As part of the response to the ongoing fiscal and debt challenges faced by the countries of the Eastern Caribbean Currency Union (ECCU), the respective governments have agreed to design action plans to ensure that debt management tools are fully and effectively utilised within the countries.
The Canada Eastern Caribbean Debt Management Advisory Service (CANEC-DMAS) Project will provide technical assistance for the implementation of the action plans designed to ensure that debt management tools are fully and effectively utilised within the OECS.
A news release from the Eastern Caribbean Central Bank (ECCB) said that the decision to support this initiative was taken when the CANEC-DMAS Project Steering Committee (PSC) met on 24 April to review the project’s results for 2013-2014, and deliberate on the Annual Work Plan and Budget for 2014-2015.
During the meeting, the PSC noted that the ECCU countries had made strides with respect to debt management, and the major achievements of the CANEC-DMAS Project for the 2013-2014 financial years.
The achievements included: the preparation, and in the case of Antigua and Barbuda and the Commonwealth of Dominica, the laying in Parliament of medium term debt management strategies; training in negotiation techniques for sources of finance; and enhancements in debt data quality and security.