…sayitshouldbebasedoncountriesvulnerabilitynotpercapitabasis

Policy, which enhances incentives for countries to m o v e t o w a r d m o r e transparent and sustainable financingpractices.

Duringhisvirtualaddress Dr Ashni Singh stated, “It is well known in the Region that we have a serious problem with indebtedness and we are not being treated with the seriousness the mattersdeserves,becausewe have what I call the middle income-illusion.”

The Guyanese minister explained that the 'middleincome illusion' has resulted in Caribbean countries not qualifying for the typical treatments low-income countries would get, both in terms of consideration for debt relief and consideration f o r c o n c e s s i o n a l developmentfinancing.

“When we speak of sustainable development financing in the Caribbean we have to put this question of debt sustainability squarely on the front of the table, we have to accept and confront the reality that the Caribbean faces this peculiar vulnerability that has to be taken into account for the purposes of mobilizing financing, both through new resources and also debt relief and the World Bank is uniquelyplacedanduniquely endowedwiththeintellectual assets to articulate this case in a rigorous way,” Dr. Singh emphasized.

Theministerbelievesthat a lasting solution to the fiscal challenges faced in the Region will not be achieved until the Region is able to a c h i e v e p r o d u c t i v e diversification.

“So there also has to be a conversation with the World Bank and with our other development partners on how we find a lasting solution to the challenges of limited opportunities for p r o d u c t i v e diversification…”headded.

Other speakers including Dr Irving McIntyre, the C o m m o n w e a l t h o f Dominica's Minister for F i n a n c e , E c o n o m i c Development, Climate Resilience and Social Security;Dickon Mitchell, Prime Minister and Minister of Finance, Grenada; Michel Patrick Boisvert, Minister of Economy and Finance, Haiti and Camillo Gonsalves, Minister of Finance, Saint Vincent and the Grenadines; all called for more access to concessional financing for theRegion.

Similarly, Timothy Antoine, Governor of ECCB called for more concessional