Regional funding for CDF relatively impressive

Feb 05, 2010 News

…despite global financial downturn

As Caribbean countries struggle to deal with the global financial downturn, with no end in sight, the deadline for the establishment for the CARICOM Single Economy, 2015, still looms.
To date the coffers of the Caribbean Development Fund (CDF) has acquired some US$80M, less than a third of the projected US$250M it is shooting for; with the entire sum coming from member states, despite the deleterious effect the crisis has had on most of the Caribbean countries’ economy, some of which are heavily invested in and dependent on tourism and its spin-off industries.
Financial Advisor to the CARICOM Secretary-General, Dr. Maurice Odle, told Kaieteur News recently that the CDF is still holding fast to its deadline date for the implementation of the Single Economy, which is an integral part of the Caribbean’s efforts to unite its people in every way under the CARICOM Single Market and Economy.
He noted that all of the operational elements for getting the CDF off the ground are in place; the relevant personnel have been recruited, certain strategies put in place, individual country needs have been reviewed and applications are being considered.
The Secretariat is hoping to get US$120M from member states and the remaining US$130M from International Donor Agencies and Financial Institutions, however that is proving more difficult than expected, due to the present global financial climate.
However, the CDF has been able to glean US$930,000 from Australia, another US$450,000 from Finland as well as indirect contributions from Turkey to individual member states.
The CDF is intended to help member states that are categorized as Less Developed Countries, come on par with the more developed nations. Questioned on Guyana’s position as it relates to these two categories, Dr. Odle advised that Guyana is now considered as being in the latter group and is now deemed as on par with the more developed states, most of which are members of the Organisation of Eastern Caribbean States (OECS).
The CDF headquarters are based in Barbados with the Barbadian Prime Minister, David Thompson, holding the position as lead Head for the Single Economy. That division is reportedly up and running.
Meanwhile, as it relates to the financial aid to flow through to the earthquake-shattered Caribbean state of Haiti, the provision of aid under the Caribbean Development Fund is provided for under the Revised Treaty of Chaguaramas and consultations are presently ongoing as to how much money will be allotted to Haiti in its reconstruction under this regime.
In relation to aid being sought from the International Financial Institutions and further aid from International Donor Agencies, Dr. Odle agreed that now is not the most ideal time to be seeking assistance from countries, as every country is grappling with their own financial situation, but he assured that aid has been promised and he doesn’t see the 2015 deadline as being in jeopardy as things can “turn around” before that time.
Aid is also being sought for individual Caribbean countries to help mitigate the impact of the global financial crisis, the Financial Advisor noted. Jamaica in particular has been hard hit.
Dr. Odle emphasized that eight Caribbean states are so far feeling the full brunt of the economic crisis, but that all member states are suffering in some way or another.
“I would say it is a difficult period to be mobilising resources,” he observed, however no extension on the deadline date is being considered in spite of this.
However, Caribbean states are still not entirely enthusiastic about the idea of regional economic integration. Only last year member states were being blasted for the lack of political will, but yesterday the Financial Advisor pointed out that at this juncture it is understandable to see why some members would find it hard to think of anything other than their own economic state and rebuilding their own economies.
Although the Single Economy is being touted as a means to financial stability for the entire region, a number of countries have expressed reservation as it relates to its implementation. The economic integration is also being touted as a benefit to states and an increase in options and size of markets, but some Caribbean governments are seemingly finding it hard to think along those lines, as they seek to grapple with the effects of their own nationalistic financial concerns.

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