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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’s Partnership government—an obligation that would cost Trinidad and Tobago approximately US$60 million.
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).
This crisis, which began in late 2008, sent shockwaves across the Caribbean, particularly affecting T&T (where Clico was headquartered) and the OECS.
“About a billion dollars was lost by EC (Eastern Caribbean) depositors. Those are funds that were invested by Clico/Baico in the Trinidad economy.
And we felt that there should have been greater participation of Trinidad and Tobago in the resolution of the issue.
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.
Unfortunately, the (Dr Keith) Rowley administration did not honour the remaining 60 million US dollars,” Browne explained to Guardian Media during a lunch break at the 49th meeting of Caricom Heads of Government in Jamaica yesterday.
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.
“So, we’re 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.
But those are negotiations that we hope to have with Kamla (Persad-Bissessar). And I remain hopeful that we’ll be able to resolve the issue.”
Persad-Bissessar did not attend the ongoing Caricom meeting in Jamaica.
However, PM Browne said the option of sending a small OECS delegation to T&T is a viable option to discuss the matter.
“Mohammed will go to the mountain,” he said.
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).
The OECS/ECCU region had the largest exposure to Clico and Baico as a share of their GDPs, with some countries’ exposure reaching as high as 15 per cent of their 2009 GDP.
OECS governments were forced to undertake costly interventions and bailouts to mitigate the crisis and protect policyholders.
This placed a severe strain on their national budgets and significantly increased public debt.
Browne said the inequities faced by OECS members in the Caribbean Single Market and Economy (CSME) framework were discussed during yesterday’s meeting. And again, he referenced T&T.
“There must be some benefit for the OECS countries. You’d find, for example, that the MDCs (more developed countries), they produce most of the goods that we consume.
Trinidad and Tobago, for example, is like a supermarket to the OECS. A lot of the goods that we consume, they’re imported from Trinidad and Tobago,” he said.
“But 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.”
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’s have failed to meet their subscription to the CDF.
OECS countries have felt that the Caricom arrangements, particularly the CSME, have historically disadvantaged their manufacturing sectors, he said.
St Vincent and the Grenadines Prime Minister Dr Ralph Gonsalves recently used the phrase “Monopoly money” to describe T&T’s currency due to the severe difficulties Vincentian traders face in converting their earnings in TT dollars into hard foreign currency.
PM Browne said he would never refer to any Caricom member’s currency in that manner.
However, he said, “But in terms of settling these outstanding invoices in US dollars, understanding they’re small amounts, three million US dollars, I don’t know that is insurmountable.
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’s a work in progress.
These issues that have been raised now for several years, and we’re hoping that the new administration will give a tangible effect to resolving these issues.”
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Firstly, It was rather disappointing to see that Trinidad and Tobago did not attend the recent summit. As a key player in Caricom, the Trinidad and Tobago Prime Minister’s absence from the recent Caricom summit was not just disappointing but it shows the level of interest that she has in the regional body. In fact, Trinidad and Tobago was not even represented at the summit. It’s little wonder that some of the OECS countries are questioning their continued involvement and participation in Caricom. And even in her absence Prime Minister Browne was making known his desire in seeing Trinidad and Tobago fulfill its US$60 Million debt commitment and obligation made to the OECS under former PM Keith Rowley’s administration. This stems from the financial crisis that originated from the collapse of Colonial Life Insurance and British American Insurance Companies. . Whether or not PM Kamala Presad Bissessar UNC government would honour it is another matter.
Here we go again. We have a Prime Minister not only standing up for the interest of Antigua and Barbuda, but of the entire OECS that suffered from the demise of the CLICO Financial Group. And may I remind people that under the UPP Social Security lost about $7million of their investment and Medical Benefits lost aboutn$17million. Yet Lovell thinks he can make noise about the PM handling of Social Security. He needs to thank the PM for having saved Social Security and is now looking at making it even stronger in the future with sound investment vehicles(Jolly Beach Propperty). When this deal comes to past it will simply mean that a prime beach property is back in Antiguan and Barbudans hand.
@ Audley Phillip Did you read the article?
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.
Kamala Persad-Bissessar made that agreement in her previous stint as PM not Dr Rowley.
