Single currency for Central America to be analyzed

The SICA summit ended with a declaration that includes a dozen measures that they are seeking to implement in order to deal with the global financial crisis.

Monday, December 8, 2008

DECLARATION
The session ended with the reading of the "Declaration of San Pedro Sula", which sets out the resolutions that the leaders of the region plan to carry out immediately and in the future, within the framework of a series of meetings that SICA will continue to hold next year. The document, which was read by Foreign Affairs Minister, Edmundo Orellana, highlights the integration project called Esquipulas III, the purpose of which is the creation of a Central American Constitution.

Regarding the economic aspect, the central banks in the region will work together to create monetary and financial development policies for Central America, including a study on the establishment of the Central American Clearing House and the creation of a Central American currency.

THE MEASURES
1. The creation of Sectoral Councils, organisms that would be integrated in to the Ministries of Economy, Agriculture and Industry, and Commerce in each country.
2. The creation of a Economic and Financial Common Credit Fund.
3. To give immediate priority to the production support infrastructure.
4. To improve traffic at border points.
5. To push agro-food production.
6. To promote programs that stimulate intra-regional trade of goods, especially those from the agricultural sector, providing a reduction in transaction costs.
7. To improve the productivity of the small and medium businesses including direct financing for both rural and urban sectors.
8. To develop an anti-cyclical fiscal policy that is consistent with regional macroeconomic stability efforts.
9. To strengthen the regional economic integration process in order to create a customs union.
10. To develop a social policy to support the most vulnerable sectors and to strengthen the social networks.
11. To promote policies that attract foreign investment and public-private alliances.
12. To create a program to insert returning immigrants into the economy.

More on this topic

Central America: One single voice in face of crisis

December 2008

The Ministries of Foreign Affairs and Economic and Social Integration in Central America started a working session to evaluate the possibility of speaking with "one voice" regarding the global financial crisis.

Honduran Minister of Foreign Affairs, Angel Orellana, inaugurated the first session of the meetings which will conclude this evening and at which its is expected that a formal document will be presented to the leaders of the Central American Integration System (SICA), which will convene tomorrow for the XXXIII Ordinary Summit of Head of State and Government of the organization.

Key meeting of SICA concerning the crisis

December 2008

Tomorrow, leaders from the region will analyze a packet of recommendations on how to deal with the crisis.

The heads of governments will analyze the plan that they requested from the specialized technical institutions of SICA to measure the impact that the global financial crisis could have on the region.

Central America asks BCIE for backing for Central and Private Banks

October 2008

The region made a petition to the Central American Bank for Economic Integration that could reach $2 billion, that is $400 for each one of the five countries in SICA.

Central America is seeking its own financial rescue plan. After analyzing the possible effects of the financial crisis in the United States on the region, the Heads of State of the Central American Integration System (SICA) asked the BCIE "to consider the possibility of extending lines of credit for up to $200 million for the Central Banks" in the region.

Central American Presidents to meet in Honduras

October 2008

The presidents of the countries that make up SICA will meet tomorrow to discuss public safety, the progress of integration, free trade and the impact of the US financial crisis in the region.

Earlier it was reported that the purpose of the presidential summit was to discuss violence and crime in the region, immigration and the environment, but its was later decided to give priority to the eventual effects of the US economic crisis.

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