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Dominica: OECS Focuses On Global Downturn

Posted by CaribShout on July 21, 2009 at 10:33pm
ROSEAU, Dominica, CMC - Finance Ministers from the sub-regional Organization of Eastern Caribbean States (OECS) meet here last Friday to discuss the impact the global economic crisis is having on their economies. Dominica’s Prime Minister Roosevelt Skerrit, who is also Finance Minister, will chair the 65th meeting of the Eastern Caribbean Central Bank’s (ECCB) Monetary Council taking over from Harold Lovell, Antigua and Barbuda’s Minister of Finance, the Economy and Public Administration. “We will be hearing from the various countries as to how they have been able to cope with the crisis, “Skerrit told reporters ahead of the meeting. He said that the St. Kitts-based ECCB had assisted in the development of an “Eight Point Stabilization and Growth Program” for the sub-region as part of the efforts to deal with the crisis. ECCB Governor Sir Dwight Venner said that the eight-point program includes fiscal reform, debt management, public sector investment, social safety nets, an amalgamation of indigenous commercial banks and the rationalisation, development and regulation of the insurance sector “One can only believe that, in these times of great uncertainty, the challenges faced will bring out the best in our people. We need stability, fortitude, unity and a strong sense of purpose to see us through these difficulties,” Sir Dwight said. The Monetary Council, which is the ECCB’s highest decision-making body, meets three times a year and Skerrit said that the plans to regulate the financial service in the sub-region following the recent problems confronting the Trinidad-based conglomerate CL Financial will also be a major talking point. Skerrit said that “tremendous progress” had been made in dealing with the financial problems associated with British American, one of the companies of the CL Financial Group operating in the sub-region. “While the Governments have no responsibility to the liability of British America, we are seeking to do everything within our own powers as Governments of the monetary union to ensure that we can save the investments of the depositors as far as practically possible. “We have made tremendous progress and we will continue to discuss this matter on Friday as well as the present world economic crisis,” he added.The one-day meeting will also receive the Governor’s report on monetary and credit conditions and will provide directives and guidelines to the ECCB as mandated by the 1983 accord that governs the operations of the financial institution.The OECS groups the islands of Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, Montserrat, St. Kitts and Nevis, Anguilla and the British Virgin Islands.

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