Monsterrat Signs Off on ECCU 8 Point Growth Plan
http://www.caribbeanpressreleases.com/articles/6126/1/Monsterrat-Signs-Off-on-ECCU-8-Point-Growth-Plan/Page1.html
S Coward
By S Coward
Published on 08-Jan-10
Brades, Montserrat -- Jan. 8, 2010 -- Chief Minister Reuben T. Meade
on Tuesday signed off on the Eight-Point Stabilization and Growth
Programme which was developed in an effort to respond to the global
financial and economic crisis.
Plan being circulated to OECS members
Brades, Montserrat -- Jan. 8, 2010 -- Chief Minister Reuben T. Meade
on Tuesday signed off on the Eight-Point Stabilization and Growth
Programme which was developed in an effort to respond to the global
financial and economic crisis.
Also present at the signing were Resident Representatives Claudette
Weekes of Montserrat and Albert Lockhart of Antigua & Barbuda from
the Eastern Caribbean Central Bank.
The Eight Point Stabilization and Growth Programme consist of the following areas:
1. Financial Programmes – To identify a consistent set of macroeconomic policies and the financing requirements to stabilize the economies and provide the impetus for growth;
2. Fiscal Reform Programmes – To develop fiscal regimes that are conducive to economic growth and development and are sustainable over the medium term;
3. Debt Management Programmes – To provide a structured approach to effective debt management consistent with fiscal sustainability;
4. Public Sector Investment Programmes – To provide a stimulus for growth and transformation of the economies;
5. Social Safety Net Programmes – To provide support for vulnerable groups;
6. Financial Safety Net Programmes – To facilitate the restructuring and recapitalization of the banking and insurance sectors and strengthening of the regulatory and supervisory regimes;
7. Amalgamation of the Indigenous Commercial Banks – To allow the sector to take advantage of economies of scale and scope, efficiencies in operations and increasing opportunities for more diverse banking services; and
8. Rationalization, Development and Regulation of the Insurance Sector – To streamline the size of the insurance sector and improve the regulatory and supervisory infrastructure for insurance companies.
In September, three members of the Ministry of Economic Development and Trade and the Ministry of Finance participated in a boot camp to look at several of the programme areas in light of the global challenges and as preparation for the creation of the OECS Economic Union.
The growth plan is presently being circulated among all member states of the OECS for signing.
The Eight Point Stabilization and Growth Programme consist of the following areas:
1. Financial Programmes – To identify a consistent set of macroeconomic policies and the financing requirements to stabilize the economies and provide the impetus for growth;
2. Fiscal Reform Programmes – To develop fiscal regimes that are conducive to economic growth and development and are sustainable over the medium term;
3. Debt Management Programmes – To provide a structured approach to effective debt management consistent with fiscal sustainability;
4. Public Sector Investment Programmes – To provide a stimulus for growth and transformation of the economies;
5. Social Safety Net Programmes – To provide support for vulnerable groups;
6. Financial Safety Net Programmes – To facilitate the restructuring and recapitalization of the banking and insurance sectors and strengthening of the regulatory and supervisory regimes;
7. Amalgamation of the Indigenous Commercial Banks – To allow the sector to take advantage of economies of scale and scope, efficiencies in operations and increasing opportunities for more diverse banking services; and
8. Rationalization, Development and Regulation of the Insurance Sector – To streamline the size of the insurance sector and improve the regulatory and supervisory infrastructure for insurance companies.
In September, three members of the Ministry of Economic Development and Trade and the Ministry of Finance participated in a boot camp to look at several of the programme areas in light of the global challenges and as preparation for the creation of the OECS Economic Union.
The growth plan is presently being circulated among all member states of the OECS for signing.