Antigua and Barbuda’s Prime Minister Gaston Browne has called on Trinidad and Tobago’s new Prime Minister, Kamla Persad-Bissessar, to honor a past commitment to the Organisation of Eastern Caribbean States (OECS) regarding a US$60 million payment. This obligation stems from a financial crisis that began in 2008 with the collapse of Colonial Life Insurance Company (Clico) and British American Insurance Company (Baico), which had a significant impact on the Caribbean economy, particularly in Trinidad, where Clico was based.
During a recent Caricom Heads of Government meeting in Jamaica, Browne highlighted that the previous administration agreed to compensate OECS countries with a total of US$100 million, of which only US$40 million has been disbursed. He expressed hope that under Persad-Bissessar’s leadership, the remaining US$60 million could be addressed, suggesting a long-term bond arrangement to ease financial pressures on Trinidad and Tobago.
Browne also pointed out the need for discussions on the economic inequalities experienced by OECS nations within the Caribbean Single Market and Economy (CSME). He noted that Trinidad and Tobago plays a significant role as a supplier of goods to the OECS, which often leads to higher prices due to the Common External Tariff (CET) restrictions. He criticized the lack of contributions from more developed countries to the Caribbean Development Fund, which is meant to support less developed countries within the CSME framework.
The ongoing economic strain from the Clico and Baico fallout remains a crucial issue, with Browne advocating for a resolution to outstanding payments in US dollars, emphasizing the need for fair treatment among Caribbean nations. He remains optimistic that with the new administration, these longstanding issues can finally be addressed effectively.
