Finance Minister Dr. Ashni Singh told a meeting of finance ministers of the Americas recently that the peculiar development circumstances faced by the small states of the Caribbean needed to be taken into account by bilateral hemispheric partners and multilateral financial institutions in their engagement with the region.
The Government Informa-tion Agency (GINA) reported that Minister Singh highlighted the smallness of domestic markets, geographical isolation from major trading partners, limited opportunities for economic diversification, absence of economies of scale, and chronic infrastructure gaps as examples of the peculiarities faced by the Caribbean small states.
He also stated that regional policymakers must take these realities into account in defining their own viable and sustainable long-term strategies for growth and development.
Moreover, hemispheric leaders and multilateral financial institutions should not ignore these realities in defining their strategies for supporting the region in its development efforts.
Dr Singh made these comments while attending the 4th annual meeting of Finance Ministers of the Americas and the 52nd annual meeting of the Board of Governors of the Inter-American Development Bank in Calgary, Canada.
Regarding trade and integration, he emphasised that the Caribbean had long recognised the vast opportunities that could be gained from increased intra-and extra-regional trade, and from closer regional and hemispheric cooperation and integration.
He cautioned, however, that there remained significant asymmetries in the relative degree of economic development and in the relative capacity to benefit from trading opportunities across the various countries of the hemisphere, with the asymmetries at their greatest when comparing Caribbean small states with their larger hemispheric neighbours.
Against this background, he contended that these asymmetries needed to be considered, and a significant development dimension needed to be included in any discussion on new trading agreements and arrangements involving the Caribbean.
According to GINA, the minister also highlighted the significant infrastructure gaps that persist in the Caribbean, constraining the region’s ability to gain fully from its potential to benefit from trade and integration opportunities.
In that light, he urged emphasis on investment in infrastructure affecting the region’s competitiveness and productivity, adding that innovative instruments such as public-private partnerships needed to be encouraged and supported as a vehicle to resolve the infrastructure gap, especially in the face of limited fiscal space to accommodate the larger investments required.
Meanwhile, while in Calgary, Singh also held a number of bilateral meetings, including with IDB President Luis Alberto Moreno, during which he applauded Moreno’s leadership of the bank, and expressed Guy-ana’s appreciation of its strong partnership with and support to this country.
The minister also accepted an invitation from the Guyana Canada Cultural Association based in Calgary, to meet and interact with its membership which comprises the Guyanese diaspora resident in Calgary.
He addressed that meeting on recent developments in Guyana and answered questions on a wide range of subjects of interest to the Guyanese community in Calgary, GINA concluded.
