clear : our pension plans must be not only resilient, but also innovative, adapting to changing demographics and economic conditions. despite these challenges, opportunities abound. a growing economy creates fertile ground for strategic investments by pension funds, particularly in : climate - resilient and sustainable infrastructure : investments that align with barbados'national priorities, including net - zero carbon goals by 2035, while offering stable, long - term returns. affordable housing and green technology : addressing critical social and environmental needs while supporting economic growth. digitisation and ai : capturing growth in emerging industries that will shape future economic landscapes. the government's recent fiscal reforms, such as the barbados optional savings scheme ( boss + ), offering a secure investment with a 4. 5 percent annual interest rate, present an avenue for pension funds to grow their assets while contributing to national development. initiatives like the reverse auction for series d bonds further enhance liquidity for pension funds, enabling more efficient asset management. we must continue to strengthen resilience through governance and education. the sustainability of pensions also hinges on governance and financial literacy. trustees must remain vigilant, regularly reviewing investment policies to adapt to inflation, market volatility, and evolving beneficiary needs. at the central bank of barbados, we are committed to fostering economic and financial literacy through initiatives like moneysmart and the explainer series ( what it means ; why it matters ). by equipping barbadians with the tools to make informed investment decisions, we enhance the resilience of pension funds and, by extension, the economy. ladies and gentlemen, pensions are far more than financial instruments, they are a promise of security and dignity for our retirees. as we look ahead, let us embrace this moment of consistent economic growth to strengthen our pension systems, ensuring they remain robust, inclusive, and aligned with the needs of future generations. this is a collective responsibility – one that requires vigilance, innovation, and collaboration. together, we can build a future where every barbadian can retire with confidence, supported by a sustainable and well - managed pension system. thank you. 2 / 2 bis - central bankers'speeches

central bank of barbados tom adams financial centre, spry street, bridgetown p. o. box 1016 telephone : ( 246 ) 436 - 6870 : fax. ( 246 ) 436 - 7836 e - mail address : info @ centralbank. org. bb website : www. centralbank. org. bb remarks delivered by mr. cleviston haynes, governor ( ag ), central bank of barbados at the sagicor cave hill school of business and management conference on risk management and competitive intelligence. hilton hotel june 26, 2017 master of ceremonies, distinguished guests, ladies and gentlemen let me begin by congratulating the chsb for hosting this important conference that seeks to empower our leaders with the tools to manage risk in the dynamic environment in which we operate today. understanding and adapting to emerging risks and opportunities is essential if firms are to compete successfully in an increasingly technology driven competitive space where barriers to entry are being eroded rapidly. firms which formerly competed in the domestic market only can now, with a touch of a button, compete abroad or conversely face competition from abroad. it is in this context that i am honoured, therefore, to present this morning on the theme perspectives on growth in the caribbean. as a policymaker, i am acutely aware that the long term success of our business sector depends in part on how quickly and effectively we are able to create a policy framework that facilitates growth, builds confidence, stimulates innovation and encourages new investment. this is essential because some of the industries that have served us well in the past may not be viable in the new globalised environment. our capacity to grow strong competitive firms and develop new industries will therefore be critical. our responsiveness to emerging risks, whether as policymakers or as producers, is therefore crucial. understanding the challenges which each stakeholder faces is key to the long term sustainability of the economy and the development of strong competitive enterprises. in my presentation, therefore, i propose to share some insights on the recent growth experience in the economies of the caricom region. i will use the recent barbados experience to assist in illustrating the need for a sound macroeconomic framework to underpin sustainable growth. discussions on growth in caribbean economies are now topical. such discussions are often prefaced by the recognition that these economies are constrained by their small size in terms of land mass and population and are vulnerable to economic shocks and natural catastrophes. in addition, caribbean economies are distinguished by an absence of diversity in the goods produced and a