Call for timely disbursements from CARICOM Development Fund

Chairman of COTED – CARICOM's Council for Trade and
Economic Development, the Honourable Oliver Joseph, who
is also Minister of Economic Development, Trade, Planning
and Co-operatives in Grenada, addressed participants at the
meeting held at the Accra Beach Hotel in Barbados.

A call has been made for more timely disbursements from the CARICOM Development Fund (CDF), where loans and grants have been approved.

Pointing out that the purpose of the Fund is to provide financial or technical assistance to disadvantaged countries, regions and sectors, Chairman of COTED – CARICOM’s Council for Trade and Economic Development, the Honourable Oliver Joseph, who is also Minister of Economic Development, Trade, Planning and Co-operatives in Grenada, issued a call for more timely disbursements of funds, stressing that his country is looking forward to a much anticipated disbursement.

Minister Joseph was speaking at the Third Annual Meeting of the Contributors and Development Partners of the CARICOM Development Fund, held in Barbados last Friday, at the Accra Beach Hotel.

“Over its short four-year life span, the CDF has progressively responded to the requests from the disadvantaged Member States to address the developmental challenges, although not always in a timely manner. Member States have complained of the slow process of disbursements,” he remarked.

Chief Executive Officer of the CARICOM Development Fund (CDF),
Ambassador Lorne McDonnough, goes through some paperwork
with Deputy Chairman, Dr. Alison Plummer, at the Third Annual
Meeting of the Contributors and Development Partners of the
CARICOM Development Fund, which was held in Barbados.

“Only this morning I raised with the CEO (Ambassador Lorne T. McDonnough) a concern of the Grenada Country Assistance Programme having been approved and now looking for disbursement,” he added.

“Given our fanatical situation, I indicated that we would be very, very grateful if by October we could receive our disbursement,” he stressed, noting that the timeliness of disbursements would likely be a topic for discussion at the meeting.

Minister Joseph pointed out the great value of the fund, noting that Member States have demonstrated commitment to the Fund by paying their contributions, despite the tough economic times. At present, he said, it is his knowledge that Country Assistance Programmes have been approved to all but one member state.

Acknowledging that actual disbursements were slower than projected for the year 2012, Chief Executive Officer of the CDF, Ambassador Lorne McDonnough, however noted that by the end of 2012, approved Country Assistance Programme (CAPs) loans and grants amounted to US$35.5 million for six of the eight beneficiary member states, though only just under US$10 million of this amount was disbursed.

Participants gathered in Barbados for the Third Annual Meeting of the Contributors and Development Partners of the CARICOM Development Fund.

“Actual disbursements were slower than projected at the beginning of the year, with the last two CAPs (Guyana and Dominica) being approved late in the third quarter of the year and thus not allowing enough time for roll-out of the programme. Only Antigua and Barbuda as well as Grenada, both of which were not yet financially compliant, did not have CAPs approved by the CDF Board by the end of 2012,” he noted, while later adding that Grenada is at this time now compliant.

The CEO added that the CDF continues to work closely with all member states, in the expectation that all eligible will benefit in the first funding cycle, which now ends in December 2014. (RSM)