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The Caribbean Needs Urgent International Support to Face High Indebtedness, Vulnerability to Climate Change and the Costs of the Pandemic: ECLAC

28 Oct 2020 | News

Caribbean countries, especially the small island States, need support from the international community to confront the “perfect storm” that is looming over them: heavy indebtedness and a liquidity crisis, vulnerability to climate change, and high expenditures due to the COVID-19 pandemic, Alicia Bárcena, Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), said on Tuesday 27 October during a panel on “Challenges for the Caribbean to build back better,” held in the framework of the thirty-eighth session, which is taking place virtually through Wednesday, O…

Fulfilling the 2030 Agenda in the Post COVID-19 World Will Necessitate a New Global and Regional Compact: ECLAC

25 Sep 2020 | News

Presentation by Alicia Bárcena, ECLAC’s Executive Secretary (PDF in Spanish). The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, stated this Friday that fulfillment of the 2030 Agenda for Sustainable Development in the post COVID-19 world necessitates a new global and regional compact that would include a renewed development model oriented towards greater well-being and environmental sustainability, in remarks made during a dialogue entitled “SDG acceleration as a road map for building back better,” which was organized by the govern…

ECLAC Reaffirms its Commitment to Supporting Caribbean Countries on Their Path Towards a Sustainable Recovery with Equality

24 Jun 2020 | News

The Economic Commission for Latin America and the Caribbean (ECLAC) ratified its commitment to supporting Caribbean countries on their path towards a sustainable recovery with greater equality after the crisis prompted by the COVID-19 pandemic, during a high-level virtual meeting held with ministers and authorities from more than 10 countries in the subregion. The 7th Council of Ministers on Environmental Sustainability of the Organisation of Eastern Caribbean States (OECS) took place this Wednesday, June 24, under the outgoing presidency of Martinique and the incoming presidency of Saint Luci…

Alicia Bárcena Calls for Moving Towards a More Democratic Globalization, with a New Development Paradigm that Recognizes Social, Environmental and Economic Interdependence

5 May 2020 | News

At this time of pandemic provoked by the coronavirus disease (COVID-19), the need for international cooperation is more urgent on the fiscal side. For that reason, international financial organizations should grant favorable financing conditions to middle-income countries, with low-cost credit lines and debt relief, sustained Alicia Bárcena, Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC). The senior United Nations official participated today in a virtual seminar entitled How to face the COVID-19 crisis in Latin America, organized by Spanish instituti…

Alicia Bárcena Reviewed with Caribbean Authorities Progress on the Debt for Climate Adaptation Swap Initiative, Including the Creation of a Resilience Fund

23 Sep 2019 | News

The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, met this Monday, September 23, with Prime Ministers Gaston Browne of Antigua and Barbuda, Allen Chastanet of Saint Lucia, and Ralph Gonsalves of Saint Vincent and the Grenadines, to review progress on the Debt for Climate Adaptation Swap Initiative, including the creation of a resilience fund proposed by the Commission for small island Caribbean states. During the meeting – which took place in the framework of the Climate Action Summit and the 74th session of the United Nations Gene…

Latin America and the Caribbean Saw the Best and Worst Conditions for Tapping International Capital Markets in 2018

15 Mar 2019 | News

Last year (2018) was a period of contrasts for Latin America and the Caribbean’s financing conditions. The report Capital Flows to Latin America and the Caribbean: 2018 Year-in-Review, released by ECLAC’s Office in Washington D.C., reviews the main 2018 trends in capital flows to the region. According to the study, the region saw the best and the worst conditions for tapping international capital markets: from US$ 32 billion in January, the highest ever monthly volume of debt in international markets to zero issuance in December, making it the worst December on record for LAC issuers. Accordin…

Authorities and Experts at ECLAC Analyze the Regional Challenges Posed by the International Financial Crisis

