Cleviston Haynes: The right mix of solutions to our challenges is
within our reach
Welcome address by Mr Cleviston Haynes, Governor of the Central Bank of Barbados, at the
33rd Adlith Brown Memorial Lecture, Bridgtown, 8 November 2018.
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It is my honour and pleasure on behalf of the Management and staff of the Central Bank of
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Barbados to welcome all of you this evening to this 33 Adlith Brown Memorial Lecture, which is
th
being held during the 50 Anniversary of the Annual Monetary Studies Conference. Dr. Adlith
Brown, in whose name this series of lectures is dedicated, began her academic journey in 1968,
the same year the Regional Programme of Monetary Studies was established. Dr. Browne would
eventually become the fourth Coordinator of this Programme from 1980-1984.
I did not know her personally, but there is an image in my memory of a slender, active lady at my
first conference back in 1981. Many complimentary remarks about her contribution to the
profession and to this conference have been made by those who truly knew her.
As this year marks the golden anniversary of the Annual Monetary Studies Conference, I am sure
that all of you will agree that she would have been justly proud of this momentous achievement.
Tonight's lecture will be delivered by the noted Caribbean economist Dr. Arnold McIntyre. Dr.
McIntyre has built-up over three decades of regional experience in macroeconomic policy and
economic research in small open economies, international trade policy and development and
regional integration, as well as working with the regional institutions, namely the Caribbean
Development Bank, the Organisation of the Eastern Caribbean States Secretariat, the Caribbean
Export Development Agency, the Caribbean Regional Negotiating Machinery (now the Office of
Trade Negotiations, CARICOM Secretariat) and the Caribbean Regional Technical Assistance
Centre (CARTAC). His current post is Deputy Division Chief, Caribbean Division 1, Western
Hemisphere Department, International Monetary Fund.
His training, exposure and academic acuity renders him more than adequately qualified to speak
authoritatively on Caribbean economies.
Although, knowing Arnold as I do, he may have been tempted to speak on our shared passion -
West Indies cricket. In several of our conversations about economic developments, he often
says, "OK. Let's now discuss what is truly important." Tonight, however, it is Caribbean
economies that take centre stage.
The focus of tonight's lecture will be on the critical issues and challenges of strengthening
economic growth and resilience in the Caribbean. This topic is relevant and timely, given the
subpar performances of many Caribbean economies in the wake of global economic and financial
crisis. I am confident that finding the right mix of solutions to these challenges we face is within
our reach, notwithstanding the structural rigidities imposed on our economies associated with
small size, the high degree of openness to external trade and financial shocks, as well as the
destructive effects of natural disasters.
As you are all aware, Barbados is currently in the process of implementing a home-grown
programme of renewal and transformation supported by an Extended Fund Facility arrangement
with the IMF. Therefore, I am sure we will be listening intently not only to the nature of the
challenges, but also the viable opportunities and solutions that may be pursued to enhance our
economic circumstances.
In closing, it would be remiss of me if I didn't mention that Sir Alister McIintyre, a distinguished
is delivering this distinguished lecture in the 50 year of that ground breaking programme. It
appears the stars are aligned for what is expected to be a stimulating and provocative lecture.
Therefore, without further ado, I invite our distinguished speaker Dr. Arnold McIntyre to address
you.