Prime Minister attends Financial Access Roundtable in Barbados and underscores significant implications for regional economies

April 21, 2022 – Grenada’s Prime Minister and Chairman of the OECS Authority, Dr. the

Rt. Hon. Keith Mitchell has voiced his support for an annual US-Caribbean Banking

Forum to discuss critical matters pertaining to financial services and access for Caribbean countries.

The annual forum, proposed by US Congresswoman Maxine Waters, was one of the

action items on the agenda of Wednesday’s Caribbean Financial Access Roundtable,

held at the Lloyd Erskine Sandiford Centre in Barbados.

Dr. Mitchell was among several regional leaders who attended the roundtable co-hosted by Representative Waters who is Chair of the US House Committee on Financial Services and who headed the six-member Congressional delegation.

The proposal was generally supported by those in attendance and in his contribution to the discussions, Dr. Mitchell suggested an even broader annual initiative with a

policymakers’ event in Washington, engaging the Caribbean, with financial services and

security issues among the key issues on the agenda.

The Prime Minister said, “We claim to have close borders and strong relationships but I

don’t see the evidence of that coming from policymakers in Washington.

The Caribbean is literally taken for granted. I do not understand why the region is not seen as an important constituency as it relates to policy decisions. Congresswoman Maxine Waters, we look to you to make strong representation back in Washington after this meeting.” Dr. Mitchell, who served as Finance Minister for several years, underscored the importance of banking and financial services on the economies of regional countries and on the social and economic life of Caribbean residents, particularly in light of the level of remittances received in these countries.

The Caribbean Financial Access Roundtable was held against the backdrop of the challenges facing the region in the context of loss of correspondent banking relationships due to de-risking activities initiated by US banks.

The Grenadian leader and his regional colleagues complimented the US Congresswoman for initiating the discussion and her general understanding of how

decisions made by the United States can impact the governments and people of the

Caribbean.