Eastern Caribbean Debt Management Advisory Service Agreement signed

BASSETERRE, ST. KITTS, NOVEMBER 14TH 2008 (CUOPM) – An agreement aimed at improving debt management in the countries making up the Eastern Caribbean Currency Union (ECCU) has been signed.

The agreement was signed Thursday between the Government of Canada, acting through the Canadian International Development Agency (CIDA) and the Eastern Caribbean Central Bank (ECCB).

The ECCB said that CIDA, represented by Minister Counsellor Douglas Williams, CIDA Head of Aid for Barbados and the Eastern Caribbean, and Sir K Dwight Venner, Governor of the ECCB, signed the Contribution Agreement of seven million two hundred thousand Canadian dollars (CAD$7,200,000.00).

Accordingly, the Canada-Eastern Caribbean Debt Advisory Service will help to establish appropriate institutional arrangements for effective debt management at the national level to aggressively manage and adjust debt portfolios; increase awareness and understanding of the implications of debt on growth and development; establish consistent standards for debt management among ECCB member states; and ensure up-to-date statistics and data on national debt, including consistent application of the Debt Recording and Management System developed by the Commonwealth Secretariat.

An important component of the programme involves the dissemination of best practices and lessons learnt to the wider CARICOM region. 

Minister Counsellor Williams expressed pleasure that Canada, through CIDA, will partner with the ECCB in executing this initiative.

This project reflects the joint commitment of the Government of Canada and the member countries of the ECCU towards maintaining stability in the region through the management of sustainable debt levels.