while harmonisation of laws is a long - term goal, in the interim, the development of regional guidelines for insolvency practitioners can provide a consistent framework for managing cases across borders. these guidelines can address practical issues such as documentation standards, timelines for resolution, and cross - border coordination mechanisms. establishing regional centres for insolvency research and training can serve as a knowledge hub for policymakers, practitioners, and academics. such centres could provide standardised training programmes, publish regional studies, and host annual conferences to foster collaboration. such a centre can house a regional repository of case studies and best practices can provide valuable insights for policymakers and practitioners. this repository could include data on successful restructuring efforts, lessons learned from past failures, and innovative approaches to insolvency management. 3. incorporating climate resilience climate change is an existential threat to our region, and our insolvency systems must reflect this reality. governments and financial institutions should collaborate to develop climate - resilient financial products ( like green recovery plans ) and insurance schemes ( like standstill clauses ) that can mitigate the economic fallout of natural disasters. additionally, stress - testing for climate scenarios should become a standard practice across the region's financial sector. collaborating with international climate funds, private investors, and multilateral institutions can provide the financial resources needed to implement climate - resilient insolvency mechanisms. barbados has already begun to leverage such partnerships to support green finance initiatives, setting a benchmark for the region. 4. strengthening institutional frameworks national governments must prioritise investments in the infrastructure needed to support insolvency processes. this includes not only physical infrastructure such as courtrooms but also human capital development, ensuring that our judges, lawyers, and insolvency practitioners have access to world - class training. conclusion in closing, i want to thank insol international, the world bank, and the eastern caribbean central bank for organising this platform. your efforts in bringing together experts and policymakers will undoubtedly shape the future of insolvency reform in our region. let us leave this roundtable inspired, committed to action, and united in our vision for a stronger caribbean. together, we can overcome any challenge and build a brighter future for our region. thank you. 5 / 5 bis - central bankers'speeches

for climate vulnerabilities. the central bank of barbados has already incorporated climate - related shocks into its stress - testing toolkit, 3 / 5 bis - central bankers'speeches in collaboration with regional and international partners. these efforts have provided valuable insights into the systemic risks posed by climate change and informed our policy decisions. success stories and best practices barbados and the broader caribbean have made significant progress in addressing insolvency challenges. let me share some success stories and best practices. 1. barbados'climate - adapted stress testing in 2023, barbados became a regional leader by incorporating climate scenarios into its financial stability stress testing. these tests provided actionable insights that informed policy decisions and strengthened the resilience of the financial sector against environmental shocks. 2. cross - border coordination the lessons from clico's collapse underscore the importance of collaborative resolution planning among caribbean regulators. by working together, we can prevent future systemic crises. 3. adoption of modern insolvency mechanisms countries like jamaica and trinidad & tobago are implementing frameworks that prioritise restructuring over liquidation, ensuring the preservation of value and supporting economic recovery. jamaica, for example, has pioneered the use of digital tools to streamline insolvency processes, reducing delays and increasing transparency. their online insolvency portal allows stakeholders to access case updates, submit documents, and track the progress of cases in real time. this approach has not only enhanced efficiency but also improved trust in the system. call to action as i draw towards the conclusion of this address, i want to leave you with a clear and actionable roadmap for moving forward. the challenges we face as a region are not insurmountable. with concerted effort and collaboration, we can transform insolvency systems into powerful tools for resilience and growth. 1. enhance public awareness and education changing public perceptions of insolvency is critical to encouraging its effective use. governments, private sector organisations, and ngos must work together to raise awareness about the benefits of insolvency systems and how they can support individuals and businesses in overcoming financial difficulties. by demystifying these processes, we can encourage greater participation. 2. regional collaboration 4 / 5 bis - central bankers'speeches the caribbean must embrace a spirit of unity in addressing insolvency challenges. initiatives such as a regional insolvency commission or task force could provide a platform for harmonising laws, sharing best practices, and offering technical assistance to member states.