CDB Countries Agree to Accelerate Economic Reforms
By: , May 20, 2016The Key Point:
Photo: Yhomo Hutchinson
Minister of Finance and Public Service, and outgoing chairman of the Caribbean Development Bank’s (CDB) Board of Governors, Hon. Audley Shaw (right), converses with CDB President, Dr. Warren Smith (left); and incoming chairman, Minister of Finance, Investment and Trade in the Turks and Caicos Islands, the Hon. Charles Misick. The occasion was the closing ceremony of the 46th annual meeting of the CDB’s Board of Governors at the Montego Bay Convention Centre on Thursday, May 19.The Facts
- Dr. Smith was addressing Thursday’s (May 19) closing session of the CDB’s Board of Governors meeting in Montego Bay, St. James.
- The Turks and Caicos Islands was elected to chair the 47th meeting of the Board of Governors, which will be held next May.
The Full Story
President of the Caribbean Development Bank (CDB), Dr. Warren Smith, says member countries have agreed to quicken the pace of economic reforms in order to achieve growth and poverty reduction, and to increase the use of renewable energy.
“We need radical change in how we relate to energy as a powerful game changer in the Caribbean. We need change in the speed, scope and ambition of key macro-economic reforms that positively impact our growth dynamics, and we need change that ensures that wealth is spread equitably and that no one is left behind in our quest for a better quality of life,” he said.
Dr. Smith was addressing Thursday’s (May 19) closing session of the CDB’s Board of Governors meeting in Montego Bay, St. James.
He cited the bank’s deepening commitment to supporting the efforts of its borrowing members to pursue strategies and interventions towards the achievements the goals outlined.
“We stand ready to support capacity-building efforts and regulatory changes that could greatly enhance economic efficiency and drive growth in the Caribbean,” he said.
Dr. Smith said the Governors commended the CDB on its extensive work in mainstreaming gender in its operations and also called for the bank to take a deeper look at gender-based violence, at-risk youths, as well as the capacity in countries to advance these issues as critical development priorities.
The CDB Head praised Jamaica’s 64th position in the World Bank’s Doing Business Report 2016, being the highest ranked Caribbean country for the second consecutive year. He also hailed the new Administration’s focus on promoting economic growth.
“I must echo the sentiment expressed by Prime Minister, the Most Hon. Andrew Holness, that is indeed time that we seek to pay for our growth through improvements in productivity and less so through high debt accumulation,” he said.
Jamaica chaired the 46th CDB Board of Governors meeting, which got underway on May 16.
The Turks and Caicos Islands was elected to chair the 47th meeting of the Board of Governors, which will be held next May.