Delegation from Antigua to Advocate for Financial Relief from Persad-Bissessar Administration

A delegation from Antigua and Barbuda is currently being organized to address the Kamla Persad-Bissessar administration, aiming to secure financial relief for former policyholders of the defunct CLICO and BAICO insurance companies. This initiative follows the collapse of these firms over a decade ago, which left thousands of policyholders in distress.

Maurice Merchant, the Director General of Communications in the Prime Minister’s Office, confirmed that the team is still in the formation stage but will include representatives from the Ministry of Finance, Foreign Affairs, and Prime Minister Gaston Browne himself.

This new development coincides with Browne’s recent calls for the Trinidad and Tobago government, under Persad-Bissessar’s leadership, to honor a commitment to the Organisation of Eastern Caribbean States (OECS) made during her previous term.

This obligation, which is estimated to cost Trinidad and Tobago around US$60 million, is seen as critical for restoring public trust and support in the region.

Merchant stated, “The PM will be putting several proposals forward, not to create undue burdens on the Trinidadian government but to ensure workable solutions are reached.” He expressed optimism that discussions would recommence with the Trinidadian government, which had initially started negotiations with Persad-Bissessar during her last term.

The matter of the outstanding funds is particularly pressing, as the previous Dr. Keith Rowley administration failed to disburse the remaining balance of the financial commitment after Browne’s administration had previously paid US$40 million of the agreed US$100 million.

During a recent interview with Jamaican media at the 49th CARICOM Heads of Government meeting, Browne reiterated his hopes that with Persad-Bissessar’s return, the remaining balance would finally be addressed. He acknowledged, however, that Trinidad and Tobago is currently grappling with its own financial challenges.

The issue originates from a significant financial crisis precipitated by the collapse of CLICO and BAICO, which began in late 2008. The crisis had far-reaching effects across the Caribbean, particularly impacting Trinidad and Tobago, where CLICO was headquartered, as well as the OECS member countries.

Browne emphasized, “The Kamla (Persad-Bissessar) administration had agreed to provide US$100 million in compensation for the OECS countries, but unfortunately, the (Dr. Keith) Rowley administration did not honor the remaining US$60 million.” As discussions move forward, the hope remains that a resolution can be found to provide much-needed relief for those affected.