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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, February 5, 2025, Vol. 26, No. 26

                           Headlines



B O L I V I A

BOLIVIA: IMF Concludes Article IV Consultation


B R A Z I L

AZUL SA: S&P Upgrades ICR to 'CCC+' After Debt Restructuring


C H I L E

ENJOY SA: Fitch Affirms 'D' LongTerm Foreign Currency IDR


J A M A I C A

JAMAICA: $53M Smart Trap Initiative Launched to Safeguard Economy
JAMAICA: Economists Weigh Impact of Illegal Migrants Crackdown


P E R U

PERU: Has $40 Billion Export Vision for 2040


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Tax Amnesty Ends
TRINIDAD & TOBAGO: VAT Bonds Available

                           - - - - -


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B O L I V I A
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BOLIVIA: IMF Concludes Article IV Consultation
----------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation for Bolivia on March 22,
2024. This also included a discussion of the findings of the
Financial Sector Assessment Program (FSAP) exercise for Bolivia.

Bolivia's growth momentum moderated in 2023, to 2.5 percent, from
declining natural gas production, less public investment, and
financial market turmoil. Price controls, food and fuel subsidies,
export restrictions, and strong agricultural production held
inflation below 2 percent at year-end. However, the combination of
lower natural gas exports, high fuel imports, a large fiscal
deficit―increasingly financed by the central bank―and an
overvalued exchange rate contributed to a wider current account
deficit (estimated at 5 percent of GDP for 2023) and near-depletion
of international reserves. Public debt increased to nearly 84
percent of GDP by end-2023. Sovereign spreads rose sharply in early
2023 as the foreign exchange (FX) shortage became apparent and a
mid-sized bank (Banco Fassil) failed. Consequently, banks were
forced to restrict the withdrawal of FX deposits, heightening
financial sector stability risks.

Growth is anticipated to decelerate to 1.6 percent in 2024, holding
at around 2.2-2.3 percent in the medium term under the continuation
of the current policies. Inflation is forecast to reach 4.5 percent
in 2024, stabilizing around 4 percent thereafter. The outlook is
however predicated on significantly improved access to external
financing, without which the risk of disorderly fiscal and/or
exchange rate adjustment is elevated. External factors such as
reduced demand, intensified global conflicts disrupting trade
routes, commodity price volatility, or a renewed tightening of
financial conditions could worsen fiscal and external imbalances,
impede growth, and destabilize the domestic financial sector.

Additionally, extreme weather events, like the 2023 droughts and
recent floods, pose a risk to Bolivia's agricultural sector and
critical infrastructure. Domestically, a faster decline in
hydrocarbon production, higher inflation due to FX scarcity, or
confidence shocks could further impact growth, hurt real incomes
and exacerbate financial stability risks. Social unrest stemming
from inequality and security concerns remains a concern, as
evidenced by the prolonged road blockages of early 2024. On the
upside, Bolivia could potentially benefit from the global shift
towards green energy due to its vast lithium resources, although
developing the lithium sector and scaling up domestic production
capacity will likely take time.

                    Executive Board Assessment

Executive Directors agreed with the thrust of the staff appraisal.
They welcomed Bolivia's socioeconomic progress over the past
several years but expressed concerns about the difficult financial
situation Bolivia currently finds itself in, with low reserves,
uncertain fiscal financing, and pressures in parallel exchange
markets. Directors stressed the urgency of a shift from current
unsustainable policies to avoid a disorderly adjustment that would
exert significant social and economic hardship.

Directors called for continued constructive engagement on a
sustainable policy mix that is likely to require both fiscal
adjustment phased in over the next few years and an up front step
devaluation to more quickly address the external imbalance and
allow for a build up of reserves. They emphasized the importance of
improving the social safety net to shield poorer households from
inflation pressures following a realignment of the exchange rate.
Directors also emphasized the importance of strengthening fiscal
institutions to underpin the credibility of the planned adjustment
and to improve central bank governance in support of a shift to a
crawling peg and, eventually, to inflation targeting.

