Region’s Massive Debt due to Natural Disaster — UWI Chancellor

October 12, 2015

 

 

 

 

KINGSTON, Jamaica — Chancellor of the University of the West Indies (UWI) Professor Sir George Alleyne says the region’s massive debt to international agencies is due to the effects of natural disasters.

He was speaking at the seventh Annual UWI Open Campus Ceremony for the Presentation of Graduates. Sir George said the region’s debt burden, which is over $40 billion — based on a 2013 report — is due in large part to the battering it has endured due to weather systems.

“One of the features that continue to be emphasised is that this (regional debt) has not been due in any way to the fiscal profligacy on the part of the region’s governments. Much of this has been due to the impact of natural hazards and consequent disasters,” the Antigua Daily Observer reported him as saying.

He said the recent impact of Tropical Storm Erika, on Dominica, is a grim reminder of how the region could be devastated by natural disasters.

Sir George said natural disasters are “a way of life” in the region and the establishment of the Seismic Research Centre in Trinidad & Tobago, which monitors and advises the region on seismic activities and volcanoes, assists with disaster preparedness and response.

He added that the recently established Disaster Risk Reduction Centre, which researches ways the region could reduce susceptibility to natural disasters and helps to train personnel to respond to them also helps the region to mitigate the effects of natural disasters.

 

 

 

 

Re-posted from: http://www.jamaicaobserver.com/news/Region-s-massive-debt-due-to-natural-disaster—UWI-Chancellor

 

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