Analysis of developing countries’ external financial vulnerability

The United States dollar has increased its importance as an international medium of exchange, maintained its strength as a store of value and reinforced its role as the world’s unit of account. At the same time the capital market has become a major source of funding throughout the world including for developing countries. This context has major financial implications for the United States and for those countries, mainly developing countries, that are anchored to the dollar. These implications are brought to the fore by focusing on some of the main transmission mechanisms of international finan…

Curaçao receives technical support from ECLAC to set up a new development finance organization

The Financing for Development Division of the Economic Commission for Latin America and Caribbean (ECLAC), through the United Nations Development Programme (UNDP), gives technical support to Curaçao for setting up a new development finance organization.…

Second Retreat of the Group of Friends of Monterrey

Remarks by Alicia Bárcena, Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), at the opening of the Second Retreat of the Group of Friends of Monterrey 23 April 2017 Club de Banqueros Mexico City Ambassador Ulises Canchola, Acting Head of the Mexican Agency for International Development Cooperation (AMEXCID), Noel González, Coordinator for Development Cooperation Fora of the Mexican Agency for International Development Cooperation (AMEXCID), Stephan Reichert, Deputy Head of the Donor Relations Division of the Federal Ministry for Economic Cooperation an…

Jamaica’s Prime Minister Gave Keynote Lecture at ECLAC

In the framework of an official visit to Chile, the Jamaican Prime Minister, Andrew Holness, gave a keynote lecture today at the headquarters of the Economic Commission for Latin America and the Caribbean (ECLAC) in Santiago, in which he advocated for deepening cooperation ties between the countries of the Caribbean and Latin America. The senior official – the first Jamaican leader to visit this United Nations regional organization – was received by ECLAC’s Executive Secretary, Alicia Bárcena, who welcomed him and highlighted the country’s commitment to moving ahead on achieving the goals of t…

Primer Ministro de Jamaica realizó conferencia magistral en la CEPAL

En el marco de su visita oficial a Chile, el Primer Ministro de Jamaica, Andrew Holness, realizó hoy una conferencia magistral en la sede de la Comisión Económica para América Latina y el Caribe (CEPAL) en Santiago, en la cual abogó por la profundización de los vínculos de cooperación entre los países del Caribe y de América Latina. La alta autoridad –el primer mandatario de Jamaica en visitar este organismo regional de las Naciones Unidas- fue recibido por la Secretaria Ejecutiva de la CEPAL, Alicia Bárcena, quien le dio la bienvenida y destacó el compromiso del país por avanzar en el cumplim…

High-level meetings on the ECLAC Caribbean Resilience Fund

The Caribbean Resilience Fund (CRF) is an innovative mechanism to leverage absolutely necessary finance for development while simultaneously reducing the growing and onerous debt burden. In-depth discussions will address the main elements of the CRF; its structure, participation and governance. This will include reflection on optimal housing of the CRF and scope for capitalization of the Fund. The meeting will also explore important next steps for initiating debt swap negotiations.…

Seminario Internacional de UNASUR "De la Integración Política a la Integración Económica y Financiera". Panel: América Latina, la institucionalidad regional y los foros internacionales: la UNASUR, el G-20, el G-24, el G-77, el G-192

Promoting debt sustainability to facilitate financing sustainable development in selected Caribbean countries: A scenario analysis of the ECLAC debt for climate adaptation swap initiative

In light of the high debt burden impacting Caribbean economies ECLAC has been pursuing an initiative designed to reduce the debt burden and advance sustainable development. The strategy has evolved over time and there is now agreement on an approach designed to bring financial resources to the Caribbean for resilience building while still emphasizing the importance of debt reduction. To address resilience and development financing, ECLAC proposes the establishment of a Caribbean Resilience Facility to be housed at a reputable financial institution. Such a facility would be capitalised by donor…

Report of the twenty-ninth session of the Caribbean Development and Cooperation Committee of the Economic Commission for Latin America and the Caribbean

Challenges in implementation of the Mauritius Strategy for further implementation of the Small Islands Developing States Programme of Action (MSI) in the Caribbean

Investment in renewable energy, fossil fuel prices and policy implications for Latin America and the Caribbean

This paper examines if recent sharp declines in the price of oil and other fossil fuels will discourage private investment in renewable energy, which is key for climate change mitigation. The increase in private renewables investment in the Latin America and the Caribbean (LAC) region have been driven by sharp declines in costs alongside supportive policies. The sharp fall in the price of oil and other fossil fuels since 2014 risks disrupting continued private investment in renewables if they becomes insufficiently profitable. The decline in oil and other fossil fuel prices presents an opportu…

The European Investment Bank and SMEs: key lessons for Latin America and the Caribbean

This paper discusses the engagement of the European Investment Bank Group (EIB Group) with the financing and support of SMEs, both within the European Union (EU) as well as EU Candidate Countries and the Balkans. Indeed, lending and providing financial support to SMEs is one of the key core objectives of the EIB Group. The main focus of the paper is to describe and analyse the practises and experiences of the EIB Group in this field, to discuss the key lessons and to make policy recommendations to be considered within the Latin America and Caribbean (LAC) context. The large role played by the …

Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?

