NASSAU, July 6: Caribbean leaders begin a summit meet ing here today at a critical time for their economies and their relationship with the rest of the world. Bahama's Prime Minister Hubert Ingraham said here, reports AFP.

Caribbean community (CARICOM) countries arc struggling with slow economic growth, high unemployment and Inadequate performance tn both the public and private sectors, Ingraham, who is also Bahamas finance minister, told CARICOM finance minister* meeting ahead of the summit.

But they also face balance of payments problems "which are sometimes exacerbated — rather than relieved — by the stringent policies of external

funding agencies, and international entities with whom we trade." Ingraham said.

Among items of concern to CARICOM are the effects of the proposed North American free trade agreement on the regional organisation and changes in the regulations governing banana imports into the European Community.

CARICOM fears a' few system allowing cheaper Latin American bananas into EC countries under a quota system will further depress prices, already affected by fluctuations in sterlings value.

Also on the agenda at this week's meetings will be plans for a common currency, which have been complicated by recent decisions to float the cur rencles of Trinidad and

Tobago, Guyana and Jamaica.

CARICOM Secretary General Edwin Carrington said Sunday that thi* did not mean plans for a common currency were being abandoned.

Another report adds: Plans for a common Caribbean currency have run into problems because of the decision to float several regional current*. Caribbean Finance Minister* said here Monday.

The Finance Minister* were meeting ahead of the annual summit of CARICOM head* of government due to open here later Monday. The summit ends Thursday.

Trinidad and Tobago's decision earlier this year to float it* currency has created a disruptive element in the whole situation.