Your Marco City MP Representing You in Chile
Published: Wednesday July 1st, 2009
The Hon. Zhivargo Laing, the dedicated Member of Parliament for Marco City and Minister of State for Finance isattending two meetings in Santiago, Chile. The first meeting is a Committee of the Board of Governors meeting of the Inter-American Development Bank (IDB) which is taking up the important issue of replenishing the bank's Ordinary Capital and Funds for Special Projects. This is important because in the wake of the global economic and financial crisis, many countries, including The Bahamas will, in the short term, need to rely on the IDB more than usual for necessary borrowing, as the private capital markets will be more difficult and costly from which to obtain fund. To this end, countries will need access to capital through the IDB and without an increase in its Ordinary Capital and Funds for Special Projects it may not be possible for the Bank to respond accordingly. The Committee meeting of the Board of Governors which Minister Laing attending is discussing progress toward getting the increased money for the Bank and will look at the immediate and medium term options. The IDB meeting is on July 2nd.
The second meeting is a Finance Ministers meeting of Latin America and the Caribbean. This is the second of such meetings and seeks to discuss regional concerns arising from the global economic and financial crisis as well as working plans for regional cooperation. The Finance Ministers meeting is July 3.
MP Laing returns to The Bahamas on Saturday, July 4.
Thank you for your assistance.