Directors recommended a strengthening of the central banks’
capacity to conduct sterilization operations and to lift lending
rate caps to improve the allocation of capital and enhance monetary
policy transmission. They also underscored the need to improve
crisis preparedness and contingency planning in line with FSAP
recommendations to safeguard financial stability.

Directors recommended a range of supply side reforms to unlock
private investment, boost productivity and enhance competitiveness.
These should include phasing out export ceilings and price controls
and better prioritizing public investment projects. A stronger
regulatory framework for hydrocarbon and lithium exploration could
be instrumental in increasing investment in those sectors.
Directors also called for enhancing AML/CFT framework and ensuring
the timely publication of key macroeconomic data.




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B R A Z I L
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AZUL SA: S&P Upgrades ICR to 'CCC+' After Debt Restructuring
------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Brazil-based airline Azul S.A. (Azul) to 'CCC+' from 'SD'
(selective default) and its national scale rating to 'brBB+' from
'SD'. S&P also affirmed its 'CCC-' issue rating on Azul's 2026
senior unsecured notes, for which the recovery rating remains '6',
indicating its expectation of minimal recovery (0%) in the event of
a payment default.

The positive outlook reflects S&P's expectation that capacity
growth and a strong yield environment will support sound EBITDA
margins, reduce leverage below 5.0x, and improve funds from
operations (FFO) to debt close to or above 10% by year-end 2025.

On Jan. 28, 2025, Azul completed the settlement of the debt
exchange for its 2028, 2029, and 2030 secured notes and convertible
notes and issued super priority 2030 notes. The exchange had an
aggregated acceptance of over 97%. This transaction does not push
forward maturity dates, which are already well in the future, nor
contemplates capital haircuts. However, it incorporates conversion
into equity of some obligations and some relief in cash interest
expenses, with some debt having payment-in-kind (PIK) options. The
settlement of the exchange was a precondition to complete the
conversion into equity of some lease obligations, together with the
elimination of other leases. Additionally, after the settlement,
35% of the new 2029 and 2030 notes will be converted into equity.
Another 12.5% of the new 2029 and 2030 notes will be converted upon
an equity issuance of at least $200 million. The remaining 52.5% of
notes will be exchangeable by Azul if the stock price is 75% above
the strike price. In line with this, Brazilian real (R$) 3.1
billion from leases obligations and 35% of the 2029 and 2030 notes
(about R$1.7 billion) will be converted into equity and another
R$1.2 billion of leases will be ended, reducing existing debt.

Together with the exchanges, Azul has raised $500 million in super
priority notes, of which $150 million will be used to immediately
repay the bridge financing received in October 2024. The super
priority notes will have a first lien on the collateral shared with
exchanged 2028, 2029, and 2030 notes and add Azul Cargo and TAP Air
Portugal notes to the collateral. Azul also has the option to pay
interest on these notes in cash or in kind. The increased cash
position and absence of significant individual maturities during
2025 and 2026 brings considerable relief to the company's liquidity
position.

S&P said, "We estimate S&P Global Ratings-adjusted debt of about
R$33 billion (which includes leases and convertible notes) by
year-end 2024, with a decline by about R$2.5 billion in 2025 (we
include the new exchangeable notes in our adjusted debt) following
the restructuring. This is because the reduction of about R$6
billion of leases and debt will be partially offset by the issuance
of the new super priority notes and the PIK on some of the new
debt. On top of this, we forecast meagre FOCF in the next two
years, preventing faster deleveraging. Yet, amid improved
operational performance, we expect S&P Global Ratings-adjusted debt
to EBITDA to dip below 5.0x in 2025 from 5.8x in 2024.

