Guyana president warns of Regional bankruptcy

Guyana’s president Bharrat Jagdeo is warning that the Caribbean is on the verge of bankruptcy as many countries are spending more on servicing external debt.



Mr. Jagdeo has also reiterated his call for urgent debt relief by the international financial institutions.



Jagdeo, who heads a special CARICOM task force to assess the financial crisis in the region, told a media conference that the debt situation is worsening.



He says poor productivity and the heavy debt are the main factors contributing to the financial crisis in the region, and adds that the situation is further exacerbated by the global financial crisis, the reduction in exports, remittances and tourist arrivals.



During the recent meeting of CARICOM heads with top officials of the World Bank, the International Monetary Fund and the Inter-American Development Bank in Dominica, the region took the opportunity to highlight its case.



The World Bank president Robert Zoellick has said his organisation is willing to sending experts to the various Caribbean countries to assess their debt management strategies.