RE and CDB

The Board of Gov­er­nors of Caribbean De­vel­op­ment Bank held its 49th an­nu­al meet­ing of the fifth time in Trinidad and Tobago, a found­ing mem­ber.
Min­is­ter Colm Im­bert said that the region must as­pire to be en­er­gy ef­fi­cient as one of the world’s largest un­tapped sources of re­new­able en­er­gy, with po­ten­tial in so­lar, wind, ge­ot­her­mal and ma­rine en­er­gy. This year’s theme, “Trans­for­ma­tion,” was ap­pro­pri­ate giv­en the cur­rent de­vel­op­men­tal con­text.

“We are at a crit­i­cal junc­ture in the de­vel­op­ment of our re­gion, where build­ing and strength­en­ing re­silience to ex­ter­nal and in­ter­nal vul­ner­a­bil­i­ties is of ut­most im­por­tance for putting our de­vel­op­ment on a sus­tained ba­sis.” The rate of growth  is not as high as Chi­na or In­dia but the re­gion is do­ing well in terms of glob­al eco­nom­ic threats. “Whether it’s one per cent or two per cent. I think this is a great achieve­ment of the Caribbean re­gion. We must trans­form our so­ci­eties to points where, as Small Is­land De­vel­op­ing States (SIDS), our growth is ro­bust and in­clu­sive, new means of fi­nanc­ing are reg­u­lar­ly sourced and our states be­come more cli­mate re­silient.” He urged states to har­ness the vast po­ten­tial of the ocean to boost eco­nom­ic growth, tack­le un­em­ploy­ment and strength­en food se­cu­ri­ty. In­no­va­tion and us­ing green tech­nol­o­gy were al­so crit­i­cal fac­tors in de­vel­op­ment. “We must al­so have an en­vi­ron­men­tal­ly con­scious pop­u­la­tion. As a peo­ple, we must have a com­mon vi­sion of where we want this trans­for­ma­tion­al process to take us and how we in­tend to ar­rive at that des­ti­na­tion.” Trans­for­ma­tion must en­cour­age the use of re­new­ables and en­er­gy ef­fi­cien­cy and en­er­gy con­ser­va­tion to re­duce de­pen­den­cy on fos­sil fu­els.

The Plan­ning Min­is­ter said the mul­ti-faceted chal­lenges fac­ing SIDs re­quire a “bold, risk-tak­ing, no-non­sense ap­proach. It re­quires the in­no­va­tion and adop­tion of new poli­cies and new ways of fi­nanc­ing and the nur­tur­ing of ex­ist­ing part­ner­ships, even as we seek out new ones. How do we rise above these emer­gent chal­lenges? In a world where eco­nom­ic and po­lit­i­cal blocks are seem­ing­ly be­ing bro­ken and tar­iff walls are es­ca­lat­ing amongst our ma­jor trad­ing part­ners … how do we repo­si­tion our­selves as a re­gion so our col­lec­tive voice is heard in the in­ter­na­tion­al mar­ket space?” The re­gion should not be de­fined by its chal­lenges it faces but rather the man­ner in which it re­sponds to and over­comes them. Fun­da­men­tal to de­vel­op­ment and change is the need for trans­for­ma­tive in­ter­ven­tions to ad­dress chal­lenges. “In­ter­na­tion­al­ly, the threat of hu­man-dri­ven cli­mate change presents de­vel­op­ment chal­lenges. More of our tra­di­tion­al jobs are be­com­ing ob­so­lete and the flow of work to which we have grown ac­cus­tomed is be­ing dis­rupt­ed.” The dig­i­tal en­vi­ron­ment con­tin­ues to change the way in which peo­ple work, live and op­er­ate.

Guyana wants CDB at forefront of transformation

GUYANA challenged the Caribbean Development Bank, the Region’s premier lending institution, to be at the forefront of its charge to transformation. With financial and technical support, the country can redeem its status as the regional breadbasket and enhance public infrastructure, with oil finds of over six billion barrels,

At the 49th Annual Meeting of the Board of Governors from June 5-6, 2019 the Minister of Finance observed that the Caribbean Community (CARICOM) has an import food bill of billions of dollars.

“…Guyana possesses rich agriculture land in abundance which, when blended with investors’ capital and know-how, can allow us to consume what we produce and produce what we consume. … creating jobs, adding value and keeping our hard-earned resources in the Region.”

The county will require the CDB’s assistance as it still faces major capacity and capability gaps. The government is aware of the risks it can face with the “paradox of plenty” and decided to plan strategically to manage its fiscal affairs.

“… GDP growth is forecast to average 12 per cent per annum for the next 10 to 15 years but we will need to ensure that growth emanates from a modern, diversified and inclusive economy – one that is resilient and capable of withstanding and absorbing shocks without major disruption. Guyana has many needs; assistance for which we look to our partners. I, therefore, enjoin the bank to step up and provide us with the support ..and offer the insights and guidance… to push our faltering project portfolio and build up a pipeline of bankable investment projects. With anticipated steep growth in public investment, our Region’s premier lending institution must be in the forefront of Guyana’s charge to transformation.”

In 2018, Guyana’s economy returned a growth rate of 4.1 per cent, the highest since 2014. The country is continuing in the trend of positive economic growth averaging about 3 per cent over the last four years while prices remained relatively stable with inflation under two per cent. There has been a moderate deterioration in the exchange rate while debt was contained to a sustainable level.

“All this is indicative of our prudent management of the economy in the face of a difficult and sometimes hostile international and domestic climate.” Despite the relatively good performance, Guyana’s economy is still fragile and will need tremendous assistance moving forward. Although graduation from the Special Development Fund concessional resources is inevitable, this must not occur prematurely for the country.

The Special Development Fund is the CDB’s largest pool of concessionary funds which are used to address poverty and human development challenges throughout the Region. The fund is generated through contributions from all member countries of CDB and non-members.

CDB President, Dr. William Warren Smith and his staff were tanked for the assistance to Guyana to support its development in 2018. The country benefitted from US$6.7M in disbursement increasing its project portfolio to US$150M.

“These resources were used to good effect to narrow our infrastructure gap; strengthen our sea defences; improve our road network; expand and enhance our potable water system and expand our education system, including upgrading facilities at the University of Guyana among others.”

Outflows from Guyana to the CDB were approximately US$4M more than disbursements and the bank must do all in its power to ensure this occurs less frequently. “While occasions of net negative flows to any country may occur, we expect that those will be infrequent. I, therefore, urge the bank’s management to pay close attention to the repayment of loans and the pacing of loan and grant flows to its borrowing members.”

The CDB’s Annual Meeting of the Board of Governors is the bank’s flagship forum for discussion among the institution’s governors and sector leaders.

GUYANA SEEKS GERMAN INVESTORS

The Minister of Foreign Affairs asked German companies to invest in Guyana where

Government was committed to building a more robust and diversified economy at
the Latin America and Caribbean Initiative and Future Forum for Governments from the region.
The event was organised by the Federal Government of Germany and hosted by the Minister of Foreign Affairs, Heiko Maas.
The two-day conference attended by 26 Latin American and Caribbean Foreign Ministers, as well major German business executives and experts, was aimed at deepening cooperation between Germany and the regional States.
It was expected to conclude with the Foreign Ministers of Latin America and the Caribbean adopting a Joint Declaration.
The Minister highlighted Guyana’s Green State Development Strategy: Vision 2040, noting its importance in guiding policy-making agenda as well as its prioritization of environmental conservation, sustainable growth and development of a green economy.

“Our strategy provides significant opportunities for profitable investments. We welcome foreign investments, integrated agriculture and agro-processing zones, green and clean technology, engineering services, tourism economic zones, pharmaceuticals production, information and communication technology, and mining.”

Areas for partnership, are in the efforts to address climate change, such as its agreement with the Kingdom of Norway which aims at providing the world with a model of how the REDD+ [reducing emissions from deforestation and forest degradation] mechanism could align development objectives of affected countries. Guyana, like many developing states, continues to support calls for greater support to be provided to vulnerable countries for urgent implementation of climate change initiatives A five-member delegation included Guyana’s non-resident Ambassador to Germany.

National Oceanography Centre, University of Belize Ink MoU

The UK National Oceanography Centre (NOC) and University of Belize (UB) signed a Memorandum of Understanding (MoU).

Professor Kevin Horsburgh, the NOC’s chief scientist for International Development, said: “The NOC is committed to forging mutually beneficial international partnerships with other forward-thinking institutes. As we prepare for the UN Decade of Ocean Science for Sustainable Development, enhanced international and interdisciplinary scientific collaboration is essential to achieve coordinated global action. We look forward to continuing to strengthen our already positive relationship with the University of Belize, to assist them in achieving their ambition to develop Belize into a centre of excellence for the region, to advance marine science for the benefit of the region, and to promote the use of scientific evidence and data in support of marine policy and natural resource management.”

UB’s president, Professor Emeritus Clement Sankat added: “A partnership such as this is a powerful and necessary one for both UB and Belize. As the national university, this partnership will enable the UB to build its marine research capacity and will assist in providing a supportive learning environment such as laboratories and technology transfer, including training for students, faculty and staff. More importantly, it will enable the University to build on its intellectual stature as a repository for the country’s knowledge so as to improve policymaking that treats our country’s natural resources with respect, especially our natural environment.”

Collaboration will focus on both marine technologies and expertise, as well as scientific knowledge on coastal protection, water quality and sustainable environmental practices. Outcomes from collaborative multidisciplinary research will address some of Belize’s current environmental challenges, including sustainable management of marine resources and marine pollution. In practical terms, this will see the two institutions develop joint research projects and training programmes, exchange academic information and materials and encourage the shared use of their respective facilities.

In April, two scientists from UB completed a two-week programme of training at the NOC to enhance the capability of the University to study the aquatic environment. Hosted by the NOC and the UK’s Centre for Ecology and Hydrology (CEH), this intensive programme involved laboratory-based training around ocean acidification, water quality, and microplastics as well as training in land cover mapping and statistical programming.

Will Suriname follow Guyana in energy?

David Renwick

Saint-Laurent du Maroni
SURINAME, one of the three “Guianas”, is virtually ‘energy self-sufficient”. It imports less than 15 per cent of its fuel requirements and has freed itself of complete dependence on fossil fuels for the generation of electricity.

Jamaica

IMF Staff Concludes Visit.   June 14, 2019

• End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country.
• The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.
• Primary surplus in FY2018/19 was in excess of 7 percent of GDP for the sixth consecutive year, with public debt falling to about 95 percent of GDP at end-March 2019.
• The reduction in the Cash Reserve Requirement by 5 percentage points this year and the successive policy rate cuts to 0.75 percent should support private credit expansion as the government continues to deleverage.
• The IMF team reiterated the need to institute a new streamlined and performance-based compensation framework for government employees before the next round of wage negotiations.
• An International Monetary Fund (IMF) staff team led by Uma Ramakrishnan visited Kingston from June 10 to 14, 2019, ahead of the sixth and final review under the SBA planned for September 2019.
• The team took stock of progress on Jamaica’s economic reform program supported by the IMF’s precautionary Stand-By Arrangement (SBA).

