TT
backs Caricom neighbours
Trinidad & Tobago Newsday
Petroleumworldtt.com 03 30 08
FINANCE
MINISTER Karen Nunez-Tesheira said this country
will not reduce its contributions to the Caricom
Petroleum Fund even as Venezuela continues to woo
Caricom countries to join its PetroCaribe initiative.
Addressing
a news conference at the Eric Williams Financial
Complex on Friday, Nunez-Tesheira underscored
Trinidad and Tobago’s continued commitment
to the Fund, which it started by announcing that
it would be “uplifted” from US$225
million to US$500 million through the creation
of a “special window” that would allow
countries like St Vincent and the Grenadines and
Dominica to access an infrastructural development
fund.
Stating that US$190 million has been disbursed
from the Fund to date, the Minister said Cabinet
took this decision because of its commitment to
regional integration.
She
explained that because this country controls
80 percent of trade in Caricom, it was in TT’s
interest to ensure the integrity of its regional
trade partners is not compromised. Nunez-Tesheira
said this commitment would not be swayed by PetroCaribe
and the Fund already has a window whereby OECS
countries could access its monies under the criteria
of poverty alleviation, natural disaster and national
security.
She further indicated that at the recent Caricom
Heads of Government summit in the Bahamas, TT agreed
to provide US$38 million to the Caribbean Development
Fund (CDF), other Caricom countries would provide
US$22 million and US$20 million would be transferred
from the Petroleum Fund to the CDF. Nunez-Tesheira
added that a total of US$250 million was required
to operationalise the CDF.
She
said there was lengthy discussion on “inter
connectivity” between regional stock exchanges
as the region moves towards the formation of a
single stock exchange and the creation of a Caricom
Single Economy, the final part of the Caricom Single
Market and Economy (CSME).
The
Minister said the OECS countries and the Caribbean
Exchange Network (which comprise TT, Jamaica and
Barbados) have reached different stages in this
regard and the consensus among Caricom finance
ministers was to “allow time to determine
the way forward.”
Story
from Trinidad & Tobago
Newsday
Trinidad & Tobago
Newsday
Sunday,
March 16 2008
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