jan-2018

12 13 OPENING LINES MONTSERRATMOVES FORWARDWITH ITS ECONOMIC GROWTH STRATEGY M oving closer to Cabinet approv- al,Montserrat has unveiled its Draft EconomicGrowth Strategy, promoting it as a“blueprint” for not only the growth and development inMontserrat,but also amodel for other developing nations in the Caribbean. Montserrat’s chief economist,Raja Kadri, said that the growth strategyhas terri- tory-wide participation and its develop- ers welcomemore consultationswith stakeholdersas the strategymovescloser to completionand imple- mentation.Kadri added that,scheduledover the comingweeks,“wide publicandprivatesector publicconsultationswill behadwithaviewin mindtobroadeningthescopeof thestrategy for it tobe totallyinclusiveof all persons inand wantingto live inMontserrat.” After theseconsultations,throughPremier andMinister forFinance,DonaldsonRomeo, cabinetmeetingswill beheldshortlythereaf- ter andfinalizationandapproval of thestrat- egytobedonebytheendof February2018, withadeliverydateof endofMarch2018. Kadri statedthatDonaldsonwants to promote thisgrowthstrategyasamodel for theCaribbean,taking intoconsiderationthe shocksofhurricanesandserveasapathway to insulatingsmall,developingCaribbean countries fromglobal economicshocks.“The Caribbean is the first to feel shocks fromglobal recessions,because thebuffers toabsorbthese shocksarenot there,”hepointedout. Notingexamples fromrecent economic phenomena,Kadri stated,“Settingaside funds for a rainydayis theprimaryobjective.Take for example thedifferences inthehandlingof the fall inthepriceof oil betweenNorwayandAl- berta,Canada.Norwaymadeprovisionsbased oneconomicmodels that factored inthe fall in thepriceof oilwell before ithappened,invest- edmoneyinsocial policies taking intoconsid- erationonwhatwould wedowithoutoil,and hadaplanfor a rainy day.Weneedto follow theexamplemadeby Norwayinthis instance,” heexplained. Kadri confirmed that,withoutquestion, tourismis theprimaryeconomicengineon the table fordevelopment,but sotoo inthat regard“weare taking intoconsiderationhow we totallymaximizeall of our tourismassets andmakeMontserrat,particularlyour active volcanoandother scenicbeauty,toensure wedeliver thebest experiencepossible for all visitors.” Other itemshighlightedasapriorityfor eco- nomicdevelopment arepublic/privatesector partnerships,thedevelopmentofgreentech- nology,andthe removal of fossil fuel depen- dence.Britain’s Department for International Development (DfID) is a primarydonor and partner in this endeavor and buy-inwith the DfIDhas been strong and its commitment toMontserrat’s success in this initiative is invaluable,Kadri said.