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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, June 28, 2023, Vol. 24, No. 129

                           Headlines



A R G E N T I N A

ARGENTINA: Asks IMF to Postpone Due Payments Until End of Month


B A R B A D O S

BARBADOS: IDB Joins Coalition Led by Gov't to Increase Investments


B R A Z I L

BANCO DO BRASIL: Moody's Affirms 'Ba2' LongTerm Deposit Ratings
HYPERA SA: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable
[*] BRAZIL: Solidifies Position as Leading Market for Bolivia


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Reveals Sectors Where Investment Are Directed
[*] DOMINICAN REPUBLIC: Exports Reach US$1.1 Billion During May


J A M A I C A

JAMAICA: Charles Touts Up Productivity to Boost Competitiveness


P U E R T O   R I C O

ESJ TOWERS: Delays Disclosure Statement Hearing to Aug. 22

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Asks IMF to Postpone Due Payments Until End of Month
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Buenos Aires Times reports that Argentina's government has asked
the International Monetary Fund (IMF) to postpone the debt payments
falling due until the end of the month as negotiations over
revisions to its existing deal continue.

IMF sources confirmed the news, explaining that such a move is "the
right of any member country," according to Buenos Aires Times.

Some US$2.7 billion is due, corresponding to the mega-loan of US$44
billion loaned by the IMF to Argentina under the terms of its
record-breaking 2018 credit-line agreed by former president
Mauricio Macri, the report notes.

The government now aims to pay the sums falling due to the IMF June
28 and 29 in a bid to advance towards an agreement for
renegotiation, the report notes.  Massa intends to partially pay
the sums owed the Washington-based organisation, as anticipated a
fortnight ago as an alternative by the IMF, Ministry sources
revealed.

June 28 and 29 are the days on which this quarter's most onerous
payments were to be made under the agreement, US$921 million and
US$ 1.779 billion respectively, the report dicloses.

Economy Minister Sergio Massa's team is negotiating a rescheduling
of the payments and an advance of remittances, explaining that it
could not comply with the objectives for accumulating reserves and
cutting the fiscal deficit as a consequence of the ferocious
drought hitting farm exports, the report relays.

Government sources leaked that negotiations remained open without
any proposal on the table for any complete payment, only a partial
payment with the rest to be canceled down the road once the
remittances have been received, the report notes.

The Economy Ministry sent the IMF a proposal for a unified payment
at the end of the month instead of the two scheduled payments in
hope of a prompt reply, the report says.

In case of acceptance, there will be a second proposal for an
anticipated reimbursement of hard currency to Washington,
calculated at some US$1.9 billion, the report discloses.

With this step the proximity of announcing a revamped announcement
grew closer, bringing calm to the markets, which considered this an
"advance" in Argentina's goodwill to pay up, as well as showing the
"capacity" of its reserves, the report says.

According to the sources consulted, the broad lines of an
understanding are already there with the fine print due in the next
few hours, the report relays.  To put pen to paper, Deputy Economy
Minister Gabriel Rubinstein and Economy Ministry chief advisor
Leonardo Madcur will be travelling to Washington with the minister
himself joining them for the signature before June 30, the report
notes.

Among the main objectives of the economic team is the frontloading
of the remittances for the rest of this year in order to compensate
for the drought losses, the report says.

The negotiation between IMF officials and the government lies in
how much can be advanced by the former and what percentage of that
advance is to be destined to cancelling debt and how much may be
used to intervene in money markets, the report notes.

Meanwhile it was revealed that Latin American presidents were
preparing a letter to send to United States President Joe Biden
asking for the IMF to support Argentina, as confirmed by Mexican
President Andrés Manuel López Obrador, who also accused the
monetary organisation of being co-responsible for Argentina's
situation, the report relays.

"They granted loans to Argentina beyond its capacity to pay for
pre-electoral spending for (Mauricio) Macri to stay president,"
said AMLO, the report discloses.

The indebtedness destroying Argentina is the cause of a flagrant
and growing inequality" Brazilian President Luiz Inacio Lula da
Silva had affirmed to IMF Managing Director Kristalina Georgieva
while participating as a guest at the G7 summit, 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.

