{"id":242678,"date":"2025-07-10T07:58:11","date_gmt":"2025-07-10T11:58:11","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=242678"},"modified":"2025-07-10T07:58:12","modified_gmt":"2025-07-10T11:58:12","slug":"antigua-pm-to-tt-govt-pay-up-outstanding-us60m","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/antigua-pm-to-tt-govt-pay-up-outstanding-us60m\/","title":{"rendered":"Antigua PM to T&T Govt: Pay up outstanding US$60M"},"content":{"rendered":"
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SOURCE: TRINDAD & TOBAGO GUARDIN-<\/strong> Antigua and Barbuda <\/a><\/strong>Prime Minister Gaston Browne is urging the new Kamla Persad-Bissessar Government to fulfil a commitment made to the Organisation of Eastern Caribbean States (OECS) during the tenure of the People\u2019s Partnership government\u2014an obligation that would cost Trinidad and Tobago approximately US$60 million.<\/p>\n\n\n\n

This matter stems from the massive financial crisis that originated with the collapse of two major Caribbean insurance and financial companies: Colonial Life Insurance Company (Clico) and British American Insurance Company (Baico).<\/p>

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This crisis, which began in late 2008, sent shockwaves across the Caribbean, particularly affecting T&T (where Clico was headquartered) and the OECS.<\/p>

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\u201cAbout a billion dollars was lost by EC (Eastern Caribbean) depositors. Those are funds that were invested by Clico\/Baico in the Trinidad economy. <\/p>\n\n\n\n

And we felt that there should have been greater participation of Trinidad and Tobago in the resolution of the issue.<\/p>

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Now, the previous Kamla (Persad-Bissessar) administration had agreed to provide a compensation of 100 million US dollars for the OECS countries, of which 40 million US dollars is paid. <\/p>\n\n\n\n

Unfortunately, the (Dr Keith) Rowley administration did not honour the remaining 60 million US dollars,\u201d Browne explained to Guardian Media during a lunch break at the 49th meeting of Caricom Heads of Government in Jamaica yesterday.<\/p>

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Browne said with the return of Persad-Bissessar as T&T Prime Minister, he is hoping the balance will be paid. He, however, acknowledged that T&T has its own financial problems.<\/p>

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\u201cSo, we\u2019re not even asking for all of it to be paid at once. It could be a long-term bond, payable at a low interest rate over an extended period in order to reduce the cash flow impact. <\/p>\n\n\n\n

But those are negotiations that we hope to have with Kamla (Persad-Bissessar). And I remain hopeful that we\u2019ll be able to resolve the issue.\u201d<\/p>\n\n\n\n

Persad-Bissessar did not attend the ongoing Caricom meeting in Jamaica.<\/p>\n\n\n\n

However, PM Browne said the option of sending a small OECS delegation to T&T is a viable option to discuss the matter.<\/p>\n\n\n\n

\u201cMohammed will go to the mountain,\u201d he said.<\/p>\n\n\n\n

The Clico and Baico fallout had a particularly severe and disproportionate impact on the Organisation of Eastern Caribbean States (OECS) and the Eastern Caribbean Currency Union (ECCU).<\/p>\n\n\n\n

The OECS\/ECCU region had the largest exposure to Clico and Baico as a share of their GDPs, with some countries\u2019 exposure reaching as high as 15 per cent of their 2009 GDP.<\/p>\n\n\n\n

OECS governments were forced to undertake costly interventions and bailouts to mitigate the crisis and protect policyholders.<\/p>\n\n\n\n

This placed a severe strain on their national budgets and significantly increased public debt.<\/p>\n\n\n\n

Browne said the inequities faced by OECS members in the Caribbean Single Market and Economy (CSME) framework were discussed during yesterday\u2019s meeting. And again, he referenced T&T.<\/p>\n\n\n\n

\u201cThere must be some benefit for the OECS countries. You\u2019d find, for example, that the MDCs (more developed countries), they produce most of the goods that we consume.<\/p>\n\n\n\n

Trinidad and Tobago, for example, is like a supermarket to the OECS. A lot of the goods that we consume, they\u2019re imported from Trinidad and Tobago,\u201d he said.<\/p>\n\n\n\n

