World bank offers to help CARICOM states deal with debt

World Bank President Robert Zoellick on Thursday offered to help Caribbean Community (CARICOM) countries that are fighting to deal with heavy debt burdens.

Zoellick met CARICOM leader in Dominica for their 21st Intersessional summit.. He said the World Bank is prepared to send teams to interested countries to assist them in managing their debts.

He also said he won't rule out the possibility of securing debt relief based on past experiences with Jamaica and other regional states.

Zoellick also provided updated country assessments. He suggested that interested states could explore the option of using the expertise of the International Monetary Fund (IMF) and other international lending agencies in dealing with their economic problems.

"The next step is for the countries that are interested to ask us to have our teams come and we can come and try to outline that," Zoellick said.

CARICOM Chairman and host prime minister Roosevelt Skerrit of Dominica said he would urge the top officials the international financial institution to “champion” the region’s cause because of the peculiar challenges that these small, vulnerable and largely middle-income economies face.

He stressed the need for regional states to “be treated in a special and different manner”.

Zoellick agreed that the Caribbean make is different from other middle income countries around the world. But he said the financial institutions would have to look at each country on a case-by-case basis.

He said this means anaylsing the neature of each country's debt proifiles because each situation is different. He said amount of debt and whether public or private; international or domestic.