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Caribbean Explores Fiscal Cooperation

Tuesday, March 9, 2010

Ahead of the World Bank meeting, to be held on March 11-12, where CARICOM Finance Ministers will meet to discuss challenges that the region faces, CARICOM Secretary General, Edwin Carrington said it was vital for Caribbean economies to increase economic cooperation and remove fiscal barriers, for the prosperity of the region going forward.

Addressing the Fourteenth Meeting of the Council for Financing and Planning, in Port of Spain, Trinidad and Tobago, Carrington said that the forthcoming meeting, to be held in Dominica, between CARICOM government leaders and the World Bank President Robert Zoellick, would be crucial for identifying “new and viable approaches to the treatment of some of the major challenges facing the region,” adding that the Community could only succeed through “determined united regional action.”

Underlining the message, Karen Nunez-Tesheira, Minister of Finance for Trinidad and Tobago highlighted the need for swift cooperation towards “the regulation of the region’s financial sector, fiscal strategies, marketing of the Caribbean brand and inward investment policies.”

She said that “concrete decisions” were necessary to buttress regional development, and tangible progress of the CARICOM Single Market and Economy was essential to fortify the regional financial architecture for greater financial stability and most importantly, to enhance the quality of life for all Caribbean citizens.