Trinidad and Tobago calls on IMF to reinforce support for Suriname, Haiti

Central Bank Governor Dr Alvin Hilaire has called on IMF constituency members to reinforce support for Suriname and Haiti.

Hilaire spoke at the IMF and World Bank annual constituency meeting on October 12, in Marrakesh, Morocco.

In a release, Hilaire was reported as calling for continued support for these countries through the IMF’s programme arrangement.

This comes as Suriname is undergoing the IMF's review process for its extended fund facility while Haiti grapples with domestic security concerns.

He also advocated for a well-funded Caribbean Technical Assistance Centre (CARTAC).

“TT has significantly benefited from the fund's capacity development through CARTAC. We continue to advocate for a well-funded CARTAC even if it means that the fund has to provide more of its own resources to ensure that CARTAC remains viable and nimble to the needs of the beneficiary countries,” he said.

Hilaire added that while TT is grateful for the resources donated by other countries, having to depend on donors can leave the country in a situation where training is limited by insufficient funds.

He also called for a review of the IMF’s quota system that does not dilute the quota shares of small developing states and the expansion of the Resilience and Sustainability Trust (RST) in a way that better addresses the needs of Caribbean countries.

“We support the efforts to expand the scope of RST. We take note that Barbados and Jamaica have availed themselves of this facility, which currently seeks to address long-term challenges of pandemic preparedness and climate vulnerabilities. However, in other Caribbean countries there are additional long-term macro-critical challenges that need to be addressed,” he said. “The link to having an upper credit tranche programme and the limited effective funds available given our small share of the quota can be seen as deterrents to accessing the facility.”