TT considering Fund cut

The Trinidad and Tobago Government is cutting its monthly payments to the CARICOM Development Fund (CDF).



The Trinidadian Government says it’s reducing the payments because of the impact of the global financial crisis.



Mariano Browne, a minister in the Finance Ministry, says the government can reduce the volume of its contributions since some elements of the fund are not yet being utilized.



Trinidad and Tobago, the largest CARICOM economy, reportedly contributed US$12.4 million in 2008.



This makes it the largest contributor to the fund.



Member states contribute to the fund through a formula that takes into account their size, per capita income and other minor indices.



The CDF, which was launched in July last year with US$67 million was set up to provide financial and technical assistance to disadvantaged member states and sectors.



Member states are expected to have access to the fund by mid 2009.