…at 40th Annual Meeting of Board of Governors
Minister of Finance Dr. Ashni Singh, in his address at the 40th Annual Meeting of the Board of Governors of the Caribbean Development Bank (CDB), emphasised the importance of the CDB’s continued involvement and support for Guyana to finance its poverty reduction and economic development plans in a sustainable manner. The Meeting was held in Nassau, Bahamas on May 19, 2010. Outlining Guyana’s development agenda along a low carbon path, Dr. Singh stressed that in pursuit of its objectives, Guyana continues to place the highest premium on grant resources such as the Basic Needs Trust Fund (BNTF), and on concessional resources such as those provided by the Special Development Fund (SDF).
The Finance Minister expressed Guyana’s appreciation for the agreements on the General Capital Increase and contributions to the Seventh Cycle of the SDF.
“We place on record our appreciation to all the Bank’s members and contributors for participating in these negotiations, and our congratulations to the President of the Bank for his leadership in securing this successful outcome. We also wish to record our appreciation of special contributions made, such as by Canada to the BNTF and by the United Kingdom (UK) to the CARTFund, both of which Guyana is a beneficiary,” Minister Singh stated.
Minister Singh recommended that the Bank remain focused on the high priority needs of each Borrowing Member Country (BMC), particularly as they relate to catalyzing the changes required to overcome the well known and lingering vulnerabilities of those countries.
He added that while these agreements on additional funding might be a necessary condition for the Bank to have the capacity to respond adequately to the Region’s needs, they are by no means sufficient for either the Bank or the Region to achieve its objectives.
Dr. Singh recommended that the CDB focus on areas where it has core competencies and value added can be maximized.
The Bank should also continue to examine concrete ways to promote and strengthen beneficiary country flexibility and ownership of projects, including greater use of and harmonization with the country systems, without compromising on development impact and effectiveness, and should address the issues identified by the President.
Minister Singh pledged Guyana’s support to the Bank “as it seeks to address the issues in a comprehensive manner, in order to ensure that it continues to discharge its role meaningfully and effectively in supporting growth and development in the Caribbean.”
He congratulated the CDB President for his successful stewardship and leadership, expressing confidence that the Bank will continue to provide distinguished service to the Caribbean.(GINA)