The Council for Finance and Planning (COFAP) will be looking at a set of measures for full implementation of Protocol II, which involves clearing the way for ‘hassle-free’ movement of capital, rights of establishment and the provision of services within the Caribbean Community (CARICOM). This will be the high point in the deliberations of the COFAP in its Fifth Meeting in Grenada tomorrow, 6 September 2001.
COFAP will lead off a critical round of meetings to be followed by two joint meetings of the Community Organs. Firstly, the COFAP will link up with the Council for Trade and Economic Development (COTED), then the COTED will join the Council for Human and Social Development (COHSOD) in Grenada on 7 and 8 September 2001, respectively.
The CARICOM organ which is charged with coordinating economic policy and financial and monetary integration of Member States, COFAP, is expected to consider a range of policy matters pertaining to the economic, financial and monetary affairs of the Community, in addition to resource mobilisation.
International Monetary Fund (IMF)/World Bank and Commonwealth issues are also likely to feature in the discussions of the Financial Planners of the fourteen-member Caribbean regional grouping.
The COFAP, COHSOD and COTED have been mandated to hold the joint meetings by the supreme Community body, the Conference, at its 22nd Regular Meeting in Nassau, the Bahamas in July. The Conference directed that these Councils must have in place agreed programmes by the end of December 2001 to guide the full implementation of the provisions of Protocol II, a key element in the establishment of the CARICOM Single Market and Economy (CSME).
