CARICOM looks to IDB for Rescue Package

Contact: Julita Peter

Wednesday, October 17, 2001 -- Caribbean Community (CARICOM) countries are looking to the Inter-American Development Bank (IDB) for a rescue package to cushion the adverse impact which a global economic downturn, aggravated by last month’s terrorist attacks on the United States, is having on their economies.

At last week’s emergency CARICOM summit in the Bahamas, which Prime Minister, Hon. Dr. Kenny D. Anthony attended, the heads of government decided to establish a high level regional delegation to put together a concrete plan of action detailing the region’s emergency financing needs, for presentation to the IDB. They agreed that this and other decisions required speedy implementation.

Given the fact that security has become a major international concern following the terrorist attacks on the USA, the summit considered measures, including the need to improve intelligence gathering, to improve the region’s security.

The CARICOM heads also decided to restructure the Regional Negotiating Machinery (RNM). The main changes involve the creation of the position of  the Director General which merges the previous functions of Chief Negotiator and Chief Technical Advisor, and the choice of Jamaica as the site of the RNM’s main office following the closure of the London office. The RNM, which previously operated its main office from Barbados, is responsible for looking after the region’s interest in hemispheric and global trade negotiations.

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