Great news to augment the budget presentation
As a release from the Office of the Premier, Minister of Finance Donaldson Romeo, states, “Over the years, the Basic Needs Trust Fund (BNTF) programmes, have significantly impacted the development of Montserrat. The Caribbean Development Bank as an entity has played a key role in supporting Montserrat’s social and economic framework. And as a point to remember Montserrat still pays for port Plymouth moneys due to CDB or to other connected financial institution.
On Wednesday this week, the release brought news that “GoM is pleased to announce that the Caribbean Development Bank (CDB) has agreed in principle to include Montserrat in the BNTF 9 programme.”
The Premier about ten weeks ago reacted to news that informed that Montserrat was not included on the list of beneficiaries under the BNTF 9. “The Barbados-based Caribbean Development Bank (CDB) says it is providing US$40 million in funding for poverty reduction in eight Caribbean countries through the Basic Needs Trust Fund (BNTF).
But that did not include Montserrat, as the news continued: “It said the resources will support improved access to quality education; water and sanitation; basic community access and drainage; livelihoods enhancement and human resource development services in low-income and vulnerable communities under the ninth phase of BNTF (BNTF 9). https://www.themontserratreporter.com/cdb-funds-for-eight-caribbean-countries-excludes-montserrat/).
Premier Romeo had begun direct communication with CDB requesting that the decision be reconsidered. Following up at the first opportunity, the release informs that “the agreement comes after extensive discussions between both parties. and an appeal by the Montserrat team led by the Minister of Finance and Premier, Hon. Donaldson Romeo, at the recently held Board of Governors meeting in Turks & Caicos.
The Premier had earlier said that he would launch a campaign to secure the backing of OECS Heads of Government in support of Montserrat’s challenge to the Caribbean Development Bank C.D.B. He expressed confidence that he could canvass the support of his regional colleagues during the summit. He wanted the regional leaders to back Montserrat’s Campaign to have the CDB rethink its position to drop the island from its BNTF Beneficiary list.
He argued the view that all the the participating countries who benefit under the BNTF programs share many common characteristics and face a number of challenges inherent to small, open economies. He said “we are even worst off that some who face challenges associated with limited diversity in production and extreme vulnerability to natural hazards, which is now exacerbated by climate change and other external shocks,” as said before by, CDB Director of Projects, Daniel Best.
The release further stated that the Bank will make the appropriate amendments to both the Contributors’ Report and the BNTF 9 Report in July 2017 and submit them to the Contributors and the Directors, respectively, for their consideration.
It concludes: “The Government and people of Montserrat offer their sincere thanks and appreciation to the CDB, its senior management, staff, members (regional & non-regional), contributors and directors for their efforts, collaboration and support in making this happen.”
