The Caribbean Community (CARICOM) believes that a new model for development finance needs to be considered.
Speaking during the accreditation ceremony for the new Swedish Ambassador to the Community on Wednesday at the CARICOM Secretariat’s, Turkeyen, Guyana headquarters, CARICOM Secretary-General Ambassador Irwin LaRocque stated that GDP per capita should not be the principal measurement used in determining the development status of a country.
“We will continue to advocate for the use of a more accurate and realistic measure of development which considers vulnerability, including exposure to natural disasters and other exogenous shocks,” he said. “In the interest of realising our economic aspirations as a Community, we believe that a new paradigm in development finance needs to be considered,” he added.
Her Excellency Elisabeth Eklund presented her credentials to the Secretary-General who noted that her accreditation was a continuation of years of building bilateral relations with the Member States of the Community and a bi-regional dialogue between CARICOM and the countries of the Nordic region. Sweden is one of the countries in the Nordic Group with which CARICOM has a Memorandum of Understanding (MOU) on Political Dialogue and Cooperation.