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OAS ASSISTANT SECRETARY GENERAL RAMDIN PRAISED IDB’S ROLE IN STRENGTHENING CARIBBEAN ECONOMIES

The Assistant Secretary General of the Organization of American States (OAS), Ambassador Albert Ramdin, commended the leadership of the Inter-American Development Bank (IDB) for its “sustained commitment and substantial contribution to the governments and people of the Americas”.

During the regional forum, organized by the Government of Haiti, in the framework of the celebration of the IDB’s 50th anniversary, Ambassador Ramdin stated that “fifty years of dedicated service, solidarity, and hemispheric partnership is a significant milestone” and shared President Moreno’s views that “the principle objectives of hemispheric economic stability and prosperity cannot be achieved without dedicated and meaningful engagement with and support to the small and vulnerable economies of Central America and the Caribbean Community”.

At the event, entitled “Economic Transformation and Strengthening Caribbean Economies in Challenging Times”, the OAS Assistant Secretary General reiterated the pledge made by the leaders of the region for recapitalization of the regional economic institution, an initiative that emanated from the commitments adopted during the Fifth Summit of the Americas last April.

“In the midst of the global economic and financial crises, our region, and in particular the smaller economies, will depend ever more heavily on institutions like the IDB to support their economies and promote sustainable economic development” recalled Ramdin, and added that “today, in the face of contracting financial markets and macroeconomic uncertainties, which have already led to a slow down in international capital flows, the IDB needs to be further capitalized”.

Ambassador Ramdin also highlighted that the IDB, through its lending practices has been supportive of priority areas and policy issues similar to those identified by the OAS. “Areas such as democracy, education, poverty reduction, environment, trade, infrastructure, and energy are concepts which are recognized in the Inter-American Democratic Charter as mutually reinforcing principles of democracy, development and security,” he recalled.

Ambassador’s Ramdin speech also addressed the economic challenges that Latin America and the Caribbean are currently facing and advocated for actions to reduce the risks of loosing the gains made over the past few years. “As we look to the future, we need to work together to address the underlying causes of the present crisis, protect the gains made to date, while at the same time stimulating growth and prosperity”.

At the event, which was also attended by the Prime Minister of Haiti, Michèle Duvivier Pierre-Louis and by President of the IDB, Luis Alberto Moreno, Ambassador Ramdin called for strengthening cooperation efforts among the international and regional institution. “The IDB must be commended for its increased support to the small economies of the Caribbean region; and in this regard, we believe that it is important for it to work with the Caribbean Development Bank and other financing institutions. This collaboration will not only support the Caribbean Community’s integration process but will also greatly improve the sub-region’s ability to respond adequately and timely to global challenges”, he affirmed.

Reference: C-235/09