Caribbean leaders seek to give their economies a new lease on life

Leaders of the Caribbean Basin wrapped up Saturday a two-day meeting to step up efforts for the reactivation of the region’s economy in the face of troubled times. Five of the fourteen member states of CARICOM (Caribbean Community) have slumped in the last couple of years with no GDP growth at all.

More hardship is looming over the near future of tourism and other sectors due to spiking oil prices and a possible war in Iraq.

The creation of a $50 million stabilization fund is one of the tools under consideration to head off this situation. A final decision should be made in the meeting of the monetary council scheduled for February 28, the press release points out.