States need to pull their weight, says Trinidad
Published:Wednesday | July 7, 2010 | 12:00 AM
WESTERN BUREAU:
Trinidad and Tobago is expressing grave concern about the US$20-million shortfall in the Caribbean Development Fund (CDF).
The US$250-million fund was set up to address economic dislocation, infrastructural development and the development of business enterprise across the Caribbean.
But according to Trinidad Prime Minister Kamla Persad-Bissessar, there are a number of island nations that have made no contributions, while her country has gone well beyond the call of duty.
"We have our own fiscal difficulties at this time. We won't be able to put that US$20 million in," declared Persad-Bissessar with conviction yesterday as she addressed journalists during a break in the CARICOM heads of government meeting in Montego Bay.
Last month, CARICOM was forced to urge Caribbean countries to pay their contributions to the CDF. In a CMC report, officials were quoted saying Jamaica had an outstanding balance of more than US$11 million. The country had only paid US$8.69 million out of the $19.69 million it had committed to.
Under the CDF agreement Barbados (US$11.48 million), Guyana (US$3.5 million); Suriname (US$4.54 million) and Trinidad (US$37.07) were expected to make an initial contribution totalling US$76.28 million, while less-developed countries were required to inject US$14 million.
Figures breakdown
The fund gets US$130 million from regional private-sector organisations and US$120 million from participating countries. However, Trinidad and Tobago disbursed US$37 million initially from its petroleum fund and another US$9.6 million recently.
"We have a situation where many of the islands have not made any contribution whatsoever and we (Trinidad) have gone way beyond," she said.
Persad-Bissessar also expressed displeasure that Sheldon Nichols, a Trinidadian, was ousted from the chairmanship of the CDF.
However, a reliable source told The Gleaner last night that Nichols, who was appointed by former Prime Minister Patrick Manning, resigned in July 2009, citing "pressures of work".
The current chairman is Dr Bernard La Corbinière, a St Lucian, and a former permanent secretary in the Ministry of Finance.
Another area of concern raised by the Trinidad prime minister was the removal of the fund's US$4-million ceiling.