S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'.  S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina.  The outlook on the long-term ratings is negative.  S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.  The negative outlook on the long-term ratings
reflects risks surrounding pronounced economic imbalances and
policy uncertainties before and after the 2023 national elections.
Divisions across the political spectrum constrain the sovereign's
ability to implement timely changes in economic policy. Global
capital markets are closed to Argentina. In the local market, swaps
are being deployed to manage large maturities before placing debt
through traditional auctions.  The central bank continues to play a
key role as a backstop for local debt management in the secondary
market. The ongoing severe drought has exacerbated pressures in the
already disrupted foreign exchange (FX) market.

Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-' on
March 24, 2023. Fitch's downgrade of Argentina's rating to 'C' from
'CCC-' follows an executive decree that forces domestic
public-sector entities into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.  




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B A R B A D O S
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BARBADOS: IDB Joins Coalition Led by Gov't to Increase Investments
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The Government of Barbados announced at the Summit for a New Global
Financing Pact in Paris an integrated package of innovative
initiatives to accelerate its transition to net zero, boost
resilience, enfranchise workers, and draw in private sector
investment while prudently managing public debt levels. These
initiatives build on the ongoing climate policy reforms, supported
by the Resilience and Sustainability Facility with the
International Monetary Fund, which are expected to play a catalytic
role in mobilizing private and public sector financing for climate
projects.

This package of initiatives reflects unprecedented cooperation and
a new "system approach" between the Government, its Resilience and
Sustainability Facility (RSF) at the International Monetary Fund
(IMF) and Barbados' long-standing financing partners;
Inter-American Development Bank (IDB), World Bank Group (WBG),
Development Bank of Latin America and the Caribbean (CAF), European
Investment Bank (EIB), and Green Climate Fund (GCF).

Barbados is highly vulnerable to the impacts of climate change, and
it needs to invest heavily to protect its citizens from hurricanes,
flooding and droughts, and to preserve its natural capital. It is
committed to achieving sustainable public debt levels, meaning that
the government has limited borrowing capacity for public
investments. To meet these challenges, it has identified four
complementary approaches together with its financing partners.

                     A New Blue Green Bank

In a first of its kind, the Government of Barbados has decided to
use US$10 million from the fiscal space created by the RSF as
capital for a new Blue Green Bank.

This capital will support five times that lending amount. It will
pave the way for other partners, including GCF, CAF and IDB, to
support the Blue Green Bank through technical support or
capitalization, with GCF proposing to its Board in July to become a
co-founding partner in the bank.

Once established, The Blue Green Bank will help finance over US$250
million of green investments in affordable homes,
hurricane-resilient roofs, the electrification of public and
private transport, and other Paris-aligned investments.

More Resilient Infrastructure Through New Low-Cost, Long-Term Loan
Instruments from Development Finance Institutions

Low-cost and long-term financing instruments from the EIB, CAF,
IDB, GCF and RSF will support Government investment in resilient
water and waste treatment infrastructure, flood and coastal
protection and support its efforts to transform state owned
enterprises and enfranchise workers.

The EIB has made available US$18 million of grants from the
European Union (EU) to support climate-resilient water, sanitation,
and clean ocean projects across the Caribbean to back a US$165
million loan facility.

The GCF will offer up to US$1.5 million in grants per project for
end-to-end project preparations, innovation, and transformational
impact, and to prepare investment proposals for further GCF
funding.

                 Better and More Affordable PPPs

Barbados' multilateral financing partners will strengthen project
preparation support to attract private investment in Private Public
Partnerships (PPP) to build more resilient infrastructure. The IDB
will support and help develop the Government's capacity and
expertise in PPPs.

The World Bank Group's Multilateral Investment Guarantee Agency has
made available investment guarantees to help reduce the cost of
private sector financing.

The World Bank Group's International Finance Corporation will
support Barbados in developing the first large-scale onshore wind
project in the country and enhance the resilience of the grid.

Developing New Non-Debt Investments in Nature and Social Capital

The Government of Barbados is working with its development partners
to build on the success of the 2022 Blue Bond with IDB and The
Nature Conservancy, which released approximately US$50 million of
new financial resources for marine conservation. Particular focus
is on a new generation of instruments to support investments in
nature and social capital.

Together, these initiatives will help Barbados meet its resilience
objectives and protect its citizens, whilst helping transform the
economy and protect its pristine natural environment.

Quotes

Prime Minister Mia Mottley of Barbados commented, "Alongside new
capital, innovative instruments, partnerships and new ways of
working together are critical if we are to overcome the challenges
posed by climate, pandemics and debt. These new, integrated,
initiatives announced are embodiment of what can come out of new
cooperative ways of working together."

