7 News Belize

CARICOM Heads Meet
posted (February 16, 2016)
In last night's news, we had live excerpts from Placencia of the CARICOM Heads of Government meeting's opening ceremony.

It's a rigorously scheduled, 3-day session held to be held at the Ocean Club Hotel. Belize's Prime Minister, Dean Barrow, is presidens over the session as the current interim chair of CARICOM - a rotating position he will hold for the first half of this year.

And while we had live clips last night, tonight Daniel Ortiz has the full story from the meeting's first evening:

Daniel Ortiz reporting
The beautiful Beach Side of the Placencia Hotel was the location for the opening of the Twenty-Seventh Inter-Sessional Meeting of The Conference of Heads of Government of CARICOM.

The 15 Heads of Government of all the CARICOM Nations - except only one who was in transit - walked in together. Though they were being led this time by Chairman and Host Prime Minister Dean Barrow, but these were his equals, each a head of government. They were favorably impressed by Belize's hospitality for this meeting.

Ambassador Irwin LaRocque - Secretary General, CARICOM
"At the onset I want to thank the government and people of Belize for providing such a beautiful setting in which to hold this meeting. There is no doubt that our surrounds ally to the generous hospitality gives us every opportunity to conduct our affairs successfully. Prime Minister Barrow, the care that you've taken to provide such an environment is indicative of the value you placed on our integration movement and you dedication to the task of advancing it during your chairmanship."

Prime Minister Dean Barrow - Interim Chair, CARICOM
"To the front is our Caribbean sea, shared patrimony of CARICOM and SICA and the proud duality that Belize is heir to."

But, though the environment was scenic, and tended towards relaxation, these Government Leaders appreciated the urgency of getting to work as soon as possible. The outgoing Chairman of CARICOM passed on advice to his successor, Prime Minister Barrow

Hon. Freundel Jerome Stuart - Prime Minister of Barbados
"We have a head of us two and a half days of deliberations and variety of important matters, ranging from those which are relatively simple, to some which are multifaceted and complex. All require our undivided attention as well as focused and fine collegial discussion in a search for innovative and meaningful solutions to the array of challenges before us. I speak of the need for an unshakable commitment to unity in the face of adversity."

Prime Minister Dean Barrow - Interim Chair, CARICOM
"The precondition to this though is that we talk less and do more. If there is a perceived mismatch between CARICOM rhetoric and CARICOM achievement, we need to time down the rhetoric and step up the achievement."

So, what the focus of these deliberations?

Ambassador Irwin LaRocque
"All our member states are affect in varying degrees as the scourge of crime threatens our societies, our economies and our citizens' security. It is imperative that we take action as a region to stop the efforts of those who seek to destroy our well earn reputation a safe and `secure our societies. At this time we are also grappling with the Zika virus in some of our countries and the potentially devastating effects of our community. Our specialize CARICOM institution, The Caribbean Public Health Agency (CARPHA) has been on the forefront working with member states and other institutions in dealing with this challenge as it did with chikungunya. The agency has been discharging its responsibility purposefully and professionally proving laboratory testing services and sharing its expertise at both the national and regional level."

But, the issue most urgent to the Caribbean member states is the threat that de-risking poses to indigenous commercial banks in the region:

Ambassador Irwin LaRocque
"Mr. Chairman, today all member states face yet another existential threat and it is immediate. This arises from the withdrawal of correspondent banking services due to the arbitrary and unsubstantiated categorization of our region as a financial high risk area. This is despite our jurisdictions being compliance with institutional and regulatory standards established by the FATF, the global forum and other international bodies. Yet the global banks have reacted to the heighten regulatory emphasis in their own jurisdictions with de-risking strategies which either result in the withdrawal of corresponding banking relationship or restrictions on those services. Our region is inarguably one of those adversely affected by these de-risking strategies and our people have already begun to feel the consequences of such arbitrary decisions."

That's where Belize's financial technocrats might be most able to advise its sister nations, since they've already started to take certain steps.

Prime Minister Dean Barrow - Interim Chair, CARICOM
"It is therefore a matter of extremely large agenda in the next two days and has already been the subject of a dedicated finance ministers meeting this morning. Without prejudice to any other recommendations that will come to us from that meeting, I signal now that Belize will offer the following for consideration. Surely our respective country banks can get together across jurisdictions and as a block, approach target banks in the US for pooled correspondence services. That way we should be able to leverage the critical mass needed to make our business volume worthwhile in terms of the risk reward equation."

Ambassador Irwin LaRocque
"The Caribbean community has demonstrated time and again that it has resolve the capacity and the resilience to maintain the cost of integration. We have done so, aware that it is the only path that will provide a viable, prosperous and sustainable society for our people to enjoy. The deliberations over the next two days will advance that process. I do thank you."

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