Caribbean FinMins Pledge Discipline

The Caribbean’s finance ministers are pledging to ramp up their capital markets and be fiscally responsible. Trinidad’s Karen Nunez-Tesheira, called for greater integration with South America and pledged to raise the nation’s profile by making it an international financial center. Among several improvements the country is making to its capital markets are a new securities act and a new financial institutions act – both of which are set for consultation by congress, says Nunez-Tesheira. Broader enforcement and more rigid disclosure are also top priorities to increase transparency. Jamaican finance minister Audley Shaw pledges first and foremost to tackle debt reduction by seeking cheaper sources of financing. “We’re making a very aggressive pitch to multilaterals,” says Shaw, who notes 54% of Jamaica’s revenue goes toward debt service. He also embarked on a bid to make his country an international financial center. While acknowledging Jamaica’s weaknesses in education, crime and economic growth, he pledged intolerance against corruption and highlighted several legislation initiatives designed at eliminating money laundering and tax evasion. They were speaking at the Euromoney/LatinFinance Caribbean Investment Forum held in Trinidad last week.