Arab Today, arab today eclac meeting to tackle debt problem among caribbean nations
Last Updated : GMT 17:13:30
Arab Today, arab today
Arab Today, arab today

ECLAC meeting to tackle debt problem among Caribbean nations

Arab Today, arab today

Arab Today, arab today ECLAC meeting to tackle debt problem among Caribbean nations

Kingston - XINHUA

The Third Caribbean Development Roundtable meeting opened here on Wednesday, focusing on heavy debt among the Small Island Developing States (SIDS) in the Caribbean. The average debt-to-GDP ratio among SIDS in the Caribbean hovers around 74 percent, with some countries surpassing 100 percent, according to the Economic Commission for Latin America and the Caribbean (ECLAC). Regional leaders, in Kingston for the two-day ECLAC meeting, recognized the seriousness of the situation and the urgency required in tackling the problem. Addressing the session, Jamaican Foreign Minister Arnold Nicholson said this meant reduced expenditure for social programs, among other things, and the theme of resilience therefore had particular resonance for Jamaica and the rest of the Caribbean. "Our region is saddled by high public debt and reduced fiscal space. The debt problem has reached epidemic proportions, forcing a number of countries, including my own, to pursue programs of fiscal consolidation," he said, attributing the debt accumulation partly to the expenditure on reconstruction following natural disasters. The minister urged the region's development partners to be more cooperative given that SIDS are more vulnerable to extreme weather events associated with climate change, such as the torrential rains and flooding that hit the eastern Caribbean in December 2013. The damage was estimated to be as high as 93.3 million U.S. dollars, or 13 percent of GDP in St Vincent and the Grenadines, and 83.2 million dollars, or 6.3 percent of St Lucia's GDP. "These were sizeable impacts for countries that were just barely recovering from the global crisis. Few countries of the globe can cope on their own with a sudden and catastrophic event equivalent to the loss of over six percent of their GDP," Nicholson said, adding that Caribbean development partners needed to be more aware of this vulnerability and focus more on cooperation. The minister insisted that special attention must be paid to developing and strengthening partnerships in areas such as climate change and disaster risk management. "It is only through the identification of integrated strategies for building resilience, that our vulnerabilities can be overcome and Caribbean development assured," he argued. The roundtable is set up to provide a forum for experts to exchange ideas and to pursue ways of addressing the economic, social and environmental vulnerabilities of Caribbean SIDS, so as to strengthen their relationship and ultimately to influence or form policies at national level, according to the organizer.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eclac meeting to tackle debt problem among caribbean nations Arab Today, arab today eclac meeting to tackle debt problem among caribbean nations

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom,China plunges into biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 05:34 2017 Monday ,27 February

Brexit sows seeds of doubt for British farmers

GMT 06:38 2017 Sunday ,26 February

US rig count increases

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday