St. Kitts and Nevis'
Prime Minister and Minister of Finance, the Hon. Dr. Denzil L. Douglas has told Commonwealth Finance Ministers meeting in Colombo, the Sri Lankan capital, that one of the most significant issues which confront the countries of the Commonwealth Caribbean is the fiscal challenge which hinders the ability to sustain economic growth at the level necessary to support development objectives.
He told the Finance Ministers from the 53-nation grouping that some of the challenges being faced by the Caribbean will be the focus of attention over the next two days.
"One of the most significant issues which confront the countries of the Commonwealth Caribbean is the fiscal challenge which hinders our ability to sustain economic growth at the level necessary to support our development objectives," said Prime Minister Douglas.
Dr. Douglas, the current Caribbean Community (CARICOM) Chairman said the region remains vulnerable to external shocks which include natural disasters, rising petroleum prices and loss of market share that not only impact economic growth, but produces harsh human consequences which if not dealt with effectively and swiftly would threaten the very stability of the countries of the region.
"In my own country of St Kitts and Nevis we are battling the fall out of the cessation of sugar manufacturing for export to Europe having been forced out of the market chiefly as a result of the change in the terms of the sugar protocol. The challenges which we face on the social and economic fronts are enormous at this time," said Prime Minister Douglas, who was however of the firm view "that every challenge presents an opportunity for positive change."
 |
|
St. Kitts and Nevis' Prime Minister Hon. Dr. Denzil L. Douglas is congratulated by Sri Lanka's President His Excellency Mahinda Rajapakse (c), while Commonwealth Secretary General, His Excellency, the Right Honourable Donald McKinnon, looks on (r). |
He added that the Government and people of St. Kitts and Nevis are therefore seizing the opportunity afforded by this current challenge to transform the economy.
Dr. Douglas said he was sure there are other regions which are experiencing similar situations at this time and noted that the experiences will be discussed over the next few days.
"It is quite plausible to assume that among us there will reside certain successful experiences which we can learn from and certain failures which we would be strongly advised to avoid," said Prime Minister Douglas, who expressed optimisms that from the deliberations there will emerge practical solutions which "we can take back to our respective countries to assist us as we attempt to find strategic solutions to our individual problems and that we will continue to chart a course for all commonwealth nations, including the many small states which comprise our membership, to achieve their development agenda in the current global environment."