At the end of the visit, Ms. Ramakrishnan issued the following statement:

“Jamaica’s improved economic growth in FY2018/19 was buoyed by construction and mining. Unemployment is now at an all-time low of 8 percent. The inflation outturn was 3.9 percent (y/y) in April, closer to the Bank of Jamaica’s (BOJ) target range of 4–6 percent. The primary surplus was almost 7½ percent of GDP in FY2018/19, with public debt falling to about 95 percent of GDP at end-March 2019—the lowest since FY2000/01. Non-borrowed reserves were US$430 million above target at end-March 2019, providing critical buffer against unforeseen global economic shocks.

“The IMF team welcomes the recent BOJ’s accommodative policies aimed at restoring inflation to the target range. The reduction in the Cash Reserve Requirement by 5 ppts this year and the successive policy rate cuts to 0.75 percent should support private credit expansion as the government continues to deleverage. That said, enhanced central bank supervision and risk management practices at lending institutions will be critical to ensure careful assessment of risks to maintain financial stability.

“Meanwhile, the FY2019/20 budget execution is underpinned by continued buoyant tax collections in April and above budget capital expenditure—an encouraging new normal for Jamaica.

“Consistent with the overall objective of reducing its footprint in the foreign exchange (FX) market and promoting interbank market development, the BOJ should limit its FX interventions to episodes of significant market dislocations. At the same time, continued swings in the currency highlight the urgency to adopt an FX trading platform (to enhance market transparency and price discovery), and develop FX hedging instruments.

“Looking ahead, having strong institutions in place will be critical to entrench the hard-earned gains from the economic reforms. In this regard, the GOJ’s commitments to (i) enacting amendments to the BOJ Act to adopt a full-fledged inflation targeting framework, (ii) creating a policy framework for natural disasters risk financing, and (iii) tabling legislation for the establishment of an independent Fiscal Council are important next steps.

“Strengthening efforts to enhance the special resolution regime and consolidated supervision of financial conglomerates—as recommended by the recent IMF Financial Sector Assessment Program (FSAP)—are also critical. These actions require strong coordination among the BOJ and the Financial Services Commission (FSC).

“The IMF team also reiterated the need to institute a new streamlined and performance-based compensation framework for government employees before the next round of wage negotiations. This reform will ultimately lead to a more cost-effective and efficient public sector.

“The IMF team welcomes the open and transparent process for selection of the new Governor of the Bank of Jamaica.

“During the visit, the IMF team met with the Minister of Finance and the Public Service Dr. Nigel Clarke, Minister of Health Christopher Tufton, Minister of Energy, Science and Technology Fayval Williams, Bank of Jamaica Governor Brian Wynter, Financial Secretary Darlene Morrison, Planning Institute Director General Dr. Wayne Henry, senior government officials, private sector representatives, the opposition, and held a townhall meeting with students at the University of the Commonwealth Caribbean.

“We would like to thank the Jamaican authorities for their continued hospitality and frank discussions.”

IMF Communications Department
PRESS OFFICER: RANDA ELNAGAR

PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG

Barbados

First Review under the Extended Arrangement and Request for the Completion of the Financing Assurances Review and Modification of Performance Criteria – Press Release;

Staff Report; and Statement by the Executive Director for Barbados
Author/Editor:International Monetary Fund. Western Hemisphere

Dept.Publication Date:June 26, 2019Electronic Access:Free Full Text.

Use the free Adobe Acrobat Reader to view this PDF file

Summary:

First Review under the Extended Arrangement and Request for the Completion of the Financing Assurances Review and Modification of Performance Criteria – Press Release; Staff Report; and Statement by the Executive Director for Barbados

• IMF Executive Board Completes First Review Under the IMF’s Extended Fund Facility for Barbados and
• Approves US$48.7 Million Disbursement
  June 24, 2019

The completion of the review enables an immediate disbursement of SDR 35 million (about US$48.70 million). A four-year EFF arrangement was approved on October 1, 2018.
Fiscal adjustment is ongoing, with the authorities targeting a primary surplus of 6 percent of GDP in FY2019/20 and several years thereafter.
A public debt restructuring is complementing the fiscal consolidation. The restructuring of domestic public debt completed in November 2018 has helped to substantially reduce the public debt burden.

The authorities are engaging in good faith negotiations with external commercial creditors.
On June 24, 2019, the Executive Board of the International Monetary Fund (IMF) completed the first review of Barbados’ economic reform program supported by an arrangement under the Extended Fund Facility (EFF). The completion of the review allows the authorities to draw the equivalent of SDR 35 million (about US$48.70 million), bringing total disbursements to SDR 70 million (about US$97.40 million).

The four-year EFF arrangement amount equivalent to SDR 208 million (about US$289.41 million, or 220 percent of Barbados’s quota in the IMF) was approved by the Executive Board on October 1, 2018 (see Press Release No. 18/370).

Barbados has embarked on a comprehensive Economic Recovery and Transformation (BERT) plan aimed at restoring fiscal and debt sustainability, addressing falling reserves, and increasing growth. The program seeks to protect vulnerable groups through strengthened social safety nets.

Following the Executive Board discussion, Mr. Tao Zhang, Deputy Managing Director and Acting Chair said:

“Barbados has made a strong start in implementing its ambitious and homegrown economic reform program. All performance criteria for March 2019 were met, and all structural benchmarks have been implemented, although a few with minor delays.

“The FY2019/20 budget provides a solid basis for the targeted fiscal consolidation of 6 percent of GDP. The adjustment effort is supported by several new taxes, ongoing reforms in public financial management, a reduction of transfers to State‑Owned Enterprises (SOEs), and adequate provisions for social safety nets and capital expenditure. If necessary, the authorities stand ready to take additional measures to reach the targeted primary surplus. The planned adoption of a fiscal rule in 2020 will help sustain the adjustment effort over the medium and long term.

“Reform of SOEs is critical for achieving the primary surplus target and maintaining it over the medium term. To secure fiscal space for investment in physical and human capital, transfers to SOEs are envisaged to significantly decline by a combination of stronger oversight of SOEs, cost reduction, revenue enhancement, and mergers and divestment.

“A comprehensive public debt restructuring complements the fiscal consolidation. The domestic debt restructuring completed in November 2018 has significantly reduced Barbados’s public debt burden without jeopardizing financial stability. The authorities are continuing good faith negotiations with external commercial creditors, which together with the domestic debt restructuring, should help restore debt sustainability.

“The fixed exchange rate has served as a key anchor for macroeconomic stability and international reserves have increased. The exchange rate peg and monetary regime would be further bolstered by the planned reforms to strengthen the central bank’s mandate, autonomy, and decision‑making structures.

“Structural reforms target improvements in the business environment to increase growth over the medium term. With the adoption of a new Town and Country Planning Law in January 2019, the process for providing construction permits has been streamlined. Going forward, the authorities intend to carefully review and address the different obstacles to growth.

“Adequate social spending and an improved safety net are key priorities for the program. The authorities have launched a training and outplacement program to mitigate the impact on unemployment from layoffs at the central government and SOEs.”

IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: RANDA ELNAGAR

BARBADOS FIRST REVIEW

The Bahamas

Financial Sector Assessment Program-Technical Note on Financial Stability and Stress Testing
https://www.imf.org/en/Publications/CR/Issues/2019/07/02/The-Bahamas-Financial-Sector-Assessment-Program-Technical-Note-on-Financial-Stability-and-47071?cid=em-COM-789-39126
Author/Editor:International Monetary Fund. Monetary and Capital Markets DepartmentPublication Date:July 1, 2019

Electronic Access:Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

• Macrofinancial risks stem from the economy’s vulnerability to external shocks to tourism and real estate investment, exposure to frequent and severe hurricanes, and a small and illiquid real estate market.
• Stress tests reveal the overall banking system is resilient to a range of adverse scenarios given large aggregate capital and liquidity buffers.
• Some domestic banks and the two largest credit unions are more vulnerable to asset quality shocks and tail risk conditions.
• Asset quality and profitability are key determinants of financial institutions’ resilience to adverse shocks.
• Liquidity, market, sovereign and financial contagion risks are low. The offshore banking sector is not a source of traditional banking risks.

Series:Country Report No. 19/202
ENGLISH
Publication Date:July 1, 2019ISBN/ISSN:9781498323307/1934-7685Stock No:1BHSEA2019005Price:$18.00 (Academic Rate:$18.00)Format:PaperPages:67

IMF Executive Board Concludes 2019 Article IV Consultation with The Bahamas

https://www.imf.org/en/News/Articles/2019/07/01/pr19260-the-bahamas-imf-executive-board-concludes-2019-article-iv-consultation?cid=em-COM-789-39126

July 1, 2019

On June 3, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with The Bahamas.

1 The discussion included the Financial System Stability Assessment (FSSA) of The Bahamas.

• Real GDP expanded by 1.6 percent in 2018, up from 0.1 percent in 2017.
• Economic activity was supported by tourism, while foreign investment projects continued to provide the impetus for construction sector activity.
• The consumer price index (CPI) increased by 2.2 percent on average in 2018 due mainly to the Value Added Tax (VAT) rate increase from 7.5 to 12 percent in July 2018.
• Unemployment remains high, at 10.7 percent in November 2018, as employment creation has lagged labor force growth.
• The current account deficit widened to 16.4 percent of GDP in 2018, reflecting higher oil prices and imports associated with the conclusion of a large FDI project.
• The budget deficit narrowed to 3.4 percent of GDP in FY2017/18, down from 5.5 percent a year earlier.
• Central government debt increased to 63.3 percent of GDP in FY2017/18 from 54.4 percent in FY2016/17.

The banking system is well capitalized, but credit to the private sector continued to contract in 2018, even if at a more moderate rate. Banks have improved their balance sheet quality and average non-performing loans (NPLs) declined from its peak of 15.4 percent in 2013 to 9.1 percent in 2018. The financial system is resilient to current stability threats.

Growth is projected to reach 1.8 percent in 2019 before converging to its potential of 1½ percent in the medium term. The increase in inflation is projected to have been temporary. Domestic bottlenecks and lagging economic diversification constrain medium-term growth, and unemployment is projected to decline only gradually. External accounts are expected to strengthen over the medium-term, backed by high tourism receipts, fiscal consolidation and lower oil prices, and the current account deficit is projected to converge to 5 percent of GDP.

