Caribbean nations find new financial allies
By TRENTON DANIEL AND JACQUELINE CHARLES
jcharles@MiamiHerald.com
As a tourism-dependent Caribbean struggles to stay afloat amid the global financial crisis, an increasing number of nations are forging fresh ties with unexpected allies.
The trend is a sign of the need for resources, but also raises questions of where these new relationships will lead the Caribbean after the crisis.
``We're forced to take help from whoever is providing the help,'' John Maginley, Antigua and Barbuda's minister of tourism said on the final day of the Americas Conference at the Biltmore Hotel in Coral Gables.
Even before the crisis, Caribbean economies were already struggling as island-nations faced issues of food security, natural disasters, economic downturns and changes in trade. For instance, a succession of hurricanes in four years in Jamaica, finally forced companies like Jamaica Producers to cease its export operations and go from shipping fresh bananas to producing them into chips as part of a now successful tropical food business.
``So far the story has a happy ending,'' Jamaica CEO Jeffrey Hall told attendees. ``We're having some fun, making some money and most importantly, putting some people back to work.''
But as unemployment rolls and external debts rise, and tourism arrivals fall, observers say it is critical for Caribbean governments to implement effective policies and programming to help them navigate the effects of the financial crisis.
As a result, Canada has committed itself to ``helping address fundamental fiscal and debt management issues'' and to help the private sectors in island-nations seize new opportunities, said Jamal Khokhar, regional director general of the Canadian International Development Agency for Latin America and the Caribbean.
``We will focus specifically on sustainable economic growth,'' said Khokhar.
Currently Canada, which has increased its assistance, is the largest bilateral donor in the region, providing $600 million in assistance, Khokhar said.
``We disperse and we deliver,'' he said.
And as for the new players entering the scene, Khokhar said ``certainly we welcome new players to the region,'' but, he added, it's important for all to build common priorities.
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