Economic crisis response coming

The Office of the Prime Minister is reporting that the Cabinet is now working out more measures to respond to the worsening effects of the global crisis.



In December last year, Prime Minister Bruce Golding announced a $784 million plan aimed at stimulating the battered local economy.



Last night, the Office of the Prime Minister said the Cabinet has taken note of the declining international situation.



It pointed to last weekend’s World Bank report indicating that developing countries will face a shortfall of US$700 billion this year.



The World Bank also said private capital inflows to emerging markets will collapse to 17 percent this year compared with the 2007 levels.



However, the Office of the Prime Minister has sought to assure that it is seeking to deal with the likely fallout.



The Office of the Prime Minister said Budget matters were among the main agenda items during yesterday’s Cabinet meeting.