Kristalina Georgieva, Managing Director of the International
Monetary Fund, said, "We welcome Barbados' initiatives to catalyze
private climate finance, and the related push to bring together
multiple partners in pursuit of a common goal. The Fund is fully
committed to supporting our members' efforts to meet their climate
goals—including through the Resilience and Sustainability
Facility – and we look forward to our continued partnership with
Barbados as the government takes steps to green the economy."

Ilan Goldfajn, President, Inter-American Development Bank Group,
said, "The IDB has long been one of Barbados' closest and most
committed development partners. We are delighted to take advantage
of this opportunity to collaborate with the IMF and other partners
to build on our successful recent blue bond issuance, and promising
experiences across the region with project preparation and
structuring to help catalyze new and larger volumes of private
financing for resilient climate smart investment. These and other
innovative financing and support mechanisms will be crucial to help
Barbados meet the challenges of a rapidly changing climate."

Sergio Díaz-Granados, Executive President of CAF asserted that as
a home-grown development bank owned by the countries Latin America
and the Caribbean, CAF understands the myriad challenges faced by
small islands, like Barbados, as a result of the effects of climate
change.  "CAF is committed to doing its part in channelling
increased resources and is very pleased to join forces with other
development partners to mobilize dedicated financing that will help
to strengthen the resilience of our member countries."
Werner Hoyer, President of the European Investment Bank, commented
that, "We have no time to lose to support countries like Barbados
that are already facing the devastating consequences of climate
change. Following Prime Minister Mia Amor Mottley's call to action,
we are delivering swift and targeted support. We will start
offering extended loan tenors to lower and middle-income countries,
and are seeking to provide natural disaster risk clauses in our
loans to ensure the most vulnerable communities can recover and
rebuild following a crisis. As the EU Climate Bank, alongside our
Team Europe partners, the EIB is constantly working to increase the
impact of its climate lending and support for vulnerable countries
like Barbados."

Henry Gonzalez, Executive Director ad interim of the Green Climate
Fund stated, "The Blue Green Bank will transform the financing
landscape in Barbados and catalyse new finance for sustainable
climate investments. GCF has provided technical and financial
support in developing the concept, and our Board will consider
making a substantial investment in the new Bank at its meeting next
month."

Makhtar Diop, IFC Managing Director, said, "Barbados is redoubling
efforts to bolster its climate resilience and become a low-carbon
leader. IFC will continue to work closely with the country and
collaborate with other multilateral institutions to accelerate the
flow of private capital in support of Barbados' ambitions."




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B R A Z I L
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BANCO DO BRASIL: Moody's Affirms 'Ba2' LongTerm Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service has affirmed Banco do Brasil S.A.'s (BB)
long-term local and foreign currency deposit ratings at Ba2,
following the affirmation of the bank's Baseline Credit Assessment
(BCA) and Adjusted BCA at ba2. The bank's Not Prime short-term
local and foreign currency deposit ratings as well as the Ba1 and
Not Prime long-term and short-term local and foreign currency
Counterparty Risk Ratings and the Ba1(cr) and Not Prime (cr)
long-term and short-term Counterparty Risk Assessments (CRA) were
also affirmed. The outlook on the long-term bank deposit ratings
remains stable.

As part of the rating action, Moody's has also affirmed all debt
ratings and assessments assigned to Banco Do Brasil S.A. (Cayman),
including the Ba2 and (P)Ba2 foreign currency senior unsecured debt
and MTN program ratings, the B2(hyb) foreign currency preferred
stock non-cumulative debt rating; as well as the Ba1/Not Prime
long-term and short-term local and foreign currency Counterparty
Risk Ratings and Ba1(cr)/Not Prime(cr) long-term and short-term
Counterparty Risk Assessments. The outlook on the senior unsecured
rating of Banco Do Brasil S.A. (Cayman) remains stable.

RATINGS RATIONALE

The affirmation of BB's Ba2 ratings, with a stable outlook,
reflects the bank's consistently strong asset quality metrics,
which have remained below the system's overall loan delinquency
ratios since June 2021, and track record of good capitalization,
which have stood above that of its private owned peers since
December 2019. The ba2 standalone BCA is also supported by BB's
diversified earnings structure and sound financial profile that
incorporate its continued access to stable, low cost core deposits,
supported by its nationwide branch network and well-established
franchise as one of the largest Brazilian banks.

