Wednesday, April 7, 2010

Guyanese Head of State endorses Luis Alberto Moreno for IDB Presidency

Bharrat Jagdeo: Over the past five years, the Inter-American Development Bank has recorded tremendous growth as an institution, and has demonstrated amply its increasing relevance and reliability as a major development partner to its borrowing member countries in Latin America and the Caribbean.

During this period, the Bank has aided its membership to confront, in turn, unprecedented upheavals in the commodities markets during the global food and fuel price crisis, and the most severe global and regional economic downturn since its establishment. It is also currently helping a number of its members respond to that other lingering and most pervasive of threats arising from climate change and its impact on the economies and countries of our region.

During this period, the Bank has also approved debt relief for the heavily indebted poor countries amongst its membership, including Haiti most recently, thereby helping to restore these countries to fiscal and external sustainability. Furthermore, the Governors of the Bank have recently agreed to take the necessary steps to increase the Bank’s ordinary capital by the largest expansion of resources in the Bank’s history, thereby enabling the Bank to double its pre-crisis annual lending and maintaining the Bank as the largest source of multilateral finance to Latin America and the Caribbean and the largest of all the regional development banks. At the same time, a comprehensive agenda for building a better Bank, with the aim of increasing efficiency and effectiveness, is already in implementation.

All of these achievements by the Bank over the past five years are testimony to the vision and strong leadership provided by President Luis Alberto Moreno during his first term of office. President Moreno has brought to the Bank commitment to development in Latin America and the Caribbean along with diplomatic skills and experience, which have combined to the vast benefit of the Bank and its borrowing member countries.

Against this background, I am pleased to endorse President Moreno’s return to office in the upcoming elections for the Bank’s presidency, and to advocate the widest possible support for his re-election. I am also aware that my views in this regard are shared by the Prime Ministers of the Bahamas, Barbados and Jamaica, having discussed the matter with them recently.


  1. With the all the achievement that has been required by the bank under the leadership of President Moreno who wouldn't want him to be reelected for a better and more productive bank.

  2. This bank has benefited countries too numerous to mention, their predominant policy of helping out has always embarked among countries facing difficulties. Mr. Moreno deserves to be president of this institution; he has dedicated his services that have proven to be effective. If the President supports him for the re-election then others countries shouldn't have any objections to his presidency