Business

Barbados To Host Regional Policy Meeting October 8 – 10

Barbados will serve as the host nation for the upcoming Regional Policy Meeting organised by the Caribbean Policy Development Centre (CPDC) from October 8 to 10.

This event, funded by the Open Society Foundations (OSF) and the European Development Fund (11th EDF), will be held at the Crane Hotel in St. Philip.

Minister of Labour, Social Security and Third Sector, Colin Jordan, will deliver the feature address during the opening ceremony on Tuesday, October 8, at 9:00 a.m.

The Meeting will see regional policymakers, civil society organisations, and international partners gathering to tackle the Caribbean’s most pressing challenges, including sovereign debt, food and nutrition security, and to chart a new course for governance, development, and climate resilience, all aimed at improving the lives of Caribbean people.

Speaking about the important timing of the upcoming meeting, Officer in Charge at the CPDC, Richard Jones, stated: “Now it is of paramount importance as Caribbean nations face a convergence of complex challenges that threaten to derail sustainable development and the well-being of their citizens. At this critical juncture, the region grapples with persistent poverty, rising inequality, food insecurity, and the existential threat of climate change.”

According to data provided by the CPDC, small economies, burdened by the legacy of colonial extractive practices, remain vulnerable to external shocks, such as global price fluctuations and natural disasters. Climate change, in particular, presents a grave risk, with increasing hurricanes and rising sea levels threatening entire economies, especially those reliant on tourism and fisheries. The Caribbean loses an estimated three per cent of its GDP annually, due to natural disasters, underscoring the urgent need for robust, coordinated regional responses.

To address these critical issues, the Regional Policy Meeting will feature an impressive lineup of regional and international thought leaders who bring deep expertise in policy, development, and advocacy, including:

Jwala Rambarran, former Governor of the Central Bank of Trinidad & Tobago, who will address the urgent need for financial stability and reforming international financial institutions.
Grace-Ann Cornwall, Social Development Professional, will provide insights on empowering vulnerable groups and NGOs across the region.
Christon Herbert, CPDC Policy Officer, will lead discussions on climate resilience, insurance solutions, and disaster risk financing.
Meghna Abraham, Director of Open Society Foundations, will highlight the importance of international solidarity in achieving sustainable development goals.
Jeremy Stephen, economist and development finance expert, will present innovative approaches to debt relief and financial stability.

Other key speakers will be Assistant Secretary-General CARICOM Single Market and Trade Ambassador Wayne McCook; Director and Senior Research Fellow, Sir Arthur Lewis Institute of Social and Economic Studies, The University of The West Indies, Cave Hill Campus, Dr. Don Marshall, and Florida-based International Consultant on Food and Nutrition Security and Sovereignty, Dr. Tigerjeet Ballayram.

Agenda – “The Main 8”

Over the three days, the meeting will drill down into eight critical policy areas under the theme “Forging Ahead”, which addresses the eight most urgent challenges threatening progression in the region:

Sustainable Development
Reform of International Financial Institutions
Debt Relief and Financial Stability
Empowerment of Vulnerable Groups
Capacity Building for NGOs
Food and Nutrition Security
Climate Resilience
Good Governance

Mr. Jones, stated: “These areas are not only crucial but also interconnected. For example, the Caribbean’s food security is directly impacted by climate change, while sovereign debt threatens the region’s ability to invest in resilient infrastructure; we will therefore focus on comprehensive solutions that encompass a range of considerations.”

Noting that progress was already underway by the CPDC in many of these areas, he added: “By building on existing projects and facilitating high-level discussions, the Meeting seeks to generate momentum for collaborative action on food security, financial mechanisms, and policies that prioritise the empowerment of vulnerable communities, ultimately fostering a more resilient and equitable Caribbean.” (PR/GIS)

Business

GALA DINNER CELEBRATES 40TH ANNIVERSARY

The Light & Power Employees Co-operative Credit Union Ltd. (LPECCUL) marked an impressive milestone on Saturday night, hosting a memorable 40th Anniversary Gala Dinner at the Accra Hotel. The evening was a celebration of history, resilience, and growth, honouring LPECCUL’s four decades of commitment to financial empowerment and community service in Barbados.

Guests arriving at the gala were greeted with the warm sounds of steelpan music by Ms. Allana Goodridge, a graduate and former junior member of the credit union, who set an elegant tone for the evening. The festivities were expertly guided by Master of Ceremonies Paula Palmer, who delighted the crowd with a mix of exciting prizes and giveaways sponsored by Stade’s Distillery Visitor Centre.

A highlight of the evening was the special achievement award presentation by Mr. Anton Lovell, CEO of Co-Operators General Insurance Company Limited. Mr. Lovell recognised LPECCUL for its outstanding success and commended the longstanding partnership between the two institutions, underscoring the strength of their collaboration.

The evening’s keynote speaker, Lt. Col. Trevor Browne, a founding member of LPECCUL, delivered a compelling speech on the origins of the credit union. He shared insights into its formation, early challenges, and eventual growth, citing the various business ventures and investments made over the years. Lt. Col. Browne emphasized the importance of credit unions in Barbados expanding their focus to attract and support younger members, highlighting the value of investing in youth-led businesses as a way forward.

Closing the event, LPECCUL President Sheena Edwards delivered a heartfelt Vote of Thanks. She expressed deep appreciation to the evening’s special guests, including representatives from credit unions across Barbados, eight of LPECCUL’s original 40 founding members: Anthony Seale, Charles Holder, Donald Hoyte, Oliver Jones, Ian Bridgeman, Julie Alleyne, Keith Burnett and Lt. Col. Trevor Browne, and former company manager Curtis Smith. She also extended her gratitude to the dedicated LPECCUL staff, The Light & Power Employees Co-operative Credit Union Ltd.whose hard work and commitment have been instrumental to the credit union’s enduringsuccess.

The 40th Anniversary Gala Dinner was a celebration not only of LPECCUL’s history but also of its ongoing mission to inspire financial independence and support the community. As LPECCUL continues to innovate and expand its services, the credit union remains committed to fostering financial success for all members.(PR)

Business

Barbados To Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024, for the 55th Annual Monetary Studies Conference (AMSC).

The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme: “Macroeconomic Management in an Era of Polycrises.”

“We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change, to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” Director of Communications, Information, and Outreach at the Central Bank, Novaline Brewster, said.

“Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

Ms. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference’s theme.

“In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled: “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors,” she revealed.

Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

Central Bank of Barbados will host the 63rd gathering of this group as Barbados’ Governor, Dr. Kevin Greenidge, is the current Chair of the committee. (PR/GIS)

Business

Barbados to Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024 for the 55th Annual Monetary Studies Conference (AMSC). The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme “Macroeconomic Management in an Era of Polycrises.” “We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” said Novaline Brewster, Director of Communications, Information, and Outreach at the Central Bank. “Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

The three-day conference will feature sessions related to financial development and financial stability, adjusting to climate change, digital innovations and transformation, regional integration and governance, and regional economic development. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference theme. “In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors.” Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

The Annual Monetary Studies Conference, the oldest academic conference of economists in the Caribbean, is held in a different territory each year to coincide with the second of the Bi-Annual Meetings of the CARICOM Committee of Central Bank Governors. Central Bank of Barbados will host the 63rd gathering of this group as Barbados Governor Dr. Kevin Greenidge is the current Chair of the committee.