By affirming BB's ba2 BCA, Moody's considers the past two years of
consistent earnings generation and steady increase in profitability
metrics reported by the bank. In March 2023, Moody's ratio of net
income to tangible assets for BB increased to 1.71%, from 1.41% one
year prior, with bottom-line result benefiting from a 16.1% annual
rise in loan volume and still high interest rates. Adequate
operating efficiency, with a cost to income ratio of 47.5%, and
loan loss provisions at 28.4% of pre-provision income also
supported the bank's earnings structure as of March 2023. In
addition, BB's profitability benefits from a large market share in
terms of loans (15.7% in March 2023) and deposits (16.0%) in
Brazil, largely diversified among households and companies. Moody's
expect, however, that BB's profitability will remain relatively
stable in 2023 compared to one year prior because of a slowdown in
loan origination in the year and the creation of additional
provision for loan losses, reflecting the weaker economic
conditions in the country.

In March 2023, BB's problem loan ratio, measured as 90-day past due
loans to gross loans, was 2.71%, up from 2.39% one year prior, but
remained below the system's delinquency ratio of 3.33% in first
quarter 2023. BB has reported a gradual rise in problem loan ratios
since December 2021, a similar trend noted at its peers, amid
weakened credit conditions in Brazil. Moody's expect the bank's
asset quality metrics to continue to rise modestly in the next one
to two quarters as a result of the prolonged period of high
interest rates, which will continue to constrain borrowers' ability
to repay loans. Despite this challenge, the large share of low-risk
assets in the bank's loan book, mostly as payroll loans, auto loans
and mortgage financing in the retail segment that together
accounted for 22.2% of total in March 2023, as well as rural loans
(32.5%), large corporate loans (12.6%) and government loans (5.7%),
will support the good quality of BB's loan book. In addition, BB's
high level of loan loss reserves that accounted for 196.1% of
problem loans and 5.3% of gross loans in March 2023, will help to
mitigate unexpected credit losses in the next two to three
quarters.

BB's capitalization, measured by Moody's ratio of tangible common
equity to risk-weighted assets (TCE/RWA), was 9.76% in March 2023,
down from 10.19% in the previous year, reflecting the strong loan
origination over the past 12 months. Consistent earnings retention
has supported higher capitalization level at BB, keeping it above
that of other large private retail banks in the past four years.
During the next 12 months, Moody's anticipate the bank's capital
ratio to remain stable, supported by a modest increase in net
income. However, in Moody's view, the bank's TCE/RWA ratio could
show further reduction in the next three years if BB reports a
consistent robust growth of its loan book, which would be in line
with the government's intention of fostering economic activity
through the expansion of credit operations.

The affirmation of BB's ba2 BCA also incorporates the bank's solid
funding and liquidity profile, which benefits from stable and
sticky demand and savings deposits. They are complemented by court
deposits that the government bank also manages in Brazil.

The affirmation of BB's Ba2 long-term local and foreign currency
deposit and foreign currency senior debt ratings considers Moody's
assumption of the highest degree of support from the Government of
Brazil, its main shareholder, and the bank's systemic importance.
However, this support assumption does not result in any rating
uplift because BB's BCA is already at the same level as Brazil's
Ba2 sovereign rating. The ratings have a stable outlook in line
with the outlook on the sovereign rating.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of BB's long-term deposits and senior debt is unlikely
because they are rated at the same level as Brazil's sovereign
rating, reflecting the strong credit links between the sovereign
and the bank. BB's BCA could be upgraded if Brazil's sovereign
rating is upgraded and if the bank maintains strong asset quality,
capital and profitability metrics that support a continued
strengthening in its loss-absorbing capital buffers.

Factors that could lead to a rating downgrade include: (1) a
substantial and consistent deterioration in asset risk and
profitability and/or (2) weakened capitalization as a result of an
acceleration of its loan origination. In addition, a downgrade of
Brazil's sovereign rating could lower BB's BCA and ratings.

METHODOLOGY USED

The principal methodology used in these ratings was Banks
Methodology published in July 2021.


HYPERA SA: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' global scale and 'brAAA'
national scale issuer credit ratings on Brazil-based pharmaceutical
company Hypera S.A.

S&P said, "The stable outlook on Hypera reflects the resilient
pharmaceutical industry and our expectation that the company will
successfully capture the synergies from the acquired assets while
focusing on organic growth. We also expect Hypera to continue
generating strong cash levels, which will mitigate the company's
currently higher leverage metrics.

