By: Staff Writer
November 19, 2021
The COVID-19 pandemic hit women harder than men during the COVID-19 pandemic the Caribbean Development Bank (CDB) asserts, as it calls for a revision of targets and a “new design” for non-lending products.
The CDB in their Development Effectiveness Review for 2020 published earlier this month said that: “The Caribbean Region made significant progress in increasing access to basic social services, particularly in education. Most countries achieved near universal access to primary education, recording net enrolment ratios of over 90 percent for both males and females. Notwithstanding, improvements in overall academic performance remain nominal regarding the proportion of both female and male secondary school graduates achieving ve or more subject passes in the Caribbean Examinations Council (CXC) general proficiency examinations, or the equivalent national assessment. Females continue to achieve better results than do males, a trend which occurs within primary education and persists throughout basic education.”
The bank added: “Notwithstanding the higher female academic performance at the secondary level, gender disparities in school-to-work transition still exist. Youth unemployment continues to be substantially higher than that of adults, with females more affected than males. Factors contributing to the high levels of unemployment, in particular youth, include sluggish economic growth, low education levels and absorption rate in the labour market.”
Inequality is expected to increase as a result of the COVID-19 pandemic due to the high levels of unemployment and sluggish economic group, all leading to more problems the bank says as: “Weak macroeconomic fundamentals and climate-related risks continue to be major threats to long term growth and development. There is much left to be done to attain and sustain the quality of life to which the region aspires. The high and rising debt levels, increasing unemployment rates, together with high levels of poverty and inequality continue to hinder growth with negative consequences for key development indicators.”
The bank calls for a greater push for renewable, cleaner and cheaper forms of energy as a way to mitigate some of the macroeconomic burden. In addition, they made a call to return to earlier initiatives through a review of all of the Borrowing Member Countries “strategic targets,” and also for all BMCs to deepen partnerships with the private sector.
The bank also said: “The pandemic had a devastating impact at all levels with children, people living with disabilities, women and the elderly disproportionately affected. Unemployment and loss of income generated a new group of poor and could widen the financial gap within the region. This could threaten socio-economic outcomes, and adversely affect development achievements, as well as erode the gains made from previous interventions by BMCs and the donor community, including CDB. This unprecedented event and associated fallout could make the SDG targets even more challenging for BMCs who are already grappling with existing social, economic and environmental vulnerabilities. The effects of the pandemic in Haiti, a fragile state, is a matter of concern.”
The bank did say, however, that their interventions during the onset and throughout the pandemic has been significance and that despite being thrown off by the COVID-19, they still achieved a great deal in helping spur change in the renewable energy sector in 2020 in addition to disbursing $203.6m in grants and loans in 2020, targeted at poverty alleviation and social safety net strengthening.
The bank recommends that it reviews the targets in their 2020-2024 Transformation Programme and to “Design new lending and non-lending products, target new areas and scale up financing for new and cross-cutting areas outlined in the Strategic Plan 2020-2024.” Namely the bank wants to focus on the Blue Economy, Digital Transformation and Data Collection and Analysis.
The bank also wants to continue dialogue with the private sector and focus on climate change mitigation strategies moving forward.
The bank noted the challenge ahead as it realizes that the pandemic will last longer than analysts anticipate and are adjusting their operations plans to suit the COVID-19 being here for a long time to come.