Maroc - NEWSDAY.CO.TT - A la Une - Aujourd'hui 14:13

Colm is new CAF chairman

MINISTER of Finance Colm Imbert is the new chairman of the Development Bank of Latin America (CAF). Imbert announced this during the signing ceremony for the Latin America and Caribbean Investment Facility (LACIF) grant agreement, amounting to $24 million, at the office of the Ministry of Digital Transformation, International Waterfront Centre, Port of Spain, on February 4. He will take up the role from next month and will be chairman for a year. The minister takes up this role even as Trinidad and Tobago is going into a general election this year. Imbert is the sitting MP for Diego Martin North/East but it is not known if he will be offering himself to the PNM for that or any other seat still outstanding. LACIF is an European Union programme that provides financing for sustainable development in Latin America and the Caribbean. The minister was all smiles as he made the announcement. “I was reminded in a meeting with CAF yesterday that the chairmanship of the board of directors will change among countries and next month, the finance minister of TT will be the chairman of the board of directors,” he said. “Sometimes I have so much to do that I don’t remember these things. He described it as a “great honour for TT.” TT is the only full Caricom member of CAF. Imbert said there are other countries with applications pending for full membership. The board of directors is made of representatives separated into three categories of shareholders – A, B and C. This board establishes CAF’s policies, appoints CEOs, approves credit operations and the annual expense budget. The listing of the board of directors in CAF has Imbert, representing TT as a “series A” shareholder, with the Governor of Central Bank, Dr Alvin Hilaire, as his alternate. Imbert and Hilaire are also country representative and alternate for the International Monetary Fund (IMF). Article 25 of the CAF regulations says the chairman of the board of directors is elected annually. Economist and former deputy Central Bank governor Dr Terrence Farrell said the role did not mean any significant changes for TT or for CAF. He described the role as “non-operational.” “As far as TT is concerned it won’t have any implications to us. It is not going to affect CAF decisions about whether to lend to TT on how much it is going to lend,” he said. Economist and former Central Bank Governor Winston Dookeran said should a general election result in Imbert no longer being minister of finance, the new minister would most likely continue on as the CAF chairman until the end of the one-year term. “I don’t think the office has anything to do with his political future in TT. More than likely there is a rotation, where countries take on the chairmanship. It is the country that was selected, not necessarily the minister,” Dookeran said. The post Colm is new CAF chairman appeared first on Trinidad and Tobago Newsday.