-says region looks forward to approval and operationalisation of bank’s new institutional strategy

See below full release issued by the Ministry of Finance:

“SENIOR Finance Minister Dr. Ashni Singh, during the first Plenary Session at the 2024 Annual Meetings of the Boards of Governors of the Inter-American Development Bank (IDB) and IDB Invest, said the region looks forward to the approval and operationalisation of the IDB Group’s new Institutional Strategy since the countries in the region ‘stand ready to work with the management of the bank, as we collectively seek to improve the lives of all of our peoples throughout Latin America and the Caribbean.

“Dr. Singh also, on behalf of the region, welcomed the IDB Group’s leadership in supporting the region.

“The Senior Finance Minister is currently in Punta Canta in The Dominican Republic attending the Annual meetings where he, along with economic and financial leaders from the 48 member countries of the IDB will discuss the challenges and opportunities for development in Latin America and the Caribbean.

“The member countries of the Caribbean constituency commend the Bank’s President and its management, and the 2024-2030 Institutional Strategy titled appropriately “Transforming for scale and impact.” It signals the instrumental, relevant, and necessary role that the IDB Group continues to play in addressing both the structural issues that are endemic to Latin America and the Caribbean and those exogenous challenges that plague our region,” Dr Singh said.

“He pointed out that the strategy’s three main objectives of addressing climate change, reducing poverty and inequality, and bolstering sustainable growth are at the heart of the region’s development challenges, while he also urged the IDB Group to continue to be resolute in ensuring its engagement and operations in the region “fulsomely tackle these objectives.”

“He suggested that to achieve these results, ‘our efforts at the balance sheet optimisation for more resources to be available to our countries, developing appropriate lending instruments and modifying existing ones to meet our climate challenges, are critical’.
“The Senior Finance Minister reminded that for member countries of the Caribbean constituency, the impacts of climate change are real and immediate and threaten not only development prospects, but “our very existence’ and he expressed support for the call for greater ambition and innovation in the areas such as climate finance.

“We welcome the Group’s leadership in supporting our countries and the region as we innovate to address climate change through mitigation and adaptation. The seven operational areas of focus provide sufficient opportunity for targeted and enhanced engagement to improve well-being and expand opportunities in our Region. These areas not only enable the group to support countries in addressing our development challenges but to leverage our comparative advantages to improve lives and livelihoods, “Dr. Singh added.

“The Senior Finance Minister, speaking on behalf of the region, said the countries of the Caribbean look forward to ambitious, focused and innovative approaches by the IDB Group in areas such as private-sector development as he alluded to and welcomed IDB Invest’s expanded mandate and capital under Invest 2.0, ‘which will support the needs of the region’s growing private sector with appropriate financing through such instruments as equity and quasi equity, as well as upstream and advisory services.’

“The second and third areas for which the Finance Minister expressed the region’s appreciation were Digital Transformation-to improve service delivery, address social protection, poverty reduction, enhance human capital development and enhance the competitiveness of the region’s industries and countries and thirdly, Sustainable Tourism, a sector which he said must be viewed in the context of its employment-generation potential, its economic impact on the MSME (micro, small and medium enterprises) sector and its potential to help address inequality.

“Further, alluding to the One Caribbean Strategy launched earlier in the day by the IDB Group, Dr. Singh said at the Plenary Session, ‘We in the Caribbean particularly welcome the development of the One Caribbean Strategy which we signed earlier this afternoon, and we feel this is an important step towards helping our sub-region to better confront the unique challenges we face.’

“He also welcomed the emphasis on regional integration especially in Guyana’s case, given this country’s strategic geographical location as a bridge between the Caribbean and northern South America.
“The IDB and IDB Invest Group’s 2024 Meetings are slated to continue until March 10.”