CARICOM Ministers Recommend Creation of Development Fund

Caribbean finance ministers agreed at a meeting in Kingston last week to create a $10-million development fund to be used in addressing any economic dislocation caused by the CARICOM Single Market and Economy (CSME), which will be implemented on January 1.

The meeting of the finance ministers took place at Kingston´s Jamaica Pegasus Hotel and was presided over by CARICOM Secretary General Edwin Carrington.

Caribbean News Digital has learned that recommendations of the ministers are to be studied by a technical team, compromising representatives from the Caribbean Development Bank and all central bank governors in the region.

This team is expected to examine and determine how funding would be arranged and how states would access the fund.

The technical team, the source said, will present its report to CARICOM´s Council for Finance and Planning, scheduled for Jamaica on January 24.