The long-standing CLICO and BAICO financial saga remains unresolved, but fresh talks could be on the horizon.
Prime Minister Dr. Ralph Gonsalves says the Organisation of Eastern Caribbean States (OECS) is still owed approximately 1.6 billion Eastern Caribbean dollars following the 2008 collapse of the two insurance giants. The fallout, worsened by the global financial crisis, affected thousands across the region.
Speaking at a press conference on Friday, July 11th, Dr. Gonsalves recalled that during former Trinidad and Tobago Prime Minister Kamla Persad-Bissessar’s first term, an agreement was made to compensate OECS countries. While an initial $36 million payment was made, the incoming government failed to continue those payments.
Now that Persad-Bissessar has returned to office, Dr. Gonsalves says Trinidad and Tobago is open to constructive dialogue. He has already spoken with T&T’s Foreign Minister and is hopeful that talks will resume.
Gonsalves emphasized the importance of a regional approach, confirming that Antigua and Barbuda’s Prime Minister Gaston Browne will be invited to join the discussions to help address wider OECS concerns.
The Prime Minister says he’s committed to working with Trinidad and Tobago to reach a fair and lasting resolution.
