Canada backs Caribbean’s resilience fight, provides financial assistance for SIDS

Canada has reaffirmed its commitment to helping the region achieve its goals for sustainable development and revamping the global financial system.

That country’s High Commissioner to Barbados and the Eastern Caribbean States Lilian Chatterjee gave the commitment at the recent Canada Day reception at Fairmont Royal Pavilion Hotel in St James.

The island’s efforts to press for the reform of the global financial system in order to better revamp the funding used to support small island developing countries has the full backing of Canada, according to Chatterjee, who praised the relationship between Barbados and Canada over the years as well as that of other regional counterparts.

“We are inspired by Barbados’ leadership in advocating for international financial architecture reform from The Bridgetown Initiative. Next year Antigua and Barbuda is hosting the fourth global conference on small island developing states, commonly known as SIDS. As all of you have experienced first hand, climate change is significantly affecting coastlines in the Caribbean.

“Canada understands that access to finance is crucial in addressing SIDS vulnerabilities. This is why Canada joins our Caribbean leaders in advocating for a multi-dimensional vulnerability index.”

The High Commissioner further added that Canada intends to follow through with a number of its funding promises aimed at bolstering the region’s resilience and sustainability against climate change issues, as well as other initiatives aimed at ecosystem protections for developing countries.

“Canada has allocated 40 per cent of our IMF Special Drawing Rights to low income and vulnerable countries including SIDS. We gave $1 billion to the IMFs Poverty Reduction and World Trust (PRGT) and $2.4 billion to the IMF Resilience and Sustainable Living Trust, and Barbados has benefited from this.

“In February, Canada announced $45 million in new projects to support CARICOM countries to support the climate crisis; focusing on resilience, water security and ecosystem and coastal protection. We also provided $20 million of climate finance to the CBB, to establish the Canada CARICOM Climate Adaptation Fund, to insulate CARICOM countries from disaster risks,” Chatterjee explained. 

(SB)

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