This evaluation examines the Caribbean Development Bank’s (CDB) Country Engagement Strategy (CES) for Saint Lucia for the period 2020–23, including activities designed and implemented until December 2024. The evaluation uses a mixed-methods approach, combining document reviews, portfolio analysis, and stakeholder interviews, to inform the next CES. The evaluation process supported participation, reflection, and co-creation. During the inception phase, feedback was collected from CDB staff and Government of Saint Lucia (GOSL) counterparts to refine the focus and ensure evaluation questions would generate insights aligned with both CDB’s strategic needs and GOSL priorities. A Theory of Change workshop was conducted with CDB and GOSL stakeholders to reconstruct the underlying logic of the CES and identify key assumptions and change pathways. This collaboration provided a shared foundation for assessing progress and strategic alignment. Validation of emerging findings was carried out via an online workshop. A hybrid co-creation workshop was held with Saint Lucia-based stakeholders and CDB staff to collaboratively develop recommendations and ensure proposed actions are useful, specific, and actionable, with the aim of increasing the success of the next CES.
Policy Based Loan - Barbados (2016)
Private Sector Development
Project Completion Validation Report
Complete
Barbados
Summary
The post-2008 global economic and financial crisis exacerbated Barbados’ fiscal position which was already tenuous. The economy contracted in 2008, 2009 and 2010 due to declines in the key economic sectors. The crisis also exacerbated the country’s fiscal deficit which had already started to increase since 2005 on the back of a rapid expansion in public expenditure. In 2009, the economic downturn further restricted revenue intake, but necessitated counter-cyclical spending, exacerbating the already weak fiscal position of Central Government (CG). CG’s debt-to Gross Domestic Product (GDP) ratio had been on a steady increase, especially since 2007 given the fiscal deterioration and an increase in contingent liabilities. Meanwhile, interest payments as a ratio of total revenues increased. Barbados’ foreign currency bond rating had been downgraded by two international rating agencies in June and November 2009.
