FINANCE MINISTERS of the Caribbean Community (CARICOM) will meet in Kingston, today to finalise plans for the operation of a critical element of the Caribbean Single Market and Economy (CSME), expected to be launched in January 2006.
CARICOM's Council for Finance and Planning (COFAP) will convene its First Special Meeting at the Jamaica Pegasus to make recommendations for putting into operation the Development Fund for Disadvantaged Countries, Region and Sectors.
The fund was established by the Revised Treaty of Chaguaramas establishing the CARICOM Single Market and Economy (CSME). It is intended to provide financial or technical assistance to those countries, regions and sectors which are determined to be adversely affected by the operation of the single market.
The revised treaty defines a disadvantaged country as those in the Organisation of Eastern Caribbean States (OECS) and Belize which have all been classified as Less Developed Countries (LDC).
SPECIAL SUPPORT MEASURES
Member states that may require special support measures of a transitional or temporary nature due to: natural disasters; the adverse impact of the CSME on their economies; and temporarily low levels of economic development or have been designated a Highly-Indebted Poor Country (HIPIC) have also been included in the category of Disadvantaged Countries.
The Finance Ministers will also discuss the manner of operation and management structure of the petroleum fund that has been established to cushion the effect of high oil prices on member states.
The use of these funds would be for poverty alleviation, implementation of disaster prevention or mitigation measures and disaster recovery in emergency cases. The fund, a proposal from Trinidad and Tobago, was agreed to in May 2005.
The Ministers, during their one-day meeting, will also advance work on the implementation structure for establishing an integrated capital market in the community.
