(CARICOM Secretariat, Turkeyen, Greater Georgetown, Guyana) The Bureau of the Conference of Heads of Government of the Caribbean Community (CARICOM) has urged the Committee of Central Bank Governors (CCBG) to continue their planning for possible challenges to the Region’s financial and non-financial sectors in the continuing global economic and financial situation.
After receiving a report from the Committee at its 24th Meeting in St John’s Antigua and Barbuda on Saturday 22 November, the Bureau recommended that the CCBG consult with key stakeholders to devise interventions and specific programmes for CARICOM Member States to offset the effects of the global crisis.
The Bureau comprising Chairman of CARICOM, the Honourable Baldwin Spencer, Prime Minister of Antigua and Barbuda, the Rt Honourable Hubert Ingraham, Prime Minister of The Bahamas, the Honourable Dean Barrow, Prime Minister of Belize and His Excellency Edwin Carrington, Secretary-General of CARICOM manages the affairs of the Community between meetings of the Conference of Heads of Government, the highest decision-making organ in the Community.
The CCBG presented a report to the Bureau on the effects of the global economic and financial situation on the Community in which it noted among other things that the CARICOM Banking Sector had been spared many of the problems afflicting the global scene due to their non-holding of any of the toxic mortgage-backed securities and very limited forms of other types of exposure. The Governors reported that they had been engaged in contingency planning in the financial and non-financial sectors from the onset of the crisis.
The Bureau impressed upon Member States the need for concerted action in supporting proposals of like-minded countries and institutions for systemic changes in the global financial architecture aimed at greater democratisation of the process.
In looking at the recent disasters in the Region, the Bureau paid particular attention to Haiti and recommended immediate specific assistance both financial and technical to help that Member State. A technical team will be despatched to Haiti to meet with the government and to assist in determining the immediate needs of the country.
The three Heads of Government on the Bureau also agreed to commit US$50,000 each for immediate assistance to the financially-strapped Caribbean Media Corporation (CMC) and to encourage their colleague Heads of Government to commit a similar sum. CMC has been forced to cut staff and programmes due to heavy losses over the past year.
With respect to External Trade Negotiations, the Bureau said it expected Heads of Government to endorse the negotiating mandate which would guide CARICOM negotiators in the engagement with Canada for a Trade and Development Agreement. The Bureau re-iterated that the free trade provisions must be accompanied by development support to enhance competitiveness and facilitate adjustments.
