The Caribbean Development Bank (CDB, the Bank), in partnership with the Inter-American Development Bank (IDB), convened regional and international financial experts to explore innovative financing instruments and strategies aimed at strengthening sovereign debt management across the Caribbean. 

Held in Barbados on the margins of the Latin America and Caribbean (LAC) Debt Group Annual Meeting, the Forum brought together representatives from Debt Management Offices (DMOs), ministries of finance, central banks, Multilateral Development Banks (MDBs), and private sector stakeholders. The event focused on addressing the region’s most pressing debt challenges and identifying tools to build resilience and support sustainable development.

In his opening remarks, Dr. Isaac Solomon, Vice President (Operations) at CDB, underscored the importance of sound debt management for long-term economic stability. “Effective debt management is central to the region’s long-term economic stability, fiscal sustainability, and resilience.” said Dr. Solomon. “The Caribbean has made significant progress in recent years in strengthening fiscal discipline, modernising debt frameworks, and restoring macroeconomic stability. However, despite progress, many economies continue to face elevated debt levels and unfavourable debt dynamics.” He further noted that that these challenges have far-reaching implications for development, limiting governments’ ability to achieve the Sustainable Development Goals (SDGs) and respond to emerging needs.

Mr. Anton Edmunds General Manager, Regional Country Department Caribbean at the IDB, called for more coordinated action among MDBs. He emphasized the importance of continued and coordinated collaboration among MDB’s. Mr Edmunds also highlighted IDB’s focus on partnerships and collective interventions pointing to his organisation’s prioritisation of solution based innovative debt transactions for Small Island Developing States (SIDS). 

Barbados’ Minister in the Ministry of Finance, Economic Affairs and Investment, Hon. Ryan Straughn challenged the gathering to ensure that MDBs work together seamlessly to better support Caribbean Governments. This, he indicated, would assist the region’s governments immensely given current constraints and limited resources. According to the Minister, SIDS as fragile economies continue to balance a large quantum of development priorities while sustaining their existing debt trajectory, pursuing growth and achieving a more stable fiscal stance. He further emphasized that the region remains united and will continue to work together, cooperating on issues such as debt which are critical to the development agenda.

The 2nd Caribbean Debt Forum was held on the margins of the Latin America and Caribbean (LAC) Debt Group Annual Meeting.