Office
of Trade.  "Manufacturers like Central Romana, who fail to abide by
our laws, will face consequences as we root out these inhumane
practices from U.S. supply chains," the report says.

This WRO on Central Romana is the latest action the United States
has taken to address forced labor and other human rights abuses
around the world. In September 2022, the U.S. Department of Labor
identified sugarcane from the Dominican Republic in its List of
Goods Produced by Child Labor or Forced Labor, and the U.S.
Department of State placed the Dominican Republic on its Tier 2
list in its July 2022 Trafficking in Persons Report. With this WRO,
CBP now oversees the enforcement of 55 WROs and nine findings, the
report notes.

Federal statute (19 U.S.C. 1307) prohibits the importation of
merchandise produced, wholly or in part, by convict labor, forced
labor, and/or indentured labor, including forced or indentured
child labor, the report discloses.  CBP detains shipments of goods
suspected of being imported in violation of this statute, the
report says.  Importers of detained shipments can export their
shipments or seek to demonstrate that the merchandise was not
produced with forced labor, the report notes.

Any person or organization that has reason to believe merchandise
produced with the use of forced labor is being or is likely to be
imported into the United States can report detailed allegations by
contacting CBP through the e-Allegations Online Trade Violations
Reporting System or by calling 1-800-BE-ALERT, the report adds.




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

[*] JAMAICA: Agriculture Dominates Goods-Producing Industry
-----------------------------------------------------------
Jamaica Observer reports that increased yields backed by the
recovery of tourism saw the agriculture, forestry and fisheries
industry leading the performance for estimated out-turns in the
goods-producing industry during the just-concluded July-September
quarter.

According to preliminary estimates provided by the Planning
Institute of Jamaica (PIOJ), out-turns from one of the main sectors
responsible for feeding the country saw increases in real
value-added of approximately 15.4 per cent for the quarter,
expanding on the growth momentum seen since the start of this year.
The performance also more than doubled the 7.3 per cent it
delivered for the corresponding period of 2021, the report relays.

The agriculture sector, for the first nine months of 2022, is also
projected to have increased by 9.8 per cent, adding to the near 1.0
per cent growth estimated for the goods-producing industry,
according to Jamaica Observer.

Director general of the PIOJ Dr Wayne Henry, in an economic
assessment of the three-month period, attributed the growth in
agriculture to increased supply stemming from higher demands,
particularly from the hotels and restaurants industry which for the
same quarter increased by 29.6 per cent, the report notes.

"Also contributing to the improved out-turn was an expansion in the
hectares of domestic crops reaped, and improved productivity
reflected in increased output per hectare.  The industry's
performance was driven by higher output in all sub-components of
the industry, with the exception of post-harvest activities," Henry
said, the report relays.

Concerning the production of agricultural crops, higher production
in all nine crop groups, up 16 per cent, positively contributed to
the results, with the largest increases recorded for plantains (up
21.9 per cent), fruits (up 20.8 per cent), yams (up 19.1 per cent)
and vegetables (up 18.5 per cent), the report discloses.

Higher output for "traditional export crops" such as banana and
sugar cane also exceeded production when compared to none during
the corresponding quarter of last year, the report relays.  For the
period, animal farming was also estimated to have increased by 22.2
per cent due to higher broiler meat and egg production, the report
says.  The production of eggs, which increased by over 6 per cent,
amounted to 59 million, the report notes.

The manufacturing industry, which also supported a 3.2 per cent
growth in the goods-producing industry, registered increases of 3.5
per cent between July-September, the report discloses.  The two
other sub-industries of mining and construction, however, returned
negative performances after decreases of 30.4 per cent and 2.2 per
cent, respectively, due to reduced activities, the report notes.

President of the Jamaica Manufacturers and Exporters Association
(JMEA) John Mahfood, commenting on the data, agreed that
agriculture and manufacturing, both a part of the productive
sector, in recent times continue to benefit from the rebound of
tourism, now touted to be back at pre-COVID-19 levels, the report
relays.

"When the hotels experience increased occupancy levels that also
helps to drive manufacturing as companies which supply the hotels,
such as Red Stripe, Wisynco, Wray and Nephew and all the other
support services including agriculture, largely benefit from the
linkages," he told the Jamaica Observer.

"If everything continues as it has been for much of this year we
could see further improvements in growth going into next year," he
said, though tempering his projection against risks including
rising inflation and interest rates, economic turmoil in the US,
and continued supply chain disruptions linked to geopolitical
tensions between Russia and Ukraine, the report relays.

To push growth even further, Mahfood cited export as the next big
area in which he believes both industries should seek to extend
their reach, the report relays.

"I know that we will not master this overnight but I certainly hope
that we will see at least 5-8 per cent increase in exports as we go
along," he said, the report notes.

According to international merchandise trade data from the
Statistical Institute of Jamaica (Statin), though domestic exports
fell by 4.7 per cent to total US$767 million between January-July
of this year, exports from the manufacturing industry increased by
31 per cent, due mainly to increases in earnings from the 'Other
Manufactured Products' subgroup, the report discloses.

Export earnings from the agriculture industry also went up by 3.3
per cent, totalling US$46 million for the six-month period, the
report says.

"Higher exports of 'Coffee', 'Herbs and Spices' and 'Other Fruits
and Beverage Crops' were the main contributing subgroups," the
trade data further highlighted, the report adds.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.



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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Farmers Fed Up, Beaten by Flooding in 2022
-------------------------------------------------------------
Leah Sorias at Trinidad Express reports that demotivated,
frustrated and with mounting financial challenges, farmers across
various parts of Trinidad say they are on the verge of giving up
their passion for agriculture and years of investments because of
constantly being hit by flooding and praedial larceny.

