High cost of doing business
a common problem in the
region: World Bank VP
The high cost of doing business in a challenging business environment is one of the common problems confronting the region as a whole, says World Bank Regional Vice President for the Caribbean and Latin America Hasan Tuluy.
Speaking at the Caribbean Development Bank’s Forty Second Annual General in the Cayman Islands on Saturday during a ceremony to mark the support of the major multilateral development banks for the new Caribbean Growth Forum (CGF) Tuluy said that the prevailing business climate in the region leads to inefficiencies in the delivery of public services, alluding to what he said was a current mismatch between skills and jobs.
The Caribbean Growth Forum (CGF) is an initiative led by the Inter-American Development Bank (IDB), the World Bank (WB), and the Caribbean Development Bank (CDB) in collaboration with the United Kingdom Agency for International Development (DFID) and the Canadian International Development Agency (CIDA), to identify policies and initiatives aimed at inducing growth and creating jobs in the Caribbean region.
Reduced CDB credit ratings prompts reform call from St Lucia’s PM
St Lucia’s Prime Minister Dr. Kenny Anthony says that the recent downgrading of the credit rating of the Caribbean Development Bank by the Wall Street-based Moody’s Investment Services reflects the institution’s view that the shortcomings of the Bank were inconsistent Triple A – rated banks, and reflects deficiencies in the management of the bank’s assets and liabilities and in its financial planning.
Anthony says that the CDB must now move quickly to create a dedicated risk management function, adopt comprehensive asset-liability management policies and carry out other necessary reforms to ensure that all fundamentals get back on track and are sustained.
