Guyana backs deeper partnership with IDB, calls for financing tools tailored to Caribbean realities
Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, has reaffirmed Guyana’s commitment to strengthening its partnership with the Inter-American Development Bank (IDB) while urging the institution to expand and tailor its financing tools to better support the Caribbean’s unique challenges.
Dr. Singh made the remarks during the 2026 Annual Meetings of the Boards of Governors of the IDB and IDB Invest held in Asunción, Paraguay, where he also engaged the President of the IDB, Ilan Goldfajn.
In a Facebook post following the meeting, the finance minister expressed appreciation on behalf of President Dr. Irfaan Ali and the Government and people of Guyana for the bank’s longstanding support.
He described the IDB as an “invaluable development partner,” noting that the institution has remained “a constant and reliable partner to Guyana, providing consistent support through both challenging periods and our current era of unprecedented economic transformation.”
While addressing the meeting in his capacity as Chair of the Caribbean constituency, Dr. Singh commended the progress made by the IDB in advancing its reform agenda.
He noted that the institution had moved “decisively from reform to implementation” in 2025, but emphasised that Caribbean countries continue to face particular vulnerabilities that require special attention.
“The Caribbean remains among the most vulnerable regions in the world to natural disasters, external shocks and global economic volatility,” Dr. Singh said.
According to the minister, despite demonstrating resilience, many countries in the region still face limitations when accessing development financing.
“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,” he explained.
Dr. Singh stressed that decisions taken by Caribbean nations today will influence whether the region can transform these challenges into opportunities for stronger economic growth, expanded trade and increased investment in climate-resilient infrastructure.
He also highlighted the importance of flexible development financing and stronger use of national systems when implementing projects.
“We must tailor financing tools to country contexts and expand the use of national systems. This strengthens ownership, improves efficiency and ensures the sustainability of development outcomes,” the minister said.
The finance minister further welcomed the IDB’s Disaster Risk Management Action Plan 2026-2030, which focuses on prevention, preparedness, resilient recovery and financial protection through mechanisms such as catastrophe insurance, contingent credit facilities and climate-resilient financing.
“These instruments will be vital in strengthening fiscal resilience and improving preparedness for future shocks,” he said.
Turning to Guyana’s own engagement with the institution, Dr. Singh noted that the country has benefited from increased approvals and stronger financial flows from the IDB Group.
He pointed to policy-based lending as a flexible development tool that Guyana has used to advance reforms in areas such as justice administration, competitiveness, financial sector development and human services.
On private sector development, the minister also welcomed the growing role of IDB Invest in Guyana following its recent capitalisation, noting that the country anticipates deeper collaboration to support emerging investment opportunities in transport, energy infrastructure, productive diversification and trade expansion.
Dr. Singh said Guyana also looks forward to continued engagement with IDB Lab, particularly in promoting innovation, entrepreneurship and scalable private-sector solutions that can support long-term economic resilience.
The minister concluded by reaffirming Guyana’s strong support for the IDB Group and its reform agenda, noting that closer collaboration between the Caribbean and the institution will be essential to advancing sustainable and inclusive growth across the region.
Dr. Singh is attending the meetings alongside Navita Ramroop, Executive Director in the Caribbean Office of the IDB, as well as Bernard Lord, Director of Projects at the Ministry of Finance, and Ronette Hetsberger, Senior Economic and Financial Analyst.
