AIDS seriously affecting Caribbean economies

HIV/AIDS is seriously affecting the Caribbean economy, according to deputy Governor of the Central Bank of Trinidad and Tobago Dr Shelton Nicholls, who yesterday explained further spread of the killer disease could have a severe effect on the macro-economic stability of the Caribbean region, specifically regarding the regional labour force. As such, the Central Bank along with the International Monetary Fund (IMF) will tackle this issue at its seminar on the developmental challenges facing the Caribbean region, which begins today at the Hilton Trinidad.

The seminar which continues tomorrow, will explore a number of themes including the question of the viability of current developmental strategies for the region, stabilising debt and fiscal policy and the sources of growth and competitiveness in the Caribbean region. It is one in a series of seminars and conferences to be held this year to mark the 40th Anniversary of the TT Central Bank. Tonight the AIDS epidemic will be closely examined by Sir George Alleyne, Chancellor of the University of the West Indies and Ambassador for AIDS in the Caribbean. “It is not strange for the Central Bank to be promoting a discussion on this notion,” Dr Nicholls said, “because AIDS does have macro-economic consequences. If in a country like ours the epidemic increases for one reason or another, it costs the economy and there are also consequences for our labour force.”

Dr Nicholls, who yesterday addressed a press briefing at the Hilton Hotel, described this seminar as timely since it provided an opportunity for the region’s policy makers to re-examine strategies for development which they were currently pursuing. This would allow them to devise new mechanisms to take the region forward as a whole. The Central Bank, he explained, has also placed the timing of the conference in context with Trinidad and Tobago’s vision to achieve developed nation status by the year 2020. Today’s session, Dr Nicholls noted, sets the stage for a broader discussion on Caribbean economic development since these discussions focus on the issue of development strategies and whether they were in need of change or progressive in a way to benefit the region.

Additionally, the IMF will address the question of how the Caribbean economy has succeeded in adjusting to changes propelled by the global environment. “We also want to examine the actualy sources of growth and competitiveness in the Caribbean,” he said. “This is a vital area because it is one of the areas for the future.” Tomorrow’s session will explore four major themes, particularly the issue of poverty, the question of education reform, the challenges facing the strengthening of financial market and the critical subject of regional integration.