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The Council for Finance and Planning (COFAP)


Posted in: Community Councils | 19 January 2015 / Release Ref #: /


    The Council for Finance and Planning (COFAP) is responsible for economic policy coordination, financial and monetary integration of Member States.
    Specifically, Article 14 of the Revised Treaty of Chaguaramas (Link to Treaty), states the Council which consists of Ministers designated by the Member states, will:

    1. establish and promote measures for the co-ordination and convergence of national macro-economic policies of the Member States and for the execution of a harmonised policy on foreign investment;
    2. promote and facilitate the adoption of measures for fiscal and monetary co-operation among the Member States, including the establishment of mechanisms for payment arrangements;
    3. recommend measures to achieve and maintain fiscal discipline by the Governments of the Member States;
    4. pending the establishment of a monetary union in the Community, recommend arrangements for the free convertibility of the currencies of the Member States on a reciprocal basis;
    5. promote the establishment and integration of capital markets in the Community, and
    6.  undertake any additional functions remitted to it by the Conference arising under this Treaty.
    7. Under the direction of COFAP, the Committee of Central Bank Governors  assists in the performance of the above functions.

     

    The Council for Finance and Planning shall consist of Ministers designated by the Member States. Each Member State shall be entitled to designate alternates to represent it on COFAP.

    Subject to the relevant provisions of Article 12 (Functions and Powers of the Conference) of the Revised Treaty of Chaguaramas establishing the Caribbean Community including , COFAP shall have primary responsibility for economic policy co-ordination and financial and monetary integration of Member States and, without prejudice to the generality of the foregoing, shall:

    1. establish and promote measures for the co-ordination and convergence of national macro-economic policies of the Member States and for the execution of a harmonised policy on foreign investment;
    2. promote and facilitate the adoption of measures for fiscal and monetary co-operation among the Member States, including the establishment of mechanisms for payment arrangements;
    3. recommend measures to achieve and maintain fiscal discipline by the Governments of the Member States;
    4. pending the establishment of a monetary union in the Community, recommend arrangements for the free convertibility of the currencies of the Member States on a reciprocal basis;
    5. promote the establishment and integration of capital markets in the Community, and
    6. undertake any additional functions remitted to it by the Conference arising under this Treaty.
    7. Under the direction of COFAP, the Committee of Central Bank Governors shall assist in the performance of the functions mentioned in paragraph 2 of this Article.

    Last Updated: 15 January 2016

      Related Work areas

      The Council for Finance and Planning (COFAP) has oversight responsibility for the following area(s) of work:

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      Key Documents

      Treaty of Chaguaramas

      Rules of Procedure

      Community Councils