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CARICOM Economic Summit in St. Lucia

Contact: Roger D. Joseph

Monday, July 08, 2002 – The Caribbean Community (CARICOM) has agreed to a suggestion by St. Lucia’s Prime Minister, Honourable Dr. Kenny D. Anthony, that a summit be held to review the state of the regional economy.

In his opening address to the just concluded Twenty Third Meeting of the Conference of Heads of Government of CARICOM held in Guyana, Dr. Anthony told his counterparts, “The Conference should be preoccupied with real and living issues facing our Community. For example, there is every reason at this time to focus our agenda on the economic crisis sweeping the region. This is an occasion to reassure our people, to deepen and strengthen our relationships with our social partners, and to offer practical advice that will shape our economic revival.”

To this end the Heads agreed to meet in special session in St. Lucia on August 16, 2002 to “further discuss the state of the regional economy”. They also agreed to appoint a Technical Team to come up with recommendations to be considered “in the elaboration of a programme to revive the regional economy and to build a foundation for future development”. To facilitate their work at the special session, the Heads of Government also established a technical committee to develop proposals for a regional stabilization programme including a Stabilization Fund.

In deciding on the special session to discuss the regional economy the Heads of Government noted that they were “conscious of the limited opportunities open to their countries due to their size and limited resources in this period of economic transition”. Nonetheless they expressed their determination “to address the challenges posed to their countries with vigour and creativity”.

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