G-20 promise not met

CARICOM Secretary General, Edwin Carrington, is reporting that countries of the region are yet to benefit from a promise made by the world’s industrialised countries to restore credit, jobs and growth in the world economy.



In the US$1.1 trillion pledged by G-20 leaders, included an allocation of US$750 billion for an emergency resources account at the International Monetary Fund, which is used to help nations in the financial crisis.



Also included was US$250 billion for new Special Drawing Rights, which is an international reserve asset used by the IMF to supplement the existing reserves of member countries.



The leaders also agreed to provide at least US$100 billion of additional lending to multilateral development banks and ensure US$250 billion in support for trade finance.



Mr Carrington, who held talks with officials of the National Secretariat for the Commonwealth Heads of Government Meeting says Caribbean countries have not yet seen any significant in flow from that.



He says CARICOM has also not yet heard or seen any significant change in policies of the IMF as an example.



Mr Carrington is hoping more pressure can be brought on the IMF for adjustment in its policies to facilitate access by CARICOM countries.