Caribbean urged to address fiscal challenges


 
  The 43rd board of governors meeting of the CDB centred on ameliorating the   region’s present fiscal challenges.
 
  Smith, in his presentation “Imperatives for securing our Caribbean future,”   emphasized the relevance of the economic principles of the CDB’s first   president, Sir William Arthur Lewis, as necessary for the advancement of the   Caribbean region.
 
  “Those of us in the CDB family and the region, as a whole, will be forever   grateful for that outstanding son of Saint Lucia and one of your two Nobel   Laureates, Sir Arthur Lewis. In his ‘Theory of Growth’, which he penned in   1955, he reminded us that: ‘The advantage of economic growth is not that   wealth increases happiness, but that it increases the range of human choice…   The case for economic growth is that it gives man greater control over his   environment, and thereby increases his freedom.’ Human beings and their   happiness were always the primary focus of this outstanding economist. At   CDB, we continue to be inspired by his emphasis on people-centered   development.”
 
  Smith added that in moving forward it was pertinent that countries display   fiscal maturity.
 
  “What of the region which we are mandated to serve? Are our countries   positioning themselves to emerge stronger from the current economic crisis?   It can be argued that some BMCs misdiagnosed the severity and duration of the   international recession, and consequently, moved too slowly to begin their   fiscal and structural adjustment. What is much more important?
 
  “However, is the recognition that a number of these countries have begun to   adopt appropriate reforms to reverse macro-economic imbalances and improve   international competitiveness.”
 
  Smith, in his summary of the Bank’s performance in 2012, stated that, despite   challenges, progress was made in strengthening the Bank to remain a relevant   and reliable partner for its shareholders.

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