@Bertaboi July 9, 2025 At 10:04 am
Thank you for correcting him, before I did. He keeps on spewing things he doesn’t know anything about. He likes to think of himself as a social and political commentator. But he talk on every issue without having the facts or understanding the issue. The PM had to put him straight more then once already.
@less we forget.
This is not tit for tat dude.. you keep talking about UPP like they are still running the country. You are talking about 16-17 years ago dude.
And if you really want to be honest, UPP were in office at the time of the greatest economic collapse in American history..and let me remind you, that over 50% of Antiguan’s revenue comes from the US.
So even though I don’t give UPP a pass, you are talking apples to oranges.
To be honest, I think Lovell did a wonderful job under those kinds of pressure. Quite frankly I’m surprised that only $24m was lost under those conditions.
Meanwhile your golden boy GB was laid a golden egg from the golden goose, and he still found a way to eff it up.
@ Islanman26 Was it $24m lost or did the economy contracted by 22%? That was the worst of any Caribbean country!
@Islanman26 July 9, 2025 At 2:46 pm
It seems that you also do not have a clue, an iato of what you are talking about. You first confuse the contraction of the economy with a miseraybly $24million dollar lost. Lovell as Finance Minister was the worst ever Antigua had. Or who knows the Caribbean. The negative growth of the economy was:
Here’s a breakdown of the GDP changes during that period:
2009: Real GDP slumped by 11.96%.
2010: Real GDP declined by 7.84%.
2011: Real GDP declined by 1.96%.
2012: The economy began to recover, but exact growth figures for this year are not available in the provided search results.
2013: The economy saw a slight contraction.
2014: Real GDP rose by 0.9%.
Please before you speak do your research. You sound stupid to say it mildly.
https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=AG&name_desc=true
Try this link from the World Bank to educate yourself
And this is how much the economy grew in real dollars
Nominal GDP:
2014: Around $1.42 billion.
2015: Around $1.45 billion.
2016: Around $1.63 billion.
2017: $1.535 billion (official exchange rate).
2020: $1.779 billion.
2021: $1.861 billion.
2022: $1.937 billion.
2023: $2.016 billion.
2024: $2.098 billion.
And our PM is aiming to have a $3billiion economy by the end of this year.
Don’t ever compare loser Lovell to our Financial Wizzard Hon. Gaston Alponso Browne.
You just made my point joker. All that GDP growth, and where is Antigua now?
We still have to take out bonds to fix basic infrastructures like roads, water, electricity, and yet those 3 infrastructures are grossly inadequate. So yes you made my point that Antigua should have been 10-15 years ahead of its time, but yet still Antiguan’s are driving on dirt roads, water is sparse at best, we don’t even have basic toilets down town, not even a proper public park for kids to play, no real growth in this porous immigration system, taxes were raised,and the list is endless.
So you just made my point, Mr clueless.
Where is all the money that you just so gloriously entailed? That’s my point exactly.
So please learn to understand before you respond. My argument is not about Antigua not growing, but the gain in minimal as to where it should be if we had a man who knows what he was doing.
Again, more money came into Antigua at any point in Antigua’s history as a Country, and where are we? We can’t even get a proper financial system for crying out loud. You have people lined up in line for hours just to get their money out of their bank accounts.
So,yes Mr clueless. You just made my point with all your glorious figures.
I’m not disputing that Antigua hasn’t grown, but very little for what GB had in his coffers.
And another point @lest we forget.
ABLP came in with great grand promises, so we are looking for more than just a trickle down growth,we are looking for the grand things that were promised, not what we have presently. The people spoke in the last election,and you barely won, so go figure.
So watch going forward, because the people are the ones who have the votes.
I think that by now everybody recognizes the intellectual paucity of both “Oddly” and even more so of Islanman (if that can be imagined) These two in particular have demonstrated their impotence in contributing meaningfully to discussions of national importance.
Wa the man a watch Gaston so for? Better go speak to your PM and watch World Boss with respect
This is a litmus test for Caribbean unity. If we cannot support one another after a crisis of this magnitude, how do we expect to build a resilient, integrated regional economy?
caricom never really was
CLICO policy holders in the OECS are EXPECTING the exact same settlement nothing less that were given to the TRINIDADIANS, BAJANS, GUYANESE and ST LUCIANS CLICO POLICY HOLDERS.
Who is responsible?