\u201cBut we can also source goods extra-regionally at a cheaper price. But the CET (Common External Tariff) precludes us from importing those goods, even from the Dominican Republic, for example, where we can get better prices. So technically speaking, we are subsidising prices for the MDCs.\u201d<\/p>\n\n\n\n

He said within the treaty, there is the Caribbean Development Fund (CDF), which is required to assist countries displaced as a result of the CSME to assist in capacity building but MDC\u2019s have failed to meet their subscription to the CDF.<\/p>\n\n\n\n

OECS countries have felt that the Caricom arrangements, particularly the CSME, have historically disadvantaged their manufacturing sectors, he said.<\/p>\n\n\n\n

St Vincent and the Grenadines Prime Minister Dr Ralph Gonsalves recently used the phrase \u201cMonopoly money\u201d to describe T&T\u2019s currency due to the severe difficulties Vincentian traders face in converting their earnings in TT dollars into hard foreign currency.<\/p>\n\n\n\n

PM Browne said he would never refer to any Caricom member\u2019s currency in that manner.<\/p>\n\n\n\n

However, he said, \u201cBut in terms of settling these outstanding invoices in US dollars, understanding they\u2019re small amounts, three million US dollars, I don\u2019t know that is insurmountable. <\/p>\n\n\n\n

So, as far as practicable, I believe that Trinidad and Tobago should settle, and to settle in the appropriate currency, that is US dollars. And it\u2019s a work in progress. <\/p>\n\n\n\n

These issues that have been raised now for several years, and we\u2019re hoping that the new administration will give a tangible effect to resolving these issues.\u201d<\/p>\n\n\n\n

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CLICK HERE TO JOIN OUR WHAT\u2019S APP GROUP SOURCE: TRINDAD & TOBAGO GUARDIN- Antigua and Barbuda Prime Minister Gaston Browne is urging the new Kamla Persad-Bissessar Government to fulfil a commitment made to the Organisation of Eastern Caribbean States (OECS) during the tenure of the People\u2019s Partnership government\u2014an obligation that would cost Trinidad and Tobago […]<\/p>\n","protected":false},"author":12,"featured_media":242679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-242678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nAntigua Barbuda Faces Financial Obligations Ahead - Antigua News Room<\/title>\n<meta name=\"description\" content=\"Explore the latest updates on Antigua Barbuda and the call for Trinidad and Tobago to fulfill its financial obligations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/antigua-pm-to-tt-govt-pay-up-outstanding-us60m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antigua PM to T&T Govt: Pay up outstanding US$60M\" \/>\n<meta property=\"og:description\" content=\"Explore the latest updates on Antigua Barbuda and the call for Trinidad and Tobago to fulfill its financial obligations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/antiguanewsroom.com\/antigua-pm-to-tt-govt-pay-up-outstanding-us60m\/\" \/>\n<meta property=\"og:site_name\" content=\"Antigua News Room\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/antiguanewsroom\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-10T11:58:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-10T11:58:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mlavawteztbj.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/07\/image-3.6418376.722745.20250708014548.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1753\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"anr_staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:site\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"anr_staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/antiguanewsroom.com\/antigua-pm-to-tt-govt-pay-up-outstanding-us60m\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/antiguanewsroom.com\/antigua-pm-to-tt-govt-pay-up-outstanding-us60m\/\"},\"author\":{\"name\":\"anr_staff\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/f66ae26f5698168092c3ef9bccb12038\"},\"headline\":\"Antigua PM to T&T Govt: Pay up outstanding US$60M\",\"datePublished\":\"2025-07-10T11:58:11+00:00\",\"dateModified\":\"2025-07-10T11:58:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/antiguanewsroom.com\/antigua-pm-to-tt-govt-pay-up-outstanding-us60m\/\"},\"wordCount\":893,\"commentCount\":26,\"publisher\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/antiguanewsroom.com\/antigua-pm-to-tt-govt-pay-up-outstanding-us60m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1182\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/07\/image-3.6418376.722745.20250708014548.jpeg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/antiguanewsroom.com\/antigua-pm-to-tt-govt-pay-up-outstanding-us60m\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/antiguanewsroom.com\/antigua-pm-to-tt-govt-pay-up-outstanding-us60m\/\",\"url\":\"https:\/\/antiguanewsroom.com\/antigua-pm-to-tt-govt-pay-up-outstanding-us60m\/\",\"name\":\"Antigua Barbuda Faces Financial Obligations Ahead - 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