Monetary Council Recommends Strategies to Generate Employment

These MTESPs are to be circulated among members of the union for discussion, feedback and consistency. 

Member governments are also to structure their Public Sector Investment Programmes into short-term employment creating growth generating projects, with immediate payoffs; infrastructural projects to help the transition from agricultural to tourism based economies and public/private partnerships and regional projects in the areas of energy, transportation and education/skills training. 

It was also recommended that governments review the operations of financial intermediaries, particularly as it relates to long term instruments on the Regional Governments Securities Market to determine avenues for cost savings; expand the usage of the RGSM and make special efforts to forge a secondary market to increase liquidity on the RGSM.

In the area of Fiscal and Debt Sustainability, the Monetary Council also agreed to recommend that member governments implement best practices in cash flow management; prepare and lay before parliament the Medium Term Debt Strategies; engage the international institutions on the development of a “Highly Indebted Middle Income Country” facility to alleviate the debt burden and continue to exploit the low yields on the Regional Government Securities Market RGSM as a means of reducing debt servicing costs. 

 

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