Fonseca represents CARICOM at IMF meeting

The Minister of Economic Development Ralph Fonseca represented Belize over the last two weeks at CARICOM and Commonwealth Finance Meetings in Jamaica and Cayman as well as attending the International Monetary Fund/World Bank Meetings in Washington DC. On September twenty-ninth he spoke to the Plenary Session of the IMF/World Bank Governor’s Meeting on behalf of Belize and fifteen CARICOM countries.

Ralph Fonseca, Minister of Economic Development

“The Caribbean will continue to cooperate with genuine attempts to strengthen the international financial system. However, the process needs to be fair, taking into the account the special circumstances of small economies.

On the issue of debt relief we generally welcome the G-Seven initiative and the enhance epic to assist countries where development and poverty eradication efforts are severely hampered by high debt service obligations. However, we need to point out that in CARICOM, members are both creditors and debtors. In this regard we would urge that consideration be given to this fact, in the deliberations regarding relief to members to ensure that relief granted to any one country should not be to the detriment of another.”

The CARICOM in mid-September dealt with the global financial crisis and its implications for the Caribbean as well as topics to be carried to the IMF meeting. These included the Small States Initiative, the Organization of Eastern Caribbean States’ report on “Harmful Tax Competition” and the Cologne Initiative for debt relief to poor countries. Last week the Prime Minister Said Musa, who led the delegation to the IMF/World Bank Meeting, met with US Secretary of State Madeline Albright and addressed the United Nations General Assembly.