Happy Monday!

This week we cover the Caribbean’s reaction to the fallout of Hurricane Beryl, the National Assembly’s amendment of the foreign currency law, and the Vice President’s criticism of the government.

Hurricane Beryl's damage assessment begins throughout the region.

• Suriname remains committed to aiding Caribbean countries in their recovery from Hurricane Beryl hitting the region.

• Caribbean leaders are assessing the financial impact of the earliest Category 5 Atlantic storm ever recorded, which caused widespread destruction in Jamaica and the eastern Caribbean islands.

• The leaders estimated hundreds of millions of dollars in damage and criticised international lenders for insufficient emergency aid. They urged lenders to reduce financial costs due to the immense damages caused by the storm.

• Grenada's Prime Minister Dickon Mitchell highlighted the severe economic impact, with losses and reconstruction costs in the hundreds of millions.

• The Grenadine islands: Carriacou, and Petite Martinique islands faced near-total devastation, and many uninsured wooden homes were destroyed. Mitchell stressed the need for storm-resistant rebuilding.

• Beryl left 20,000 people homeless in Grenada and St. Vincent and the Grenadines.

• St. Lucia and Jamaica reported significant agricultural and structural damages.

• Caricom Chairman Irfaan Ali noted the long-term agricultural challenges, which may increase reliance on inflation-prone imports.

• Despite low emissions, Caribbean nations remain highly vulnerable to climate change and have long called for greater action from wealthy, high-emission countries. However, climate financing often benefits richer nations instead.

• The Caribbean Catastrophe Risk Insurance Facility will pay $44 million to Grenada, its largest payout, but it remains insufficient.

• The leaders highlighted the urgent needs of their citizens and called for wealthy countries to fulfill their climate aid promises.

Vice President Brunswijk continues to criticise the lack of financial support for his Cabinet and his party’s ministries.

• Brunswijk presented evidence of SRD 70 million in unpaid debts and stated suppliers are refusing government services. Finance Minister Stanley Raghoebarsing acknowledged financial challenges affecting all ministries.

• Brunswijk argued that items should not be included in the national budget if no money is available, calling the situation deceptive.

• He highlighted delays in social payments and educational funding in interior regions and criticized poor safety and neglected infrastructure.

• Despite nearly three years of renovation efforts, his cabinet lacks essential resources, unlike other government projects.

• With ten months remaining in the government's term, Brunswijk emphasized the public's understanding of his challenges, asserting his position remains secure and supported.

The National Assembly this week amended the 1947 Foreign Exchange Regulation despite opposition parties refusing to vote.

• Last week, three articles of the 1947 Foreign Exchange Regulation were amended by a vote of 27, despite opposition parties advocating for a complete overhaul of the law to delete outdated articles.

• The law currently gives the president control over the exchange rate and foreign exchange policy, leading to calls for comprehensive reform.

• Finance Minister Stanley Raghoebarsing promised to draft a new law by year-end but could not guarantee its completion in six months.

• Members of the opposition parties criticized the retained 'master-servant' elements of the law and the president's extensive control over monetary policy doubting the committee's ability to draft a complete amendment quickly.

• Questions were raised about foreign exchange licenses and gold transactions. Raghoebarsing promised general transparency while citing legal confidentiality limits.