Parliamentary Secretary in the Ministry of Finance and Economic Affairs, Senator Jepter Ince, has called for a more transparent architecture that supports the development objectives of Small Island states.
Addressing the United Nations Multi-Country Sustainable Development Framework Workshop this morning, Ince charged that the global financial and economic system and the accompanying governance process continue to operate exclusively.
He noted that the special vulnerabilities that constrain development Small Island Developing States (SIDS) in the Caribbean are well known.
The Parliamentary Secretary cited a recent report which showed that average growth in the Caribbean between 1970 and 2012 was lower than those in Africa, Asia and other Less Developed Countries.
Ince further noted that the International Monetary Fund (IMF) also acknowledged that in the last ten years, SIDS have slid down the ladder of progress.
He suggested that in the design, delivery and implementation, the Multi-Country Sustainable Development approach must address the unique and particular vulnerabilities and challenges of SIDS in the Caribbean.
“Whilst there is recognition that ownership and leadership are key components of Small Island Developing States in overcoming some of their challenges, there is also equal recognition that success will remain difficult in the absence of international co-operation.
“Our new and emerging challenges require us to develop eco-systems that support, inter alia, economic and environmental development objectives, while facilitating resilience building as a means to withstand, adapt to, or recover from exposure to exogenous shocks,” Ince said.
While lauding the work being done on developing respective Vulnerability Resilience Country Profiles, Ince warned that too often the status of Middle Income Countries Status is granted by virtue of capita income alone, which restricts some Caribbean countries from accessing concessionary financing.