10 Jan 2019 | News

In a meeting held at ECLAC headquarters in Santiago, Chile, authorities and experts discussed international financial volatility, global economic uncertainty and lower perspectives for growth dynamics in 2019 in the countries of Latin America and the Caribbean. During the seminar on “Latin America and EU Regionalism: Towards a Cooperative Way-out beyond the Crisis”, distinguished speakers addressed the challenges currently facing the region in terms of fiscal, monetary, economic and institutional reforms in the face of the questioning of multilateralism worldwide. The meeting, or…

ECLAC drives debt adaptation swap initiative across the Caribbean

6 Dec 2018 | News

The Economic Commission for Latin America and the Caribbean (ECLAC) subregional headquarters for the Caribbean has taken steps recently to advance its Debt for Climate Adaptation Swap Initiative. A mission led by Deputy Director, Dr. Dillon Alleyne, met with senior government officials and policy makers in Antigua and Barbuda, and Saint Vincent and the Grenadines, to discuss progress and to build support for the initiative. ECLAC has long argued that the high debt burden and debt servicing costs of many Caribbean economies have continued to constrain the ability of governments to meaningfully…

ECLAC Report Looks at the Role of Private Capital Flows and Its Importance for the Implementation of the 2030 Agenda in the Caribbean

25 Jun 2018 | News

The economic challenges in the Caribbean can be linked in significant measure to the region’s external vulnerability, states the report Resilience and Capital Flows in the Caribbean, released by the Washington Office of the Economic Commission for Latin America and the Caribbean (ECLAC). The report, which focuses on the region’s access to external financing and how to improve it as part of the overall answer to its development challenges, looks at trends in international capital flows – including portfolio flows and foreign direct investment – to the Caribbean in recent years, in the context o…

ECLAC Advocates for Caribbean's Debt Swap Proposal and Establishes Task Force for Its Implementation

12 Dec 2017 | News

Representatives from the Economic Commission for Latin America and the Caribbean (ECLAC) presented on Monday 20 November the organization’s debt for climate adaptation swaps proposal for the Caribbean nations striken by the recent hurricane season, during a high level conference held in the United Nations’ headquarters in New York. The CARICOM-UN High Level Pledging Conference: “Building a more Climate Resilient Community”, was convened by the Caribbean Community (CARICOM), with support from the United Nations Development Programme (UNDP), and looked to mobilise international support for its M…

ECLAC establishes task force for Caribbean’s Debt Swap Initiative

27 Nov 2017 | News

The Debt Swap initiative, which was first presented at ECLAC’s Caribbean Development Roundtable in Saint Kitts and Nevis early in 2016,is a mechanism intended to address at once the crippling debt of the Caribbean and their need to generate the resources needed to finance resilience building measures. It is an innovative strategy that involves harnessing concessionary flows to transform the debt of the region into a source of investment in resilience, while at the same time re-energizing growth and promoting economic transformation in the economies of the subregion, through investment in…

ECLAC Advocates for Debt Relief Proposal during Conference on Hurricane Striken Caribbean Held in New York

20 Nov 2017 | News

Representatives from the Economic Commission for Latin America and the Caribbean (ECLAC) presented this Monday 20 November the organization’s debt for climate adaptation swaps proposal for the Caribbean nations striken by the recent hurricane season, during a high level conference being held in the United Nations’ headquarters in New York until Tuesday 21 November. The CARICOM-UN High Level Pledging Conference: “Building a more Climate Resilient Community”, was convened by the Caribbean Community (CARICOM), with support from the United Nations Development Programme (UNDP), and looks to mobilis…

Latin America and the Caribbean Issued International Bonds at a Record Pace in the First Quarter of 2017

14 Jun 2017 | News

2017 started with the highest monthly issuance on record from Latin America and the Caribbean in the international bond market, with total issuance reaching US$ 24.2 billion in January, according to the report Capital Flows to Latin America and the Caribbean: Recent Developments, released by the Washington Office of the Economic Commission for Latin America and the Caribbean (ECLAC). Petrobras led the way, issuing a US$ 4 billion dual-tranche bond on January 9, encouraging other issuers to come to the market. Although the pace of issuance slowed down in February and March, the total amount of…

The Caribbean’s development trajectory and debt outlook to be discussed in Saint Kitts and Nevis

