the status of monetary cooperation initiatives

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Finance Ministers within CARICOM will tomorrow examine preparations to usher in the CARICOM Single Economy (CSE) at the Thirteenth Meeting of the Council for Finance and Planning (COFAP), which convenes in Bridgetown.The discussions tomorrow will centre on critical issues relating to the CSE, including performance and convergence of CARICOM economies, the status of monetary cooperation initiatives, and fiscal policy coordination and harmonization in CARICOM.In a release issued yesterday, the Secretariat stated that ongoing single economy initiatives will also be examined.These include the CARICOM Investment Code, the CARICOM Financial Services Agreement, and the Legal Framework for the creation of an integrated capital market. In-depth discussions are also anticipated on reducing disparities in the single economic space.Delegates will receive an update on the start-up of the CARICOM Development Fund (CDF), which was launched in July 2008 to provide financial and technical support to disadvantaged countries, regions and sectors in their quest to fully integrate.The meeting will also consider the design of a CARIFORUM Window regarding the Economic Partnership Agreement under the CDF.Regional support for the economic transformation of Haiti will also be considered.COFAP, which has primary responsibility for economic policy co-ordination and financial and monetary integration, will determine the necessary policies the Region needs to adopt to tackle the current global economic and financial downturn.The impact of the global financial crisis topped the agenda of several other high-profile meetings of CARICOM, including the 24th Meeting Bureau of the Conference of Heads of Government and the 26th Meeting of the Council for Trade and Economic Development in November last, and the Third CARICOM/Cuba Summit in December 2008.The CARICOM Single Market and Economy (CSME) is CARICOM’s flagship programme.The Single Market was established in January 2006, and the Single Economy is to come on stream by 2015.