"In our view, Azul's capacity (available seat kilometers; ASK)
should grow about 10%-11% in 2025, in line with expected aircraft
deliveries (between 12 and 15 E2s) and we expect largely stable
average yields. Downward pressure could hit yields amid increased
market capacity, sluggish economic growth, and high interest rates,
but we think the more depreciated Brazilian real will mean airlines
try to pass through cost increases, preventing yields from falling.
Additionally, we expect the three largest domestic airlines to
maintain rational behavior in terms of pricing, like the past two
years, underpinning fares. As a result, in our base case, we assume
Azul's adjusted EBITDA will jump to about R$6.6 billion in 2025
from an estimated R$5.6 billion-R$5.7 billion in 2024. However, we
expect operating cash flow (after interest expenses) to barely
cover capital expenditure (capex; about R$1.8 billion) and lease
payments (about R$3.2 billion). Furthermore, even though we
forecast Azul will continue growing revenue and EBITDA into 2026,
we also assume slightly higher capex that year. In turn, we expect
FOCF after lease payments of R$100 million-R$300 million in the
next two years."

Softening macroeconomic conditions in Brazil or further real
depreciation could result in weaker-than-expected demand or fares
or higher costs and rapidly lead to unsustainable cash flows for
Azul. This is because an increase of about 10% in fuel prices or
drops of 4% in yields from S&P's base-case scenario could cause
EBITDA to decline about R$600 million-R$700 million and result in
FOCF deficits when the company is already highly leveraged.
Notably, Azul could struggle to access additional financing
following two debt restructurings in the past two years.




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C H I L E
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ENJOY SA: Fitch Affirms 'D' LongTerm Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has affirmed Enjoy S.A.'s (Enjoy) Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'D'. Fitch has also
affirmed the company's USD209 million tranche A notes due in 2027
at 'C' with a Recovery Rating of 'RR4' and its USD18 million
tranche B notes due in 2027 at 'C'/'RR6'.

The ratings reflect Enjoy's judicial reorganization process under
Chilean Law 20.720, which is still ongoing despite an agreement
already being reached. The process will result in material changes
in the terms and conditions of Enjoy's debt and the company's
overall structure. At this time, Fitch has limited visibility into
Enjoy's future business model and its sustained cash flows
post-reorganization.

Key Rating Drivers

Debt Restructuring Agreement: Enjoy has reached an agreement with
its creditors to continue operations. The international bond will
be paid by the sale of the assets in Pucon, Coquimbo and Punta del
Este, with no recourse to Enjoy. Local debt will be paid with the
sale of Chilean casinos, except in San Antonio and Los Angeles,
with no recourse to Enjoy.

Casinos Under Investigation for Collusion: The Chilean National
Economic Prosecutor's Office (FNE, Fiscalía Nacional Económica)
filed a complaint with the Untitrust Authority against the
companies Enjoy, Dreams and Marina del Sol for alleged collusion in
the bidding processes for casino operation licenses in 2020 and
2021. The FNE accused them of conspiring to renew their licenses
without competition, offering significantly lower bids than would
occur in a competitive market.

The complaint affects Enjoy's casinos of Rinconada, Los Angeles and
San Antonio. The FNE is currently filing a petition to prohibit the
sale of these assets while the investigation is ongoing.

Option to Return Licenses: A recent governmental decree allows
casino operators like Enjoy to return their licenses without
financial penalties on the guarantee bonds. The decree modifies the
casino operation permit regulations. The decree allows operators to
return their licenses and manage operations for up to three years
during a new bidding process to protect employment and regional
revenues. Although this could be beneficial for Enjoy, which faces
high operating costs for its casinos in Coquimbo, Viña del Mar and
Pucón, Fitch does not incorporate any license return in its
current analysis.

Significant Size Reduction: Enjoy will be a significantly smaller
company after the restructuring, only operating two casinos in
smaller towns. There will not be any relevant synergies nor
capability to leverage their fidelity program across the board as
it was in the past. While the remaining operations are profitable,
their cash flow generation is small in comparison with the current
size, and will also entail a corporate restructuring. Fitch will
assess the credit quality of the resulting company once the
reorganization process is fully completed.

Derivation Summary

Enjoy's rating of 'D' reflects that the company is currently under
judicial reorganization.

