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The de-risking of the correspondent banking relationships are extremely important to the Caribbean since global monetary banks have been crucial not just to domestic economy but in its link to the global economy. Some services have currently been choked off and there need to be a way for us to find an initiative that combines the security goals which we sign up for, and likewise at the same time, allow monetary intermediation such as trade funding, transfers of earnings, debt payments, et cetera, to continue. Finally, security. The small states of the Caribbean find it very challenging to compete with multinational criminal activity linked to narcotics trafficking, international terrorism, cybersecurity, et cetera.

has done an impressive task in supporting these countries, however I think there is room to do more in the interest of our shared security. Security nowadays can only be defined as global and can only be reacted to by cooperation amongst nations. Furthermore, in the trade location there are some great legislation in place for trade. Nevertheless, a number of the Caribbean countries are now service oriented countries and we require to examine possibilities for promoting shared and advantageous value chains which combine U.S. Visit this link and Caribbean in services such as healthcare, education, and back office support. I think by combining the skills on Capitol Hill with some of the human resources in the Caribbean, these firms can stay competitive both here and in the U.S - What was the reconstruction finance corporation.

The Caribbean nations are coastal societies. Facilities, financial activity, population, the structure environment are all focused on a narrow strip on the coast, even for those nations which are not islands, for example, Belize and Guyana. It means that they are among the most susceptible countries to environment change. More resources require to be offered in a more accessible way to reduce climate change and to assist these countries in surviving. And I point especially to the tourist market which is seriously based on the quality of that instant seaside strip. Finally, energy (How to find the finance charge). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.

Solar, wind, and thermal all have possibilities, and to move the production of electrical energy which is amongst the greatest expense in the world onto energy in cheaper sources. That would serve to revive an entire variety of financial Check over here activity, consisting of production. What are the two ways government can finance a budget deficit?. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that need to be attended to. If we might resolve them in one general initiative led by the U.S. and involving the advancement of financial organizations, I believe that they reinforce each other and it is time for a new bold effort in U.S. policy towards the Caribbean.

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[The ready statement of Mr. Bernal follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot for making the effort to be here. Mr. Meeks has agreed we are going to avoid over him and go to the former chairman of the complete committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so really much and I say sorry for coming late. And we have another hearing which I am chairing on Syria, however thank you, Chairman Duncan and Ranking Member Sires, for holding this crucial hearing. And I do not believe that we can discuss U.S.

Venezuela established Petrocaribe in 2005 to assist affect numerous nations in the hemisphere and approximately this point the technique has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro routine. So it offers the U.S. a chance to fill that space, and this is where we require the State Department and the Department of Energy to be exceptionally concentrated on this effort right now because it remains in our nationwide security interest to coordinate an energy option; a method so that fewer countries in the Western Hemisphere would depend on an extremely unreliable Venezuela.

And I think that we have got to be dealing with our partners, our allies in the Caribbean to help them make the most of the abundant and cheap natural gas and the new advanced clean wind and solar technologies available. By doing this we strengthen our partners' economies, we buffer the region from the effects of Venezuelan collapse and take reasonable actions toward decreasing carbon emissions. So the crisis in Venezuela might trigger an oil supply disturbance. What impact would such a disturbance have on the Caribbean nations? Mr. Bernal. My associates are identified to ensure I carry a reasonable share of the load.

Thank you for that. The relationship with Venezuela is a long and complex one. Venezuela started the Petrocaribe at a time when many Caribbean countries were actually very extended economically and actually needed some help. However, the relationship has its complexities. For instance, Venezuela declares a large share of Guyana which is a member of the CARICOM group. It also has extended its claims in regards to seaside waters based on an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some financial assistance. I believe we are at a juncture where the relationship is going to end up being extremely unforeseeable due to the fact that of nobody understands exactly what will take place in the Caribbean with Venezuela.

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Numerous Caribbean nations are believing beyond Petrocaribe because they don't assume that it will continue in its present kind and they have to be thinking about alternatives. This develops a point in which new efforts, consisting of from the U.S - What was the reconstruction finance corporation. in energy, would be really welcome in the area. Ms. Ros-Lehtinen. Thank you extremely much, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking time to diminish here. The Chair will now go to Mr. Meeks. Mr. Meeks. Thank you, Mr. Chairman. And thank you for being here, and good to see all of you who, you know, we rely upon quite with your know-how and since the Caribbean is exceptionally crucial, I think.

It is actually, you know when you take a look at our hemisphere and we have actually got to make sure that we enhance and interacting. And I hear my associates in concerns to particularly Petrocaribe, however I think that the issues that are challenging a great deal of the islands-- and I observe, for example, Mr. Ambassador, you listed Go to the website as number 6 in order of top priority the energy crisis, et cetera, in attempting to make sure. So I wish to attempt to find out as it relates to the islands themselves the important things that are most pushing with them that would assist them total with their economy, due to the fact that I understand, for instance, you can't just depend upon tourist or you can't just depend upon, you know, they have the diversity of it requires to be there.