Risks to global growth, particularly in key trading partners, have increased. Slowing external demand or a tightening of financial conditions in key advanced economies could adversely affect growth prospects. Vulnerability to hurricanes and climate change remains high. Domestically, reform momentum could stall delaying fiscal consolidation and the implementation of competitiveness-enhancing reforms. In the international sector, reputational risks could intensify despite the recent strengthening of regulatory and transparency standards, possibly challenging existing business models.

2 Executive Board Assessment 

Executive Directors welcomed the strengthening economic activity and the prospect of continued growth, underpinned by prudent policies and comprehensive structural reforms.

At the same time, Directors noted the still high unemployment rate, rising public debt, and risks associated with external imbalances. They underscored the need to rebuild policy buffers, safeguard financial stability, and further enhance resilience to natural disasters.

Directors welcomed the decisive steps to consolidate the fiscal position and the authorities’ commitment to fiscal sustainability and macro-financial stability.

They particularly welcomed the enactment of the Fiscal Responsibility Law, noting that its effective implementation would bolster policy credibility and ensure durable gains from fiscal consolidation.

Directors encouraged steps to further strengthen public financial management systems, tighten expenditure control, and operationalize the fiscal council as planned. They also saw value in a comprehensive review of the tax regime to enhance its efficiency and progressivity, including by reducing distortions and other preferential treatment.

Directors stressed the importance of advancing structural reforms to boost competitiveness and unlock the economy’s potential for high and inclusive growth. In view of the planned accession to the WTO, they recommended prioritizing reforms that tackle high energy costs, improve access to credit, and address skill mismatches in the labor market. Lowering the cost of doing business would help attract needed foreign direct investment.

Directors noted that significant progress has been made in implementing the 2013 FSAP recommendations, and that the overall banking system remains resilient. They encouraged further efforts to revive credit growth, resolve nonperforming loans, and strengthen supervision of credit underwriting. To this end, they supported developing a real estate price index and operationalizing the credit bureau.

Directors welcomed ongoing efforts to strengthen the central bank’s recovery and resolution powers, as well as its governance and independence. They highlighted the need to complete the legislative reform of the banking resolution framework, improve governance of public asset management companies and state-controlled financial institutions, and address remaining deficiencies in the AML/CFT framework.

Directors looked forward to the swift implementation of the new framework for the international sector aimed at enhancing its transparency and monitoring. They encouraged the authorities to remain vigilant against potential spillovers into the domestic financial system from the unification of banking license regimes. Directors also welcomed the authorities’ initiatives to advance financial inclusion while emphasizing the need to proceed with caution on the issuance of a central bank digital currency, mindful of possible risks to financial stability.

Directors welcomed the recent subscription to the enhanced General Data Dissemination System. They looked forward to further progress in improving the availability and quality of economic data.

The Bahamas: Selected Social and Economic Indicators

I. Social Indicators
GDP (US$ millions), 2018	12,425		Poverty rate (percent), 2013		12.8
GDP per capita (US$), 2018	32,997		Unemployment rate (percent), Nov 2018		10.7
Population (thousands), 2018	377		Infant mortality rate (per 1,000 live births), 2016		9
Life expectancy at birth (years), 2018	75.7		Human development index (rank), 2018		54
Adult literacy rate, 15 & up (percent), 2007	95.6

II. Economic Indicators

									Proj.
		2015		2016	2017		2018		2019		2020
		(Annual percentage change, unless otherwise indicated)
Real sector
Real GDP		0.6		0.4	0.1		1.6		1.8		1.7
Nominal GDP		7.7		1.6	1.8		2.3		2.4		3.6
Consumer price index (annual average)		1.9		-0.3	1.6		2.2		1.6		2.4
Consumer price index (end of period)		2		0.8	1.8		2		2.4		2.4
Unemployment rate (in percent)		13.4		12.2	10.1		10.7		9		9
Saving rate (percent of GDP)		14.1		20.5	13.4		7.5		10.9		12.5
Investment rate (percent of GDP)		26.2		26.4	26.3		23.9		23		22.9
Financial sector
Credit to the nonfinancial public sector		7.7		12.3	-3.8		6.6		5.3		2.5
Credit to the private sector		-1.1		-2	-3		-1.5		1		1.5
Liabilities to the private sector		-0.3		8.7	1.5		-0.8		2.4		3.6
External sector
Exports of goods and services		-8.7		18.9	-1.4		11.8		8.2		6.4
Of which: Travel receipts (gross)		3		29.3	-2.6		12		8.5		5.5
Imports of goods and services		-16		5.6	11.5		11.5		2		2.2
		(In percent of GDP, unless otherwise indicated)
Central government 1/
Revenue and grants		15		16.3	17.2		16.6		19.4		19.7
Expenditure		18.8		18.9	22.7		20		21.7		21.1
Expense		16.3		17.3	19.4		17.7		19.6		19
Net acquisition of nonfinancial assets		2.4		1.6	3.3		2.3		2.1		2.2
Overall balance		-3.8		-2.6	-5.5		-3.4		-2.3		-1.5
Primary balance		-1.7		-0.3	-3.3		-0.8		0.4		1.1
Central government debt		49.7		50.4	54.4		63.3		63.1		61.9
External sector
Current account balance		-12		-6	-12.9		-16.4		-12.2		-10.3
Change in net international reserves (increase -)		-0.2		-0.8	-4.2		1.8		-0.4		-0.2
External public debt (end of period) 2/		18.5		19.9	26.6		25.5		27.9		27.6
Memorandum items:
Gross international reserves
(End of period; millions of U.S. dollars)		812		904	1,417		1,196		1,250		1,275
In months of next year’s G&S imports		2.2		2.2	3.1		2.5		2.6		2.6
In months of next year’s non-FDI related G&S imports		2.5		2.5	3.4		2.9		2.9		2.9
In percent of reserve money		83		70	98		96		97		96
External debt-service ratio (in percent of exports of G&S)		5.7		9.7	20.5		9.1		19.5		8.9
GDP (in millions of Bahamian dollars)		11,752		11,938	12,150		12,425		12,724		13,178
Sources: Central Bank of The Bahamas; Department of Statistics; Ministry of Finance; UNDP Human Development Report; and IMF staff projections.

1/ The data refer to fiscal years ending on June 30.

2/ Central government and public corporate debt.

1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

2 At the conclusion of the discussion, the Deputy Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here:http://www.imf.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: RANDA ELNAGAR

IMF – Trinidad expansion from 2020

In April the IMF published a new edition of its World Economic Outlook database and accompanying report.

Economic performance would be flat this year, down from the 0.3% GDP expansion seen last year. While these figures differ from those of the World Bank, the IMF also indicated that its estimates could be amended in light of newly released data.

While predicting no positive advance in GDP this year, the IMF forecasts the economy will begin accelerating in 2020. The database shows economic expansion of 1.5% that year, 2.3% in 2021, 2% in 2022, and 1.6-1.7% in both 2023 and 2024.

Flat growth this year is joined by a relatively modest forecast rise in inflation: consumer prices are expected to increase by 1.1%. Inflation will rise over the coming years, as the economy gains momentum and demand increases across the board. The consumer price index will double to 2.2% in 2020 and rise to 3% in 2024.

Economic benefit of higher levels of gas production

One reason for the positive outlook is a ramping up of gas production – an economic mainstay.

Output has risen steadily since 2017, when production averaged 3.3bn standard cu feet per day (scfd) and last year recorded an average of 3.6bn scfd. Take from gas fields increased further in the opening months of this year, reaching 3.64bn scfd in January and 3.96bn scfd in February, according to data in mid-April.

Although the US Energy Information Administration expects Henry Hub natural gas spot prices to average $2.79 per million British thermal units this year, down $0.36 on 2018, greater gas output is strengthening T&T’s revenue prospects, which could lead to another update of the economy’s outlook later this year.

Sahara Dust

 

There is a high concentration of Sahara dust present over the region and the TT Met Office advised necessary precautions.

Since the beginning of the dry season, the country experienced waves of the dust. Islands across the Lesser Antilles are experiencing reduced air qualities as dense Sahara dust continues to move across the Atlantic and Caribbean, stretching as far as Florida in the US.

COMMUNIQUÉ ISSUED AT THE CONCLUSION OF THE FORTIETH REGULAR MEETING OF THE CONFERENCE OF HEADS OF GOVERNMENT OF THE CARIBBEAN COMMUNITY
Gros Islet, Saint Lucia, 3-5 JULY 2019

Other Members of the Conference in attendance were: Prime Minister of Antigua and Barbuda, Honourable Gaston Browne; Prime Minister of The Bahamas, Honourable Dr. Hubert Minnis; Prime Minister of Barbados, Honourable Mia Mottley; Prime Minister of Grenada, Dr. the Rt. Honourable Keith Mitchell; President of Haiti, His Excellency Jovenel Moise; Prime Minister of Jamaica, the Most Honourable Andrew Holness; Prime Minister of St Kitts and Nevis, Dr the Honourable Timothy Harris; Prime Minister of St. Vincent and the Grenadines, Dr. the Honourable Ralph Gonsalves; and Prime Minister of Trinidad and Tobago, Dr. the Honourable Keith Rowley.

Belize was represented by the Minister of Foreign Affairs, Honourable Wilfred Elrington; Dominica was represented by the Minister of Foreign and CARICOM Affairs, the Honourable Francine Baron; Guyana was represented by Minister of Foreign Affairs, the Honourable Dr Karen Cummings ; Montserrat was represented by the Minister of Trade, the Honourable Claude Hogan; and Suriname was represented by the Vice President, His Excellency Michael Adhin.

Associate Members in attendance were: Bermuda represented by Premier, the Honourable David Burt; the British Virgin Islands represented by Premier, the Honourable Andrew Fahie; Cayman Islands represented Premier the Honourable Alden McLaughlin and the Turks and Caicos Islands, represented by Premier, the Honourable Sharlene Cartwright-Robinson.

Special Guests in attendance were the Prime Minister of Norway, the Honourable Erna Solberg, and the Secretary-General of the United Nations, His Excellency António Guterres.

OPENING CEREMONY

Secretary-General of the Caribbean Community, His Excellency Ambassador Irwin LaRocque, immediate past Chair of the Community, Prime Minister of St Kitts and Nevis, Dr the Honourable Timothy Harris, and Chairman of the Community, Prime Minister of Saint Lucia, Honourable Allen Chastanet, addressed the Opening Ceremony. Secretary-General of the United Nations, His Excellency António Guterres, made remarks.

The Chairman, the immediate past Chair and the Secretary-General stressed the need to complete the measures outlined in the Implementation Plan for the CARICOM Single Market and Economy (CSME). They also emphasised the impact of climate change and the importance of Security co-operation. All speakers referred to the challenges facing small states. The UN Secretary-General in recognising the severity of those challenges, committed his organisation to taking the steps it could, to improve access for small states to development financing as a priority. He further declared that eligibility for Official Development Assistance should include vulnerability criteria.