Enjoy has lower profit margins than much larger operators, such as
Wynn Resorts Limited (BB-/Stable) and Las Vegas Sands Corp.
(BBB-/Stable). Enjoy's business was disrupted by the pandemic
because casinos were prohibited from operating. The company has not
been able to recover its cash flow to pre-pandemic levels, due to
higher cost structure once restrictions were lifted.

Enjoy owns most of its underlying real estate, with the exception
of Vina del Mar, San Antonio and Los Angeles. This portfolio is now
proposed as collateral for its creditors under the restructuring
agreement.

Key Assumptions

- Fitch considers only the operations of Los Angeles and San
Antonio for results of 2025 onwards;

- Fitch assumes the company will be able to complete the structural
reorganization successfully.

Recovery Analysis

The 'RR4' Recovery Rating reflects average recovery prospects in
the event of default. The recovery analysis for the bonds assumes
that the value would be assessed under a liquidation approach of
its performing asset in Punta del Este and the assets of Pucon and
Coquimbo, which serve as collateral for the issuance. Fitch assumed
a 10% administrative claim. The waterfall results in an average
recovery, corresponding to 'RR4' recovery, for the tranche A USD209
million notes, and poor recovery, corresponding to 'RR6' for the
tranche B USD18 million notes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- The 'D' IDR cannot be downgraded because it is at the bottom of
the rating scale.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Positive rating action will occur once the proposed debt
restructuring process is completed.

Liquidity and Debt Structure

All of Enjoy's debt is categorized as short term, because the
company is in the process of restructuring. The resulting debt will
be backed by the company's assets that are considered for sale, and
will have no recourse to Enjoy after the sale of those assets. As
of September 2024, Enjoy had available cash balance of CLP26
million.

Issuer Profile

Enjoy operates nine casinos with eight in Chile and one in Uruguay.
It is a leader in the Chilean gaming and entertainment industry and
also operates hotels, restaurants, spas and discotheques.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Enjoy S.A. has an ESG Relevance Score of '4' for Management
Strategydue to its record of recurring to debt restructuring as a
result of the challenges the company has faced in executing its
strategy, meeting its projections and reducing its leverage.
Enjoy's below-average execution of its strategy has contributed to
a materially weaker operational performance and capital structure
in comparison with its peers, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating       Recovery   Prior
   -----------             ------       --------   -----
Enjoy S.A.           LT IDR D  Affirmed            D

   senior secured    LT     C  Affirmed   RR4      C

   senior secured    LT     C  Affirmed   RR6      C




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J A M A I C A
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JAMAICA: $53M Smart Trap Initiative Launched to Safeguard Economy
-----------------------------------------------------------------
RJR New reports that smart traps installed islandwide to detect the
presence of the Medfly and Tomato Leafminer pests, should they
enter the country, are expected to be pivotal in safeguarding
Jamaica's agriculture sector and tourism product.

In November, 125 smart traps, valued at $53 million, were installed
by the Plant Quarantine Produce Inspection Unit of the Ministry of
Agriculture, Fisheries, and Mining in partnership with the Jamaica
Social Investment Fund, according to RJR New.

Identifier/entomologist in the unit in Kingston, Karen Barrett
Christie, said the targeted pests are capable of destroying
agricultural crops and can be detrimental to ornamental plants, the
report notes.

With agriculture contributing 8.3 per cent and tourism, more than
nine per cent to the country's gross domestic product, protecting
both sectors is critical to safeguarding ongoing investments and
Jamaica's economic future, the report relays.

                       About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  In September 2023, S&P
Global Ratings raised its long-term foreign and local currency
sovereign credit ratings on Jamaica to 'BB-' from 'B+', and
affirmed its short-term foreign and local currency sovereign credit
ratings at 'B', with a stable outlook.  In September 2024, S&P
affirmed 'BB-/B' sovereign ratings on Jamaica and revised outlook
to positive.  In March 2022, Fitch Ratings affirmed Jamaica's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'.
The Rating Outlook is Stable.


