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The ALBA’s political coordination has increasingly gained strength “as a space for integration, to identify possibilities and strengths...perspectives of growth between sister nations based on a concept of solidarity, integration and sustained growth”.

Francisco Arias Cardenas, Vice Minister for Latin America and the Caribbean, confirmed on Friday that technical personnel from each one of the ALBA member countries are working towards the establishment of the South’s common currency.

The news were revealed during the ALBA’s 8th Political Commission, which took place at the Bank of the ALBA’s headquarters, located in Avenue Francisco Solano. The event was honored with the participation of the financial entity’s president, Bernardo Alvarez, and members of the delegations of Cuba, Bolivia, Dominica, Nicaragua, Honduras and Venezuela.

When queried about the common currency, the Vice Minister affirmed that technical personnel from each one of the ALBA member countries are working to ensure the feasibility of the Sucre.

“Technical personnel are working towards the consolidation of a common currency, a compensation chamber, and a Fund that purports an alternative to the International Monetary Fund and the World Bank, in order to sustain and uphold our economies amidst the problems we can foresee”. 
Vice Minister Arias Cardenas explained that “the transition from a dollarized economy to a common currency one it is not easy; it requires total integration in order to face the international financial crisis. Against our forecast, in the next few days we expect to have good news with regards to the advance and strengthening of the Sucre (common currency) and the compensatory fund”.

He also affirmed that the ALBA’s political coordination has gained strength “as a space for integration, to identify possibilities and strengths...perspectives of growth between sister nations based on a concept of solidarity, integration and sustained growth”.

When asked about the effects of the global crisis, he pointed that “the ALBA and the Bank of the ALBA solidify our position in front of a crisis that we did not cause; rather, it was the result of the arbitrary management favoured by the countries of the North, which tends to affect us”.

It is expected that towards the end of the working day on Friday, the ALBA’s permanent commission will be established; this represents an advancement in tangibility, character and physical structure and a platform from which to submit projects.

He highlighted that the Bank of the ALBA offers a possibility to “stimulate growth projects in our nations”.

Establishment of the political commission

The Vice Minister pointed out that each one of the ALBA member countries contributes to the Bank, in order to finance the various projects to be implemented. In their majority, the contributions made are refundable.

“The ALBA is not the mere idea of solidarity around cooperation; rather, it is instilled into the potential of our nations”, he expressed.

One of the projects worth mentioning is the Transnational Project for Foodstuffs. Bolivia has been producing a large amount of soya which is being sold to transnationals, who in turn sell it to the countries of the region at standard market prices.

“The ALBA’s proposal is to create a venture that allows us to increase the productivity of soya in Bolivia, accelerating and promoting the sowing of this product in Venezuela and Nicaragua, thus facilitating trade operations by the same venture”, he added.

This would facilitate the distribution and commercialization of this product in the region, at appropriate prices.

The Vice Minister explained that the establishment of the ALBA’s permanent coordination will make possible the follow-up of projects, supervising their financial aspects and ensuring the advancement of projects according to the established deadline.

During the first two years, Venezuela will chair the coordination of the permanent commission. Each country will have headquarters , as the coordination of the commission will take place on a rotational basis.

The ALBA above and beyond blockades

Vice Minister Arias Cardenas expressed that the ALBA is a mechanism that will overrun blockades such as the one imposed on Cuba, which has been condemned by the UN, with the support of 99% of countries.

The ALBA “will make possible the incorporation of Cuba’s potential in various areas into a program of sustained growth”. At the same time, he mentioned that “the ALBA will allow us to overrun any impositions so that we can act with complete freedom”.

The meeting was honored with the participation of the delegation of Cuba, formed by Rodrigo Malmierca, Minister of Foreign Investment and Economic Collaboration, and Alejandro Gonzalez, Vice Chancellor of the Ministry of Foreign Relations for Latin America. Huascar Ajata, Vice Minister of the Ministry for Productive Development and Popular Economy, attended on behalf of Bolivia, along with Jorge Alvarado, Ambassador to Bolivia in Venezuela.

The delegation of Nicaragua was represented by the President of Fise (Socio Economic Investment Fund) and Ramon Letts, Ambassador to Nicaragua in Caracas. Ambassador and Coordinator of the ALBA, Philbert Aaron, attended on behalf of Dominica, and the Vice Minister of Industry, Freddy Ferrato, represented Honduras, along with the Hondurean Ambassador to Venezuela, German Espinal.

(Translation for Portal ALBA by Damaris Garzón)