"Hypera's adjusted net debt to EBITDA increased in 2021 to 2.7x,
mainly to finance its acquisitions. However, we expect the company
to gradually deleverage in the next few years as it integrates the
recently acquired product lines, focuses on organic growth, and
pays partly its maturing debt through cash flow. Still, because of
higher-than-expected leverage, we're revising our assessment of
Hypera's financial risk profile to intermediate from modest. We
expect adjusted net debt to EBITDA to be about 2.8x at the end of
2023 and should drop to 2.0x in 2025. We also believe the company
could make further mergers and acquisitions (M&A), but on a smaller
scale only to support the current product portfolio or to diversify
across the segments in which it already operates, which would not
meaningfully raise leverage.

Following the pandemic's outbreak, Hypera changed its inventory
policy for supplies due to related uncertainties. However, the
company recently reviewed its policy and will start to reduce its
inventories, which should decrease working capital needs starting
in the fourth quarter of 2023. Given this change, the supplier
financing operations, which are included in S&P's adjusted debt
metric, should start to drop, contributing to deleveraging.

Hypera has consistently been generating satisfactory cash flows,
and tapping capital markets, paying down its short-term
obligations. S&P expects that the planned inventory contraction
will enhance Hypera's ability to honor its short-term obligations
and related interest expenses, gradually increasing the adjusted
operating cash flow to debt to 30%-35% in 2025.

Hypera has been investing to expand its facilities to start
increasing its exposure to the institutional market. S&P believes
the company will generate 10%-15% of its net revenue in this
segment, which shouldn't lower EBITDA margin, given that process
optimizations in sales and marketing can compensate for the
sector's lower margins. Therefore, S&P forecasts EBITA margins of
34%-35% in the next three years.

ESG credit indicators: E-2; S-2; G-2


[*] BRAZIL: Solidifies Position as Leading Market for Bolivia
-------------------------------------------------------------
Rio Times Online reports that Brazil has solidified its position as
the leading market for Bolivian potassium chloride, with
significant sales recorded in the first half of this year and
anticipated for 2022, according to Bolivia's state-owned company,
Yacimientos de Litio Bolivianos (YLB).

The majority of the potassium chloride produced is used for making
fertilizer, called potash, since the growth of many plants is
limited by potassium availability, according to Rio Times Online.

Potassium chloride sold as fertilizer is known as muriate of
potash, the report notes.  The vast majority of potash fertilizer
worldwide is sold as muriate of potash, the report relays.

                              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 was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022).  The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).




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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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DOMINICAN REPUBLIC: Reveals Sectors Where Investment Are Directed
-----------------------------------------------------------------
Dominican Today reports that during the closing speech of the
Second National Planning Meeting organized by the Ministry of
Economy, President Luis Abinader outlined the key focus areas of
his administration's public policies aimed at enhancing the
population's quality of life.  These include job creation,
promotion of public and private investments, and building economic
resilience against the impacts of climate change, according to
Dominican Today.

President Abinader emphasized the need to adapt the healthcare
system to the evolving epidemiological profile of the population,
with a particular emphasis on promoting lifestyle changes through
physical activity, the report notes.  He also highlighted the
importance of improving the quality of life for the rural
population, viewing them not just as food providers but as a
segment that deserves attention and support, the report relays.

In his speech, President Abinader stressed the significance of
generating employment opportunities that involve women,
technological advancements, and artificial intelligence (AI), the
report discloses.  He mentioned that the National Multiannual Plan
of the Public Sector has prioritized investments in water, health,
housing, and transportation, with a budget exceeding RD$50 billion
in 2023, surpassing previous administrations, the report says.

The president also discussed the Territorial Cohesion Fund, a tool
through which 123 projects are being executed in vulnerable
municipalities and municipal districts across the country, the
report relays.

President Abinader emphasized the government's commitment to making
investments in the areas where people reside, recognizing the
importance of local development, the report discloses.  He
highlighted the ongoing construction of seven extensions of the
Autonomous University of Santo Domingo (UASD), the Technical
Institute for Vocational Training (Infotep), and the Technological
Institute of the Americas (ITLA) in various provinces, the report
notes.  These initiatives have contributed to a decrease in the
number of "ninis" (young people who neither study nor work) from
28% to 21%, the report adds.

The president proudly mentioned the declining unemployment rate,
which decreased from 14.7% in December 2020 during the pandemic to
11.7% in the same period in 2022, the report says.  He also noted
an increase in the participation of women in the labor market,
rising from 43.5% to 46.5% during the same timeframe, the report
relays.

