Thompson. Hermisha Rolle/Dominica News Online photo

Roseau, Dominica: Barbados Prime Minister David Thompson said that the global financial crisis has set back the implementation of the CARICOM Single Market and Economy (CSME) in the region.

Speaking at a press conference at the Fort Young Hotel’s VIP room Friday morning ahead of the continuation of the CARICOM heads of government Intersessional Summit, Thomson told reporters that the global crisis have shifted the focus of countries from the CSME to domestic challenges caused by the crisis.

“It’s clear that it has set it back in the sense that their obviously grappling with domestic challenges means that you do not have the space; either the fiscal space or the time to devote to some of the policy initiatives that would see the progress in relation to the single economy,” Thompson said.

“ And that is only natural because you know we are small islands with limited human resources in our public sector, even our private sectors which are very much part of the development of the single economy are battling with challenges,” he stated.

Thompson mentioned a medium term development strategy that the Barbadian government has prepared, with goals to be accomplished in the quest to implementing the CSME. He said however, that new deadlines will have to be set with more reasonable targets in mid year.

“It is clear though that in July, what we will have to do is re-evaluate the deadlines that were set for the implementation of certain things and to identity more reasonable target s for that implementation,” Thompson said.