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Alba Council on Economic Compensation Established

On Monday afternoon the Bolivarian Alliance for the Peoples of Our America (Alba in Spanish) formally established The Council on Economic Compensation.

The creation of the Council was agreed upon at the Sixth Special Summit of Alba, held in June in Maracay (central Venezuela), during which the incorporation of Political, Social and Presidential Councils were unanimously approved.

In the name of the Bolivarian government, the Minister of Peoples Power for Foreign Affairs, Nicolas Maduro welcomed representatives of Bolivia, Cuba, Nicaragua, Dominica, Honduras, Ecuador, Saint Vincent and the Grenadines, Antigua and Barbuda, and Venezuela.

The Venezuelan diplomat offered a special greeting to the Honduran ambassador to Venezuela, German Espinal. At the same time he reminded the audience that the constitutional president of Honduras, Manuel Zelaya, was very attentive to the economic advances of that ministerial meeting.

The Minister pointed out that the establishment of the economic council will create the possibility of a zone of shared complementary financial development that will permit the mutual strengthening of productive capacity, as well as generate social and political stability in Albas member nations.

Maduro announced that on Sunday, August 9, they will officially establish the Political Council in Quito, Ecuador and on Friday the 21st, they will hold the first meeting of the Social Council in La Paz, Bolivia.

"We are directly carrying out decisions made in the last Presidential Council, which were referred to the Ministerial Council in three important dimensions: the work of construction, the concept of unity, and the independence that the Alba signifies," he said.

The Venezuelan minister articulated that the agenda for the first meeting of Albas Economic Ministers will include proposals to energize complementary financial development projects among the members of the alliance.

The Minister of Foreign Relations highlighted that the incorporation of the Republic of Ecuador, of Antigua and Barbuda, and Saint Vincent and the Grenadines on June 24th makes a dynamic new impact, especially in the process of building economies.

"This is resistance to the financial crisis, an investment in development and building our programs, social models, and greater justice and happiness for our people. It is unification, it has to do with the progress of integration policy, of Latin American and Caribbean union, of independence, of sovereignty, of deepening democracy and regional power," specified Maduro.

Consolidating the foundations of Alba

For his part, the Minister of People's Power for Economy and Finance, Ali Rodriguez stated that the objective of this council is to consolidate the foundations of Alba, which are: cooperation, solidarity and respect.

Rodriguez announced that the three main points of the agenda, which will be discussed today, aim to first evaluate the condition of member nations in the midst of the global financial crisis. Second, it expects to define the functions of the Ministerial council of economic complementation and finally, to assign tasks for the commitments resulting from this first

The proposal for a common monetary zone within the Alba called the Unique System of Regional Compensation (Sucre) will also be discussed.

Radio Nacional de Venezuela, Press Unit of the Embassy of the Bolivarian Republic of Venezuela to the United States / August 4, 2009

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