In a letter dated January 18, 2001 from Colonial Life Insurance Company (Trinidad) Limited, P.O. Box 1865, Redcliffe Street, St. John’s, Antigua, W.I.; signed by Leroy C. Parris, President and sent to policyholders:
‘Dear Client:
We wish to inform you that Colonial Life Insurance Company (Trinidad) Limited will be reorganizing its operations in Antigua and Barbuda and the other Eastern Caribbean Territories in which we operate.
The reorganization is necessary due to the growth of the Company regionally. A necessary consequence of the reorganization has been the incorporation in Antigua and Barbuda of CLICO International Life Insurance Limited.
This new company is a wholly owned subsidiary of CLICO Holdings Barbados Limited and will be responsible for the servicing and administration of the insurance portfolio of Colonial Life Insurance Company (Trinidad) Limited, in Antigua and Barbuda and the Eastern Caribbean. CLICO International Life Insurance Limited, CLICO Holdings Barbados Limited and Colonial Life Insurance Company (Trinidad) Limited are all subsidiaries of the parent company C.L. Financial Limited in Trinidad.
This new structure will allow us to further expand and better and anticipate your changing needs in this dynamic market place. We have, however, devoted our efforts to ensure that all services previously available will continue.
CLICO sees itself as a pre-eminent insurance institution in the region and our new structure will allow us to better serve your needs in the 21st century.
Please contact our Customer Service Representative at 480-3250 to resolve any queries you may have.
We thank you for the confidence you have place in us over the years and look forward to your continued support.’
The OECS will never see that money. People says anything in heat of a conference meeting and never fulfills it.
@Islanman26 July 10, 2025 At 12:20 am
“You just made my point joker. All that GDP growth, and where is Antigua now?”
Asking me that question tells me you have no clue about Antigua’s standing in the Caribbean and Latin America. For at least four consecutive years Antigua and Barbuda has been rated as the second fasted growing economy in Latin America and the Caribbean. What of that don’t you understand? And when it comes to our Debt to GDP we now stand at 68%.
(from the internet)The country’s debt-to-GDP ratio is projected to be around 67.3% by 2025.
When I read your question about why we still take out bonds to finance infrastructural development, I can see your lack of understanding how an economy works. First of all, you need to know that Antigua doesn’t print money like the USA and many other countries. And should we have that tool, we still wouldn’t be wise to just print money. We need to always focus on growing the economy. Now what does that mean? I wish the UWI Five Island would hold a Public Education in collaboration with the ECCB on how does the Economy work. We, the educated on economic issues, take it for granted that people like you would understand this simple economic principle. I will try to put it simple. If an employee works for a company and receives a salary of $1000. The company makes millions of profits in a year. Do you think that his/her salary would increase because of that? No. his/her salary remains the same. First of all, let me explain GDP in its simplest form. Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period. Government revenue has nothing to do with that. The government should position itself to indirectly benefit from increased tax and fee revenue. Note that it is one of the major ways governments earns money. For this reason, governments are now issuing passports for sale. CIP. It is a non-tax way to earn money. Taxes have a way to take money from the citizens and bring it into the state Treasury. Now we know in Antigua the ABLP has a philosophy about Income Tax. The UPP introduced it, and we have seen how that worked out for the economy. People had less monies to spend, disposable Income, while the government got more money. It brought the economy to a slowdown and almost a halt. When the UPP came to office the economy was around $500million. They increased it in their first years to about $900million. Thereafter it started to decline. It’s like you have a Pie of 30inches to share, and then things go bad, and your pie is getting smaller. And now your pie is 20inches. The result is the people will feel the squeeze of having to do with a smaller pie cause one thing you have to remember, it’s not shared equally. That is why we are now dealing with Per Capita Income that is flawed because of that. We have a saying, that the Rich are always getting Richer and the Poor are getting Poorer. Our Prime Minister is championing the MVI, Multidimensional Vulnerability Index. This will allow the lenders not only to look at our Per Capita Index. I hope you can still follow.
So the government has grown the Pie, but that has not translated into the Government has at the same time grown its revenue intake at the same rate. But the economy is burning. We have seen certain tax measures are being put in place to deal with that. But people by nature do not like to pay taxes. So, we focus on selling more passports. Non-Tax revenue.