JAMAICA: Economists Weigh Impact of Illegal Migrants Crackdown
--------------------------------------------------------------
Dashan Hendricks at Jamaica Observer reports that EW remittance
regulations in Florida, requiring senders to show proof that they
are not undocumented immigrants, could pose challenges for
Jamaica's economy by potentially reducing transaction volumes and
shifting some remittance flows to informal channels, according to
economists.

With remittances contributing close to US$3 billion annually — 80
per cent of which originates from the US — the changes may impact
businesses and households that rely on these funds, though
Jamaica's economic buffers and ongoing digital adoption in
remittance services could help mitigate the effects, according to
Jamaica Observer.

Adrian Stokes, financial economist and CEO of Quantas Capital, said
the potential fallout "will be fairly material", but added that the
net international reserves (NIR) could provide a temporary buffer,
the report notes.

"It is too early to enumerate the exact impact that could arise
from a fallout in the remittance market. A major plus is that
Jamaica's NIR is over US$5 billion, which provides an important
buffer to any short term negative shock in remittances," the report
discloses.

Stokes however said if any decline in remittances is prolonged it
"will force a policy response to ensure Jamaica's balance of
payments remains sustainable," the report says.

Keenan Falconer, an economist, shared similar sentiments about the
likely fallout if Jamaicans, especially those in Florida, choose to
stay away from sending remittances to their families back home in
Jamaica, the report notes.

"I think it will have a material impact in the sense that
remittances are the second highest foreign exchange earner for
Jamaica . . . and since this program applies to Florida, which has
a high concentration of Jamaicans, then that would affect the
remittance figures, particularly as remittances have started to
decline and normalize to pre-pandemic levels," the report relays.

Data up to October 2024 from the Bank of Jamaica (BOJ) show US$2.4
billion in remittances entered Jamaica, the report discloses.  For
all of 2023, the last full year for which data are available, the
inflows reached US$2.92 billion, the report notes. That was lower
than both the flows for 2022 and 2021 — the two best years for
remittance inflows into Jamaica at with 2022 recording US$2.95
billion and 2021 being the best year for remittance inflows at just
over US$3 billion, the report relays.

According to data provided by Market Research Services Limited,
about 28 per cent of Jamaican households receive remittances
regularly, though that portion has declined from 38 per cent in
2016, the report says.  Most of those who receive remittances use
it to meet their daily household needs, the report notes.

"So if you have a significant reduction in the number of people who
are sending remittances to Jamaica, the remittance inflow obviously
to Jamaica will go down, and that will have a domino effect in
terms of the people's ability to meet their daily household
expenditure, which of course already has been challenged by high
prices. So that's a problem that we face," Don Anderson, chairman
and CEO of Market Research Services Limited, told Jamaica
Observer.

"It will further accelerate the challenges that people who are
receiving remittances have, and that's a significant percentage of
the Jamaican public," he added.

              Falconer Tried to Capture the Fallout

"If you have a one percentage point decline, which translates to
around $4.5 billion, you are taking that essentially out of the
hands of people directly, because unlike other jurisdictions, the
Jamaican Government does not tax remittances, so it goes directly
into people's hands," the report discloses.

Still he said Jamaicans may find creative ways to send remittances
back, as he warned, remittance companies such as Western Union and
Moneygram may be hard hit, depending on the level of the fallout,
the report relays.

"Remittance companies might feel some of the fallout, since
persons, while they won't be able to send it legally via official
channels, they could ask people to act on their behalf as agents to
send remittances via other means. So there are other digital
platforms and online platforms that you could send remittances,
people could send remittances via cash-in-hand, but the informal
remittance channels might be utilized more now. So persons might
ask persons who are documented to be able to send those remittances
through these channels. So I expect it will have some effect, at
least on the remittance companies," he added.

