Commonwealth and UNDP work with Caribbean on debt challenges

Workshop on Countercyclical Loans for the Management of Exogenous Shocks in Small Vulnerable Economies (SVEs) and Non-Traditional Sources of Development Finance

Held in Port of Spain on 29-30 January 2013, jointly organised by the Commonwealth Secretariat and the United Nations Development Programme (UNDP) in collaboration with the Central Bank of Trinidad and Tobago, the woorkshop was attended by major international and regional financial institutions such as the International Monetary Fund, World Bank, Inter-American Development Bank and Caribbean Development Bank.

It raised awareness of the impact of shocks on national debt and the wider Caribbean economy. The conference engaged participants in discussion on the applicability of a countercyclical loans mechanism, a loan instrument utilised by the Agence Française de Développement - the main implementing agency for France’s official development assistance - to help countries manage debt in the event of unforeseen negative events.
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