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Not likely Guyana’s obligations to CARICOM will increase after oil

Jan 21, 2018 News

As the regional bloc continues to face some financial challenges, Minister of Foreign Affairs, Carl Greenidge, said that Guyana has been honouring its financial obligations.
On Wednesday, Minister Greenidge responding to reporters’ queries about the financial challenges faced by the Caribbean Community (CARICOM), said: “The financial challenges faced by CARICOM are not the result of failure by Guyana to make its contributions.”
The Minister did, however, explain that CARICOM has been facing these financial challenges since the 2008 economic recession which shattered the economies of several of its Member States.
While some have managed to rebound from the impact of the crisis, others have generally been unable to meet their financial obligations.
The pipeline of funds for various projects, according to the Minister, has become more restricted and that poses a difficulty for CARICOM, especially as the international community embraces a variety of new challenges (e.g. environment, global warming). Moreover, new institutions are established which sometimes require additional technicians and more funding, making it increasingly burdensome for most countries.
When asked whether Guyana may be asked to pay a larger financial contribution to CARICOM, due to the recent large oil find, Minister Greenidge stated: “No, but I wouldn’t expect responsible CARICOM governments to be demanding that you pay now in anticipation of revenues to appear in 2020 or beyond. We have always contributed to CARICOM development in accordance with our own capacity.”
CARICOM is one of the oldest integration schemes in the Western Hemisphere, the largest in terms of membership with fifteen nations. The main objective is to promote economic integration and cooperation among its members; the bloc of nations is financed through annual contributions by Member States.

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