“In a very almost diabolical way, construction adds to your GDP; hence your per capita income increases and our countries are labelled as middle income. Therefore, they cannot access concessional development financing. It is a trap for countries like ours,” he lamented.
The CARICOM Chairman acknowledged that there have been some positive signals coming from the international community with respect to a temporary relaxation of the eligibility criteria for development financing but reiterated the need for urgent action.
“Time is of the essence in accessing those funds, as events such as these hurricanes are occurring more frequently. Reconstruction must therefore be climate resilient in time for the next event.”
Prime Minister of Saint Lucia and Chairman of the OECS, Hon. Allen Chastanet, echoed the sentiments of urgency stating that the time for talking has run out.
“These storms are already upon us and they have already created a devastating effect. We do not have the luxury of waiting anymore. We need the resources to be made available.”
“We are hopeful that we can leave COP with a motion, that has passed, that allows the SID Countries to be treated differently and that timelines are going to be expedited,” said Prime Minister Chastanet.
— Source: OECS