| Region turns to IDB for support |
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| Monday, 06 April 2009 03:21 | |||
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MEDELLÍN, Colombia – Caribbean countries have told the Inter-American Development Bank (IDB) that they are counting on its financial support during this period of global economic crisis. Bahamas Prime Minister Hubert Ingraham delivered the message on behalf of fellow borrowing member states Barbados, Guyana, Jamaica and Trinidad and Tobago at the closing session of the 50th annual meeting of the IDB’s Board of Governors in Medellín, Colombia on Monday. He noted the region was currently facing “extraordinarily difficult and uncertain times” with the majority of its economies on track for negative growth and experiencing declining tourist receipts, reduced levels of foreign direct investments, increased fiscal deficits, escalating levels of private sector debt and rising unemployment. In this context, Ingraham thanked the IDB for its support of the region thus far through its institutions such as the Inter-American Investment Corporation and the Multilateral Investment Fund and programs and instruments such as FINPYME and the Liquidity Program for Growth Sustainability. “We view the increase in the Bank’s ordinary capital and in particular the replenishment of the Fund for Special Operations as vital, especially as greater support will be needed during the current global crisis,” he said.
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| Last Updated on Monday, 06 April 2009 03:21 |
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