Guyana wants CARICOM’s solidarity in engagements with IMF/World Bank

Apr 06, 2021 News

Kaieteur News – Finance Ministers from across the Caribbean Community (CARICOM) this past week met virtually to prepare CARICOM’s agenda ahead of a scheduled upcoming meeting with the International Monetary Fund (IMF) and the World Bank.
The meeting—the Eighth Special Meeting of the CARICOM Council for Finance and Planning (COFAP)—was chaired by Senior Finance Minister, within Guyana’s Office of the President, Dr. Ashni Singh last Thursday.
The meeting was held virtually in accordance with the decision of the 32nd Inter-Sessional meeting of the Conference of CARICOM Heads of Government held in February 2021, which examined the supporting macroeconomic environment for the CARICOM Single Market and Economy (CSME).
According to a release from the Ministry of Finance, Thursday’s meeting involved the various Ministers from each jurisdiction meeting to exchange views on joint advocacy positions that they may wish to adopt during the upcoming IMF – World Bank Spring Meetings 2021.
It was noted that the meeting also addressed and reached agreement on a number of longstanding issues related to the CSME, including the CARICOM Policies on Credit Reporting, Deposit Insurance, Development and Regulation of the Regional Securities Market, as well as the CARICOM Financial Services Agreement and the intra-CARICOM Double Taxation Agreement.
In his opening remarks at the meeting, Minister Singh used the occasion to underscore that the meeting was taking place at a time when the Region was facing unprecedented economic challenges, resulting from the ongoing COVID-19 pandemic, which have brought into sharp focus the importance of speaking with a single unified voice on issues of shared interest at the upcoming IMF/World Bank Spring Meetings.
He used the occasion to also highlight the urgency with which progress is needed on many of the long outstanding issues that needs to be addressed to advance the supportive architecture for the CSME, and urged that these matters be dealt with conclusively and in a timely manner.
According to the Ministry, “the meeting subsequently saw significant progress made on many of these issues, and agreement was reached on the way forward with a number of the pending policies, while there was also consensus on the way forward with other items that require further discussion and consultation among Member States.”
Thursday’s meeting involved participation from several Prime Ministers, Finance Ministers, Central Bank Governors, and senior finance officials from around the region.

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