I don’t know if I’m being simplistic enough to show you that growing an economy, which is the main task of any government doesn’t always translate into growing the governments revenue. That is what you call Cash Flow. Your Fiscal Space is totally different from your economy. Another example. A company has increased its sales by 100%, however the sales are mostly on credit and the customers are not paying. That still leaves the company with cashflow problems and they have to borrow money from the bank to stay in business. Their cash flow has not improved. Lester Bird used to always say it. We do not have an economic problem; we have a cash flow problem.
And when you say ABLP came in with lots of promises and where are we now. It tells me again, you and the rest of the UPPiet have no positive look at all on what is going on around you. We have to import skilled construction labor, Cement the main staple in construction is scares. You bring in a shipment today and before you even offload it, it is gone. People cannot get professionals like Plumbers, Electricians etc. to come and look at small jobs. They are all loaded with work. Antiguan are buying cars like bread. Especially during the December tax reduction. Hadeed had over 50 pickups parked and within a week they were all gone. Furthermore. Antigua and Barbuda has been the HOT SPOT for holding large international conferences. We had SIDS, thereafter we had the CTO, then we had the OAS and now we are looking forward to next year COMMONWEALTH HEADS of Government. With our own KING CHARLES in Attendance. What more do you want to look at, not to be proud of this country of ours. A real blessed country. With a Prime Minister send by GOD at the right time. God Bless Antigua and Barbuda. (And you UPP supporters keep your head in the ground like an ostrich or run around like chicken little screaming the sky is falling. All you do is preach doom and gloom. People start to wonder what is happening with you guys.
Are you excuse Audley Phillip jack
That Dominican queen contestant messed with his head and he just can’t seem to get over it.
Always spewing nonsense and trying desperately to convince himself that he’s some kind of “expert”.
Who can forget the rubbish shitty article he wrote about the Venezuela plane in Antigua
@islander July 10, 2025 At 8:03 am
it seems you are confusing the Investment arm with the Insurance arm of CLICO. The Insurance are was safe. The Investment arm is where investors lost all their monies. They were promised high return on CD’s and other Mutual Funds. It was too good to be true. And indeed it was. Investments without risk does not exist.
Boy I tell you….
Reading the comments I am wondering how a story about Trinidad honoring a promise made regarding the collapse of CLICO and BAICO turned into a commentary about ABLP and UPP?
Antiguans really don’t have anything better to do and throw red or blue paint?
Get a grip people!!!
Im a carful driver with an SUV and it cost me approximately 5000 dollars a year for the past 3 years I’ve been here. Not including gas. Most of that is repairs from the absolutely unacceptable roads, if you can call them that. Only the rich can afford new cars because they can afford to fix them. Good lord give these people some sense. Vote for who will do the job for you, not for colors.
All I hear is record this, record that. JUST FORGET about GDP, it’s useless talk. Because I can’t see any progress with this so called growth. , just back foot and foot to my ass. People. Get your heads out of the sand, the country has been hit a fork in the road and you have to change your mindset. Don’t be taken advantage of
@less we forget.
You ain’t talking to no fool dude.. you can spit that foolishness to other dumb Antigua’s,but not me.
Yes Antigua has a viable GDP, and yes it has grown, but again, where did the bloody peoples tax money went to?
All a government is responsible for is to manage the peoples money, that’s it. So if you have a large growing GDP, then you have more revenue coming into the governments Treasury by way of taxes and duties. Antigua Government does not print money, so it’s main revenue comes from those things I just mentioned.
In turn, the Government takes the money(taxes) and maintain all public facilities with that said money. That’s all it’s task to do. So if GDP grew, then it simply means more taxes and duties for the government to work with, but in Antigua we have public infrastructures that are failing miserable.. roads, schools, water management, electricity management, hospitals, police buildings, and all other public(government) structures.
So where all that damn taxes went to? All the money that was raked in from the growth in more employment, tourism, port duties, car fees! (More tax monies)
So yes money came in, and there was more employment, more sales of goods (ABST), so where did the Government put that money into?
I can tell you where..into their pockets.. we have a massive government, one of the biggest for such a small island, many of the taxes were not collected by GB, same with SS..so what GB did was left all the monies out there in his cronies pockets.
Yes a few dollars were spent here and there, but where is the rest, and if the money is in the Treasury, why would GB raise taxes and fees across the board?
So, there you go with all your numbers, but it’s not matching up with infrastructure growth. The math ain’t mathing dude!