14 Apr 2016 | News

A proposal to address the Caribbean’s high debt burden and strategies to achieve sustainable development in the region will be the focus of discussions when two important meetings of the Economic Commission for Latin America and the Caribbean (ECLAC): the Caribbean Development Roundtable (CDR) and the Caribbean Development and Cooperation Committee (CDCC) convene in Basseterre, Saint Kitts and Nevis, on 21 and 22 April 2016, respectively. The CDR brings together senior level policymakers from governments of the Caribbean; officials of the United Nations system; representatives of regiona…

Senior policy makers to meet in Saint Kitts to discuss Caribbean debt relief

9 Mar 2016 | Announcement

ECLAC Caribbean will convene the 4th meeting of the Caribbean Development Roundtable (CDR) in Basseterre, Saint Kitts and Nevis on 21 April 2016. This year’s Roundtable will explore possible options for debt relief for heavily indebted countries in the subregion. The CDR will be followed by the 26th session of the Caribbean Development and Cooperation Committee (CDCC) on 22 April 2016, where participants will take stock of the outcomes of the CDR, and review the implementation of the work programme for the ECLAC subregional headquarters for the Caribbean for the biennium 2018-2019. …

Experts Call for New Rules to be Defined on Financing for Development

14 Jul 2015 | News

There is an urgent need to define new rules for financing sustainable development in the world, participants in the side event Regional Perspectives on Implementing an Ambitious, Transformative Sustainable Development Agenda agreed. The event was hosted on Tuesday, July 14 by the five United Nations regional commissions, of which ECLAC is one, in Addis Ababa, Ethiopia. During the event—which took place in the framework of the Third International Conference on Financing for Development, being held through July 16 in Ethiopia—the U.S. economist and Nobel Prize winner Joseph Stiglitz called for “…

Ministers and Experts Will Debate in Addis Ababa the Challenges to Finance the Development of Latin America and the Caribbean

8 Jul 2015 | Announcement

Ministers and senior officials from Latin America and the Caribbean, along with Nobel prize winning economist Joseph Stiglitz and the Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, will participate in an event on the challenges faced by the region to finance its development, in the framework of the international conference on this matter that will take place on July 13-16 in Addis Ababa, Ethiopia. The event, which will address the domestic mobilization of resources and the international financial governance from the perspective of mi…

ECLAC panel discussion explores innovative financing solutions for the Caribbean

8 May 2015 | News

The Deputy Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Antonio Prado, moderated a panel discussion at the Forum on the Future of the Caribbean on Thursday 7 May 2015, where he outlined important areas of focus for countries of the region, like the need to address the issue of debt relief in a sustainable manner and the possibility of mobilizing resources through diaspora bond issue and increased remittances. The session, entitled Advocating innovative financing solutions, which examined opportunities that exist for domestic and international deve…

ECLAC Deputy Executive Secretary to participate in Forum on the Future of the Caribbean, May 5-7

30 Apr 2015 | News

The Deputy Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Antonio Prado, will participate in the Forum on the Future of the Caribbean from 5-7 May 2015 in Trinidad and Tobago. The Forum is co-hosted by the Ministry of Foreign Affairs of Trinidad and Tobago, the University of the West Indies (UWI) and the United Nations system in Trinidad and Tobago. Sessions will be held at the UWI St Augustine campus and the Hyatt Regency Hotel in Port of Spain. During his first visit to the Caribbean and Trinidad and Tobago, Mr. Prado will deliver opening remarks …

Capital flows to Latin America and the Caribbean Surged in the First Half of 2014

1 Sep 2014 | News

The region's international bond sales reached a half-year record of US$ 84 billion in the first half of 2014, beating the previous record established in the second half of 2013 by nearly US$ 21 billion, according to ECLAC's calculations on the basis of data from LatinFinance and other market sources. According to the report Capital Flows to Latin America and the Caribbean: Recent Developments prepared by ECLAC's Office in Washington D.C., the surge represented an increase of 41% relative to the amount issued in the first half of 2013 and of 32% relative to last year's second ha…

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