St. Lucia Prime Minister Philip J. Pierre, who is the newly installed chairman of the Caribbean Development Bank (CDB) says the institution's governors must create avenues and opportunities to build resilient economies for the benefit of the region's people amidst a number of crises.
Mr. Pierre told the closing ceremony of the CDB's 52nd annual meeting the crises are due to the lingering negative effects of the COVID-19 pandemic, climate change, the Russia-Ukraine war, imported inflation, and structural deficiencies in Caribbean economies.
He said the situation, if not halted, can have the capability of increasing poverty and despair.
The CDB has estimated that building resilient economies will require substantial financial resources of at least US$1 billion annually to help Caribbean countries achieve their developmental targets.
However, Mr. Pierre suggested that figure may increase if the present global situation further deteriorates.