Home  News Regional News New fiscal project for Eastern Caribbean
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New fiscal project for Eastern Caribbean |
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Saturday, 23 August 2008 |
BASSETERRE – Canada is providing CAN$7.2 million (US$6.7 million) towards a debt management advisory service for the Eastern Caribbean Currency Union (ECCU), the Eastern Caribbean Central Bank (ECCB) said Tuesday.
It said the Canadian International Development Agency (CIDA) project is designed to support measures to improve debt management in the ECCU.
The Eastern Caribbean Debt Advisory Service will help to establish appropriate institutional arrangements for effective debt management at the national level to aggressively manage and adjust debt portfolios, increase awareness and understanding of the implications of debt on growth and development.
It will also establish consistent standards for debt management among ECCB member states and ensure up-to-date statistics and data on national debt, including consistent application of the Debt Recording and Management System developed by the Commonwealth Secretariat, the ECCB said.
It said that an important component of the programme involves the dissemination of best practices to the wider Caribbean region.
Canadian High Commissioner to Barbados and the Eastern Caribbean, David Marshall, said he was pleased that Ottawa was funding the initiative, which reflects the joint commitment of the Canadian government and the member countries of the ECCU towards maintaining stability in the region through management of sustainable debt levels.
The agreement for the fund was signed by Marshall and the ECCB Deputy Governor General Trevor Brathwaite.
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