Our once thriving energy sector is facing sharply reduced external demand and anemic prices. Oil prices have plummeted from over $ per barrel in June 2008 to around $ per barrel currently, while gas prices (Henry Hub) have declined from over of $ per mmbtu in June to an average of $ per mmbtu in December 2008.
We need to advance on some of the most pressing financing and debt challenges facing the Caribbean region. And we need to identify areas in which the Fund could possibly be of assistance.