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Belize participates in 52nd Annual Caribbean Development Bank Board of Governors Meeting and International Monetary Fund Regional Event

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Posted: Wednesday, June 22, 2022. 12:05 pm CST.

Contributed by the Ministry of Economic Development: The Caribbean Development Bank (CDB) held its 52nd Board of Governors meeting in Providenciales, Turks and Caicos Islands from June 13 – 16. Belize was represented by Hon. Christopher Coye, Minister of State, Ministry of Finance, Economic Development and Investment, as Alternate Governor of Belize to the CDB; and Dr. Osmond Martinez, CEO, Economic Development, as Belize’s Executive Director to CDB. 

Apart from the annual report of activities and financial affairs of the Bank, the Board discussed development challenges facing the region including matters of project implementation, multi-dimensional vulnerability, global inflation, food and energy security, climate and concessionary finance.

Minister Coye also held bilateral meetings with the United Kingdom, Canada and Suriname. The latter meetings were focused on advocating for Belize’s eligibility for financing from the International Development Association (IDA), an arm of the World Bank that aims to reduce poverty by offering highly concessionary loans for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.

Minister Coye thereafter attended the International Monetary Fund’s (IMF) “Capacity Building Partnerships for a More Resilient Caribbean” meeting with Caribbean member countries on June 17 in Bridgetown, Barbados. This event centred on the IMF’s newly established Resiliency and Sustainability Trust in respect of which Belize as a vulnerable small state is eligible for up to US$94 million in long term highly concessionary financing subject to certain qualifying criteria. These funds would allow Belize to make direct and impactful investments in climate change and pandemic preparedness measures, such as energy security, food security and climate adaptation.

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