Antigua and Barbuda Prime Minister Gaston Browne, right, and Trinidad and Tobago Foreign and Caricom Affairs Minister Sean Sobers make their way to a plenary session at the 49th Regular Meeting of the Conference of Heads of Government of Caricom in Montego Bay, Jamaica, yesterday (Photo Credit Trinidad Gurdian)
Antigua and Barbuda Prime Minister Gaston Browne is calling on the new Kamla Persad-Bissessar Government to fulfill a commitment made to the Organisation of Eastern Caribbean States (OECS) during the time of the People’s Partnership government—an obligation that would cost Trinidad and Tobago approximately US$60 million.
During an interview with Jamaican media, held on the sidelines of the recently concluded 49th meeting of CARICOM Heads of Government in Jamaica, Prime Minister Browne expressed his hope that with Persad-Bissessar’s return as T&T Prime Minister, the balance will be paid. He noted, however, that T&T is facing its own financial challenges.
“So, we’re not even asking for all of it to be paid at once. It could be a long-term bond, payable at a low interest rate over an extended period in order to reduce the cash flow impact. But those are negotiations that we hope to have with Kamla (Persad-Bissessar). And I remain hopeful that we’ll be able to resolve the issue,” Browne said.
The issue traces back to a major financial crisis that arose from the collapse of two significant Caribbean insurance and financial companies: Colonial Life Insurance Company (Clico) and British American Insurance Company (Baico). This crisis, which began in late 2008, had a severe impact across the Caribbean, particularly affecting T&T—where Clico was based—and the OECS.
“About a billion dollars was lost by EC (Eastern Caribbean) depositors. Those are funds that were invested by Clico/Baico in the Trinidad economy. And we felt that there should have been greater participation of Trinidad and Tobago in the resolution of the issue. Now, the previous Kamla (Persad-Bissessar) administration had agreed to provide a compensation of 100 million US dollars for the OECS countries, of which 40 million US dollars is paid. Unfortunately, the (Dr. Keith) Rowley administration did not honour the remaining 60 million US dollars,” Browne explained.
While Persad-Bissessar did not attend the CARICOM meeting in Jamaica, PM Browne mentioned that sending a small OECS delegation to T&T for discussions could be a feasible option. “Mohammed will go to the mountain,” he remarked.
Wa the man a watch Gaston so for? Better go speak to your PM and watch World Boss with respect
This is a litmus test for Caribbean unity. If we cannot support one another after a crisis of this magnitude, how do we expect to build a resilient, integrated regional economy?
caricom never really was
The OECS will never see that money. People says anything in heat of a conference meeting and never fulfills it.
Gaston keep coming back with that money forever. Keep trying gassy. Maybe one day you will be pleasantly surprised and recieve the millions you so grateful desire
Yes PM thank you for advocating for those of us who have lost lost thousands.I hope she does honor their obligation
This is more than a debt; it’s a test of regional solidarity. If we don’t stand by each other after financial disaster, are we truly integrated?