At CARICOM, IMF Head Says Caribbean Challenges Linked to Global Economy

By Office Of The Prime Minister Of Jamaica, PRNE
Sunday, July 4, 2010

Prime Minister Golding And IMF Director Strauss-Kahn Praise Renewed Partnership With Caribbean Community

MONTEGO BAY, Jamaica, July 5, 2010 - Jamaica's Prime Minister Bruce Golding and International Monetary Fund
Managing Director Dominique Strauss-Kahn met today at the CARICOM summit at
Rose Hall Resort in Montego Bay, Jamaica. On the agenda for the summit are
matters of trade, economic and financial issues, the recovery of Haiti post
earthquake, human and social development, climate change and the environment,
and the oil spill in the Gulf of Mexico. The regional issues the leaders are
addressing are inextricably tied to broader global concerns.



Director Strauss-Kahn said that while the global economic crisis is not
over, there is a positive outlook, saying, "Caribbean countries have a chance
to put an end to the negative cycles of high debt and low growth…This is an
opportunity to put public finances on a sustainable path and take measures to
raise productivity." Strauss-Kahn stressed his confidence in Jamaica and
commended Prime Minister Golding for the results achieved to date under the
IMF program.

Prime Minister Golding acknowledged that the region faces significant
challenges, and spoke of the vulnerabilities of Caribbean countries. "Our
economies have been severely dislocated by the global recession." The Prime
Minister welcomed the additional resources provided by G20 countries through
the IMF and other multilateral agencies, but pointed out that the conditions
for accessing these funds require deflationary fiscal and monetary policies
that leave beneficiary countries with no room to effectively address the
development dimension of the fight against crime. Director Strauss-Kahn
agreed that countries cannot be put on track without addressing the links
between crime and the damage it does to their economies.

Prime Minister Golding urged the international community to help
countries like Jamaica to find more creative ways to deal with these
challenges and urged that more incentives be provided to countries that
manage their debt, and keep fiscal deficits down, but can't make the
necessary investment in critical areas like education and infrastructure.

The 31st Meeting of the Conference of Heads of Government of the
Caribbean Community (CARICOM) is taking place from July 4-7, 2010 in Montego
Bay, Jamaica
. Heads of Government from CARICOM states and Associate Member
states, and special guests are in attendance, including United Nations
Secretary General Ban Ki-moon and the Secretary General of the Organization
of American States, Jose Miguel Insulza.

Photos from the conference are available at and on the
Jamaica House Facebook page. Streaming video is available at

Alternate Contact: Communications-Office Prime Minister-Jamaica

Tel: 876-9260244 or 876-560-0707

Jessica Ross, +1-876-818-3491, +1-703-994-9731, jessicaberkross at, for the Office of the Prime Minister of Jamaica

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