Sub-region confident of economic recovery

Nazim Burke is the incoming chairman of the ECCB Monetary Council

ST GEORGE’S, Grenada, CMC – The Eastern Caribbean Central Bank (ECCB) Monetary Council began a meeting here on Friday with the incoming chairman Nazim Burke hoping the Organisation of Eastern Caribbean States (OECS) will emerge from the recession next year.

Burke, who is also the Grenada Finance Minister, has based his optimism on a prediction of a 1.8 per cent economic growth in the sub-region.

“The recovery is slow and accompanied by a great deal of uncertainty. This situation is having a dampening effect on government revenue and is keeping unemployment at elevated levels,” said Burke, who took over the chairmanship of the Council from Dominica’s Prime Minister Roosevelt Skerrit.

“As a consequence of those realities the ECCU (Eastern Caribbean Central Union) is projected to underperform for a second consecutive year with a decline of 2.3 per cent being projected.  It is our fervent hope that the currency union will emerge from the recession next year when it is forecast to grow by 1.8 per cent”.

Burke, who will serve as Chairman of the Monetary Council for a one year period, said during his tenure, the Council’s top priority will be to maintain financial stability and resume economic growth adding that the bank will closely monitor threats to the region’s financial sector.

“The ECCB by itself cannot assure the stability of the financial systems. Governments and financial institutions must also play their part “said Burke, adding that governments have a “responsibility to regulate the non bank financial sector since the chain is as strong as its weakest link.

“ The implementation of single regulatory units across the currency union must remain a very high priority this year”.

The one-day meeting brings together finance ministers from the nine-member OECS region who will discuss the report of the ECCB Governor Sir Dwight Venner on the “Monetary and Credit conditions of the region”.

The meeting will also be updated on the Eight Point Stabilization and Growth Programme and receive reports from the various sub-Committees on economic reforms and financial issues.

This year marks the 34th year since the Eastern Caribbean dollar has been pegged to the United States dollar and Burke said “as the incoming chairman of the Monetary Council I wish to express the Council’s commitment to protect the integrity of the EC dollar, despite the challenges that confront us and in support of the development aims of the currency union”

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4 Comments

  1. Watching
    July 19, 2010

    @Thunder HorsePeople do not take ALBA at face value, because ALBA has its ulterior motive. Dominicans open eyes.There is never free lunch.

  2. Thunder Horse
    July 18, 2010

    @Prophet2: OECS is a group of islands competing against each other stealing whatevery profit they can get, what has it done for Dominica and less vulnerable economies. ALBA SAW OUR NEED AND ACTED.

  3. Only Observing.
    July 17, 2010

    We go see. Check the performance of the Grenadian economy under this guy’s watch. Grenada is seeing misery under this guy’s watch. He has the theoretical knowledge but is practically inept! Watch him well OECS.

  4. Prophet2
    July 17, 2010

    Long live the OECS and I wouldn’t be myself if I didn’t say….Down with ALBA.

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