Institutional report of the ECLAC subregional headquaters for the Caribbean on the support provided to Caribbean small island developing states for the implementation of the Mauritius strategy

This paper presents a review of the support provided by the ECLAC Subregional Headquarters for the Caribbean to small island developing States in the Caribbean for the further implementation of the Mauritius Strategy for Implementation of the Barbados Programme of Action. This report forms part of the MSI+5 Review and addresses structural support through the establishment of the Regional Coordinating Mechanism and the Technical Advisory Committee, and the applied research conducted by ECLAC which is intended to lead to policy implementation.

Proposal on debt for climate adaptation swaps: a strategy for growth and economic transformation of Caribbean economies

ECLAC advocates that the Caribbean’s high debt dilemma was not principally driven by policy missteps, or the international financial crisis. Rather, it finds its roots in external shocks, compounded by the inherent structural weaknesses and vulnerabilities confronting Caribbean SIDS and their limited capacity to respond. A major factor has been the underperformance of the export sector, partly due to a decline in competitiveness and a slowdown in economic activity especially among the tourism-dependent economies. Caribbean countries have also accumulated debt as a consequence of increased expenditures to address the impact of extreme events and climate change attendant difficulties. Most Caribbean countries are located in the hurricane belt and are also prone to earthquakes and other hazards. Indeed, a disaster resulting in damage and losses in excess of 5 per cent of GDP can be expected to hit any Caribbean country every few years. Moreover, over the period 2000-2014, it is estimated that the economic cost of natural disasters in Caribbean countries was in excess of US$30.7 billion. The English Speaking Caribbean countries are extremely vulnerable to natural disasters.