SENIOR Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, has urged the Inter-American Development Bank (IDB) to expand and tailor its lending instruments to better address the unique vulnerabilities faced by Caribbean countries.
Speaking during the 2026 Annual Meetings of the Boards of Governors of the IDB and IDB Invest in Asunción, Paraguay, Dr. Singh underscored the need for more flexible and responsive financing tools to support the region’s development agenda.
The Finance Minister commended the progress made by the IDB in advancing its reform agenda, noting that the institution moved decisively from reform discussions to implementation in 2025. However, he stressed that greater consideration must be given to the specific challenges confronting Caribbean states.
“The countries in the Caribbean region remain amongst the most vulnerable in the world to more frequent and extreme natural disasters, external shocks and global economic volatility,” Dr. Singh said.
He added that despite demonstrating resilience, Caribbean countries continue to face limited access to financing and constrained fiscal space.
“Our access to resources and financing remains limited, while our fiscal space remains tight to support our development agendas. For these reasons, we welcome a bigger and better Bank with relevant and appropriate support for our countries,” the minister explained.
Dr. Singh, who also submitted a statement in his capacity as Chair of the Caribbean constituency, noted that decisions taken by countries in the region will determine whether the Caribbean can transform its challenges into opportunities for stronger economic growth, expanded trade, and greater investment in climate-resilient infrastructure.
Minister Singh then posited that the convergence between the region’s development priorities and the IDB Group’s mandate continues to present ample opportunity for partnership and that it was in this context that the IDBG remains a highly valued and the largest development partner for the Caribbean and that the region is committed to strengthening that partnership.
Turning attention to disaster risk management, the minister welcomed the Bank’s Disaster Risk Management Action Plan for 2026–2030, which focuses on prevention, preparedness, resilient recovery and financial protection.
He said the proposed mechanisms, including contingent credit facilities, catastrophe insurance and climate-resilient financing instruments, would play an important role in strengthening fiscal resilience and improving the region’s preparedness for future shocks.
Dr. Singh also acknowledged the Bank’s support to Jamaica following Hurricane Melissa in 2025.
Focusing on Guyana, the minister highlighted the country’s strong engagement with the IDB Group, noting increased approvals and financial flows in recent years.
“We underscore the importance of policy-based lending as a flexible and effective development instrument which Guyana has successfully applied across many areas over the years such as justice reform, competitiveness, financial sector strengthening and human services,” Dr. Singh said.
He also emphasised the importance of adapting lending tools to national circumstances and increasing the use of country systems to improve efficiency and ownership of development initiatives.
On the private sector front, the minister welcomed the expanding role of IDB Invest in Guyana following its recent capitalisation.
According to Dr. Singh, the Government is looking forward to deeper engagement with the institution to support emerging investment opportunities in areas such as transport and energy infrastructure, while also accelerating economic diversification, boosting competitiveness and expanding trade opportunities.
He further encouraged the financial institution to expand its use of instruments such as equity financing and local-currency financing to improve the bankability and scale of development projects.
The minister also welcomed the continued focus of IDB Lab on innovation, entrepreneurship and scalable private-sector solutions, noting that these initiatives are essential for supporting diversification and building long-term economic resilience.
Dr. Singh concluded by reaffirming Guyana’s strong support for the IDB Group and its reform agenda, expressing confidence that the institution will become an even stronger and more responsive partner for the Caribbean as reforms progress.
The finance minister attended the meetings in Paraguay alongside Executive Director in the Caribbean Office of the IDB, Navita Ramroop; Director of Projects at the Ministry of Finance, Bernard Lord and Senior Economic and Financial Analyst, Ronette Hetsberger.