BASSETERRE, St. Kitts – DIALOGUE among the region’s financial policy-makers continues to address the Eastern Caribbean Currency Union’s (ECCU’s) eight-point stabilization programme in an attempt to adjust the region’s collective goals during changing economic circumstances.
The Eastern Caribbean Central Bank (ECCB) has provided the forum for such dialogue to thrive and has dubbed the week-long session as a ‘Boot Camp’. The event saw its official opening yesterday (Sep. 7), attracting policy-makers and economic planners from across the ECCU and a number of international financial institutions.
Five of the eight points within the ECCU’s stabilization programme are the main areas of discussion, as the region currently has the expertise and updated statistics to address those directly. The specified areas are financial programming, fiscal reform, debt management, public sector investment programmes and social protection programmes.
According to ECCB Governor Sir K. Dwight Venner, the idea of a boot camp signifies the serious nature of a regional coordinated response to the global economic crisis as a way to mitigate the effects on small and vulnerable states.
He noted that this week’s discussions on the five stabilization points should provide a “coherent strategic response” to the crisis, stressing that all of the points are closely related.
“All five things that we are looking at in this programme are linked. Financial programming, fiscal reform and debt management allow us to balance our domestic arrangements. If we do that well, then we are in a position to attract resources from abroad for the public sector investment programme (fiscal stimulus) and also to protect the population.”
Sir Dwight stated that early discussions indicated a need to constantly update statistical data so as to give policy-makers an accurate sense of how each country and its sectors are being affected. Discussions about maintaining social programmes and servicing debt were also key parts of yesterday’s launch.
Much emphasis was placed on the role the general public has in the response to the economic crisis. While the ECCB is committed to publishing press releases on a regular basis, the Governor maintained that the public should also gather information on its own.
“We have to craft a communication programme that will get to the ordinary citizens. The ordinary citizens have to understand that they have their role to play. They would be affected by this crisis some way or the other, and they will have to adjust their expenditures and the way that they participate in society.
“Therefore, citizens should try to get information on what’s happening. Read widely, listen to the discussions, make your contributions,” he stated.
During the Boot Camp, presentations are to be made by representatives from the Caribbean Development Bank, the Caribbean Technical Assistance Centre, the International Monetary Fund and the World Bank.
Following the event, recommendations would be passed on to the ECCB Board of Directors and then on to the OECS Monetary Council to decide the most appropriate way forward with the eight-point plan.
