Michele Robinson |Debt Management Consultant

The third annual forum of the Caribbean Association of Debt Managers (CARADEM) was held from June 17-18, 2013 in Rose Hall, Montego Bay, Jamaica. The main theme of the forum was "Managing Debt Under Financial Distress". The Forum was jointly hosted with the Commonwealth Secretariat.

The Financial Secretary in the Ministry of Finance, Mr. Devon Rowe, extended the welcome to participants while Mr. Arindam Roy, Head of the Debt Management Section at the Commonwealth Secretariat gave the opening remarks.

The Annual CARADEM Report was presented by the President of CARADEM, Mrs. Pamella McLaren.

Representatives from 10 CARADEM member countries attended: Antigua and Barbuda, the Bahamas, Barbados, Belize, Guyana, Jamaica, St. Lucia, St. Kitts and Nevis,  Suriname, and Trinidad and Tobago.

International and regional financial institutions were well represented and included, the co-hosts, the Commonwealth Secretariat, as well as the Caribbean Development Bank (CDB), the Eastern Caribbean Central Bank (ECCB); the Inter-American Development Bank (IDB); the International Monetary Fund (IMF) and the World Bank.

Major private financial institutions and companies were also well represented. Senior executives from Allen and Overy; Citigroup; Deutsche Bank; Geoffrey Bell and Associates; and Scotia Investments and presented on topics ranging from Impediments to Developing Domestic Bond Markets and Legal Considerations for Sovereign Bond Issuance to Options for Debt Restructuring.

The Keynote Address was delivered by Jamaica's Minister of Finance and Planning, Dr. the Hon. Peter Phillips. 

The Communique of the third annual CARDEM meeting is available here:

Communique of the 3rd Annual Meeting of CARADEM

About CARADEM

The Caribbean Association of Debt Managers (CARADEM) was established in October 2011 at the inaugural meeting of Caribbean Debt Managers in Montego Bay, Jamaica.

The Association was formed in recognition of the problems faced by Caribbean small states and the commonality of issues, challenges and experiences shared by countries in the region.  The Association was also formed as a means to examine Caribbean solutions for more effective debt management within the context of increased fiscal discipline. 

Objectives of the Association

The objectives of CARADEM are to:

• Facilitate continuous sharing of information and technical discussions
• Help improve best practice in debt management in the region
• Help improve institutional framework for public debt management
• Help to reduce borrowing costs for member countries
• Help foster innovation
• Help strengthen technical capability in public debt management

CARADEM Membership

Membership is open to the debt management offices or principal debt management entities of all 20 CARICOM states, namely:

Anguilla, Antigua and Barbuda, the Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, and the Turks and Caicos Islands.

CARADEM Forum - Programme

The 3rd Annual Meeting of CARADEM was held over two days, June 17-18.  The theme of the Forum was Managing Debt Under Financial Distress.

The Forum presentations included:

1. Debt Sustainability Considerations and Implications for Debt Management - Dr. Gene Leon (International Monetary Fund)
2. Landscape for Financing Growth in the Caribbean - Mr. Ian Durant (Caribbean Development Bank)
3. Designing a Medium-Term Debt Management Strategy within a Risk Management Framework - Mr. Antonio Velandia (World Bank)
4. Country Experience with MTDS: Issues and Progress - Ms Antonino Innis (Barbados)
5. Horizon - An Analytical Tool for Implementing a Debt Management Strategy - Dr. Sanjay Lollbeharree (Commonwealth Secretariat)
6. Contingent Liabilities Management in a Risk Management Framework - Mr. Edgardo Carlos Demaestri (Inter-American Development Bank)
7. Challenges in Contingent Liability Management - Ms. Sandra Fraser (Trinidad and Tobago)
8. Catastrophe Risk Financing and Caribbean Catastrophe Risk Financing Facility - Mr. Isaac Anthony (CCRIF)
9. Institutional Challenges for Effective Debt Management - Michele Robinson (Regional Debt Expert)
10. Country Experiences with Institutional Reforms -
• Antigua and Barbuda (Ms. Karel Forde)
• Guyana (Mrs. Donna Yearwood)
• Jamaica (Ms. Naderah Farquharson)
11. The Challenges of Fiscal Consolidation and Debt Reduction in the Caribbean - Mrs. Therese Turner-Jones (Inter-American Development Bank)
12. Options for Debt Restructuring - Mr. Greg Makoff (Citigroup)
13. Country Experiences in Recent Debt Restructuring -
• Belize (Mrs. Zita Perez)
• Jamaica (Mrs. Pamella McLaren)
14. Practical Impediments in Developing the Local Currency Bond Market and Future Reforms - Mr. John Venner (ECCB)
15. Legal Considerations for Sovereign Bond Issuance - (Allen and Overy)
16. Building a Comprehensive Public Debt Database
• Guyana (Mr. Leslie Glen)
• Trinidad and Tobago (Mr. Richard Cassie)
17. CS-DRMS: Supporting Debt Management Operations and Reporting - Dr. Sanjay Lollbeharree (Commonwealth Secretariat)
18. Public Debt Statistics in the Caribbean - Mr. Mike Seiferling (IMF)