Disband Central Tenders Board

Cabinet has looked at proposals for the disbanding of the Central Tenders Board. Addressing a post-Cabinet news conference on Thursday, Minister in the Ministry of Finance, Ken Valley said Cabinet considered the Green Paper on Reform of Government’s Procurement System at its regular meeting. Noting that there had been criticisms of the Central Tenders Board, Valley said the Report talked about disbanding the CTB and establishing policy procedures for the whole system of Government procurement. He said this would involve  decentralising the procedurement functions, while ensuring that all ministries and State companies are bound by the guidelines established, with strict penalties for failing to do so. 

He said the Green Paper would be introduced in Parliament in a few weeks. Cabinet also approved the White Paper on the Reform of the Financial System. This document will be laid in Parliament next Wednesday. It reviewed the various sectors — banking sector, capital market, insurance sector, pension industry, mutual funds industry, credit union sector, venture capital industry and suggested recommendations for reform. Valley said the vision guiding Reform of the financial sector was the creation of  a pan-Caribbean financial centre that is globally competitive, diversified and market-driven. He said Cabinet agreed to establish an implementation team to ensure that the recommendations are put into effect during the period 2004-2006.