GEORGETOWN, Guyana – Caribbean Community (CARICOM) leaders meet later on Monday, to discuss the finances of the regional integration movement, reviewing the budget performance of last year and a proposed fiscal package for 2026.
Guyana-based CARICOM Secretariat. (Photo courtesy of CARICOM)The virtual meeting will also receive an update on the formula for member states contributions for the Guyana-based CARICOM Secretariat as well as an update on the contribution status and a 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 the sources, the CARICOM Council of Ministers, the second-highest organ within CARICOM, had 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 the sources, 2025 has been marked by continued economic adjustment across the 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, with estimates of approximately two per cent for CARICOM economies excluding Guyana.
The sources said that the implementation of the Enterprise Resource Planning (ERP) System, which began in mid-2025 and is scheduled to become fully operational within the first quarter of next year, has positioned the Secretariat to significantly enhance financial stewardship, operational efficiency and reporting capability.
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 the year 2025 is projected at EC$72,871,623, representing a four per cent reduction from the approved budget., reflecting a 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 expenditures 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 expenditure for the final quarter is EC$26,380,525.
Regarding the CARICOM’s Good Offices in Haiti, in May 2023, regional leaders gave approval for funding in the sum of US$1,451,065 to support the first phase of the CARICOM’s Good Offices work.
In February this year, the regional leaders approved funding in the amount 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.
