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Bolstering Resilience for Vulnerable Countries

Bolstering Resilience for Vulnerable Countries

OECS Media Release

In light of the devastation caused by the recent hurricanes, and the anticipation of more frequent events of a similar nature, the Caribbean Community (CARICOM) and the United Nations Development Programme (UNDP) held an official COP23 Side Event on “Bolstering Resilience for Vulnerable Countries Facing Acute Risks and Sustainable Development Challenges” on Tuesday, 13 November 2017 in Bonn, Germany.

The reality of increased frequency and intensity of natural disasters could exacerbate already high debt levels across the Region, particularly in the absence of development support. 

Prime Minister of Grenada, Chair of the World Bank Small States Forum and Chairman of CARICOM, Dr. The Rt. Honourable Keith Mitchell, stressed the severity of the region’s plight using Dominica as an example – still not fully recovered from Tropical Storm Erika, which struck in 2015, the country was devastated by hurricane Maria in September of this year.

“The estimated damage and loss from Maria amounts to almost 200 percent of Dominica’s GDP.”

“Our experience is that you borrow to rebuild.  Another climatic event destroys what you are rebuilding and you have to borrow to build again, even as you have not yet paid off the first set of debt,” Prime Minister Mitchell noted.

He insisted that a critical requirement for the reconstruction effort has to be access to concessional financing and technical expertise, and that vulnerability be included as a major criterion in determining eligibility.

“In a very almost diabolical way, construction adds to your GDP; hence your per capita income increases and our countries are labelled as middle income. Therefore, they cannot access concessional development financing.  It is a trap for countries like ours,” he lamented.

The CARICOM Chairman acknowledged that there have been some positive signals coming from the international community with respect to a temporary relaxation of the eligibility criteria for development financing but reiterated the need for urgent action.

“Time is of the essence in accessing those funds, as events such as these hurricanes are occurring more frequently. Reconstruction must therefore be climate resilient in time for the next event.”

Prime Minister of Saint Lucia and Chairman of the OECS, Hon. Allen Chastanet, echoed the sentiments of urgency stating that the time for talking has run out.

“These storms are already upon us and they have already created a devastating effect. We do not have the luxury of waiting anymore. We need the resources to be made available.”

“We are hopeful that we can leave COP with a motion, that has passed, that allows the SID Countries to be treated differently and that timelines are going to be expedited,” said Prime Minister Chastanet.

Report published by the UNDP in 2015 confirms that Caribbean SIDS have limited fiscal capacity and flexibility to meet the investment requirements for recovery from, and rebuilding for longer term resilience to catastrophic events such as Hurricanes Irma and Maria. 

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The Organisation of Eastern Caribbean States (OECS) is an International Organisation dedicated to economic harmonisation and integration, protection of human and legal rights, and the encouragement of good governance among independent and non-independent countries in the Eastern Caribbean. The OECS came into being on June 18th 1981, when seven Eastern Caribbean countries signed a treaty agreeing to cooperate with each other while promoting unity and solidarity among its Members. The Treaty became known as the Treaty of Basseterre, so named in honour of the capital city of St. Kitts and Nevis where it was signed. The OECS today, currently has ten members, spread across the Eastern Caribbean comprising Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia, St Vincent and The Grenadines, British Virgin Islands, Anguilla and Martinique.

The Organisation of Eastern Caribbean States
Morne Fortune
Castries
Saint Lucia