CARICOM decides on way forward to tackle derisking

The twenty-Seventh Inter-sessional Meeting of the Conference of Heads of Government closed off today after two and a half days  Placencia. . As has been reported, one of the major issues of discussion at this year’s conference was that of de-risking by US Banks; an issue affecting the wider Caribbean Community. On Wednesday, the media was briefed on some of the decisions reached, particularly in relation to tackling de-risking. Pro Temp Chair of Caricom and Prime Minister of Belize, Hon. Dean Barrow explained the agreement for a high level advocacy group. The Prime Minister further elaborated on what the mission of that group would be and what the campaign would entail. The Heads of State of Caricom decided to band together in its approach to tackle the issue as it is a problem faced by all. The most affected Caribbean country by the de-risking of its banks is Monsterrat.  The chairman was asked to respond to the belief that something unsaid is driving the derisking phenomenon. In fact, the Prime Minister of Antigua said the crisis requires a political intervention and informed that CARICOM will write a letter to US president Barack Obama, something which Prime Minister Barrow confirmed:  What about corruption in government as a driver of the derisking phenomenon? It has been rumored as a factor but today Barrow dispelled it. Chairman Barrow also pointed out that they will look at regional insurance as a possible means of addressing derisking. He explains: However, Barrow did point out that the question of pursuing regional insurance will be long term as it is likely to take some time to work out.vlcsnap-2016-02-18-13h32m44s234vlcsnap-2016-02-18-13h32m35s900vlcsnap-2016-02-18-13h32m46s947

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