Tuesday, May 26, 2009Caribbean Strategy Needed

Oscar RamjeetCaribbean Leaders Have Differing Approaches To Economic Problems

Caribbean Community (CARICOM) heads of government have different views how to approach the financial crisis that is affecting the Caribbean and the entire world.

The leaders met in Port of Spain on Sunday and discussed ways and means to solve the problems now gripping the region.

Guyana's President Bharrat Jagdeo, who is a Russian trained economist, said that it was vital for all the leaders to have a common approach before they meet the International Monetary Fund (IMF) and the Inter American Development Bank (IADB) since they have to know how much funds would be required to sustain the various countries

Moreover, Jagdeo said that it is essential for the region to present a proper case before these big international agencies,

Trinidad and Tobago Prime Minister Patrick Manning said that the region will have to work out a a strategy to present not only to the IMF and the IADB, but a proper proposal when they meet with President Obama in Washington later in the year.

Chairman of CARICOM, Belize Prime Minister Dean Barrow, said there is a need for the regional bloc to implement a clear strategy to deal with the crisis and announced that a five-member task force will be set up to advise and make recommendations to CARICOM leaders.

Some economists in the region asked if it is was really necessary to have yet another task force when a group of top government advisors can meet and formulate a proposal.

Jagdeo, who takes over the chairmanship of CARICOM in July, said that it is imperative that CARICOM countries have some clarity about the framework that they will present to Washington. This should be worked on immediately.

Meanwhile, top officials of the Caribbean Development Bank (CDB) and representatives of members of regional institutions are now in Turks and Caicos discussing the financial situation in the region

That meeting opened on Monday.

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