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| Main building at the St. Kitts-based Eastern Caribbean Central Bank (ECCB) |
BASSETERRE, ST. KITTS, OCTOBER 20TH 2005 As St. Kitts and Nevis and other Caribbean nations continue to be affected by rising oil prices, OECS Ministers of Finance are in Basseterre to discuss the impact the drastic increases are having on their respective economies at a Board of Governors Meeting.
The St. Kitts and Nevis delegation to the Meeting is headed by Minister of State for Finance, the Hon. Nigel Carty in the absence of Prime Minister Dr. the Hon. Denzil L. Douglas, who is on an Official Visit to Japan. Other members of the St. Kitts and Nevis delegation are Acting financial Secretary, Mrs. Janet Harris and Financial Consultant, His Excellency Mr. Wendell Lawrence.
According to St. Lucia's Prime Minister and Minister of Finance, Dr. the Hon. Kenny Anthony a report entitled the Policy Responses to Oil Price Increases in the OECS Communities will be presented to the two-day meeting of the Board of Governors of the Eastern Caribbean Bank (ECCB).
Prime Minister Anthony, who recently took over the chairmanship of the ECCB Board of Governors from St. Kitts and Nevis Prime Minister and Minister of Finance, Dr. the Hon. Denzil L. Douglas, said his colleagues will also discuss issues relating to the relationship of the OECS member-states with both the International Monetary Fund (IMF) and the World Bank.
As a result of the rising world oil prices, several Caribbean nations have been forced to increase fuel, propane gas and electricity rates.
Last week, Prime Minister Douglas warned residents that with spiraling fuel prices worldwide, the Government was been forced to cease the present policy of subsidising electricity in St. Kitts and Nevis, already the cheapest in the Caribbean. He disclosed that while Government usually spends EC$15 million annually on diesel and other associated products, that amount was already spent in the first six months of this year.
During this week's Board of Governors Meeting, governors would also receive a report from Governor of the Central Bank Sir K. Dwight Venner, on the performance of the OECS economies for the last quarter.
The St. Kitts-based financial institution serves as a Central Bank for the OECS states of Anguilla, Antigua & Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines and Montserrat.
