P.M. Barrow joins President Obama at summit opening

The world has its eyes on the Caribbean tonight. Thirty four regional leaders and hundreds of delegates and media from around the world gathered today for the Opening Ceremony of the Summit of the Americas in Trinidad. The only country not present was Cuba but it was the country most referred to by the leaders who shared the podium at the opening ceremony. But before the opening, Air Force One landed in Port of Port of Spain. The dignitary on board was no other than the forty fourth president of the United States, Barack Obama, whose presence has placed tremendous hope for the Caribbean. In addition to Obama, other leaders who addressed the auspicious event included Argentina which hosted the fourth Summit of the Americas, current host Trinidad’s Patrick Manning, Central America represented by Daniel Ortega, and CARICOM represented by Belize’s Prime Minister Dean Barrow.

Dean Barrow, CARICOM Chairman
“Our economies are extremely opened as reflected in average trade to G.D.P. ratio of more than seventy percent, added to that foreign investments accounts for a very significant proportion of out total capital formation and further still, the communities highest earner and largest employer tourism, is crippled in consequence of its market being predominately drawn from the two regions most severely affected by the crisis, Europe and North America. So steep has been the declined of tourist arrivals that some location have reported a drop of more than two-thirds in visitors flow and hotel occupancies and with a absent of surpluses to fund large scale stimulus packages there fair is that should the global crisis persist for the next twelve months, a large proportion of our population will regret into poverty, we will then be even more unable to contain an already unacceptable high level of violent crime. Indeed a bit more of our community and the hemisphere has for sometime been the phenomenon of every increasing crime fuel the large part by trafficking illicit drugs and arms and by deportees from the developed countries. In the Caribbean, we are sandwiched between the largest producers of cocaine to the south and the largest consumer countries to the north but the pencil of God has no eraser and so the policies to deal adequately with trans-national crime and citizen security must not only be multi-dimensional in scope but anchored by real international cooperation. Mr. Chairman, heads, ladies and gentleman, on this question about multi-lateral assistance, the old saw remains true that is an air wind that blows no good, thus we in the Caribbean look forward to least positive development from the international crisis the opportunity to reform of the global financial architecture. We therefore particularly welcome the declaration of by the G-twenty of the determination to reform and modernize the international financial institution to ensure they can assist members and shareholders effectively in the new challenges they face. Even more critical is the assurance the emerging and developing economies, including the poorest must have greater voice and representation. In our region, the I.D.B. has become the major source for financing for Latin America but since 1995 when the eight replenishment was approved, the banks yearly lending volume have been steadily increasing, jumping by seventy-five percent in the two years between 2006 and 2008. In the context of the current circumstances it is necessary that there be a now a major effort at recapitalization. My calculation in this regard suggests we’re looking at an immediate need for a one hundred billion to resuscitate both the ordinary capital resources and the concessional fund for special operation.”