By Julie Carrington

BRIDGETOWN, Barbados, (GIS) – Minister in the ministry of finance, Ryan Straughn, has emphasised that the most effective way for countries to recover quickly from devastating hurricanes and other natural disasters is to prioritise building resilience such events occur, rather than after. He made this assertion earlier today while delivering remarks at the Caribbean Development Bank/Inter-American Development Bank LAC Debt Group 2025 Caribbean Debt Forum, held at the Hilton Barbados Resort.

Addressing local and regional financiers, Straughn stressed that their discussions must focus on whether efforts to mobilise financing are actually achieving countries’ resilience objectives and advancing their broader development agendas.

The minister observed that although the region is still within the hurricane season, the Caribbean has not been building resilience as rapidly as needed.

“While we are experiencing these hurricanes every year…at the end of the day, it is what do we do to build resilience for our people up front?  Whilst we have been advocating under the Bridgetown Initiative for the advancement of natural disaster clauses as well as other financial innovation, the key is that we really don’t want to experience a disaster then to get debt relief.  We want to build the resilience up front so that when these events occur, the damage is minimised and that we can recover as quickly as possible,” he insisted.

He continued: “Another year…another storm and the region still has not been able to advance the building of resilience fast enough, because having to rebuild has a cost…and we as citizens need to understand that governments don’t exist just to tax and spend, but how those tax dollars are deployed and mobilised will make a difference with respect to the long term trajectory of each of our countries. And so, the conversations that you will have today, I think, are important, particularly at this time.”

Touching on other financing instruments, Straughn shared Barbados’ efforts to work with the CDB, IDB, the Development Bank of Latin America and the Caribbean (CAF) and the World Bank on a regional debt swap framework, which, according to him, other countries would see the template as something worthy to be used to execute a debt swap.

“Whilst debt swaps are not the only solution, I urge countries to look at what their portfolio portends in the next few years that allows them to work collaboratively… to ensure that we can utilise these financial innovations which would then allow us to create a little more fiscal space to focus on not just building resilience, but also the development agenda as we have set out in our countries,” he underlined.

The minister also underscored the importance of diversifying the government’s financing options, noting “that as the world is shifting geopolitically, we must be conscious as to the risks that we may be exposed to within the context of our debt portfolio”.

 “… How do we ensure that our debt portfolios…can actually deliver on the development agenda in a manner that makes sense.  And therefore, that is something that I want to leave with you because it is easy to continue to do the things that maintains the status quo, but maintaining the status quo in a world that is changing could only be to your long term detriment…These conversations with our citizens, these conversations with our partners are important because it is not intended in any way to signal any movement away from any institution,” Straughn stressed.

Also addressing the opening ceremony were manager, institutions for development sector at the Inter-American Development Bank, Emilio Pineda, and general manager, regional country development department at the Inter-American Development Bank, Anton Edmunds.