BASSETERRE, St. Kitts –CARIBBEAN leaders have gained the support of the World Bank Group by setting clear objectives to reduce the oversized debt that has burdened the countries of Caribbean Community (CARICOM).
Discussions during the 21st CARICOM Inter-Sessional Meeting, held in Roseau, Dominica gave CARICOM heads of government the opportunity to address the burdensome debts that each member country bears and the support that can be engendered through closer partnership with regional and international financial institutions.
The regional authorities were able to engage World Bank President Robert Zoellick, along with the Inter American Development Bank President Luis Alberto Moreno and International Monetary Fund Managing Director Dominique Strauss-Kahn in shaping a plan for future cooperation.
In a brief statement made following Friday’s (Mar. 12) meeting, World Bank’s Zoellick said he was able to dialogue with the key regional leaders and policymakers on a number of issues including the impact of the economic crisis, climate change, debt and financial jurisdiction issues. He noted that the World Bank must continue to support small island states as they face unique challenges responding to crisis.
“As the world looks to 2010 for the grip of the global economic crisis to lessen and recovery to take firmer hold, it is important to realize that there are still dangers to economic growth. CARICOM has been vulnerable to the global crisis...[and] the WBG is committed to partnering with CARICOM to help countries build sustainable and inclusive growth,” the World Bank official said.
During the exchange, Zoellick placed on record his willingness to send teams that could assess strategies for growth and debt management to CARICOM member countries.
“In our exchange on debt, we explored ways in which the World Bank can work to help countries identify options and customize a framework for debt sustainability and economic growth. The next step is for the countries that are interested to ask us to have our teams come and we can come and try to outline that,” he said.
On climate change Zoellick also pledged World Bank support, informing that the Bank's private sector arm, the International Finance Corporation, is exploring opportunities to support renewable options, including geothermal, hydro, wind and solar energy.
“CARICOM is particularly active on climate change, and the world is increasingly recognizing the needs of the small island states. The World Bank can help CARICOM with increasing its resilience to climate change, innovative financing, and low carbon growth strategies that include a focus on reducing the cost—and increasing the efficiency-- of energy in the region,” he noted.
Matters of tax reform and support for Haiti were also on the agenda and the World Bank stands to assist in both areas.
