GEORGETOWN, Guyana, CMC – Caribbean Community (CARICOM) leaders meet later on Monday to discuss the finances of the regional integration movement, reviewing last year’s budget performance and a proposed fiscal package for 2026.
The virtual meeting will also receive updates on the formula for member states’ contributions to the Guyana-based CARICOM Secretariat, the status of contributions, the statement of overdraft interest for this year, and the Secretariat’s report on the Reserve Fund.
Informed sources told the Caribbean Media Corporation (CMC) there will also be a report on special budgets for activities such as the CARICOM 50th anniversary, the CARICOM Reparations Commission, the CARICOM Good Offices in Haiti, as well as the CARICOM Special High-Level Representative on Law and Criminal Justice.
According to sources, the CARICOM Council of Ministers, the second-highest organ within CARICOM, at a special meeting in February, approved a budget of EC$113,536,822 for the CARICOM Secretariat.
The sources said that the budget comprised an International Development Partners (IDPs) budget of EC$37,660,934 and a member states-funded budget of EC$75,875,888. They said that this represented an increase of EC$11,497,315, or 11.3 per cent, over the 2024 member states’ approved budget, supporting essential operational and strategic priorities.
But according to sources, 2025 has been marked by continued economic adjustment across CARICOM member states as they navigate rising costs, climate-related pressures, and slower external demand.
They said that while regional growth remained positive but below expectations, estimates for CARICOM economies excluding Guyana were approximately 2 per cent.
Sources said that the implementation of the Enterprise Resource Planning (ERP) System, which began in mid-2025 and is scheduled to become fully operational in the first quarter of next year, has positioned the Secretariat to significantly enhance financial stewardship, operational efficiency, and reporting capabilities.
They said that throughout the year, expenditure performance was closely monitored against the approved budget, with revised projections reflecting both delayed spending in select areas and targeted investment in modernization priorities.
As a result, the revised member states’ budget for 2025 is projected at EC$72,871,623, representing a 4 per cent reduction from the approved budget and reflecting projected savings of EC$3,004,625.
The sources said that the revised budget has been computed based on actual expenditure and commitments incurred over the first nine months of the year, combined with projected spending for the remaining three months.
They said that as of September 30, this year, the actual expenditure and commitments totaled EC$46,491,098 and that the projected spending for the final quarter is EC$26,380,525.
Regarding CARICOM’s Good Offices in Haiti, in May 2023, regional leaders approved funding of US$1,451,065 to support the first phase of CARICOM’s Good Offices work.
In February this year, the regional leaders approved funding of US$505,820 to advance CARICOM’s Good Offices work in Haiti.
But according to the sources, member countries are being urged to remit to the CARICOM Secretariat at the earliest, the outstanding contribution of US$450,422 that’s owed.
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