The Caribbean Development Bank – our partner in development

Earlier this week, the Government of St Vincent and the Grenadines (SVG) and the Caribbean Development Bank (CDB) jointly launched an EC$240 million multi-sectoral development programme for the period 2022-2026. A programme of this magnitude is not an insignificant one in a country such as ours and therefore to one degree or another should warrant the attention of broad sections of our people.

In this context, in addition to the expressions of gratitude by the government, it is important that our people should also express our thanks and appreciation to the CDB. This is a regional institution of which we have been very much part since its inception more than a half century ago, and which has played its part in facilitating our development across the board over the years.

For the purposes of this editorial, we would restrict our comments to remarks made by SVG’s official representatives and speakers at the launching ceremony, Prime Minister Dr Ralph Gonsalves and Minister of Finance and Economic Planning Camillo Gonsalves, at the launching ceremony. These we found were not confined to platitudes, so often prevalent on such occasions, but thoughtful and incisive comments on the programme. These were important in emphasizing our role not just as a beneficiary, but as a partner in development, a co-owner of the initiative.

We also found them useful in helping to broaden and develop our perspectives on such engagements.

The finance minister, under whose portfolios the programme will be managed, made a significant point when he placed the CDB/SVG programme in its relevant context. He emphasized the peculiarity of our situation as being the only country in the entire world, which has, over the past two decades suffered from the cumulative effects of hurricanes and tropical storms, drought, the COVID pandemic and eruptions of La Soufriere volcano. These are in addition to the global financial and economic meltdowns and currently, the crippling effects of warmongering in Europe.

It is critical that our unique experiences be borne in mind because all too many of our people seem not to take cognizance of them. Continuing in this vein, Prime Minister Gonsalves, while again expressing gratitude for the CDB’s continuing contribution to our social and economic development, was not shy in his chiding of the CDB as a partner in development, (the Finance Minister had listed the CDB as first a Caribbean institution, secondly being focused on development and thirdly being a bank).

According to the Prime Minister, the CDB needs to develop more timely responses to climate change and its effects on small countries like ours. Tardy responses, he said, giving examples, can incur greater debt burdens on afflicted countries which can ill afford such delays. While we appreciate the need for proper scrutiny and careful planning, such overpowering circumstances must be borne in mind.

We do hope that the timely, relevant and contextual comments of our political representatives would reach ears at the highest level of the CDB, and, for the good of all countries in the Organisation of Eastern Caribbean States (OECS) in particular, would have an impact on shaping programmes with relevant and timely responses.