Yes we have a growing GDP, but the people cannot see the money with the amount of taxes the were collected (or were all of it not collected). The growth of a nation is always reflected by way of government, in its infrastructure @less we forget, not how many cars the citizens have in their driveway.
So wheel and come again with your nonsense.
So go after those out-standing tax dollars out there, those out-standing SS funds that were not turned in by GB friends, reduce the size of the government, lower taxes on the people, then you can come back and chat you bs.
So if that’s not miss management, you tell me? All this “GDP” but no growth..
Huuumm!!!.
@The Wire July 10, 2025 At 3:49 pm
it seems you belong to the very same group of UPPers I was talking about. They cannot see nothing good happening, because they have their head stuck in the sand and they are full of hate.
The mere fact that you drive an SUV and can afford to spend $5000 on reprairs per years tells me life must be good for you to be able to afford that. And as you say you are driving an SUV, not a Vitz or Fits. But don’t worry, every complain you guys have is taken off the table one by one by this CAN DO government. Soon all you will complain about is having it so good. As they say, Antiguans have it so good that they even complain about the Sun shining too hot. My gardner is not begging me to cut the grass anymore, I have to beg him to please make time to come and cut it. He has too many clients. And they are getting lots of competition from caricom gardners who have learned about the rates paid for gardening here. To cut grass of a normal yard of quarter acre is $200.00. St. Lucia it is $40.00. Washing your car just outside and sweeping inside a bit has gone now to $70.00. And you want to tell me things bad. Chicken little go around and screem the sky is falling.
@Islanman26 July 11, 2025 At 12:04 am
I know you won’t learn a thing about what I wrote. but that is in you guys nature. You do not want to be educated. You want to remain wilfully dumb. That is the only way you can life with the reality of having a ABLP in power that is doing 1000% better than any UPP government can or would ever do. And arguing with stupid people is one you will not win.
“Never argue with stupid people, they will drag you down to their level and then beat you with experience”
So I leave you in your stupidity.
BONDS can be issued by the EASTERN CARIBBEAN CENTRAL BANK (ECCB) to cover the amount owed to the OECS CLICO policyholders, with INTEREST on the reducing balance back by shipments of PETROLEUM PRODUCTS from TRINIDAD AND TOBAGO to the affected OECS countries monitored by the ECCB until the debt is REPAID.
The so called MOST DEVELOPED COUNTRIES (MDC)need the LESS DEVELOPED COUNTRIES (LDC) money to fuel their economies and they treat you like if you are DISPENSABLE.
Assurance from CLICO International Life Insurance Limited that your investments are safe.
In a letter dated February 13, 2009, from Colonial Life Insurance Company Limited, “Clico Corporate Center”, Walrond Street, Bridgetown, Barbados, P.O. Box 713C; signed by Mr. Geoffrey Brewster, President, and sent to policyholders:
Dear Policyholder,
The Board of Directors, Management and Staff of CLICO International Life in Barbados and the Eastern Caribbean wish to thank you for your continued loyalty in the company. Your contribution has been pivotal in assisting the company to place its firm footprint in the economies of Barbados and the Eastern Caribbean and this is evident in the many developmental projects we have given back to our people.
CLICO International Life in Barbados and the Eastern Caribbean has maintained a balanced portfolio which has increased our return on investment and reduced the risk of variability of the return on the whole portfolio. We hold firm to the statutory framework which has enabled us to withstand external shocks while achieving steady economic growth and business development over the last five years.
As a Caribbean company, we remain an excellent choice for our policyholders across the region, who can be assured that their confidence is not misplaced. We remain a reputable, profitable and well managed operation. While we empathize with our colleagues in Trinidad & Tobago with the liquidity concerns in CLICO Investment Bank and CLICO Trinidad, we wish to assure you that your investments in of CLICO International Life Insurance Limited are safe.
We are buoyed by the reassurances by the Governments of Barbados and the Eastern Caribbean as well as the Governor of the Central Bank and the Supervisor of Insurances in Barbados. We have an excellent team of Financial Advisors and Administrative staff who continue to be excellent ambassadors adhering to the principles of strong corporate governance while maintaining integrity in our reporting systems.
Thanks to your continued loyalty and investment confidence, we wish to assure you that we will regain momentum …for “CLICO is People”.
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