PM Golding Concerned with Impact of Global Crisis on CCJ Trust Fund


Prime Minister the Hon. Bruce Golding has expressed Jamaica’s concern with reports presented at this morning’s session of the 30th regular meeting of the Conference of Heads of Government of Caricom in Georgetown, Guyana, on the negative impact of the global crisis on the Caribbean Court of Justice (CCJ) Trust Fund.
Jamaica contributes up to 23 percent of the cost of the CCJ, making it a major contributor to the fund. The fund was established to enable the expenditures of the Court to be financed by income from the Fund. In this way, the expenditures of the Court, including the remuneration of the Judges, is not dependent on the disposition of governments.
In an exclusive interview after this morning’s session, Mr. Golding said the information received was very disturbing, as it indicated that the Trust Fund has suffered, like so many other investing institutions, from the global crisis.
Last year the fund lost on its portfolio investment, some 19 percent because of the global meltdown. Mr. Golding noted that 70 percent of the CCJ’s Trust Fund was invested in international equities and 30 percent in fixed income securities. The fund has suffered a blow and the projection now is that it will be exhausted in 30 years.
Mr. Golding said member countries have been put on notice that there will be the need to review the fund. The Caricom group has agreed that this review will be undertaken inthree years, by which time, it is hoped that the world would have seen the back of the global crisis and should be able to analyse the situation more clearly.
Prime Minister Golding is in Georgetown, Guyana at the 30th meeting of the Conference of Heads of Government of the Caribbean Community. The Caricom heads are continuing their discussions on a number of issues affecting the region amidst the global financial crisis and will wrap up the two-day meeting with a press conference later this afternoon.
Prime Minister Golding will remain in Guyana until Wednesday July 8, at the invitation of the President of Guyana, Bharrat Jagdeo, and to continue further discussions coming out of the meeting. During his absence, the Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade Hon. Dr Kenneth Baugh, will be in charge of the Government

JIS Social