Take Advantage of Low Oil Prices – Minister Shaw

Minister of Finance and the Public Service, Hon. Audley Shaw, says the countries in the region should take advantage of the relatively low oil prices to implement meaningful reforms in the energy sector that will increase the resilience of their economies to oil price shocks.

These reforms, he said, include increasing investments in renewables and energy-efficiency and conservation projects.

Minister Shaw was addressing the opening of the CDB’s 46^th annual Board of Governors meeting in Montego Bay, St. James, on May 18.

The Finance Minister, in his address, urged Caribbean nations to put their energies into building and sustaining the partnerships necessary to make the CDB a powerful regional force.

He said he is heartened by the efforts of the bank to improve efficiency and to find more effective project management and execution modalities.

“The efforts I have been seeing signal the CDB’s understanding of its critical role in this regional partnership for growth and prosperity. I want to assure the President of my full support of these necessary institutional reforms,” he said.

Minister Shaw noted that Jamaica stands ready to join with borrowing and non-borrowing members and key allies in ensuring that the work of the CDB is a success across the entire region.

The Minister said that with projections for weak growth for advanced and emerging economies over the short and medium terms, which could reduce remittances and capital flows to the region, there is need for continued emphasis of Caribbean countries on economic diversification and structural transformation.

He noted that the role of the CDB is critical in helping the region to navigate the challenges of climate change and natural hazards.