Measures to help in financial crisis

BRIDGETOWN, Barbados: International financial institutions have agreed to a series of measures in response to the global financial crisis, following a meeting hosted at the Caribbean Development Bank (CDB) to develop a mechanism for support to the bank’s borrowing member countries.

The measures include a communications strategy to disseminate to all stakeholders the type of support available from the institutions, which will include a publication that will outline the support programs available from each institution; a mechanism to interface with the CARICOM Task Force on the Policy Implications of the Global Financial and Economic Crisis, and utilizing the upcoming Summit of the Americas in Trinidad and Tobago in April to broaden the dissemination of information relating to crisis response.

It was also agreed to set up a monthly meeting to share information on the development of each institution’s programs and to establish a focal point at CDB for co-ordination of the responses.

“Because of the extent and scope of the crisis, no one institution can provide the type and level of support likely to be required. In this context, co-ordination and collaboration with all development partners is critical,” the CDB said in a release.

The meeting, held last week, was attended by representatives of the Caribbean Regional Technical Assistance Centre, the Canadian International Development Agency, the United Kingdom’s Department for International Development, the European Union, the Inter-American Development Bank, the International Financial Corporation, the International Monetary Fund, the United Nations Development Program and the World Bank.

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