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Caribbean financial sector urged to be more involved in regional development – President Ali

Admin by Admin
January 27, 2023
in News
President Mohamed Irfaan Ali

President Mohamed Irfaan Ali

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Financial players in the Caribbean region were on Thursday morning encouraged to be part of transformational development as capital is needed for continued growth.

This was the position of President Irfaan Ali, who delivered a virtual keynote address at the Jamaica Stock Exchange (JSE) Regional Capital Market Conference 2023.President Irfaan Ali delivering the virtual address to the conference

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President Ali said this transformation, though the opportunities are present, can only come to fruition if access to finance is easily mobilised.

“The Caribbean financial sector needs to play a more instrumental role in mobilising capital to fill the region’s financial gap,” he posited.

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Pointing out that the Caribbean’s financial need as far back as 2020 was more than US $10 billion, the president underscored the key role of partnership in fostering growth and development for Guyana and other Caribbean countries.

“We know that this cannot be done from the savings within the region, and therefore the challenge will have to involve partnership with others,” he explained.

To strike a balance, however, the head of state said the mobilisation of finance must be met by what he described as “strong regulation and oversight” for it to be a successful venture.

“Financial markets are not without risk. The deeper the region becomes integrated into the global financial markets, the higher the risk of global problems…securities and capital markets need strong regulation and oversight in order to protect investors,” the president asserted.

President Ali encouraged investors to come on board with Guyana’s development, as several improvements are being made to the technological, agricultural, infrastructural, and educational industries.

“Transformation is not only due to the discovery of oil alone, but also the use to which the oil revenues will be put and the trigger which the industry is already playing in boosting the economy. Guyana will become an economic powerhouse,” the head of state affirmed.

On July 22, President Ali supported the launch of the Guyanese-owned New Haven Merchant Bank.

The bank, which provides several services such as asset management, and investment banking, among others, has begun to play a crucial role in bringing the much-needed finance and capital to develop small businesses and advance infrastructural development in keeping with the government’s developmental agenda. (DPI)



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West Indies got much needed time in the middle on the final day of their four-day, first-class match against the Australia Prime Minister’s XI on Saturday night at Manuka Oval in Canberra.

 

Tagenarine Chanderpaul top-scored with 56, leading the touring side’s pursuit of a target of 309, which also saw Devon Thomas punch a confident 55 and wicketkeeper Joshua Da Silva, a confident unbeaten 52. Chanderpaul’s knock came on the heels of his first innings 119 and earned him Player-of-the-Match award.

 

West Indies appeared poised to win the day/night contest at 177-3 but lost a cluster of wickets to see their challenge derailed, finishing on 277-8.

 

The left-handed Chanderpaul carried his side’s chase, stroking five fours and a six off 138 balls as he put on 46 for the second wicket with Nkrumah Bonner (12) and a further 34 for the third wicket with Thomas whose 93-ball innings included four fours and a six.

 

Chanderpaul was eventually third out, left-arm seamer Joel Paris earning an lbw decision against him, but Thomas picked up the mantle, adding 58 for the fourth wicket with left-hander Kyle Mayers (20).

 

The unflappable Da Silva then anchored perhaps the key stand of the innings when he posted 48 for the seventh wicket with Alzarri Joseph, whose 31 came from 73 balls and included four fours and a six.

 

Da Silva faced 124 balls and counted half-dozen fours in the partnership which took crucial time out of the final session and frustrated the hosts.

 

By the time Joseph steered pacer Mark Steketee (3-56) to gully and Kemar Roach gloved the same bowler to first slip 11 balls later without scoring, the end was already in sight and Da Silva partnered with the injured Raymon Reifer (0 not out) to keep out the last 55 balls of the match.

 

West Indies will play the first Test against Australia at the Perth Stadium in Western Australia from 30 November to December 4. The second Test will be at the Adelaide Oval in South Australia from 8 to 12 December. This will be a day/night fixture played under lights. It will be the first pink ball Test for West Indies in Australia. The two teams will compete for the prestigious Sir Frank Worrell trophy.

 

Full Squad: Kraigg Brathwaite (Captain), Jermaine Blackwood (Vice Captain), Nkrumah Bonner, Shamarh Brooks, Tagenarine Chanderpaul, Roston Chase, Joshua Da Silva, Jason Holder, Alzarri Joseph, Kyle Mayers, Anderson Phillip, Raymon Reifer, Kemar Roach, Jayden Seales, Devon Thomas

 

Full Tour Schedule

 

30 November to 4 December: 1st Test at Perth Stadium, Perth

 

8-12 December: 2nd Test at Adelaide Oval, Adelaide (day/night)

 

(Windies Cricket News)

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