ST. JOHN’S, Antigua and Barbuda — Prime Minister Dr Andrew Holness has urged international lenders to give greater weight to disaster vulnerability and sound fiscal management when determining how small island states access development financing.
Speaking at the opening of the Joint Forums at the Commonwealth Heads of Government Meeting on Monday, November 2, Holness argued that countries such as Jamaica need financing arrangements that recognise both their economic progress and their exposure to natural disasters.
His call for development financing reform centred on how lenders assess countries and the projects they seek to fund. He said Jamaica’s record of fiscal discipline should carry greater weight in decisions about access to funding and concessional terms.
Holness presented Jamaica’s experience as evidence that maintaining stable public finances does not, by itself, guarantee stronger economic growth. He argued that targeted financing is needed to help translate that stability into investment and development.
The prime minister acknowledged improvements in the financing system, pointing to catastrophe bonds, guarantees and other mechanisms designed to reduce lending risks. However, he maintained that further changes are needed to meet the development needs of disaster-prone island economies.
He also distinguished a country’s underlying vulnerability from the risk attached to a particular loan. In assessing financing proposals, he said, lenders should consider whether the investment would reduce exposure to future shocks and strengthen prospects for growth.
That approach would place greater emphasis on the long-term benefits of resilience projects alongside the immediate risks of lending.
Holness’s remarks came during discussions on changes to international financing and investment that could expand opportunities for small states.
CHOGM, being held in Antigua and Barbuda from November 1 to 4, brings Commonwealth leaders together to discuss shared economic and development priorities.
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