Brazil’s finance minister says budget’s spending freeze ‘not enough’

Brazil’s finance minister Joaquim Levy urged lawmakers to back tax increases and cuts to social benefits, saying last week’s spending freeze alone isn’t enough to shore up fiscal accounts, Bloomberg reports today. (Global Government Forum)

Finance minister warns that Caribbean economies face formidable challenges

The board of governors of the Barbados-based Caribbean Development Bank (CDB) warned after a two-day meeting in Jamaica there was no doubt that Caribbean economies face formidable challenges. (Jamaica Observer)

Puerto Rican legislators narrowly approve raising sales tax to highest level in US

Legislators on Tuesday narrowly approved an increase in the US territory’s sales tax to help generate more revenue and offset a deep fiscal crisis. (Fox Latino)

Cayman Island agreement allows for new special economic zones

Government has renegotiated its definitive agreement with Cayman Enterprise City, paving the way for new technology-based activities in the special economic zone and projects such as Tech City, a proposed IT park associated with the developers of Health City Cayman Islands. (compasscayman.com)

Argentine economic activity up 2% in March, but industrial production down

Good and bad news for Argentina’s economy: the latest figures from the National Statistics and Census Institute (INDEC) reveal that economic activity increased 2% percent in March, compared to the same month last year, but industrial production recorded its 21st negative consecutive month in April. (Merco Press)