Jacinth Hall Tracey, managing director of Lasco Financial Services,
however, said she is in watch-and-see mode, assessing the likely
impact the action of cracking down on illegal migrants could have
on remittance flows to Jamaica, the report relays.  Lasco Financial
is one of nine primary remittance agents in Jamaica, the report
notes.  Hall Tracey said the key to knowing how the fallout will
impact the company will be knowing how many Jamaicans are
undocumented in the United States in general and Florida in
particular, the report discloses.

"It's difficult to measure the impact, but we're definitely
concerned because there will be impact. Given the size of
contribution to GDP and the number of remittance companies," Hall
Tracey said, the report notes.

"We're awaiting meetings, but I can tell you everybody is just
trying to assess what's going on. Globally, remittance companies
are trying to figure out how to navigate this particular context,"
she said when asked how her global partners are viewing the
development, the report says.

But, she pointed out, the impact is hard to assess given people are
turning more to digital means since the COVID-19 pandemic, the
report relays.

"Most of it is digital. So, the cash part is Jamaica, which is more
hardcore cash, but the origination [senders] are mostly, and when I
say mostly, [I mean] more than 50 per cent digital," the report
discloses.

"Yes, it's been shifting and accelerated by COVID. So, the senders
have fully adopted the digital mode, but the problem. I don't think
it's just cash that would just be affected," the report relays.

"Anybody who was undocumented that is sending will probably not
send by the normal means. They might send [money] with someone
coming [to Jamaica]," the report adds.

                        About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  In September 2023, S&P
Global Ratings raised its long-term foreign and local currency
sovereign credit ratings on Jamaica to 'BB-' from 'B+', and
affirmed its short-term foreign and local currency sovereign credit
ratings at 'B', with a stable outlook.  In September 2024, S&P
affirmed 'BB-/B' sovereign ratings on Jamaica and revised outlook
to positive.  In March 2022, Fitch Ratings affirmed Jamaica's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'.
The Rating Outlook is Stable.




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P E R U
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PERU: Has $40 Billion Export Vision for 2040
--------------------------------------------
Rio Times Online reports that Peru's agricultural sector is poised
for remarkable growth, according to Agriculture Minister Angel
Manero.  In a recent interview with Reuters, Manero unveiled
ambitious plans to boost agricultural exports to $40 billion by
2040, according to Rio Times Online.

This projection represents a significant increase from the current
export value of $12.5 billion in 2024, the report notes.  The
country's agricultural exports saw a 22% surge in 2024 compared to
the previous year, the report says.

Manero expects the industry to grow by an additional $2 billion
annually moving forward, the report discloses.  This steady growth
could potentially position agriculture as Peru's primary economic
driver by 2050, surpassing the mining sector, the report relays.

Peru, currently the world's second-largest copper exporter, is
diversifying its economic portfolio, the report notes.  The
government aims to expand its agricultural reach by entering new
markets and introducing new products, the report relays.

Manero announced plans to begin exporting beef, pork, and chicken
this year, with China as a key target market, the report discloses.
The groundwork for these exports was laid during a state visit in
June, the report notes.

During the visit, President Dina Boluarte discussed the matter with
Chinese President Xi Jinping. Peru and China recently signed an
agreement deepening their Free Trade Agreement, originally
established in 2009, the report recalls.

              Peru's Agricultural Ambitions

To achieve these lofty goals, Peru is implementing several
strategic initiatives, the report notes.  Large-scale irrigation
projects along the coast will add 250,000 hectares of new
agricultural land this year, the report says.  The government aims
to increase this to 500,000 hectares by June 2026, the report
discloses.

Recent changes to forestry laws aim to facilitate property titles
and increase productivity on 12 million hectares of deforested
land, the report says.  Manero emphasized the importance of
sustainable development, stating, "We want to maintain our 67
million hectares of forests."

The government is also focusing on expanding specific crops.
African palm oil plantations could triple from 100,000 to 300,000
hectares, the report notes.  Additionally, coffee and cocoa
plantations in Amazonian regions will be strengthened, the report
relates.

To attract investment, a new agrarian law is expected to be
approved this year, the report relays.  This law will reduce the
income tax rate from 29.5% to 15%, potentially boosting sector
investment to $1 billion by 2025, the report discloses.

