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Global financial crisis is not dividing CARICOM – Jagdeo

Dec 04, 2009 News

The fact that several CARICOM (Caribbean Community) countries are joining other groupings most times in order to secure some financial aid is not in any way dividing or splitting CARICOM.
This is according to CARICOM Chairman, President Bharrat Jagdeo, who recently told media operatives that the new alliances that have been forged with CARICOM members and other groupings is understood in light of the global financial crisis and its impact on the region.
According to Jagdeo, “We recognise the difficulties that the countries find themselves in.”
He pointed to the fact that many of these countries have received a reduction in tourism inflows as well as revenue from their financial sectors.
Jagdeo said that many of the countries have also seen a decline in remittances at a time when they already had fiscal problems.
Antigua and Barbuda could not meet some of its obligations such as paying wages and salaries and even had to default on some debts, he said.
Jagdeo also pointed to Jamaica which he said uses more that 100 per cent of its revenue to service debt.
The CARICOM Chairman emphasised that the region is faced with real problems.
“So while we have to deal with the long term structural issue, there is the issue of the debt and its servicing.
There is also the structure of the various economies among other things, according to Jagdeo.
He said that there is the immediate problem that the region faces, namely sourcing enough cash resources to meet the day-to-day needs of the cash-strapped countries.
Jagdeo added that the problems he mentioned were not problems created by sources within the region.
He said, too, that the economies have been declining for several years. “These were unsustainable in (the first instance)…then the financial crisis hit.”
That, according to Jagdeo, only compounded the problem even further.
Over the years several other groupings have evolved and some CARICOM states ,while still being active members of that grouping, are joining others.
Among the many new groupings are the Bolivarian Alliance for the Americas, the Union of South American Nations, the Commonwealth and the Rio Group.

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