The Heads of CARICOM Government met last week. Below are their plans to address the economic situation: THE ECONOMIC SITUATION FACING MEMBER STATES AND THE REGION: A FRAMEWORK FOR REGIONAL GROWTH AND DEVELOPMENT Heads of Government of the Caribbean Community addressed the issue of the future of CARICOM economies and expressed concern that the current adverse economic circumstances of burdensome debt, fiscal unsustainability and low growth continue to be inimical to the achievement of self-sustaining economic growth based on strong international competitiveness, innovation, productivity and flexibility of resource use. Heads of Government emphasised that this serious problem was a regional one and all our citizens should be aware that this period was difficult for all Member States and a time for sacrifice notwithstanding that a few Member States were performing better than others. The situation facing the Community was grave requiring the strength of a regional approach. The reversal of these economic circumstances was therefore of utmost importance to the future of CARICOM economies. Heads of Government agreed to deepen the regional framework for growth and development through the pursuit of a development strategy which engenders inclusiveness of all stakeholders and which would lift the knowledge base, innovation capability, and entrepreneurial capacity of CARICOM Nationals to engage in competitive, higher value-added economic activities. Specifically, the Conference noted the comments by foreign financial and economic commentators which tarnished the credibility of CARICOM Member States thereby affecting their ability to raise the financial resources required to drive growth and development. Further, Heads of Government reiterated their commitment to sound and prudent economic management even as they strived to overcome the challenges resulting from the worst economic and financial crisis of this century. Accordingly, Heads of Government agreed to give immediate consideration to – (i) design and execution of a resource mobilization strategy to facilitate targeted interventions by Governments to catalyse and ignite growth in CARICOM States; (ii) adoption of a stabilization and growth agenda which emphasizes the removal of constraints on competitive production as well as proactive facilitation and support for the private sector aimed at catalyzing growth in critical economic sectors; Heads of Government charged the Bureau of the Conference along with the Head of Government with Lead Responsibility for the CSME, Honourable Freundel Stuart, with the responsibility of advancing this decision and in this regard, the Secretariat would circulate a comprehensive programme within one month for the consideration of the Bureau. The full communique can be read here: caricom.org/jsp/communications/communiques/34hgc_2013_communique.jsp
Posted on: Fri, 12 Jul 2013 14:24:09 +0000
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