PM Gonsalves calls for greater commitment to the CARICOM Development Fund
Prime Minister, Dr Ralph Gonsalves, has called for a renewed regional commitment to the Caribbean Community (CARICOM) Development Fund (CDF), emphasizing that many countries are not contributing to the CDF, despite its critical role in addressing economic imbalances within the Caribbean Community.
The CDF is an institution of CARICOM which has as its mandate, the provision of financial or technical assistance to disadvantaged countries, regions, and sectors in the Community.
In this capacity, the CDF is central to addressing the disparities among the Member States of CARICOM, which may result from the implementation of the Caribbean Single Market adn Economy (CSME).
Speaking on the CDF on Friday, July 11, 2025 at a press briefing at Cabinet Room, the Prime Minister said non-payment to the CDF by member countries has affects several countries. He said that Trinidad and Tobago, Jamaica and several other countries have not been contributing to the fund.
The Prime Minister outlined the way the Revised Treaty of Chaguaramas speaks about the CDF, noting that it was set up to assist countries’ financially.
“…..Chapter Seven provisions are to help to balance things off for disadvantaged countries, regions and sectors …. Within that Chapter Seven, you have article, 158 which establishes the CARICOM Development Fund from which you can get money to borrow cheaply for disadvantaged countries, regions and sectors… but the cycles- everybody has to put money in it…,” Dr Gonsalves said. He made it clear that St Vincent and the Grenadines pays its subscription.
“And when we do, we can get back what we put in as a grant – and also borrow money, and borrow cheap. But the first condition is, money has to be in the Fund.”
The Prime Minister lamented the declining levels of contributions over successive funding cycles.
“In the first cycle, more money was put into the Fund. In the second, there was a reduction; and in the third cycle, even further reduction. And yet, even with these reductions, there is a reluctance of some countries to make the assessed
contributions,” the Prime Minister pointed out.
He also reiterated the SVG Government’s commitment to regional solidarity and called on all CARICOM states to uphold their responsibilities under the Revised Treaty of Chaguaramas.