IMF: Losses From Global Credit Crisis Mounting

Jamaica Observer: “IMF: Losses from global credit crisis mounting”
WASHINGTON, USA -The International Monetary Fund (IMF) said yesterday worldwide financial institutions could suffer more than US$4 trillion in losses from the global credit crisis with the US leading the way with a total of US$2.7 trillion.

Jamaica Observer: “Canada cuts interest rates to record low”
TORONTO, Canada – Canada’s central bank on yesterday cut its trendsetting interest rate by quarter point to a record-low 0.25 per cent and said it will likely stay there through June 2010. The Bank of Canada said the global recession has intensified and they expect the recession in Canada will be deeper than anticipated.

Jamaica Observer: “Making the most of a crisis: Promoting financial health”
” You never want a serious crisis to go to waste.” – Rahm Emanuel
In Jamaica the global economic downturn has resulted in frozen wages, reduced employment benefits and even job losses which have in turn precipitated many personal financial crises.

Jamaica Observer: “Jamaica’s underdevelopment tied to inability to earn FX”
Jamaica needs to earn foreign exchange via export-led growth and abandon its policy of borrowing in order to play economic catch-up with Guyana and the rest of the region, writes financial analyst Dennis Chung in his new book – Charting Jamaica’s Economic and Social Development.