Finance Minister Dr Ashni Singh has urged bilateral and multilateral financial institutions to take into account the peculiar development circumstances of the Caribbean in their engagement with the region.
He made the remarks last weekend at the Inter-American Development Bank’s annual general meeting in Calgary, Canada. 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 indicated that regional policymakers must take these realities into account in defining their own viable and sustainable long-term strategies for growth and development. He also urged hemispheric leaders and multilateral financial institutions not to ignore these realities in defining their strategies for supporting the region in its development efforts.
On the subject of trade and integration, Dr Singh emphasised that the Caribbean had long recognised the vast opportunities that could be realised 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. These asymmetries are at their greatest when comparing Caribbean small states with their larger hemispheric neighbours. Against this background, he argued that these asymmetries need to be considered, and a significant development dimension needs to be included in any discussion on new trading agreements and arrangements involving the Caribbean.
The minister also highlighted the significant infrastructure gaps that persist in the Caribbean, constraining the region’s ability to benefit fully from trade and integration opportunities. In this regard, he urged emphasis on investment in infrastructure that affects the region’s competitiveness and productivity. He further argued 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.
While in Calgary, Singh also held a number of bilateral meetings, including one with IDB President Luis Alberto Moreno, during which he applauded President Moreno’s leadership of the bank, and expressed Guyana’s appreciation of the bank’s strong partnership with this country.
Minister Singh 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 in Calgary. Minister Singh addressed that meeting on recent developments in Guyana, and answered questions on a wide range of topics of interest to the Guyanese community in Calgary.