They see no end to their woes as each time their crops are
restarted, they are repeatedly washed away by floodwaters,
according to Trinidad Express.

To compound the situation, because most farmers do not own their
own land and are unregistered farmers, they are unable to get State
help, the report notes.

The situation is threatening to further increase the cost of food
at supermarkets and markets, they told the Sunday Express during
interviews, the report discloses.

For the third time in two months, farmers in Jerningham Junction,
Cunupia, were left counting significant crop losses, the report
says.

Devastating floods over a week ago left their fields covered in
water, the report relays.

On a visit to the area, the Sunday Express noticed a field of
shrivelled sweet peppers, patchoi plants with yellowing leaves,
wilting pimento pepper trees and other crops.

Pundit Deodath Basdeo lost an entire acre of patchoi and an acre of
bearing sweet peppers, the report notes.

Basdeo said, like many farmers in the area, he did not own the land
on which he planted so cannot make flood damage claims, the report
says.

"Being a farmer and not a landowner you have nothing to get," he
said, the report notes.

                   Lack of Proper Drainage

While acknowledging that extreme weather cannot be prevented, he
said the lack of proper drainage in the area has exacerbated flood
challenges for farmers, the report discloses.

"The Cunupia river, as well as drains, need to be dredged and
desilted. In the last seven years they have done nothing," Basdeo
said, the report notes.

Another farmer, Junior Madoo, said with no money coming because
farmers had lost crops, they could not approach the banks for loans
to restart production, the report notes.

"We can't go to the ADB (Agricultural Development Bank) for a loan
because we have no land tenure. So we have to go by some of our
friends and family to see if they will lend us, which is a problem
because not everybody has money. Some of the farmers cannot even
restart," he said.

                         Flood After Flood

Vishaal James said he secured a $100,000 loan from the ADB to
invest in two acres of pumpkin for his 19-year-old son who had
completed secondary school, the report relays.

He said they lost all the pumpkin due to flooding last month, the
report discloses.

James said the first flood occurred on October 5 and the second was
on October 30, the report relates.

Sookram Munessar, the eldest of the farmers whom the Sunday Express
met with, reported losing hundreds of thousands of dollars worth of
paw paw plants, potato, pumpkin and watermelon since heavy rainfall
started in June, the report relays.

In Tucker Valley, Chaguaramas, farmers faced a similar flood
crisis, the report notes.

Shamga Jackson of the Tucker Valley Farmers Association said
intense flooding in the area only recently began, the report
discloses.

He said the association represents more than 30 farmers, the report
says.

"These are not Guave Road farmers. Guave Road farmers always had an
issue with flooding, but not this bad. Our farmers never had an
issue with flooding," Jackson explained, the report relays.

He said Tucker Valley farmers are unregistered, therefore, cannot
access financial relief from the State, the report notes.

He said the Agricultural Society of T&T had contacted the
Chaguaramas Development Authority and the Ministry of Planning and
Development on the farmers' behalf to have the nearby river
cleared, the report relays.

                        Praedial Larceny

In Cumuto, farmers said they were under siege by thieves who
brazenly raided their citrus fields, the report notes.

The farmers also face flooding woes, said president of the recently
formed Cumuto Farmers Association Ryan Emmanuel, the report
discloses.

He said, a portugal farmer watched in horror as a group of thieves
plundered his portugal field and loaded up thousands of dollars of
the fruit into a waiting vehicle, the report relays.

"Mind you, all this time he was on the phone with the Trinidad and
Tobago Police Service which is stationed right on Cumuto Junction,
and they are claiming that they didn't have any vehicles to respond
to the situation," Emmanuel said, the report notes.

"He had a number for the Praedial Larceny Squad in the north
eastern division and after calling around, while in the bush and as
these guys were still picking his fruits, he was informed that the
squad was kind of dormant at that point in time. He reached out to
me and I got in touch with some farmers who are registered with us
from the Caratal area and they tried to reach down in his area to
see if they could have accosted the guys. By that time the vehicle
had already left," he recounted, the report relays.

Emmanuel said Cumuto farmers are referred to as the citrus kings of
the country, given that about 70 to 80 per cent of citrus crops
that hit the nation's markets and vending stalls originate from the
area, the report notes.

"We are seasonal farmers up here, what that means is one or
probably twice for the year we get fruit. So it's very hard for us
to wait that length of time and then for somebody to come and take
it from us," he added.

Emmanuel said the area is also affected by flooding, which can slow
down fruit production and cause root rot, the report relays.

He said many farmers were not eligible for State assistance as they
did not even possess a farmers' badge, the report notes.

"Our main objective is to educate our farmers, especially the
youths who don't even know there are programs in place for them.
The land tenure up here is kind of ticklish because we don't really
have persons on Government land but more on privately owned lands
and lands passed on from generation to generation. So it's really a
culture here, more than a business," Emmanuel explained, the report
relays.

On November 11, Prime Minister Dr. Keith Rowley assured that once
flood-affected farmers qualify for financial assistance, they will
receive it as soon as possible, the report relates.

"We will take every step possible to restart agricultural
production and we expect that those who have not been flooded out
will not take the opportunity to price gouge as the shortage occurs
in a situation where some farmers have lost their crops," he said,
the report notes.

Agriculture Minister Kazim Hosein also noted that the Government
had implemented a multi-faceted approach involving several
ministries and agencies to ensure registered farmers get
assistance, the report says.

Hosein also encouraged all affected registered farmers to visit
their nearest county agricultural offices to make flood damage
claims as soon as possible or within ten working days, the report
adds.




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