Caddle: Invest in resilience
There is a need for investment in resilience.
Minister in the Ministry of Economic Affairs and Investment, Marsha Caddle, proposed this during her keynote address at the United Nations Development Programme (UNDP) Barbados and OECS 2019 Retreat at the Hilton Barbados Resort on Monday.
She commented that in the past, that the work done as it relates to climate and disaster was based on forecasting. Caddle added that where there were losses of 10 to 20 gross domestic product or GDP, today there is a change of 220 per cent loss of GDP in the case of Dominica after the passing of Hurricane Maria. The Minister indicated that this situation is getting worst.
“This scale of loss and damage is uninsurable in its totality...” said Caddle.
Access to liquidity a must
She noted that there is a need to have access to high levels of liquidity after an event. Caddle stressed that there should be an investment in every sector and networks should be made resilient before a disaster.
On this point, she highlighted that the Government of Barbados is working on resilience bonds. She explained that the bonds would be used in areas of investments that matter to the country and its citizens.