‘Honour your commitments’

The Chairman of the CARICOM Development Fund (CDF), Dr. Sherwyn Williams, is sending out a message to the more developed countries (MDC) of the Caribbean to honour their commitments.

Delivering remarks at the Sixth Meeting of Contributors and Development Partners of the CDF recently at the Accra Beach Hotel and Spa, he said that there are a number of areas that are of concern for the region and need to be addressed, such as those relating to human capital and these can include initiatives relating to climate change, energy, the creation of knowledge-based jobs and the development of the blue economy by utilising the Caribbean Sea as its source.

Williams said that they are hoping that work on these initiatives can start in the second cycle. However, in order to ensure that the region can embark on making these initiatives a reality, they need both the MDCs and the Less Developed Countries (LDC) to put resources into the CDF and while these nations have committed themselves to this goal, the economic challenges have resulted in these funds being slow in coming. This is only made worst by the devastation caused by the recent hurricanes of Irma and Maria.

“For each of these areas mentioned, where I believe great opportunities will become available for the CDF in the near term, more resources will be required than we currently have at our disposal. It is in the very essence of regional integration that these resources must first come from within, from both the LDC and MDC groupings of CARICOM.

“All of our contributing member countries understand this, which is why they have renewed their commitment to the replenishment of the Fund during this second cycle. However tough fiscal circumstances have meant that contributions have been slower in coming than expected. The recent devastation caused by Hurricanes Irma and Maria has only exacerbated the tight fiscal constraints faced by the affected Caribbean states in particular.”

Williams stated however, that the fund is needed now more than ever to assist these islands that have been impacted.

“However at the same time, these severe natural shocks, which I know many of the islands are still reeling from, provide the CDF with the opportunity to orient at least some of the resources earmarked for Country Assistance Programmes (or CAPs), towards the recovery and rebuilding effort. Indeed, it was contemplated when the Fund was set up that we would assist regions disadvantaged by reason of impairment of resources resulting from natural disasters.

“Within that context, the CDF stands ready to assist both Antigua and Barbuda and Dominica with their economic reconstruction efforts post Hurricanes Irma and Maria, since we are yet to develop new CAPs with these countries under this current second funding cycle.”

The CDF Chairman urged the MDC to honour their commitment to ensure that the LDC can benefit in their time of need. “In pursuing this approach, the first order of business is to once again appeal to the MDC members of the CDF to honour their commitments to the Fund at a time when the LDCs of CARICOM are in desperate need of the support of the wider region.”