President Abinader attributed these positive developments to the
promotion of productive sectors, including the establishment of new
companies, industrial parks, and free zones, the report notes.  He
highlighted the significant investments in the hotel sector, which
reached a record high of US$4 billion in 2022, the report adds.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCRLA reported in April 2019 that the Dominican To related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.S&P also
affirmed its 'BB-' long-term foreign and local currency sovereign
credit ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.


[*] DOMINICAN REPUBLIC: Exports Reach US$1.1 Billion During May
---------------------------------------------------------------
Dominican Today reports that according to statements made by
Biviana Riveiro, the executive director of the Export and
Investment Center of the Dominican Republic (ProDominicana),
merchandise exports in May reached $1.16 billion.

Riveiro highlighted that compared to the previous year, exports saw
a growth of 8.5% in May 2023 and a significant increase of 26.7%
compared to the same month in 2019, the pre-pandemic year,
according to Dominican Today.

"In 2023, we have achieved record-breaking exports of goods from
the Dominican Republic, with a consistent but slight slowdown since
June 2022. However, this growth trend has been revived in May
2023," explained Riveiro, the report notes.

Data published on the ProDominicana portal reveals that total
exports in the first five months of 2023 amounted to $5 billion,
representing a decrease of 1.7% compared to the same period in
2022, the report relays.

"While our country set a historic record in goods exports in 2022,
reaching $13.7 billion, there has been a slowdown in the first five
months of this year (2023), primarily due to external factors,"
stated Riveiro, the report says.

She further noted that factors such as the Ukraine invasion,
general inflation, and restrictive monetary policies by central
banks impacting purchasing power have contributed to this slowdown,
the report discloses.

Riveiro emphasized the importance of the Market Intelligence Alert
System (SAIM), which enables timely analysis of such external
events and strategic decision-making in response to these
circumstances, the report adds.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCRLA reported in April 2019 that the Dominican To related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative. S&P also
affirmed its 'BB-' long-term foreign and local currency sovereign
credit ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.




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

JAMAICA: Charles Touts Up Productivity to Boost Competitiveness
---------------------------------------------------------------
RJR News reports that Minister of Labour Pearnel Charles Jr. has
said increased productivity will help Jamaica improve its global
competitiveness.

He urged the country not to accept mediocrity but to work harder to
compete with the best in the world, according to RJR News.

"If you're competing on a global market, on a global scale, you
can't just be concerned with how the person beside you is working,
and so if they are mediocre and you're a little bit above them,
you're okay.  No, we are concerned with what's taking place in
Australia, Canada, India, China, everywhere because Jamaica
Productivity Centre wants to drive Jamaica towards its maximum
potential.  We don't want to just be floating," Mr. Charles
declared, the report notes.  

Tamar Nelson, Chief Technical Director of the Jamaica Productivity
Centre, suggested measurable strategies must also be employed to
increase productivity, the report relays.

"The value of our outputs needs to increase more than that of our
inputs. In other words, we seek a sustainable environment to make
more investments drive outputs and we want to ensure that dollar
for dollar those investments can yield more and more outputs," she
said, 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.




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

ESJ TOWERS: Delays Disclosure Statement Hearing to Aug. 22
----------------------------------------------------------
Judge Enrique S. Lamoutte has entered an order granting the ESJ
Towers Inc.'s  motion requesting a continuance of the hearing
scheduled for July 20, 2023.

The hearing on approval of the Disclosure Statement is rescheduled
to August 22, 2023 at 10:00 AM at the U.S. Bankruptcy Court, Jose
V. Toledo Post Office & Courthouse Bldg., Courtroom 2, Floor 2, 300
Recinto Sur, Old San Juan, Puerto Rico.

                        About ESJ Towers

ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury
apartments and condo units at ESJ Towers have direct access to Isla
Verde Beach, widely considered one of the best in Puerto Rico.

ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as
50 million in both assets and liabilities. ESJ President Keith St.
Clair signed the petition.

Judge Enrique S. Lamoutte Inclan oversees the case.

The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill,
PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at
RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as
special counsels; Dage Consulting CPAS, PSC as financial advisor;
CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and
De Angel & Compania, PA, LLC as auditor.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Sept. 12, 2022. MRO Attorneys at Law, LLC
and Dage Consulting CPAS, PSC serve as the committee's legal
counsel and financial advisor, respectively.



                           *********


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 2023.  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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