OECS to ask ECCB to conduct analysis on its contribution to Regional Development Fund (40/2006)
BASSETERRE, ST. KITTS, FEBRUARY 16TH 2006 (CUOPM) – St. Kitts and Nevis is to approach the Basseterre-based Eastern Caribbean Central Bank (ECCB) to conduct the necessary analysis to determine the exact amount that the OECS Member States can contribute the Regional Development Fund.
Prime Minister and Minister of Finance, the Hon. Dr. Denzil L. Douglas speaking to reporters on the outcome of the recent 17th Inter-Sessional Conference of Heads of Government of the Caribbean Community, at his monthly Press Conference, said that St. Kitts and Nevis is committed to enter the CSM by the end of June, but that it was important that the Regional Development Fund be established “so that we can access in order to receive technical and financial assistance in areas where our own situation would have been negatively affected in becoming members of the CARICOM Single Market and Economy.”
He said while it was agreed that each Member State of the CARICOM Single Market will make contributions to that Fund, “we have not yet specifically outlined how the funds will be managed, what will be the prevailing conditions and circumstances which will dictate how you borrow and how much you actually contribute to the Fund.”
“My own position in that meeting, I must emphasise, is that we have a situation that is not only typical to St. Kitts and Nevis, but typical to all member territories of the Caribbean and that before we can agree on the amount that we will contribute to that Fund, St. Kitts and Nevis, and I urged the rest of the OECS, to ensure that our own Eastern Caribbean Central Bank, be asked to carry out the necessary analysis to determine how much we can contribute without having any negative effect on our already very serious indebtedness that we have in our various countries,” said Prime Minister Douglas.
“I am asking the Central Bank to do an impact analysis to determine in what ways can our already adverse debt situation become worse, if we were to contribute so much dollars to that Fund,” said the St. Kitts and Nevis leader.
He said the matter will be placed before the Eastern Caribbean Central Bank Monetary Council, which meets in St. Kitts on Friday when the Finance Ministers of the Eastern Caribbean who have membership in the Central Bank, are going to formally request the Central Bank to do this analysis.
“We are also asking that we would have special and differential arrangements for borrowing from that Fund, that there would be a lowered interest rate paid by us compared to the More Developed Countries that are members of the Caribbean Community,” said Prime Minister Douglas.
Photo: St. Kitts and Nevis Prime Minister, Hon. Denzil L. Douglas at his momthly Press Conference. (Photo by Erasmus Williams)
Copyright © 2005 By The Government Of St. Christopher (St. Kitts) & Nevis
BASSETERRE, ST. KITTS, FEBRUARY 16TH 2006 (CUOPM) – St. Kitts and Nevis is to approach the Basseterre-based Eastern Caribbean Central Bank (ECCB) to conduct the necessary analysis to determine the exact amount that the OECS Member States can contribute the Regional Development Fund.
Prime Minister and Minister of Finance, the Hon. Dr. Denzil L. Douglas speaking to reporters on the outcome of the recent 17th Inter-Sessional Conference of Heads of Government of the Caribbean Community, at his monthly Press Conference, said that St. Kitts and Nevis is committed to enter the CSM by the end of June, but that it was important that the Regional Development Fund be established “so that we can access in order to receive technical and financial assistance in areas where our own situation would have been negatively affected in becoming members of the CARICOM Single Market and Economy.”
He said while it was agreed that each Member State of the CARICOM Single Market will make contributions to that Fund, “we have not yet specifically outlined how the funds will be managed, what will be the prevailing conditions and circumstances which will dictate how you borrow and how much you actually contribute to the Fund.”
“My own position in that meeting, I must emphasise, is that we have a situation that is not only typical to St. Kitts and Nevis, but typical to all member territories of the Caribbean and that before we can agree on the amount that we will contribute to that Fund, St. Kitts and Nevis, and I urged the rest of the OECS, to ensure that our own Eastern Caribbean Central Bank, be asked to carry out the necessary analysis to determine how much we can contribute without having any negative effect on our already very serious indebtedness that we have in our various countries,” said Prime Minister Douglas.
“I am asking the Central Bank to do an impact analysis to determine in what ways can our already adverse debt situation become worse, if we were to contribute so much dollars to that Fund,” said the St. Kitts and Nevis leader.
He said the matter will be placed before the Eastern Caribbean Central Bank Monetary Council, which meets in St. Kitts on Friday when the Finance Ministers of the Eastern Caribbean who have membership in the Central Bank, are going to formally request the Central Bank to do this analysis.
“We are also asking that we would have special and differential arrangements for borrowing from that Fund, that there would be a lowered interest rate paid by us compared to the More Developed Countries that are members of the Caribbean Community,” said Prime Minister Douglas.
Photo: St. Kitts and Nevis Prime Minister, Hon. Denzil L. Douglas at his momthly Press Conference. (Photo by Erasmus Williams)
Copyright © 2005 By The Government Of St. Christopher (St. Kitts) & Nevis
