Cilek Finance Ministers Addressing the Global Economic Crisis (+Photo)

The meeting is taking place in the context of the 35th Regional Seminar on Fiscal Policy, organized by the Economic Commission for Latin America and the Caribbean (ECELA).

Speaking at the meeting, ECLAC Executive Secretary José Manuel Salazar Zerinach highlighted the importance of this space to discuss the global macroeconomic context, regional financial situation, and investment needs in mitigating climate change and complying with the United Nations 2030 Agenda.

Salazar-Xirinachs noted that the region is going through a complex moment as a result of the consequences of Covid-19, high inflation, low economic growth and the impact of the war in Eastern Europe.

In this scenario, the Economic Commission for Latin America and the Caribbean projected GDP growth in the region of barely 1.2 percent this year.

Saint Vincent and the Grenadines Finance Minister Camilo Gonçalves, for his part, warned that the downturn in growth would affect compliance with the Sustainable Development Goals (SDGs).

Gonçalves stressed the importance of creating fiscal space for development, allowing for disaster response and accelerating the achievement of the Sustainable Development Goals.

He also called for strengthening Celac’s position as an active body tackling health, environmental and inflationary challenges.

Ministers and deputy ministers of 14 countries, including Chile, Cuba, Brazil, Grenada, Bolivia, Ecuador, Peru, Trinidad and Tobago, Costa Rica, Paraguay, Suriname and Uruguay, are participating in the meeting.

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