The complete speeches can be accessed at http://www.caricom.org

AGREEMENTS SIGNED

• Amendment to the Agreement Establishing the Caribbean Aviation Safety and Security Oversight System (CASSOS) – Antigua and Barbuda

• Agreement on the Return or Sharing of Recovered Assets – Antigua and Barbuda, St. Vincent and the Grenadines

• Declaration of Intent to Provisionally Apply the Agreement on the Return or Sharing of Recovered Assets – Antigua and Barbuda, St. Vincent and the Grenadines

• Protocol on Public Procurement for the Caribbean Community – Antigua and Barbuda, Belize

• Declaration of Intent to Provisionally Apply the Protocol on Public Procurement for the Caribbean Community – Antigua and Barbuda, Belize

• Revised Agreement Establishing the Caribbean Examinations Council – Antigua and Barbuda

• Declaration of Intent to Provisionally Apply the Protocol on Contingent Rights – Belize, Haiti

• Declaration of Intent to Provisionally Apply the Multilateral Air Services Agreement –Antigua and Barbuda, Belize and Saint Lucia

• Protocol Amending the Revised Treaty of Chaguaramas to Incorporate the Council for National Security and Law Enforcement (CONSLE) as an Organ of the Community and the CARICOM Implementation Agency for Crime and Security (IMPACS) as an Institution of the Community – Belize

SIGNATURE OF MoU

• MOU between the Caribbean Community and the Government of Jamaica on Support for Operationalising and Institutionalising the CARICOM RMB System Phase II.

RATIFICATIONS

• Deposit of Instrument of Ratification of the Multilateral Air Services Agreement – Republic of Trinidad and Tobago

CARICOM SINGLE MARKET AND ECONOMY (CSME)

HOG expressed concern at the slow pace and low level of implementation of the CARICOM Single Market and Economy (CSME) and at the lack of urgency exhibited by some Member States in enacting the necessary legislation and putting in place the administrative measures for implementation.

HOG recognised that there were various capacity constraints and there was need to strengthen capacity at the national level to address the challenges, in particular that of the drafting of legislation; and agreed to provide greater support to the CSME Focal Points through the strengthening or establishment of CSME Units within the Ministries with a focus on implementation in accordance with the agreed timelines.

HOG urged Member States participating in the CSME as a matter of priority to undertake the necessary action at the national level as agreed in the Implementation Plan, acknowledging the importance of timely reporting on implementation action and challenges as well as of Public Education and outreach.

HOG further agreed that agricultural workers and security guards should be facilitated administratively by December 2019 and implemented legislatively by July 2020. They mandated the COHSOD to expedite its work on the definition and qualification requirements in order for Member States to meet the stipulated timelines.

HOG recalled that at their Special Meeting on the CSME last December, they had restructured the CARICOM Commission on the Economy (CCE). In that regard they welcomed the presentation of an Interim Report from the Chairman of the Committee, Professor Avinash Persaud, and accepted that the critical task ahead was to drive CARICOM States to stronger, more sustainable, resilient, inclusive and equitable development.

HOG noted the Commission’s view that any development model should be based on the Region’s human capital. They also noted the Commission’s plan to develop and refine implementable initiatives with respect to innovation, public sector reform, transportation and the improvement of access to the financial and economic systems.

HOG also engaged with representatives of the private sector, labour and civil society. They welcomed the progress made by the private sector towards the establishment of a regional private sector body – “CARICOM Private Sector Organisation (CPSO)” – to be designated an Associate Institution of the Community which is expected to be finalised by the end of year. Its specific purpose would be to support fully the implementation of the CSME. Heads of Government endorsed the private sector’s view that the CSME continued to be the most viable platform for supporting growth and development in the Region. Heads of Government agreed to designate the Caribbean Congress of Labour (CCL) as an Associate Institution of the Community and further welcomed its commitment to engage with the CPSO on the mechanism for its participation in that grouping.

BLACKLISTING

HOG expressed their deep concern at the continued blacklisting of some of the Member States and Associate Members and viewed such action as a clear and direct threat to the economic well-being of those countries and the Region. They stressed that Member States had a sovereign right to determine their fiscal policy.

HOG stated that it was unacceptable that compliance with the regulatory measures and standards for tax transparency set by the recognised global authority, was being disregarded by others who imposed arbitrary rules with respect to tax governance and anti-money laundering, without meaningful consultation with the affected States.

HOG abhorred the continued inclusion of CARICOM Member States and Associate Members on the United States list of Major Money Laundering Jurisdictions which convey the erroneous perception of the Caribbean as high risk and so targeted for the de-risking strategies of global banks. HOGt expressed the view that such behaviour undermined global rule-making and the relevant multilateral systems.

They emphasised the need for Member States to continue their vigilance in regard to the various processes underway in the European Union (EU) in order to protect their national interests.

HOG refined the CARICOM Strategy on Blacklisting and will make greater efforts to secure a more collaborative relationship with the European Union and United States on tax governance and related matters.

HAITI

HOG agreed that a delegation comprising the Chairman and the Prime Ministers of The Bahamas and Jamaica and the Secretary-General would visit Haiti in order to inform the Community of the situation in that country.

SECURITY

HOG in reviewing crime and security in the Region agreed to continue to strengthen the regional security architecture, both at the institutional and the personnel levels. They acknowledged the role of and the need to engage with international partners to this end.

INTEGRATING CARIBBEAN SCIENCE AND TECHNOLOGY INSTITUTIONAL CAPABILITIES

HOG recognising the importance of science and technology to growth and development in the Region, welcomed the proposal to build a framework for an Integrated Caribbean Science, Technology and Innovation System for socio-economic development.

HOG agreed to the establishment of a small committee led by the Prime Minister of Grenada to develop project proposals and spearhead resource mobilisation.

BORDER ISSUES

Belize-Guatemala

HOG received an update on the most recent developments between Belize and Guatemala.

HOG commended Belize on the successful holding of its referendum on 8 May 2019 in accordance with the Special Agreement to Submit Guatemala’s Claim to the International Court of Justice (ICJ). They welcomed the fact that the case arising from Guatemala’s claim is now before the ICJ for final and definitive resolution, in accordance with the Special Agreement

HOG reiterated their concern that the undertaking by both countries and the Organisation of American States (OAS) to engage in the design and development of a mechanism of co-operation for the Sarstoon River remains outstanding and urged both countries and the OAS to reinvigorate their efforts to this end.

They expressed support for the crucial role of the OAS in the process aimed at resolving the dispute, arising from Guatemala’s claims on Belize; and further called on the international community to continue supporting the OAS Office in the Adjacency Zone.

HOG re-emphasised their unwavering support for the sovereignty, territorial integrity and security of Belize.

Guyana-Venezuela

HOG received an update on the most recent developments concerning the controversy between the Cooperative Republic of Guyana and the Bolivarian Republic of Venezuela.

They noted Guyana’s request for the International Court of Justice to proceed to the oral hearings on Jurisdiction in light of Venezuela’s failure to submit its Counter Memorial on April 18, 2019, in accordance with the time limit fixed by the Court.

HOG expressed support for the judicial process underway which is intended to bring a peaceful and definitive end to the long-standing controversy between the two countries.

HOG reiterated their firm and unswerving support for the maintenance and preservation of the sovereignty and territorial integrity of Guyana.

ENGAGEMENT WITH SPECIAL GUESTS

HOG welcomed the Prime Minister of Norway, the Honourable Erna Solberg. They expressed their appreciation for Norway’s leadership in addressing and supporting, issues of concern to the Community, such as concessional financing to build resilience, climate change, the environment and the sustainable ocean economy, as well as the issues of marine litter and pollution and the situation in Venezuela. In this latter regard, they expressed their support for the facilitation process being carried out by Norway.

HOG applauded her establishment of the High-Level Panel on Building a Sustainable Ocean Economy on which the Prime Minister of Jamaica, the Most Honourable Andrew Holness, is a member.

HOG also welcomed the Prime Minister’s announcement that Norway would double its contribution to the Green Climate Fund.

HOG also exchanged views on matters of mutual interest with Congresswoman Stacey Plaskett the Delegate of the United States Virgin Islands to the US House of Representatives.

VENEZUELA

HOG received an update on the situation in Venezuela and CARICOM’s mediation-related activities, carried out by their High-Level Representatives. They reiterated the importance of resolving the crisis peacefully through dialogue between the parties.

HOG agreed that mediation-related activities would continue to be pursued by the Prime Ministers (St Kitts and Nevis, Barbados and Trinidad and Tobago) designated by Conference at its 30th Inter-sessional Meeting in February 2019.

HOG expressed support for the facilitation process being carried out by Norway with both sides of the dispute.

PROPOSAL TO ESTABLISH A PERMANENT AFRICA-BRAZIL-CARIBBEAN DIASPORA COMMISSION (ABCD COMMISSION)

HOG received the proposal to establish an Africa-Brazil-Caribbean Diaspora Commission

HOG agreed to establish a Prime Ministerial sub-committee to explore the feasibility of establishing the Commission to be led by the Prime Minister of St Vincent and the Grenadines and including the Prime Minister of Barbados and the President of Suriname.

They welcomed the offer of the University of the West Indies to support the work of the Committee.

UPCOMING SUMMITS AND MEETINGS INVOLVING HEADS OF GOVERNMENT

HOG considered positions to be adopted at the United Nations (UN) High-Level Events during the 74th Session of the UN General Assembly (UNGA) from 23–27 September 2019.

HOG were of the view that these High-Level sessions presented an opportunity to advocate for several issues of interest to Member States, particularly Climate Change, Financing for Development and Sustainable Development.

They noted that there would also be a High-Level Meeting to review progress made in addressing the priorities of Small Island Developing States (SIDS), including low-lying coastal states, through the implementation of the SIDS Accelerated Modalities of Action (SAMOA) Pathway.

HOG expressed the view that these High-Level Events served as a critical stocktaking point in the implementation of internationally agreed Frameworks or Instruments on Sustainable Development such as the Paris Agreement, the 2030 Agenda for Sustainable Development, the Addis Ababa Action Agenda (AAAA) and the SAMOA Pathway.

The Conference approved the Castries Call for Collective Commitment and Action on Sustainable Development, which highlighted the region’s concerns and responses to the ongoing sustainable development challenges and signalled the Community’s support for continued international cooperation and collaboration to address global climate change and the achievement of sustainable development.

The statement is attached to this Communique.

SUPPORT FOR THE ST. JOHN’S DECLARATION

HOG welcomed the actions by twelve Member States to put in place full or partial bans on plastic bags, single-use plastics and styrofoam and the on-going efforts to implement a region-wide ban on styrofoam and select “single-use” plastics. Further, HOG agreed to endorse the St John’s Declaration in support of the global anti-plastic campaign. The Declaration is attached.

SIDS RESILIENCE FOUNDATION

HOG received a presentation introduced by Saint Lucia on the SIDS Resilience Foundation and Project Lodge, which is designed to mobilise financing to build resilience and agreed to consider further the request to participate.

