The Tribune

THE Bahamas joined other CARICOM countries in agreeing to establish a Caribbean Investment Fund to help stabilise failing economies in the region.

CARICOM Heads of Government made the decision at their 33rd Regular Meeting this month at Gros Islet, Saint Lucia.

In a Communiqué issued at the conclusion of the conference, the Heads also agreed to identify various sectors of the economy, including tourism, agriculture and construction as areas, which offered prospects for early resuscitation of economic growth.

Minister of Foreign Affairs and Immigration Fred Mitchell represented Prime Minister Perry Christie. He was accompanied by Minister of State for Finance Michael Halkitis, Minister of State for Legal Affairs Damian Gomez, and, Nicole Archer and Charmaine Williams, foreign service workers at the Ministry of Foreign Affairs.

High on the conference agenda were the growth and development of CARICOM member state economies, and the implications for the region of global economic circumstances.

The Heads also gave attention to developments in the financial markets, particularly those which have implications for major markets for CARICOM goods and services.

“Conscious that global financial and economic developments were merely compounding problems already existing in the region, Heads identified major factors that were integral to the difficulties being experienced and considered possible ways of addressing the high levels of unemployment which were also a threat to social stability,” the Communiqué said.

Heads determined that there was a need to re-examine policy approaches to growth and development and further agreed to review fiscal policy with a view to achieving a balance between taxation and expenditure to more adequately support economic growth and development.

Heads also called on the Caribbean Development Bank to structure its lending procedures and processes to assist in the thrust for growth and development and signalled their intent to engage multilateral financial institutions in the effort to buttress member states against external shocks.

In terms of foreign policy, Heads discussed the “profound” geopolitical and geo-economic changes taking place in the global economic environment and their implications for the community’s external relations and its economic and development well being.

“They were of the view that these changes presented challenges but also provided opportunities which needed to be exploited to the benefit of the community,” the Communiqué said.

Heads placed emphasis on the importance of enhancing the foreign policy co-ordination modalities of the community and stressed that foreign policy co-ordination was not only a guiding principle for CARICOM but also a necessary tool to achieve effectiveness in foreign policy.