Finance Minister Calls for Urgent Support for Caribbean Countries Affected By Hurricanes

Photo: JIS Photographer Finance and the Public Service Minister, Hon. Audley Shaw (left). (FILE)

Story Highlights

  • Minister of Finance and the Public Service, Hon. Audley Shaw is calling on multilateral agencies to provide a combination of grant funding and concessional loans to assist Caribbean islands severely affected by the passage of hurricanes Irma and Maria.
  • The Finance Minister emphasized that the events that occurred in certain Caribbean countries were unprecedented.
  • He also highlighted the need “for us to review the insurance scheme, to see how it can be significantly enhanced for emergencies like these.”

Minister of Finance and the Public Service, Hon. Audley Shaw, is calling on multilateral agencies to provide a combination of grant funding and concessional loans to assist Caribbean islands severely affected by the passage of hurricanes Irma and Maria.

Minister Shaw made the call as he addressed the Caribbean and International Partners Action Dialogue on Hurricanes (CIPADH), held at the Organization of American States (OAS) in Washington DC on October 13.

The event was convened by Grenada’s Prime Minister, Hon. Keith Mitchell, and Sir Richard Branson. Delegations from the Caribbean and multilateral agencies were also in attendance.

The Finance Minister emphasised that the events that occurred in certain Caribbean countries were unprecedented.

“The devastation has greatly impacted people’s lives, and we need to act swiftly to address the needs,” Mr. Shaw said.

Meanwhile, Mr. Shaw commended the World Bank for the swift payout under the Caribbean Catastrophic Risk Insurance Facility.

He also highlighted the need “for us to review the insurance scheme, to see how it can be significantly enhanced for emergencies like these”.

The facility affords insurance coverage safeguards against tropical cyclones, earthquakes and excess rainfall.

Sixteen Caribbean governments are currently members of the facility  Anguilla, Antigua and Barbuda, The Bahamas, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, Trinidad and Tobago, and Turks and Caicos Islands.

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