International Monetary Fund

Port of Spain, Trinidad and Tobago, September 4 and 5, 2012

High Level Caribbean Forum

Rethinking Policy to Address Low Growth and High Debt in the Caribbean

A High Level Forum on Rethinking Policy to Address Low Growth and High Debt in the Caribbean will take place in Port of Spain, Trinidad and Tobago on September 4 and 5. The forum will be hosted by the Caribbean Development Bank, the Government of Trinidad and Tobago, and the IMF. The event will be attended by Min Zhu, Deputy Managing Director, IMF.

Professor Victor Bulmer-Thomas, Emeritus Professor at London University, will deliver the keynote address on Restoring Export-Led Growth in the Caribbean. The conference is by invitation only.

This Forum aims to further the debate on economic policy in the Caribbean and the its challenges in a regional context. It will discuss lessons from the past and develop concrete proposals for how to tackle these daunting challenges more decisively. It will also discuss the implications of the distinctive challenges of recent global developments.

Monday September 3, 2012

6:00pm – 7:00pm

Registration – Hyatt Boardroom Terrace/Jade Room

7:00pm – 9:00pm

Welcome Reception–Hyatt Jade Room

Morning Session—Day 1—Tuesday, September 4, 2012

8:30am – 9:00am

Welcome by:
Hon. Winston Dookeran, Minister of Foreign Affairs, Trinidad and Tobago
Warren Smith, President, Caribbean Development Bank (CDB)
Min Zhu, Deputy Managing Director, International Monetary Fund (IMF)

(Open to Press)

9:00am – 9:15am


9:15am – 10:00am

Outlook for the World Economy, Latin America, and the Caribbean
– Saul Lizondo, Associate Director, Western Hemisphere Department, IMF

Small States Around the World: How Are They Different?
– Brad McDonald, Deputy Unit Chief, Strategy, Policy, and Review Department, IMF

10:00am – 10:15am

Coffee break

10:15am – 12:15pm

Economic Challenges Facing the Region

Moderator—Thomas Hockin, Executive Director, IMF

Keynote Speaker, Victor Bulmer-Thomas, Emeritus Professor at London UniversityRestoring Export-Led Growth in the Caribbean

Dr. the Hon. Ralph Gonsalves, Prime Minister and Minister of Finance, St. Vincent and the Grenadines
Hon. Peter Phillips, Minister of Finance, Jamaica
Hon. Ashni Singh, Minister of Finance, Guyana

12:30pm – 2:00pm

Lunch: Address by IMF Deputy Managing Director Min Zhu on An Interconnected World

Afternoon Session— Day 1—Tuesday September 4, 2012

2:30pm –4:30pm

Topic 1: Growth and Competitiveness: A Way Forward

Moderator—Carla Barnett, Vice-President, CDB

Competitiveness in the Caribbean
– Aliona Cebotari, Deputy Division Chief, Western Hemisphere Department, IMF
Latvia’s Experience
– Ilmars Rimevics, Governor, Bank of Latvia
Policies for Stabilization and Growth in Small Very Open Economies
DeLisle Worrell, Governor, Central Bank of Barbados

Hon. Nazim Burke, Minister of Finance, Grenada
Patrizia Tumbarello, Unit Chief, Asia and Pacific Department, IMF

Q & A

4:30pm – 4:45pm

Coffee break

4:45pm – 6:00pm

Topic 2: A Regional Approach for the Financial Sector

Moderator—Professor Compton Bourne, Executive Director, Caribbean Centre for Money and Finance (CCMF)

Regional Financial Stability
– Nita Thacker, Deputy Division Chief, Western Hemisphere Department, IMF
Supervisory Challenges in the Caribbean
– Courtney Christie-Veitch, Advisor, CARTAC
Private Sector Investment in the Financial Sector—Opportunities and Challenges
– Jun Zhang, Caribbean Regional Manager, International Finance Corporation (IFC)

Hon. Larry Howai, Minister of Finance, Trinidad and Tobago
Hon. Sir K. Dwight Venner, Governor, Eastern Caribbean Central Bank
Brian Wynter, Governor, Bank of Jamaica

Q & A


Dinner and Cultural Show Hosted by the Government of Trinidad and Tobago (Diplomatic Centre, St. Ann’s)

Morning Session—Day 2—Wednesday September 5, 2012

8:30am – 10:15am

Topic 3: Framework for Sustainable Fiscal Policy and How to Lower Debt

Moderator—Gerard Johnson, General Manager, Inter-American Development Bank (IDB)

Fiscal Challenges in the Caribbean
– Therese Turner-Jones, Deputy Division Chief, Western Hemisphere Department, IMF
Debt Restructuring in the Caribbean
– Ian Durant, Economist, CDB

Dr. the Rt. Hon. Denzil Douglas, Prime Minister and Minister of Finance, St. Kitts and Nevis
Hon. Harold Lovell, Minister of Finance, Antigua and Barbuda
John Moran, Secretary General, Department of Finance, Ireland

Q & A

10:15am – 10:30am

Coffee break

10:30am –12:00pm

Topic 4: Role of the International Community and the IMF

Moderator—Paulo Nogueira Batista, Executive Director, IMF

How Can the IMF and Other Partners Better Support Caribbean Reform Efforts?
– Hunter Monroe, Senior Economist, Western Hemisphere Department, IMF

Desiree Field-Ridley, Advisor, CARICOM
Juliet Melville, Director (Acting), Economics Department, CDB
Jwala Rambarran, Governor, Central Bank of Trinidad and Tobago

Q & A

12:00pm – 12:30pm

Wrap up—Communiqué on Takeaways

Warren Smith, President, CDB
Min Zhu, Deputy Managing Director, IMF


End of Conference

Press Conference (CDB, IMF, Trinidad and Tobago Authorities)

Organizing committee: Therese Turner-Jones, Gerardo Peraza
Conference coordinators: Francis Cyril Strodel, Irina Sirbu, Eneshi Kapijimpanga