Sun | Apr 23, 2017

Jamaica chairs Caribbean Development Bank

Published:Friday | May 22, 2015 | 5:06 AM

Jamaica assumes chairmanship of Caribbean Development Bank

Jamaica yesterday assumed the chairmanship of the Board of Governors of the Caribbean Development Bank as the 45th Annual Meeting of the Bank’s Board ended in St Kitts.

Finance Minister, Peter Phillips, will be the chairman on behalf of Jamaica. 

Mexico and the UK are Vice Chair. 

Phillips said each Caribbean country was faced with formidable challenges, among them the effects of climate change, high indebtedness, tight fiscal space and low rates of saving.

He also said the consequences of the recent Great Recession were still being felt among the small, vulnerable states of the region.

However, he said because of the 'middle income' status of these countries, debt solutions available to highly indebted poor states cannot be accessed by them.

Phillips said in the absence of some programme of international support the small vulnerable economic structures of the Caribbean States are likely to be overwhelmed by the risks inherent in a global economy.