Peru's agricultural ambitions extend beyond China, the report says.
While the United States remains Peru's largest agricultural export
market, followed by Europe, the country aims to finalize a free
trade agreement with India soon and expand into Southeast Asian
markets, the report notes.

As Peru sets its sights on becoming an agricultural powerhouse, the
world watches with interest, the report relays.  The success of
these initiatives could reshape Peru's economic landscape and its
role in global agriculture, the report adds.




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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: Tax Amnesty Ends
-----------------------------------
Kevon Felmine at the Trinidad and Tobago Guardian reports that as
the Government's extended tax amnesty comes to an end Jan. 31,
president of the Greater San Fernando Area Chamber of Commerce
(GSFCC), Kiran Singh, says he is awaiting a report from the
Ministry of Finance to determine whether the initiative achieved
its intended impact.

Speaking to Guardian Media, Singh noted that the amnesty extension
provided much-needed relief to businesses navigating economic
challenges, allowing them to settle their tax obligations without
incurring penalties, according to Trinidad and Tobago Guardian.

"That gesture was appreciated by the business community, and we
expected to meet the obligation and do not feel that we can escape
the taxman," Singh said, the report notes.

Despite the approaching deadline, there was no visible rush at the
Inland Revenue Division's regional offices in Port-of-Spain and San
Fernando, the report relays.  Guardian Media observed that
operations remained business as usual, the report discloses.
However, the Ministry of Finance had facilitated online payments
for a variety of taxes, providing taxpayers with an alternative to
in-person transactions, the report says.

The Inland Revenue Division first introduced the amnesty from
October 1, to December 31, 2024, offering a waiver on penalties and
interest for all outstanding tax periods up to December 31, 2023,
the report recalls.

However, on January 2, Minister of Finance Colm Imbert announced an
extension until January 31, with the necessary legal orders set to
be retroactively enforced from 31st December 2024, the report
notes.

On whether a further extension is warranted, Singh said the Chamber
remains uncertain about how many people took advantage of the
amnesty, the report relays.

He suggested that the decision should be based on the number of
taxpayers still waiting to settle their arrears and whether Imbert
believes another extension would be effective in increasing
compliance, the report notes.

"Based on the information that the Minister would have or collated
from the BIR, he would then be able to know if he should penalize
late payers. I do think his idea of the amnesty is to encourage
people to make the payment before the deadline so that they would
not incur penalties, the report notes.

"The Government has a cash flow issue, and the payment of taxes
would help the Government to meet its fiduciary duties," the report
relays.

While the GSFCC remains cautious on the matter, President of the
Couva/Point Lisas Chamber of Commerce (CPLCC), Deoraj Mahase,
believes a further extension could be beneficial, as some business
owners may have missed the deadline due to the transition from
year-end to the new year, the report adds.


TRINIDAD & TOBAGO: VAT Bonds Available
--------------------------------------
The Trinidad and Tobago Guardian reports that the Trinidad and
Tobago Ministry of Finance announced that businesses owed
outstanding VAT refunds in excess of $250,000 can now apply to the
Board of Inland revenue for VAT bonds.

In a news release, the ministry said the Board of Inland Revenue
(BIR) advised that the VAT Bonds would be issued on a first come,
first serve basis with an effective date of January 31, 2025 and a
tenor of three (3) years.

The BIR said interest on the VAT bonds from January 31 and would
accrue at a fixed rate of 4.01 per cent per annum. A six-month
moratorium, starting from the date of issue, will be imposed on the
encashment/transferability of the Bonds for companies operating
within the energy sector that are zero-rated.

Only applicants owed refunds in excess of TT$250,000.00 would be
eligible to receive VAT Bonds. Refunds of TT$250,000.00 or less
will be paid in cash.

Application forms can be accessed by VAT Registrants on the Inland
Revenue Division's (IRD) website at www.ird.gov.tt, according to
the news release.



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