HOG welcomed the involvement of His Royal Highness the Duke of York in promoting this initiative which will be brought to the attention of the upcoming UN High-Level Meetings.

IV Ministerial of the Energy and Climate Partnership of the Americas (ECPA)

HOG noted that in its capacity as Chair of the Energy and Climate Partnership of the Americas (ECPA), Jamaica will host the IV Ministerial Meeting of the ECPA on 27-28, February 2020, under the theme: Energy Resilience and Investment Opportunities.

Regional Platform for Disaster Risk Reduction in the Americas and the Caribbean

HOG welcomed the information that Jamaica will host the Seventh Regional Platform for Disaster Risk Reduction in the Americas and the Caribbean, from 8th to 10th July 2020, given the importance of advancing national and regional efforts to galvanise disaster risk financing.

UNCTAD XV

HOG agreed to support the bid of Barbados to host the XVth Session of the United Nations Conference on Trade and Development in October 2020.

DATE AND VENUE OF NEXT MEETING

The Thirty-First Intersessional Meeting will be held in Barbados in 18-19 February 2020.

APPRECIATION

Heads of Government expressed their appreciation for the generous hospitality and excellent arrangements provided by Saint Lucia.

ATTACHMENTS

Conference of Heads of Government at its 40th Meeting in Saint Lucia adopted the St Johns Declaration.

Heads of Government:

• Remain concerned with the high levels of plastics and microplastics within the Caribbean Sea, Atlantic Ocean and their adverse effect on our human health, marine environment, our ecosystems and on our overall economies.
• Recall the various CARICOM declarations on the Environment, Climate Change and Oceans.
• Welcome the steps taken by many of our Member States to reduce or eliminate the use of single use plastics and other similar packaging materials and encourage those Member States that have not yet introduced such measures to reduce and/or eliminate the use of single use plastics to take the necessary steps to do so.
• Commit to address the damage to our ecosystems caused by the unsustainable use and disposal of plastic products, including by significantly reducing single-use plastic products by 2030 and to work with the private sector to find affordable, sustainable and environmentally friendly alternatives;
• Reiterate our commitment to the UN Agenda 2030 and its Sustainable Development Goals, and in particular to, Goal 14 “Conserve and sustainably use the oceans, seas and marine resources for sustainable development” and its target to reduce significantly all forms of marine pollution by 2025.
• Emphasize that prevention and reduction of plastic litter and microplastics in the environment from both land and sea-based sources constitute an essential contribution to achieving the Sustainable Development Goals for Member States and the long-term ambition of elimination of pollution of the Caribbean Sea and the Atlantic Ocean.
• Recognize that effective implementation of these actions requires enabling and coherent policy, legislative and regulatory frameworks, good governance and effective enforcement at the global, regional, national and local levels.
• Encourage development partners and the private sector to contribute financial and technical assistance, capacity-building initiatives including the transfer of technology in order to enable Member States to address the whole lifecycle of plastics in order to prevent plastic litter from land-and sea-based sources from entering the Caribbean Sea and Atlantic Ocean and to enable a holistic approach to solid waste and plastics management.
• Recall the relevant United Nations resolutions on pollution, plastics, microplastics, and marine litter, and reiterate our commitment to support its implementation.
• Reaffirm the need to improve national resource management strategies in order to achieve resource-efficient and low-carbon economies, as well as advance sustainable consumption and production patterns.
• Encourage other regional and sub regional groups of countries to take similar measures to eliminate discharge of plastic litter and microplastics to wells, rivers, seas and oceans.
• Recognize Norway’s global leadership on this issue and its commitment to addressing plastic and microplastics pollution of the marine environment. We therefore welcome further collaboration between Norway and CARICOM that can further strengthen protection of the Caribbean Sea and Atlantic Ocean from plastics and microplastics pollution.
• Emphasise that this is a global issue and global action is urgently needed to prevent further plastics pollution, and its damage to human health and marine life.
• Underscore the urgent need for a global agreement to address plastics and microplastic pollution and in this regard recall resolution 3/7 of the United Nations Environment Assembly, held in Kenya in March 2019 and the long-term ambition to eliminate discharges of litter and microplastics to the oceans.
• Welcome the United Nations Environment Assembly resolution 4/7 on “Marine Litter and Microplastics” including the extension of the mandate of the Ad Hoc Open-Ended Expert Group to examine options to combat marine plastics litter and microplastics from all sources, and through global legally binding mechanisms and commit to engage actively in the Expert Group.
• Call upon governments and other actors at local, national, regional and international levels, private sector, civil society, academia, and other stakeholders to address the problem of marine litter and microplastics, prioritising resource efficiency building on appropriate existing initiatives and instruments, and supported by and grounded in science, international cooperation, and multi-stakeholder engagement.
• Commit ourselves to continue to be global advocates on the harmful effects of marine plastics litter and microplastics.

ATTACHMENT

THE CASTRIES CALL FOR COLLECTIVE COMMITMENT AND ACTION ON SUSTAINABLE DEVELOPMENT

1. We, the Heads of State and Government of the Caribbean Community having met in Castries, Saint Lucia, July 3-5, 2019 on the occasion of the 40th Regular Meeting of the Conference of Heads of Government of CARICOM;
2. Reaffirming that Human and Social Development has been established as one of the pillars of the Caribbean Community;
3. Recalling the major inter-sectoral programmes undertaken by the Ministerial Council for Human and Social Development (COHSOD) and the Ministerial Council for Trade and Economic Development (COTED) which coordinates on-going national efforts to address the social, economic and environmental challenges of its people;
4. Gravely concerned that climate change, increased natural disasters, biodiversity and environmental degradation, coupled with economic and social shocks, could render our development untenable;
5. Recognising with concern the impact of climate change and marine pollution on the declining rate of ocean health and its effect on our development as a key provider of food and nutrition, tourism and ecosystem services and as an engine for sustainable economic development and growth;
6. Deeply concerned also with the continuing negative impact of crime and violence, including transnational organised crime and the illicit trade in small and light weapons, on the socio-economic development and economic viability of CARICOM States;
7. Alarmed that our region is confronting unprecedented developmental challenges that may be beyond our capacity to cope, and recognising that the next decade represents a critical point in our region’s journey towards meaningful and comprehensive sustainable development;
8. Emphasising in this regard the need to accelerate the implementation of the sustainable development agenda for small island developing states, and recalling our commitment to our countries, communities and people enshrined in the SIDS Accelerated Modalities of Action (S.A.M.O.A.) Pathway, the 2030 Agenda for Sustainable Development, the Addis Ababa Action Agenda and the Paris Agreement;
9. Guided by the principles and objectives of the Charter of the United Nations, the Revised Treaty of Chaguaramas, the Declaration on the Right to Development, and the Universal Declaration on Human Rights;
10. We, the Heads of State and Government, affirm thus our conviction that together we can considerably expand the horizons of our sustainable development;
11. We are determined to remain the strongest advocates for urgent and enhanced climate ambition and action consistent with 1.5°C, and for far reaching systemic changes to make financial flows consistent with low greenhouse gas emissions and climate resilient development pathways. We will also continue to press for dedicated resources to support our countries with adaptation and addressing permanent loss and damage;
12. We commit to actively support multilateral processes and to participate in actions that further our own development and survival. We acknowledge the 2030 Agenda as the plan of action for people, planet and prosperity and the most far-reaching global commitment to a world free of poverty and want. The 2030 Agenda represents for Small Island Developing States our commitment to universal prosperity;
13. We endorse the commitment for all people to have access to the health care they need, when and where they need it, without facing financial hardship. We recommit to taking actions geared towards the strengthening of health systems for the achievement of universal coverage of health services;
14. We underscore that international public finance plays an important role in complementing the efforts of countries to mobilise resources domestically, especially in the poorest and most vulnerable countries with limited domestic resources.
15. We recall the commitments made in the Addis Ababa Action Agenda and call for the renewed commitment of international partners to the means of implementation for vulnerable economies. We further urge the development of a tailored response to address the specific challenges that small island developing states face in accessing finance and managing sustainable debt including initiatives such as debt swaps, debt forgiveness and debt moratoriums. We also call for new methodologies for small island developing states in determining graduation to middle income and high-income status, including consideration of our vulnerabilities.
16. We likewise urge the immediate consideration of global policy that can safeguard the indigenous institutions of our financial sector against exclusion from participation in the global financial systems which could threaten our financial and economic viability;
17. We determine that our sustainable development should be guided by the principles and actions we called for in the S.A.M.O.A. Pathway. The improvement of our circumstances is based on the overwhelming need for the global community to recommit to small island developing States in ways that abate the exogenous challenges we face;
18. We reaffirm our support for bold and transformative partnerships and collective action to truly leave no one behind. We continue to call for the strengthening of the long-standing cooperation and support provided by the international community in assisting small island developing States to make progress in addressing their vulnerabilities and supporting their sustainable development efforts;
19. We declare The need for renewed and robust commitment to vulnerable countries by taking proactive action to support the people, economy and environment in our small island and low lying coastal developing States;
    1. Our full support to a synergistic and holistic process for the September high-level events, namely the Climate Action Summit, the High Level Meeting on Universal Health Coverage, the Sustainable Development Goals Summit, the High-level Dialogue on Financing for Development and the High-level Meeting on the Mid-term Review of the S.A.M.O.A. Pathway. The global development agenda is bolstered by integrated efforts that resound in individual success;
    2. Our recognition that our countries are small but not insignificant; vulnerable but not powerless; constrained but not uncommitted;
    3. Our strong determination for a world where we can be the architects of a future built on development that is not constrained by lack of financing and resources, or existentially threatened by environmental shocks;
    4. Our firm resolve to the sustainable development of our region.

UN Secretary-General’s remarks at 40th meeting of CARICOM [as delivered]
Excellencies, Ladies and gentlemen, All protocol observed,

“It is privilege to be with you in Saint Lucia.

I thank the Caribbean Community and the Prime Minister and Chairman of the Conference of Heads of Government, Allen Chastanet, and Secretary-General Irwin LaRocque for the invitation to join you.
It is no surprise that just the way from the airport to this room with a short stop between the two Pitons was an enchanting experience.
As Derek Walcott, one of Saint Lucia’s two Nobel Laureates, once said: “You cannot wake up in the Caribbean without a sense of astonishment.”
But the beauty of St. Lucia and the uniqueness of the voice and way of life of each of the Caribbean islands is threatened by the particular challenges that Small Island Developing States face.

