GOVERNMENT Minister Nicholas Morris has called for urgent reforms to the way development financing is accessed by Caribbean nations, warning that many of the region’s most pressing challenges cannot be solved through unilateral action and require stronger regional cooperation backed by reliable funding.
Morris, a Minister in the Office of the Prime Minister, was speaking during a High-Level Private Sector Dialogue held within the framework of the 56th General Assembly of the Organisation of American States (OAS) in Panama on Sunday.
He said that multilateralism remains the most effective mechanism through which small states can pursue their development goals in an increasingly fragmented global environment.
Morris participated in a strategic session titled “Multilateralism as a Collective Response to Global Challenges and the Strategic Role of Regional Mechanisms: From Reflection to Action for the Greater Caribbean”.
In delivering remarks, Morris said the contributions made during the dialogue reinforced the importance of multilateral institutions and collective action, particularly as Caribbean countries grapple with growing economic and social pressures.
He added that discussions must move beyond reflection and result in concrete action, especially in relation to financing for development.
Morris painted a picture of a Caribbean region confronting numerous interconnected challenges, including climate vulnerability, food insecurity, energy insecurity, escalating debt levels, and transnational organised crime. He also highlighted concerns over the continued threat of de-risking by international financial institutions, a process that can restrict access to global banking and financial services for smaller economies.
According to Morris, these challenges have combined to create a situation where traditional financing mechanisms are no longer sufficient.
“The central challenge is not only the availability of financing, but its accessibility, predictability, and alignment with regional priorities,” he said.
He stressed that Caribbean nations continue to operate within shrinking fiscal space while remaining highly vulnerable to external economic shocks and natural disasters.
As a result, he said that innovative approaches to financing are required to support resilience-building and sustainable development efforts across the region.
Morris urged greater mobilisation of blended and innovative financing mechanisms to address development challenges. He said stronger partnerships with development finance institutions are needed, along with expanded access to concessional financing for vulnerable states.
The minister stressed that development financing must be tailored to the realities faced by small island developing states, many of which are classified as middle-income countries despite facing significant climate and economic vulnerabilities.
His comments echoed long-standing concerns raised by Caribbean governments that traditional eligibility criteria often limit access to concessional funding even as countries face increasingly severe development challenges.
ACS role must evolve
The minister also focused on the role of the Association of Caribbean States (ACS), which he said must evolve from being primarily a forum for consultation into a mechanism capable of coordinating tangible regional action.
“It is precisely in this context that the ACS must be positioned not merely as a consultative body but as a genuine instrument of coordinated regional action,” he said.
Morris argued that the organisation could play a leading role in helping to coordinate and attract financing for projects with regional impact.
Among the priority areas identified were infrastructure development, climate adaptation initiatives, digital transformation programmes and investment in the blue economy.
He suggested that the ACS could serve as a practical platform to bring together governments, development institutions and international investors around shared regional objectives.
The minister also highlighted the importance of deepening relationships with international partners capable of providing investment capital and new development financing models.
He welcomed the participation of senior representatives from the United Arab Emirates, the Gulf Cooperation Council and the OECD Development Centre, saying their involvement demonstrated the growing importance of strategic partnerships beyond traditional development partners.
Morris said such relationships could help unlock new opportunities for financing and investment across the Greater Caribbean.
He pointed to Trinidad and Tobago’s own engagement with the United Arab Emirates as evidence of the potential benefits that can emerge from these partnerships.
While emphasising the importance of regional cooperation and strategic planning, Morris maintained that financing remains the decisive factor in determining whether development goals can be achieved.
“Without adequate and accessible financing, even the most well-designed regional strategies risk remaining aspirational,” he warned.
Morris expressed Trinidad and Tobago’s appreciation for the support received from international development partners and reaffirmed the country’s commitment to expanding those relationships.
He said the Government remains focused on strengthening and diversifying partnerships as part of broader efforts to accelerate development throughout the Greater Caribbean.
