CaribWorldNews, GEORGETOWN, Guyana, Mon. July 6, 2009: The Caribbean Court of Justice Trust Fund is also a victim of the global financial meltdown, leaving at least one Caribbean head of state weary.
Prime Minister Bruce Golding has expressed Jamaica’s concern with reports presented at the 30th regular meeting of the conference of Heads of Government of Caricom in Georgetown, Guyana, on the negative impact of the global crisis on the CCJ Trust Fund.
Last year the fund reportedly lost some 19-percent on its portfolio investment because of the global meltdown. Golding noted that 70-percent of the CCJ’s Trust fund was invested in international equities and 30-percent in fixed income securities. The projection now is that the fund will be exhausted in 30 years.
Jamaica contributes up to 23-percent of the cost of the CCJ. The fund was established to enable the expenditures of the Court to be financed by income from the Fund. In this way, the expenditures of the Court, including the remuneration of the judges, is not dependent on the disposition of governments.
Golding said member countries have been put on notice that there will be the need to review the fund. The Caricom group has agreed that this review will be undertaken in 3 years, by which time it is hoped that the world would have seen the back of the global crisis and should be able to analyze the situation more clearly.