Today, I would like to focus on some of these challenges, especially climate change and other obstacles to sustainable development, including the imperatives of citizen security and building resilience and the importance of access to development finance.
A little more than a month ago I visited the South Pacific and saw how Pacific island nations are addressing the climate crisis and approaching all their development investments through a climate lens.
And it is just two years since I visited the Caribbean in the aftermath of the devastation caused by Hurricanes Irma and Maria in 2017.
Years of hard-won development gains were destroyed in Barbuda and Dominica in only a couple of days. This was not the first time that the Caribbean has faced such devastation and loss and the immense challenge of rebuilding while safeguarding development achievements.
Hurricanes Ivan and Thomas – and the many others that came before Irma and Maria – are still etched in the memories of Caribbean people.
As climate-related natural disasters grow in frequency and severity, the risks to families and to development overall will only intensify.
The Caribbean experience makes abundantly clear that we must urgently reduce global emissions and work collectively to ensure that global temperature rise does not go beyond 1.5 degrees above pre-industrial levels.
That is why I am asking all leaders, from governments and the private sector, to present plans – at my Climate Action Summit or at the latest by December 2020 – to cut greenhouse emissions by 45 per cent by 2030 and get to carbon neutrality by 2050.
We must massively increase our ambition to advance low-emission and resilient development, including addressing loss and damage from climate impacts.
And we need all hands on deck to make this transformation possible.
CARICOM and the Caribbean Community Climate Change Centre have taken the lead from the frontlines.
You are our important allies in the fight against climate disruption.
We hear your voices loud and clear in the negotiation halls.
You have been stalwart advocates for a 1.5-degree threshold for over a decade, pushing leaders to devise new models of economic development and affordable, reliable energy access.
Island nations in the Caribbean are fast becoming influential test beds for innovative climate action, such as investing in decentralized renewable energy.
This will not only yield more economically sustainable sources of electricity, but it will provide clean energy solutions.
Microgrids and decentralized solar energy systems will also ensure that power losses after storms will be shorter and less catastrophic to homes, hospitals and businesses.
Investing in sustainable development also means investing more in concrete conservation and resilience measures.
Around 8 million tons of plastic end up in the oceans annually.
In the Caribbean, you see the impacts of this pollution.
We need to fight climate change, we need to fight also against the degradation of oceans that unfortunately we have not been able to stop.
We all have to act on a daily basis to counter these grave threats to marine ecosystems and the tourism sector — that are so central to your economies.
From plastic pollution to coastline erosion, more frequent extreme weather events, sea level rise and biodiversity loss, Caribbean states face immense pressure due to the actions that are committed, essentially, by others.
I highly commend the leadership of CARICOM Heads in presenting a bold vision to make the Caribbean the world’s first Climate Resilient Zone.
The creation of a Caribbean Resilience to Recovery Facility is an important development that should be fully supported.
When fully functional, this Facility will provide a regional indigenous mechanism for sourcing talent, experience and financial solutions to support CARICOM members to build resilient communities and nations.
I also must highlight that women are at the heart of the resilience equation.
This is true in the Caribbean as it is elsewhere.
As we shore up the resilience of Caribbean societies we must address the issue of citizen insecurity.
Murder rates in parts of the Caribbean are still very significant.
Violence against women and girls is a significant dimension of citizen insecurity, which increases in the wake of natural disasters and is an obstacle to resilient societies generally.
I am therefore also pleased that the Spotlight Initiative will be partnering with CARICOM and six countries in the region to make substantial, focused investments – some 50 million euros – in prevention and redress for violence against women and girls.
It is important that gender considerations underpin all our efforts to promote citizen security and sustainable development.
Excellencies,
In addition to managing the recurrent and increasing costs of climate-related events, Small Island Developing States face a range of economic constraints.
The small size of their domestic markets and their limited capacity to participate in global markets, particularly in damaging when it translates itself into the isolation of their financial systems from the global financial system, hinder them in generating economies of scale.
Their heavy dependence on imports, particularly of energy and food, make them highly vulnerable to price fluctuations and other external shocks.
And their very high levels of national debt constrain their ability to effectively address high and persistent levels of poverty and inequality.
These challenges are further complicated by the difficulties SIDS face in mobilizing development finance on affordable and appropriate terms.
These are challenges you know only too well, and we join your call, and will take the steps we can, to improve access to development financing as a priority.
I agree with you that eligibility for Official Development Assistance and other forms of concessional financing should include vulnerability criteria, in addition to Gross National Income per capita.
I have to say that I have assisted too many techonicratic discussion about vulnerability and what it means but having visited several Small Island Developing States in the Pacific and the Caribbean I never found one that was not a clear case of vulnerability. That should be recognized by all.
I also agree with you that the speed and predictability of climate financing, especially for Least Developed Countries and SIDS, should be improved.
And the prevalent use of debt instruments in climate finance needs review.
For middle-income countries that are particularly vulnerable, the multilateral development banks and development finance institutions have key roles to play in providing more long-term, low-cost debt financing.
But the time has also come for the international community to consider seriously how best to address the rising problems of over-indebtedness of middle-income countries.
This slows their progress toward sustainable development and makes them even more vulnerable to external shocks.
I strongly support the ECLAC proposal to convert debt to investment in resilience through the debt for climate adaptation swap and resilience building initiative. And I know that several other initiatives are being prepared namely under the leadership of the Prime Minister of Saint Lucia and I’d like to express the total support of the United Nations and my personal support to any initiative aiming at creating the conditions to allow for adequate financing for building resilience and for recovering from the devastation of climate accidents.
There is one thing for me that is absolutely clear. There is no way the countries of the Caribbean can recover from a devastating hurricane or systematically build resilience in relation to climate problems doing that based on the unsustainable growth of their debt. This is a common responsibility that the international community needs to recognize.
I am determined to change that by bringing more resources and strengthening UN support to SIDS, but to achieve this and other global challenges, we must reaffirm commitment to multilateralism and the United Nations Charter.
We must face the headwinds together.
There is no alternative to cooperation and collaboration.
I have embarked on a far-reaching set of reforms to ensure that the UN development system is fit and ready to help countries to achieve the Sustainable Development Goals in the next decade.
Let us seize this historic opportunity to ensure that every Caribbean country, and all Small Island Development States, receive optimal support to achieve the Sustainable Development Goals.
Also, in September, the United Nations will convene five Summits, all of direct significance to the Caribbean:

the High-Level Political Forum review of the 2030 Agenda;
the Finance Summit to take stock of where we are in implementing the Addis Ababa Action Plan on financing for sustainable development;
the mid-term review of the SAMOA Pathway for Small Island Developing States;
the high-level meeting on Universal Health Coverage;
and my Climate Action Summit.
These five events offer a strategic opportunity for your collective voices to be heard by the global community.
I encourage you to use these opportunities to amplify your story, present ambitious and concrete country plans to address the priority action areas that are the focus of these five Summits and press for more meaningful support for sustainable development in the Caribbean.
In closing, let me thank you for the strong cooperation between CARICOM and the United Nations.
I would particularly like to recognize your leadership on key United Nations priorities, not least climate change and financing for development as I’ve mentioned.
I welcome the adoption of the CARICOM Counter-Terrorism Strategy, developed with the support of the UN Office of Counter-Terrorism, and reiterate the UN system’s readiness to continue to cooperate with CARICOM on security challenges, even in relation to the issue of foreign terrorist fighters.
I commend your commitment to foster regional cooperation on the fight against illegal drug trafficking activities.
And I salute your efforts to provide an adequate response to the refugee and migration crisis that is affecting the wider region, and dramatically aggravated as a result of the situation in Venezuela.
Later this month, the UN System and CARICOM institutions will hold their tenth General Meeting in Georgetown.
The meeting will provide an opportunity to review the cooperation between our organizations, explore areas where the reform effort I am leading can deliver greater dividends, and where we can expand our fruitful cooperation.
Let us cooperate ever more closely in fulfilling the hopes and aspirations of the people of the Caribbean.

Thank you.

(NB This meeting failed to discuss the ruling of the Caribbean Court of Justice on 18 June ordering elections in Guyana where the government delays resignation and continues illegally to wield power)

Declaration Adopted At The Conclusion Of The Sixth Meeting Of Ministers Of Foreign Affairs Of CARICOM And Cuba

We, the Ministers of Foreign Affairs of the Caribbean Community (CARICOM) and the Republic of Cuba, having met in Georgetown, Guyana, on June 14th, 2019, on the occasion of the Sixth CARICOM-Cuba Ministerial Meeting.

Recalling the Summit Declarations of Havana 2002, Bridgetown 2005, Santiago de Cuba 2008, Port of Spain 2011, Havana 2014 and St. Mary’s 2017; as well as the periodic meetings of the Ministers of Foreign Affairs of CARICOM and Cuba; and highlighting their indisputable contribution to the advancement of our political links and cooperation, materialized in the high level reached by the relations between our nations;

Recognizing the need to collectively address the challenges to sustainable development, including our vulnerabilities as Caribbean countries, especially in the economic and environmental areas, and in particular as Small Island and low-lying coastal Developing States, in order to build just, inclusive and equitable societies;

Concerned by the loss of life and the extensive economic and infrastructure damage caused by the passage of frequent and intensive hurricanes in the Caribbean region, and the negative effect of natural disasters on our development processes;

Affirming that the Caribbean is an inseparable part of Our America, and highlighting the role of CARICOM in the regional integration process;

Reaffirming the importance of the Community of Latin American and Caribbean States (CELAC) as a mechanism for political consultation and promotion of the unity and integration of our region;

Recalling the significance to the Caribbean countries of taking advantage of the potential offered by the regional and sub-regional mechanisms such as CELAC, ACS, ALBA-TCP, PETROCARIBE as well as international mechanisms such as BRICS;

Determined to continue to strengthen the CARICOM-Cuba mechanism, based on deep historical roots and founded on solidarity, cooperation and complementarity:

