CARICOM fighting back

Despite the challenges being faced by CARICOM as a result of the COVID-19 pandemic, this country’s Ambassador to CARICOM, David Comissiong, says the region’s premier organisation is prepared for the challenge.

In fact, in a statement released yesterday, he said that CARICOM has mobilised itself and laid the foundation for a “great fight back” this year. As part of that effort, he said they have made a decision to develop the Caribbean Economic Recovery and Transformation (CERT) Plan, which he noted has been modelled on the Barbados Economic Recovery and Transfor-mation (BERT) Plan.

He indicated that CERT is but one of the major programmes and structures being pursued this year and beyond. Apart from CERT, Ambassador Comissiong noted that regional countries are focused on finalising and approving the 2021-2022 Work Programme of CARICOM, and approving the 2021 Budget of both the CARICOM Secretariat and the Office of Trade Negotiations. Likewise, he said plans are on stream to finalise the process for the development of a ten-year – 2021-2030 – Strategic Plan for the Caribbean Community. His comments came as he said several of the seven stages in the development of the Strategic Plan have already been completed and a guide has been designed to deliver the Draft Strategic Plan to the CARICOM Heads of Government Conference in July.

As it relates to CERT, he indicated that CARICOM has established a high-level economic planning and advocacy Committee under the Chairmanship of Prime Minister Mia Amor Mottley, to develop and deploy a CERT Plan, which is intended to guide the region safely through the COVID-19 “minefield”. That committee, he indicated, is comprised of five Ministers of Finance or Economic Affairs, the Governor of the Eastern Caribbean Central Bank, and the Secretary-General of CARICOM, and has support from “some of our most brilliant Caribbean economists and economic planners”.

Ambassador Comissiong, referring to some of the key elements of the CERT, said that CARICOM will lobby at the international level for an increase in the International Monetary Fund’s special drawing rights allocation, to boost the quantity of foreign exchange available to regional countries. He said focus is also being placed on the refinancing of the debt that Caribbean countries have incurred on account of COVID-19, at very low, fixed interest rates and with a seven- to 10-year moratorium on repayment.

He went on to say that CERT will also seek to amend downwards and extend the fiscal and debt reduction targets that the international financial institutions expect Caribbean countries to meet, which would give the governments more fiscal breathing space. Likewise, he said the plan seeks to unlock increased financing from such international financial institutions as the World Bank, the International Monetary Fund, the Inter-American Development Bank, and the Caribbean Development Bank.

Comissiong added that another major programme relates to a systematic review of the 17 CARICOM institutions. This, he said, would ensure those entities remain relevant to the essential needs of our nations and people, are “fit for purpose” and capable of providing “equitable and gender-sensitive services”. He explained that the review process is projected to take one year, and the outcome is expected to be “a leaner, better co-ordinated and focused, and more efficient CARICOM”.

“So the year 2021 has begun with a “bang” for our Caribbean Community (CARICOM), and we must all now make a concerted effort to remain focused and to sustain and build upon this early momentum. But, if we are to do so, this will require that the people of our region be kept well informed of developments, and that the various consultative bodies and mechanisms that are built into the CARICOM structure be fully activated and utilised,” he stated.