The Economic Commission for Latin America and the Caribbean (Eclac) and T&T have agreed to increase bilateral co-operation in economic development and energy. This is the outcome of a meeting between Eclac Executive Secretary Alicia Bárcena and Prime Minister Dr Keith Rowley in Santiago, Chile, on Monday.
Bárcena said: “We are totally committed to the Caribbean and we advocate so that their nations are not unjustly qualified as middle-income countries, a situation that complicates their access to financing.”
She said special attention should be paid to the triple vulnerability Caribbean territories suffer, manifested in the fact that they are deeply affected by climate change, have difficulties financing their economies, and are burdened with a high public debt which totals 70 per cent of the subregion’s gross domestic product (GDP) on average.
Bárcena also spoke of the need to reduce the debt of English-speaking Caribbean island states, including pardoning part of their debt to create a resilience fund that allows for financing climate change mitigation and adaptation efforts.
“We are ready to help you. We want to know what your needs are to provide assistance for overcoming the problems that affect the Caribbean today,” she said.
Rowley said he recognised that the debt problem is a challenge for Caribbean countries and called for Eclac’s proposal to be promoted at the highest level, especially among Caricom heads of state.
“Eclac’s work is fundamental in order for governments in our region to choose the most suitable public policies for their population,” he said.
Rowley said T&T is experiencing a “perfect storm ” and in addition to declining oil production, there has also been a drop in the price of commodities, creating a situation that has affected economic growth.
“For that reason, the advice and counsel that Eclac can give us to diversify our economy will be vital for deciding what course of action we must take,” he said.
Rowley is expected home today following a two day official visit to Chile.
His official delegation includes Foreign Affairs Minister Dennis Moses, Trade and Industry Minister Paula Gopee-Scoon, Energy Minister Franklin Khan, and Minister in the Office of the Prime Minister, Stuart Young.