Abstract The unprecedented accumulation of international reserves by emerging markets raises the question of how to best utilize these funds; in particular if they should be held as a war chest to guard against the risk of financial crisis or if they should be used to recapitalize and strengthen weak banking systems. A third issue is if the resource cost could be limited by pooling the holdings of different central banks and if so, to what objectives should this reserve pool be put. This paper considers these questions with reference to the countries participating in the Latin American…

Policy Brief: Planning for resilience: an integrated approach to tackle climate change in the Caribbean

The Caribbean subregion is exceptionally vulnerable to the impacts of climate change and extreme weather events. Vulnerability is a key multidimensional concept at the heart of resilience building, relating to each country’s multiple spatial and socioeconomic risks and conditions. In fact, due to its geographical location and concentration of population and activities in low-lying coastal areas, the Caribbean is the second most hazard-prone region in the world...Moreover, impacts of extreme weather events on Caribbean small economies are of national proportions. For example, in the hurricane s…

Scaling up debt-swaps and outcome-based innovative financing mechanisms for climate, nature and food

Good afternoon I will focus my remarks on two types of instruments which have the potential to catalyze further action to deliver on global environmental commitments: Debt swaps and thematic bonds. Debt swaps for climate and nature are a financial instrument allowing countries to obtain debt forgiveness and reductions from external creditors in return for a commitment, on the part of the country, to invest in the protection of the environment, simultaneously addressing two major challenges to sustainable development: climate change and debt distress. Thematic bonds are debt instruments which s…

The rise of green bonds: Financing for development in Latin America and the Caribbean

October 2017 | ECLAC OFFICE IN WASHINGTON, D.C. (STUDIES AND RESEARCH PAPERS)…

The rise of green bonds: Financing for development in Latin America and the Caribbean

The 2030 Agenda and the Sustainable Development Goals present a unique opportunity to promote new instruments and innovative mechanisms for financing social and production development in Latin America and the Caribbean. “Green bonds” are an example of alternative financial instruments becoming increasingly available to investors. This report examines the growing green bond market, with emphasis on Latin America and the Caribbean.…

Emerging challenges and shifting paradigms: New perspectives on international cooperation for development

Desde la perspectiva del desarrollo en transición, en el presente documento, preparado conjuntamente por la CEPAL y el Centro de Desarrollo de la OCDE, se plantea que algunas economías en desarrollo y emergentes han aumentado su nivel de ingresos nacionales, pero continúan enfrentando retos formidables vinculados a los aspectos multidimensionales del desarrollo. Esto requiere un enfoque más amplio de la cooperación internacional para que, combinada con políticas nacionales eficaces, pueda prestar un mejor apoyo a los países a medida que ascienden en la escala de ingresos y buscan la manera de …

Caribbean in Brief: an information document for Caribbean Small Island Developing States

This brief is intended to provide general information on the upcoming United Nations Ocean Conference on scaling up ocean actions based on science and innovation for the implementation of Agenda 2030 - Sustainable Development Goal 14 (SDG 14), with a view to stimulating more active, engaged participation of the Caribbean in the discussions. The United Nations Ocean Conference will be co-chaired by Kenya and Portugal, and hosted by the Government of Portugal in Lisbon, during 2021. The objective of this conference is consistent with the 2017 UN General Assembly proclamation on the Decade of Oce…

Países de América Latina y el Caribe reivindican el Foro de Desarrollo Sostenible como espacio indispensable para la integración y la cooperación regional

Representantes de los 33 países de América Latina y el Caribe reivindicaron el Foro de Desarrollo Sostenible como espacio indispensable para la integración y la cooperación regional en medio de la incertidumbre global, durante la Quinta Reunión del encuentro intergubernamental que fue inaugurado hoy por el Presidente de Costa Rica, Carlos Alvarado, la Vicesecretaria General de las Naciones Unidas, Amina Mohammed, y la Secretaria Ejecutiva de la Comisión Económica para América Latina y el Caribe (CEPAL), Alicia Bárcena. La Quinta Reunión del Foro de los países de América Latina y el Caribe sobr…