1. Reiterate that the unity and integration of our Caribbean Region is based on unrestricted respect and full adhesion to the Purposes and Principles enshrined in the United Nations Charter and International Law, in particular the respect for sovereignty, territorial integrity and non-interference in the internal affairs of States, the peaceful settlement of disputes and the prohibition of the threat or use of force. Also, reaffirm our commitment to the protection and promotion of all human rights for all;
2. Emphasize the importance of defending regional unity to preserve the peace and stability of our countries;
3. Reaffirm our solidarity with the Republic of Haiti, for which we feel a historic debt of gratitude, and a commitment to continue fostering cooperation with that nation, in accordance with the priorities defined by its government and in full respect of its sovereignty;
4. Call on the international community, in its relations with the countries of the Community of Latin American and Caribbean States (CELAC), to endorse the tenets of the Proclamation of Latin America and the Caribbean as a Zone of Peace, signed in Havana in January 2014, and that recognizes, among others, the inalienable right of every State to choose its political, economic, social and cultural system as an essential condition to ensure peaceful coexistence among nations.
5. Reject the imposition of unilateral coercive measures and, in that context, call for an immediate and unconditional end to the economic, commercial and financial embargo imposed by the government of the United States of America against Cuba and, especially, to its extraterritorial nature and the financial persecution of Cuban transactions, whose severity has increased. In this regard, we denounce the application of the new measures under Title III of the Helms-Burton Act, legislation which flagrantly violates International Law and undermines the sovereignty and interests of third parties, announced by the US government which strengthens the US blockade against Cuba, including the application of laws and measures of extra-territorial nature that are contrary to international law. Furthermore, we reiterate our endorsement of the principles of international law as well as our strongly-held view that economic development and stability in the Caribbean region contribute to international peace and security;
6. Agree to continue implementing the results of the Summits of Heads of State and Government of CARICOM and the Republic of Cuba and the Meetings of Ministers of Foreign Affairs as a platform for closer political consultation and coordination in other areas;
7. Recognize the cooperation between CARICOM and Cuba in areas such as health, human resource development, construction, sports, and disaster risk reduction and mitigation has effectively contributed to the development and well-being of our peoples. In this regard, we reaffirm our commitment to continue promoting the implementation of projects to improve air and sea ports, infrastructure and connectivity between our countries and broaden our economic and trade relations through the implementation of the Revised Trade and Economic Cooperation Agreement between CARICOM and Cuba;
8. Commit to complete the required internal legal procedures with a view to giving effect to the Second Protocol to the Agreement on Trade and Economic Cooperation, which will contribute to the strengthening of trade relations;
9. Reiterate the importance of trade for the Region’s sustainable development and reaffirm the necessity of appropriate policy space and special and differential treatment for small vulnerable economies like those in the Caribbean. In that context, we welcome the hosting by Barbados of UNCTAD XV in October 2020, which will be the first time that an UNCTAD quadrennial conference has been held in a Caribbean country;
10. Reaffirm the need to continue strengthening cooperation and exchange of experiences and good practices in the area of integrated disaster risk management in the Caribbean, aiming to support the implementation of the Sendai Framework for Disaster Risk Reduction 2015-2030 and all its goals by the Caribbean countries; and thus to promote the substantial reduction of disaster risk and loss of life, livelihood and health, as well as economic, physical, social, cultural and environmental assets of people, enterprises, communities and countries;
11. Commit to continue cooperation in the areas of food security, nutrition and agricultural development including women empowerment and youth involvement, as key pillars in the fight against poverty, including actions for implementing the CELAC Plan for Food and Nutrition Security and the Eradication of Hunger 2025 (SAN-CELAC);
12. Reiterate our commitment to the protection and conservation of the environment and the sustainable use of natural resources in the region, particularly in the Caribbean Sea. Support its designation by the United Nations as a “Special Area in the Context of Sustainable Development” and support the mandate of the ACS Caribbean Sea Commission, to promote its preservation and sustainable use. In that regard, strongly condemn the continued use of the Caribbean Sea for transit and transshipment of nuclear material and toxic waste, and urge countries that produce and transport them to urgently implement appropriate measures to end such activities;
13. Reaffirm the commitment to promote regional energy integration as a relevant element for sustainable development and to advance the diversification of the energy matrix of our countries, oriented towards the use of clean, renewable and sustainable energy sources, and universal access to energy services that contribute to the well-being of our peoples; we also welcome the fruitful exchanges held between the Caribbean Center for Renewable Energy and Energetic Efficiency and Cuba;
14. Emphasize the urgent and global priority of climate change and its negative implications for our societies, ecosystems and economies. In this regard, commit to strengthening cooperation within CARICOM and with other international organizations and agencies to foster greater adaptation and mitigation, strengthen resilience and reduce our vulnerability, particularly Small Island and low-lying coastal Developing States;
15. Commit ourselves to continue promoting joint actions and exchanges of experience and information on security, as well as on prevention and confrontation of transnational organized crime, the worldwide drug problem, corruption, human trafficking and other new threats related to cyber security among others;
16. Recognize the promotion of sustainable tourism as one of the keys to economic growth in the Caribbean region, as identified in the Strategic Plan for the Caribbean Community 2015-2019, and agree to strengthen cooperation in this area, including multi-destination tourism;
17. Emphasize the importance of culture as a significant instrument in the advancement of sustainable economic development, unity, peace, education and mutual understanding between our people, and support a successful celebration of CARIFESTA XIV, to take place in Trinidad and Tobago on August 16 – 25, 2019;
18. Reaffirm our will to strengthen South-South cooperation as an expression of solidarity among our countries for the promotion of bilateral and regional programmes as well as triangular cooperation for development, taking into account the development priorities of our countries;
19. Agree to celebrate the Twenty-Fifth Anniversary of the establishment of the Association of Caribbean States (ACS) on 24 July 2019, recognizing the role it continues to play in advancing integration and sustainable development of the Greater Caribbean, through active collaboration in the focused areas of disaster risk reduction, sustainable tourism including multi-destination, trade, sustainable development and protection of the Caribbean Sea and transportation;
20. Reaffirm that the preservation and consolidation of CELAC as a regional forum for dialogue and political coordination and as an international political actor is one of our priorities. In that context, we consider it to be fundamental to continue strengthening regional integration through political dialogue, cooperation and increased trade among the countries of the Caribbean and Latin America. In that regard, we reaffirm the importance of Caribbean countries’ active participation within CELAC and we recognize the role played by successive Chairs of Conference of CARICOM within the CELAC Quartet;
21. Acknowledge and support the effort deployed by CARICOM countries and its Pro Tempore President, alongside Mexico and Uruguay through the Montevideo Mechanism for respectful dialogue in Venezuela, guided by the principles of non-interference and non-intervention in the internal affairs of states, prohibition of the threat and use of force, respect for sovereignty, adherence to the rule of law, respect for the constitutional framework and democracy, and reiterating the right of people to self–determination;
22. Express grave concern over the inclusion of CARICOM Member States in the lists of non-cooperative tax jurisdictions by the European Union which has negative effects on the economies of Small Island and low-lying coastal Developing States which have implemented recognized international norms and have proven their willingness to cooperate and dialogue in order to find solutions;
23. Also express deep concern and rejection of the progressive decline in correspondent banking relations with developing countries, particularly CARICOM Member States, due to de-risking actions by some of the major international banking corporations, which threaten the financial stability of the affected countries and limits their efforts to achieve development and socio-economic growth;
24. Reiterate the call to review and modify the current “graduation” criteria for Official Development Assistance so as to adequately reflect the reality and specific needs of Highly-Indebted Middle Income Countries, particularly Caribbean States;
25. Emphasize the importance of reparation and compensation for the damages caused by slavery in the Caribbean as an act of justice and, in this regard, support the work of the CARICOM Reparations commission;
26. Express our thanks to the Government and People of the Cooperative Republic of Guyana for their warm welcome, hospitality and support in organizing the Sixth CARICOM-Cuba Ministerial Meeting;
27. Decide to hold the Seventh CARICOM-Cuba Summit in Cuba, on 2020.

Adopted at the Sixth Meeting of Ministers of Foreign Affairs of CARICOM and Cuba on 14th June 2019, in Georgetown, Guyana.

(NB THIS MEETING OMITTED DISCUSSIONS ABOUT THE IMPASSE IN GUYANA WHERE ELECTIONS DUE BY MARCH HAVE BEEN DELAYED)

Opening Remarks of the Prime Minister of Trinidad and Tobago at the Nineteenth Special Meeting of the Conference of Heads of Government of the Caribbean Community on Security Port of Spain, 03 May, 2019

“Your Excellencies Colleague Heads of State and Government; Other Heads of DelegationChairman of the Caribbean Community, Dr. the Honourable Timothy Harris, Prime Minister of St. Kitts and Nevis; Ambassador Irwin LaRocque, CARICOM Secretary-General;Delegates; Members of the local and international media

On behalf of the Government and people of the Republic of Trinidad and Tobago, I extend, as Lead Head of Government for Crime and Security in the CARICOM Quasi-Cabinet of the CARICOM Council for National Security and Law Enforcement (CONSLE), a warm welcome to this 19th Special Meeting of the Conference of Heads of State and Government of the Caribbean Community on Security.

Our meeting today comes a mere five months after we also hosted the 18th Special Meeting of the Conference of Heads of Government of CARICOM on the CARICOM Single Market and Economy (CSME) in December, last year. During that meeting we stressed the importance of security systems for the effective functioning of the CSME, in particular, the free movement regime and we also agreed that this special meeting on Security would be convened early in 2019.

Colleagues, I recall pledging as lead Head of Government with responsibility for crime and security in the CARICOM Quasi Cabinet, to take an active role in all matters pertaining to regional security. That pledge has not waned and as we sit to discuss and determine the way forward in the “Management of the Regional Security Framework,” we are aware that the sustainable development of our Community depends on the safety and security of our citizens.

The region has experienced an evolution in security threats, including but not limited to globalization and the resulting impact of illegal human and narco-trafficking, money laundering, illegal migration and deportation, growing radicalism and terrorism, and the application of technology, the emergence of privatization of security, economic issues, environmental and health issues.

Our Regional Security Framework is the mechanism through which greater collaboration among the Regional Security Forces and Regional Institutions and other entities will operate, in our efforts to combat transnational crime and other security threats. I maintain that a robust regional security architecture is essential to the security of member states.

Given that we are in the process of fine-tuning our regional security architecture, the role and importance of CARICOM IMPACS becomes even more significant as we review the Management Framework for Crime and Security. Trinidad and Tobago, in the 20th Meeting of the CONSLE last month in Grenada also committed to regularizing our financial contributions to IMPACS. The CONSLE accepted the recommendation that a job analysis be conducted for the position of the Executive Director. Trinidad and Tobago has offered to assist in the execution of the job analysis.

During the meeting of the CONSLE, the CARICOM Secretariat presented relevant findings and recommendations from a report of an internal audit of CARICOM IMPACS. The audit recognized that there were some shortcomings, however, IMPACS is working to correct the recognized areas and will soon have them addressed.

There is a need for us to develop a robust legal framework, as it relates to for example, the Advance Passenger Information System (APIS) and the Advance Cargo Information System (ACIS) as well the need for the collecting and sharing of information.

Legal Security Instruments that are still outstanding must be signed and ratified by Member States. For example, one (1) more ratifying state is required for the CARICOM Arrest Warrant Treaty to be entered into effect. Trinidad and Tobago has adopted the Integrated Ballistic Identification System (IBIS) vendor’s recommended protocol and procedure for acquisition of evidence. Capacity building, in the area of Ballistic information sharing, remains a challenge, but CARICOM IMPACS will continue to work closely with the United States of America (US) on this issue, since a significant amount of guns and ammunition present in our region, are manufactured in the US.

Consequently, today’s meeting will consider a proposal by IMPACS to agree on the strategic initiatives which could be pursued at the Eighth Caribbean-United States Security Cooperation High-Level Dialogue, which is being hosted by the Government of the United States of America, in Washington DC, on May 16th, 2019.

