Mobilizing international solidarity, accelerating action and - - PowerPoint PPT Presentation

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Mobilizing international solidarity, accelerating action and - - PowerPoint PPT Presentation

Jul 25, 2023 46 likes •147 views

Mobilizing international solidarity, accelerating action and embarking on new pathways to realize the 2030 Agenda and the SAMOA Pathway: Small Island Developing States Alicia Brcena Executive Secretary Economic Commission for Latin America

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Mobilizing international solidarity, accelerating action and embarking on new pathways to realize the 2030 Agenda and the SAMOA Pathway: Small Island Developing States

Alicia Bárcena Executive Secretary Economic Commission for Latin America and the Caribbean

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Development Finance for COVID 19 Response in the Eastern Caribbean 2nd June 2020.

Five transmission channels of COVID-19 crisis will affect the regional economy

A drop in trade with key trading partners A fall in commodity prices Disruption

  • f global

value chains Less demand for tourism services Decline in remittances

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Impact of COVID-19 On Caribbean Tourism Sector

COVID-19 Impact on Tourism

Visitor arrivals will fall by between 57% and 75% in 2020, leading to losses of tourism expenditure between US$22B and US$28B

10 20 30 40 50 60 70 80 90 DMA BHS LCA ATG VCT AIA ABW GRD BRB KNA JAM BLZ DOM HTI CUB CYM TTO SUR GUY

Visitor expenditure losses (Per cent of exports of goods and services1)

Base scenario Optimistic scenario Pesimistic scenario

  • 25
  • 20
  • 15
  • 10
  • 5

ABW VGB VIR BHS DMA LCA AIA ATG BLZ BRB JAM KNA VCT CYM GRD BMU HTI GLP CUB PRI DOM TTO GUY SUR

Direct tourism impact on GDP growth, 2020 (Percentage)

Base scenario Optimistic scenario Pesimistic scenario

SIDS Session at HLPF 8 July 2020

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Development Finance for COVID 19 Response in the Eastern Caribbean 2nd June 2020.

Climate Change Vulnerability

  • During 1990 - 2019, there were over

400 disasters in the Caribbean, 90.4% from hydro-climatic phenomena

  • In

2019 Hurricane Dorian caused US$3.4b in the Bahamas; 1% of GDP.

  • 2020 is forecast to be highly active

with an estimated 16 named storms anticipated.

This Photo by Unknown Author is licensed under CC BY-SA

SIDS Session at HLPF 8 July 2020

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Development Finance for COVID 19 Response in the Eastern Caribbean 2nd June 2020.

High public debt and low growth

  • 5.5
  • 8.0
  • 6.0
  • 4.0
  • 2.0

0.0 2.0 4.0 6.0 8.0 10 20 30 40 50 60 70 80 90 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Growth rate (percentage) Public debt (per cent of GDP)

GDP growth and public debt

Debt ratio Growth rate

20 40 60 80 100 120 140 BRB BLZ JAM VCT ATG SUR BHS DMA TTO LCA GRD KNA AIA GUY MSR

Total Public Debt, 2019 (Per cent of GDP) External Domestic Total public debt 2018

SIDS Session at HLPF 8 July 2020

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Development Finance for COVID 19 Response in the Eastern Caribbean 2nd June 2020.

High debt service limits fiscal space for COVID response

102.7 74.9 27.5 20 40 60 80 100 120 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total debt service (Per cent of government revenue) Range Caribbean average

26.4 32.2 42.2 10 20 30 40 50 60 70 80 Montserrat Guyana Dominica Trinidad and Tobago Belize Saint Kitts and Nevis Anguilla Suriname Saint Vincent and the Grenadines Grenada Bahamas Saint Lucia Antigua and Barbuda Barbados Jamaica

Total debt service, 2009-2018 average (Per cent of government revenue)

Notes: 1. This chart illustrates the wide range of debt burdens that Caribbean SIDS face.

  • 2. The high end of the shaded area is maximum debt service ratio, and the low end is the minimum, which remains at or just above zero.
  • 3. Bahamas data is unavailable for 2017 and 2018 and Barbados data is unavailable after 2015..

SIDS Session at HLPF 8 July 2020

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Development Finance for COVID 19 Response in the Eastern Caribbean 2nd June 2020.

The Caribbean (13 countries): net official development assistance received, 1960–2018 (Percentages of gross national income)

Source: World Bank database. a Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago

Concessional financial support is an imperative for the Caribbean

2 4 6 8 10 12 14 16 18 20 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

The Caribbean Heavily indebted poor countries Low income countries

SIDS Session at HLPF 8 July 2020

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Development Finance for COVID 19 Response in the Eastern Caribbean 2nd June 2020.

Five recommendations for financial support and increase fiscal space for Caribbean SIDS

  • 1. ECLAC debt relief initiative for resilience
  • 2. Debt and service stand still and access to

concessional funding, eligibility criteria of IFIs

  • 3. Stage contingency bonds: hurricane clause
  • 4. Green and blue bonds
  • 5. Liquidity support Special Drawing Rights (SDR)

Issuance.

SIDS Session at HLPF 8 July 2020

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Poverty and inequality

Women’s empowerment Food security and access to ICT platforms Unemployment particularly for youth Strengthening health and sanitation

Warning signs just 10 years from Agenda 2030 and SAMOA Pathway

SIDS Session at HLPF 8 July 2020

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Thank you