OTTAWA, Canada – Jamaica says there is indeed an opportunity for the Caribbean to build its economic recovery on a modern foundation, utilizing technology and the digitization of public and private sector services.
Jamaica’s Finance and Public Service Minister, Dr. Nigel Clarke, (CDB Photo)Addressing the opening ceremony of the 54th annual meeting of the board of governors of the Barbados-based Caribbean Development Bank (CDB), Finance and Public Service Minister, Dr. Nigel Clarke, said that Kingston also recognises the invaluable role of the region’s premier financial institution in continuing to provide support to member countries across a raft of areas”.
He said these areas of support include, but not limited to enhancing educational quality and improving the effectiveness of social protection, enhancing governance and citizen security; investing in inclusive growth and competitiveness reforms and strengthening environmental sustainability and energy security.
“The CDB can be proud of its diligent work and professionalism amidst the various challenges we face. The teams involved in generating and executing our economic policies have demonstrated their capacity to undertake significant projects and programs across the region of varying magnitude and complexity,” he said.
Clarke said that over the past fifty four 54 years, the CDB has significantly contributed to the Caribbean’s development agenda across various thematic areas, including education, agriculture, disaster emergency response, infrastructure, private sector development through credit facilities, budgetary support via policy-based loans (PBLs) and social development through social investment funds.
He said Jamaica has benefited tremendously from a wide range of grant-funded technical assistance (TA) initiatives, which have strengthened its public financial system, conducted pre-investment feasibility studies for the water sector, built capacity in post-disaster needs assessment (PDNA) and climate change adaptation, facilitated trade and supported the micro, small, and medium enterprise (MSME) sector.
“The shared challenges we face as a region have brought us here to collaborate to devise solutions in the midst of extant threats, while building resilience as a buffer against our inherent vulnerabilities,” Clarke said, noting that there is need to be mindful of the wisdom of good policy in entrenching stability and mitigating volatility as the region pursues it development priorities.
He said Jamaica remains committed to making sound, sustainable decisions that strengthen its economic resilience and that these include building out its framework for natural disaster financing and ensuring the public investment process supports the investment needs of the
“As we accelerate the pace of recovery from the pandemic, bolstered by twelve (12) consecutive quarters of economic growth, we continue to prioritize macroeconomic stability and fiscal and debt sustainability.
“This focus has enabled us to record robust economic performance including continued record-low unemployment, debt that is lower than pre-pandemic levels, upgrades in our sovereign credit ratings, the moderating of inflationary pressures and record levels of Net International Reserves (NIR) as a critical buffer against external shocks.”
Clarke said that this recovery process has benefitted from the underlying principles of policy sustainability, continuing to be steadfast in the efforts towards Public Sector Transformation through the implementation of a compensation restructuring exercise and further improving service delivery to enhance efficiency.
He said the Andrew Holness government is also far advanced in the operationalization of the Independent Fiscal Commission (IFC) to institutionalize the fiscal gains, while it continues to focus on other key governance reforms including the maintenance of the Database of Prospective Directors for the transparent nomination, selection and appointment to the Boards of Public Bodies, as well as, efforts towards anti-money laundering and combating the financing of terrorism (AML/CFT).
“The acceleration of crucial reforms within our ministries, departments and agencies (MDAs), as well as, the enactment of key legislations that underpin these and other reform efforts, remain high on our list of priorities for the foreseeable future.
“.As we engage in knowledge sharing for a more resilient future, we are reminded of our particular vulnerability to natural disaster risks, with which we must contend and prepare for as natural disasters have the potential to destabilize our economies.”
Clarke said Jamaica has had cause to reflect on the best ways to prepare itself for the fiscal impact of natural disaster.
“As of today, Jamaica has the distinction of leading the region and beyond in implementing a multilayered suite of financial instruments that can provide needed resources in the wake of a natural disaster event.
“This suite of instruments includes savings in the National Natural Disaster Fund, annual budgetary allocations, contingent credit claims from our multilateral partners, as well as, insurance through the regional Caribbean Catastrophe Risk Insurance Facility (CCRIF).”
Clark said three years ago, Jamaica also became the first small country in the world to independently sponsor a catastrophe bond, “which we have recently renewed and there is an opportunity to explore a regional product”.