There is also a move to establish the Caribbean INTERPOL Liaison Office and I understand, the organization has already begun working with the Government of Barbados as it relates to the Headquarters’ Agreement.

Further, I am to advise, IMPACS is working with INTERPOL to beginning programming on firearms, cyber security and human trafficking.

Organisations such as the United Nations, the Organisation of American States, the European Union through the European Development Fund (EDF) and the World Customs Organisation are also implementing programmes across the Region, which complement existing projects and activities.

We are grateful for the support of our international partners but we maintain that the CARICOM needs to develop its own set of priorities on crime prevention, firearms, cyber-security, effective monitoring and evaluation and maritime coordination.

During this Special Meeting, we will continue to determine the way forward on a draft Standardized Vetting Policy for Security Personnel to be adopted by the Region. It should be noted that the vetting policy employed by the Trinidad and Tobago Police Service was submitted to CARICOM IMPACS, for its consideration in the development of the Regional Standardized Vetting Policy.

We are aware of the continuing situation in Venezuela and we endorse the view of the current Chairman Prime Minister Harris, who notes that all of us – Heads of Government – are collectively charged with ensuring the continued security and stability of our beloved Caribbean region. As our meetings in Guyana, the United Nations, Uruguay and Ecuador attest, ensuring a peaceful solution to the issue is our first and foremost priority as we work in unison to safeguard our people’s future.

Colleague Heads, ladies and gentlemen, the security of the future of the Caribbean Community will be determined by our ability to more effectively and efficiently respond to, and anticipate threats to our region’s enduring interests. This is the essence of strategic foresight, to identify drivers of change, and to consider potential outcomes and interests to inform strategic decisions. Crime and security is the fourth pillar of the regional integration process and the Council for National Security and Law Enforcement (CONSLE) coordinates security and law enforcement arrangements across the Community. Let us understand that for us to have a future we must ensure that our citizens are safe and secure.

Trinidad and Tobago wishes to advise that this country will host the Nineteenth (19th) Special Meeting of the Conference of Heads of Government of the Caribbean Community on Security on May 03, 2019 in Port of Spain.”

The Prime Minister of Trinidad and Tobago, Dr. the Honourable Keith Rowley, acting in his capacity as Chairman of the CARICOM Council for National Security and Law Enforcement (CONSLE) will lead the meeting which will welcome to Trinidad and Tobago a number of distinguished Heads of Government and Delegates from across CARICOM.

The Meeting will focus on recommitted efforts of the various stakeholders for implementing the Regional Security Framework.

The establishment of the CONSLE was agreed upon in July 2005 at the Conference of Heads of Government 26th meeting in St. Lucia and a comprehensive agenda for the Council was laid out at the Conference’s 13th Special Meeting in Trinidad and Tobago in April 2008.

The overall purpose of the Nineteenth (19th) Special Meeting on Security is to foster mutual knowledge, analysis, debate and exchange of ideas and experiences on security related matters in attempts to better contribute to the safety and security of member states at the regional level.

These issues include but are not limited to trans-national crime, terrorism, cybercrime, narco – and gun trafficking, trafficking in persons, intelligence cooperation between member states and the Region’s capability to analyze, predict and respond proactively to organized criminal networks.

Regional Leaders have been sounding the alarm for some time now that Member-States are vulnerable to criminal elements who are no respecters of sovereign borders or countries’ right to safety and security.

Gang violence and high homicide rates continue to be of concern not only to Trinidad and Tobago but other member-states, as well, who are facing their own challenges both internally and from external threats.

Recent events in in the region makes this high-level security meeting even more relevant and comes at a time when crime has become one of the main challenges threatening economies and livelihoods in Caribbean countries.

Among the agenda items for the upcoming meeting are:

• • The review of a rapid response mechanism to include the development of investigative teams to assist Member States with (covert or overt) intelligence-led operations and legal teams to assist in the strengthening of prosecution capabilities of perpetrators of transnational organized crime.
  • Considerations for standardized vetting of security personnel as part of strengthening of the security mechanisms in Member States.
  • Discussions on advantages of ballistic information networks to be used by the Region.

-Considerations for the current status of legal security instruments including the “Protocol Amending the Revised Treaty of Chaguaramas to incorporate the CONSLE as an Organ of the Community and IMPACS as an Institution of the Community”

-Critical recommendations for the adoption by Conference of key studies and fora involving youth in crime. Focus will be on operations of gangs and prescriptions for solutions and mainstreaming the participation of youth in the development of the solutions. Recommendations from the CONSLE for best practices on strengthening resiliencies and reducing vulnerabilities will be presented. This will include endorsement of data management protocols for adoption by the Region.

-Review of strategic initiatives for engagement with international development partners as detailed in the CARICOM Security Framework.

Heads of Government confirmed to attend this meeting, include Prime Minister of Barbados The Honourable Mia Mottley, Prime Minister of Grenada The Honourable Keith Mitchell, Prime Minister of St. Vincent and the Grenadines the Honourable Ralph Gonsalves, Prime Minister of St. Kitts and Nevis The Honourable Timothy Harris, and Prime Minister of St Lucia, the Honourable Allen Chastanet.

Other CARICOM countries such as Antigua, Haiti, Jamaica and Suriname will be represented by Ministers of Government.

(Murders in TRINIDAD & TOBAGO rose from 200 in May to 300 in July 2019)

Caribbean Region Quarterly Bulletin: Volume 8 Issue 2: June 2019 see Documents for country reports

AUTHORSchmid, Juan Pedro; Wright, Allan; Bollers, Elton;Khadan, Jeetendra; Smets, Lodewijk;Mooney, Henry; Giles Álvarez, Laura;Waithe, Kimberly; Deyal, Zubin; Gauto, Victor;Christie, JasonDATEJun 2019DOWNLOAD:English (169 downloads)DOI

http://dx.doi.org/10.18235/0001746

The Year 2019 and Beyond
• Following the recent strong performance of the global economy, forecasts are slightly less optimistic for the future. In addition, downside risks have increased and the likelihood of better than expected performance has declined.
• The situation in the Caribbean has continued to improve. Although the projected average growth for 2019 has increased, trends in different countries vary considerably. Going forward, projections for the Caribbean, in general, have been revised downwards in line with the expected moderation of global economic growth. In addition, considerable differences are emerging in terms of policy because, starting in 2019, the tourism-dependent countries are expected to have positive primary balances.
• The longer-term outlook remains subdued but positive. Predictions for the 2020-2023 growth are above the 2007-2018 averages for all the Caribbean countries analyzed here. Excluding Guyana, the IMF forecasts an average growth rate of 1 percent for the Caribbean countries during 2020-2023, well above the average rate (0.1 percent) over 2007-2018.Following the recent strong performance of the world economy, forecasts are slightly less optimistic going forward. In addition, downside risks have increased and the likelihood of better-than-expected performance has declined.

UNDP, IRENA Partner to Advance Low-Carbon Energy Transition

 HIGHLIGHTS

• The partnership will bring together IRENA’s technical expertise and renewable energy data repository, and UNDP’s climate change portfolio and development and project implementation network.
• Renewables are now often the cheapest source of new power generation due to falling renewable energy costs, and jobs in the sector are continuing to grow.
• In a meeting between IRENA and the UN Secretary-General, officials agreed on the need to phase out the construction of new coal plants.
• 18 June 2019: The UN Development Programme (UNDP) and the International Renewable Energy Agency (IRENA) announced a partnership to accelerate the transition to low-carbon energy and help achieve sustainable development.
• IRENA and UNDP will explore joint initiatives to help implement the 2030 Agenda for Sustainable Development, its SDGs and the Paris Agreement on climate change by increasing renewable energy investments in developing countries, among other activities.
• The partnership will bring together IRENA’s technical expertise and renewable energy data repository, and UNDP’s climate change portfolio and development and project implementation network.

According to a recent IRENA report, renewables have become one of the cheapest sources of new power generation, due to falling renewable energy costs, and the number of jobs in the sector continues to grow.

The partnership’s Memorandum of Understanding (MoU) was signed on 17 June 2019, by UNDP Administrator Achim Steiner and IRENA Director-General Francesco La Camera, who said the partnership will enable the exploration and development of pathways to advance energy access, accelerate the low-carbon energy transition and promote sustainable growth.

Africa and Southeast Asia are priority regions for meeting the increasing energy demand with renewables instead of coal.

During a meeting with UN Secretary-General António Guterres on 18 June, La Camera indicated his intention to increase IRENA’s cooperation with UN organizations. Guterres suggested that IRENA could help strengthen UN Energy, the UN’s mechanism for inter-agency collaboration on energy, which was established in 2004 as a subsidiary of the UN System Chief Executives Board (CEB).

Guterres and La Camera underlined the need to phase out construction of new coal plants, and La Camera noted IRENA’s efforts to help countries develop policies that minimize disruption while accelerating their transition from coal to renewables. In this area of work, Africa and Southeast Asia are priority regions for meeting increasing energy demand with renewables instead of coal. [UNEP News Story] [IRENA News Story]

United Nations Decade of Ocean Science for Sustainable Development (2021-2030)
The United Nations has proclaimed a Decade of Ocean Science for Sustainable Development (2021-2030) to support efforts to reverse the cycle of decline in ocean health and gather ocean stakeholders worldwide behind a common framework that will ensure ocean science can fully support countries in creating improved conditions for sustainable development of the Ocean.

The marine realm is the largest component of the Earth’s system that stabilizes climate and support life on Earth and human well-being. However, the First World Ocean Assessment released in 2016 found that much of the ocean is now seriously degraded, with changes and losses in the structure, function and benefits from marine systems.

In addition, the impact of multiple stressors on the ocean is projected to increase as the human population grows towards the expected 9 billion by 2050.

Adaptation strategies and science-informed policy responses to global change are urgently needed.

Scientific understanding of the ocean’s responses to pressures and management action is fundamental for sustainable development. Ocean observations and research are also essential to predict the consequences of change, design mitigation and guide adaptation.

As mandated by the UN General Assembly, the Intergovernmental Oceanographic Commission (IOC) of UNESCO will coordinate the Decade’s preparatory process, inviting the global ocean community to plan for the next ten years in ocean science and technology to deliver, together, the ocean we need for the future we want!

The Decade
Preparatory Process
Executive Planning Group
Resources
Get Involved
1st Global Planning Meeting
 [UNEP News Story] [IRENA News Story] (Links)

NEWS
© UNESCO
03 July 2019

Republic of Korea renews support to the UN Decade of Ocean Science for Sustainable Development

© UNESCO
03 July 2019

Ocean Science Day celebrates the benefits of science for society and rallies government, scientists and the public around preparations for the United Nations Decade of Ocean Science for Sustainable Development (2021-2030)

© PMEL NOAA
01 July 2019

New report card shows state and value of ocean observations